Maiden General and Maiden Life are the principal operating entities of Maiden’s International Insurance Services (IIS) platform. Credit: ANDREI ASKIRKA/Shutterstock.

Bermudian insurance company Maiden Holdings has signed an agreement to divest its Swedish subsidiaries to a London-based consortium of insurance and reinsurance companies.  

The subsidiaries, Maiden General Försäkrings (Maiden General) and Maiden Life Försäkrings (Maiden Life), were the principal operating entities of Maiden’s IIS platform. 

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The deal is part of Maiden’s strategic realignment towards less capital-intensive ventures. It is projected to reduce the company’s operational costs by approximately 20%.  

The all-cash deal includes the transition of all existing staff and independent directors to the acquiring group, pending customary regulatory approvals.  

Hines Associates, a finance company operating in the European insurance market, has advised Maiden on the sale. 

Since its acquisition in 2010, the IIS platform has been profitable, and this transaction is consistent with Maiden’s strategy to shift capital to more fee-oriented businesses. 

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Maiden CEO Patrick J Haveron stated: “Today’s announcement of the sale of Maiden General and Maiden Life brings to a close these units’ chapter under Maiden ownership. 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 repositioning IIS for additional growth under new, more local sponsorship.” 

Founded in 2007, Maiden Holdings focuses on creating shareholder value through management and allocation of assets and capital, primarily in insurance and related financial services industries.  

Maiden also offers legacy services to smaller insurance companies, especially those in run-off or with non-core reserve blocks. 

For the third quarter of 2024, Maiden reported net loss attributable to common shareholders of $34.5m or $0.35 per diluted common share. 

During the three months ended 30 September 2024, Maiden’s alternative investments portfolio decreased by 24.8% as part of an effort to reposition the company’s balance sheet in line with other strategic initiatives.