HAMILTON, Bermuda, June 26, 2015 (GLOBE NEWSWIRE) -- Maiden Holdings, Ltd. ("Maiden" or "the Company") (Nasdaq:MHLD) today announced the execution of an agreement to sell its currently inactive wholly-owned subsidiary, Maiden Specialty Insurance Company ("Maiden Specialty") to Clear Blue Financial Holdings, LLC. The proceeds from this deal are not material to Maiden's operations.
This transaction has no impact on the A.M. Best A- (positive outlook) financial strength ratings of Maiden, Maiden Reinsurance North America, Ltd. or Maiden Reinsurance Ltd. However, as a result of the proposed sale, A.M. Best has placed the A- financial strength rating of the Company's inactive "shell" subsidiary, Maiden Specialty, under review with negative implications.
About Maiden Holdings, Ltd.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed in 2007. Through its subsidiaries, which are each A- rated (excellent) by A.M. Best, the Company is focused on providing non-catastrophic, customized reinsurance products and services to small and mid-size insurance companies in the United States and Europe. As of March 31, 2015, Maiden had $5.5 billion in assets and shareholders' equity of $1.3 billion.
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