Maiden Holdings, Ltd. Announces Sale of Maiden General Försäkrings and Maiden Life Försäkrings
December 17 2024 - 8:00AM
Business Wire
Maiden Holdings, Ltd. (NASDAQ: MHLD) (“Maiden” or the “Company”)
announced today that it had entered into an agreement to sell its
Swedish subsidiaries, Maiden General F�rsäkrings (“Maiden General”)
and Maiden Life F�rsäkrings (“Maiden Life”) to an expanding group
of international insurance and reinsurance companies headquartered
in London. Maiden General and Maiden Life were the principal
operating subsidiaries of the Company’s International Insurance
Services (“IIS”) platform.
The transaction is subject to customary regulatory approvals.
The sale will be an all-cash transaction and pursuant to the terms
of the agreement, all existing staff and independent directors of
both Maiden General and Maiden Life will transition to the new
ownership group.
Patrick J. Haveron, Maiden’s Chief Executive Officer, said,
“Today’s announcement of the sale of Maiden General and Maiden Life
brings to a close these units' chapter under Maiden ownership.
Since the acquisition of the IIS platform in 2010, over the course
of those years IIS has been a profitable contributor to Maiden and
Max Reid and the IIS team have done an admirable job in
re-positioning IIS for additional growth under new, more local
sponsorship. As Maiden looks to re-allocate capital to other
endeavors, particularly those that are less capital intensive and
more fee-oriented, the opportunity to pair Maiden General and
Maiden Life with a growth-oriented partner was attractive to all
parties. When the sale of these entities is completed, Maiden’s
operating expenses will be reduced by nearly 20%.”
Maiden was advised on the sale by Hines Associates, a financial
services corporate finance firm active in the European insurance
market.
About Maiden Holdings,
Ltd.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed
in 2007. Maiden creates shareholder value by actively managing and
allocating our assets and capital, including through ownership and
management of businesses and assets mostly in the insurance and
related financial services industries where we can leverage our
deep knowledge of those markets.
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