HAMILTON, Bermuda, Sept. 4, 2009 (GLOBE NEWSWIRE) -- Maiden Holdings, Ltd. (Nasdaq:MHLD) ("Maiden") and its wholly owned subsidiary Maiden Holdings North America, Ltd. ("MHNA") announced that effective September 1, 2009, MHNA acquired Integon Specialty Insurance Company from GMAC Insurance Management Corporation, a subsidiary of GMAC Inc. This acquisition concludes the November 2008 transactions related to Maiden's purchase of the reinsurance operation from GMAC Inc.
Integon Specialty will be renamed Maiden Specialty, and it will operate as a non-admitted carrier in 49 jurisdictions. Maiden Specialty will allow Maiden to continue to provide property excess and surplus lines products in the U.S. insurance market. The Strategic Risk Specialists division of MHNA will also be renamed Maiden Specialty, unifying the names of the operating division and the insurance company. Maiden Specialty will continue to focus on providing market leading insurance solutions as excess property underwriting specialists.
Maiden Specialty will be a wholly owned subsidiary of Maiden Reinsurance Company, which is rated A- (Excellent) with a stable outlook from A.M. Best.
About Maiden Holdings, Ltd.
Maiden Holdings, Ltd. is a Bermuda holding company formed in 2007 to offer customized reinsurance products and services to regional and specialty insurance companies in the United States and Europe.
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