Maiden reveals plans to sell inactive subsidiary

Bermuda-based Maiden Holdings is set to sell Maiden Specialty Insurance Company, its inactive subsidiary, to Clear Blue Financial.

The transaction has no impact on the AM Best’s A- (positive outlook) financial strength ratings of Maiden, Maiden Reinsurance North America or Maiden Reinsurance.

However, the rating agency has placed the A- financial strength rating of the subsidiary, Maiden Specialty, under review with negative implications. Upon closing, Maiden Specialty will reinsure all liabilities to its immediate parent, Maiden Reinsurance North America.