Maiden Reinsurance will re-domesticate from Bermuda to the State of Vermont in the US.
Maiden said it believed re-domesticating to Vermont will enable the reinsurance business to better align its operations, capital and resources with its liabilities, which mostly originate in the US, creating a more efficient structure.
In conjunction with other steps it has taken to de-risk its balance sheet, the move will strengthen Maiden Re’s capital position and solvency ratios, it said.
Maiden Re said it has submitted the necessary filings to make the move, which it hopes to complete on or around January 1, 2020.
Both the licensing in Vermont and the discontinuation process in Bermuda are subject to approval by those respective regulators.
Maiden has also applied to transfer the listing of its common shares from The NASDAQ Global Select Market to The NASDAQ Capital Market. It is making the application because it did not meet the requirement to maintain a minimum bid price of $1.00 per share for 30 consecutive business days.
Common shares will continue to trade under the symbol MHLD and will continue to trade on the NASDAQ Global Select Market during NASDAQ’s review of the application to transfer.