17 January 2019Insurance

Maiden sells auto group to Allianz, strikes reinsurance deal

Bermuda-based Maiden Holdings has sold its European automotive group AVS Automotive VersicherungsService to German insurer Allianz.

Maiden’s AVS and AVS subsidiaries work with German and Austrian auto retailers, original equipment manufacturers and related credit providers to design and distribute auto dealer and consumer insurance products.

The sale is part of Maiden’s strategic review process. The proceeds from the sale include an undisclosed cash payment at closing.

Maiden has also entered into a three-year quota share reinsurance agreement with Allianz.

Following the deal, all of Maiden’s AVS employees have joined Allianz and the company name will remain unchanged.

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