Maiden sells Swedish subsidiaries to mystery buyer

Bermuda-based re/insurer Maiden Holdings has agreed to sell its Swedish subsidiaries to an unnamed London-based re/insurance group. 

Terms of the sale were not disclosed. 

Maiden said it had sold Maiden General Försäkrings and Maiden Life Försäkrings 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 platform.

The company said the all-cash transaction would see existing staff and independent directors of both Maiden General and Maiden Life transition to the new ownership group.

“Today’s announcement of the sale of Maiden General and Maiden Life brings to a close these units' chapter under Maiden ownership,” said Patrick J. Haveron, Maiden’s chief executive officer. “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 endeavours, 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. 

Maiden lost $34.5 million in the third quarter of 2024, compared to a net loss of $3.5 million in the same period in 2023. 

Its net premiums written in the diversified reinsurance segment increased by $2.3 million or 34.3% due to growth in direct premiums for Credit Life programs written by Maiden Life and Maiden General.

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