Maiden sells European auto subsidiary to Allianz

Bermuda-based Maiden Holdings has sold its European automotive group to Allianz Partners, as part of its strategic review announced in 2018.

Maiden's proceeds from the sale of AVS Automotive VersicherungsService and its related European subsidiaries include an undisclosed cash payment at closing and a three-year quota share reinsurance agreement with Allianz.

The AVS and AVS subsidiaries work with German and Austrian auto retailers, original equipment manufacturers and related credit providers to design and distribute auto dealer and consumer insurance products.

As part of the deal, all of Maiden’s AVS employees have joined Allianz and the company name will remain unchanged.

In February 2018, Maiden said that it was seeking to return to profit in after it made a net loss of $199.1 million in 2017, down on the $15.2 million profit it made the previous year.