Maiden Re North America deal finalised by Enstar
Enstar Group has announced the completion of the acquisition of Maiden Reinsurance North America by one of Enstar’s subsidiaries.
Maiden Re North America is a subsidiary of Maiden Holdings and is a diversified insurance company domiciled in Missouri that provides property and casualty treaty reinsurance, casualty facultative reinsurance and accident and health treaty reinsurance.
The transaction included novation and retrocession agreements pursuant to which the Company's subsidiary, Cavello Bay Reinsurance Limited, assumed certain Maiden Reinsurance business in exchange for a ceding commission.
According to Enstar the net consideration paid in the transactions was $272.4 million, which represents the adjusted purchase price less the ceding commission. At closing, Enstar assumed approximately $1.3 billion of net loss and loss adjustment expense reserves and unearned premium reserves.
