Maiden sells US casualty fac business to Sompo

Bermuda-based Maiden Holdings as agreed to  sell its US facultative business including its team of specialists to Japan-based Sompo Group.

Maiden’s facultative reinsurance team consists of seven specialists who will continue to provide customers with the full range of value-added services through the company’s innovative internet-based reinsurance platform, according to a corporate statement.

The news follows a Sompo's announcement in the morning saying that the company had formed a new casualty facultative reinsurance operation to be led by Dave Adams who is joining from Maiden Re.

“We are pleased to announce this agreement with Sompo Group and to provide new opportunities for the specialists within the Maiden facultative team,” said Maiden CEO Lawrence Metz. “This agreement is another step in our continuing strategic review and follows our previously announced renewal rights transaction with Transatlantic Reinsurance Company and the sale of Maiden Reinsurance NorthAmerica to Enstar Holdings (US).

“As part of the strategic review, the company’s board of directors continues to evaluate all options to enhance value to our shareholders,” Metz continued. “The board, assisted by its financial and legal advisors, will execute its fiduciary obligation to shareholders and carefully review any credible proposal it receives,” Metz added.

The statement follows market rumours that investors Apollo Global Management and Stone Point Capital may be interested in acquiring some or all of Maiden's remaining assets.

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