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Shares of Bermuda-based reinsurer Maiden Holdings plummeted The company also continued its ongoing restructuring by striking a loss portfolio transfer deal with fellow Bermuda-based company Enstar Group. The retrocession will apply to losses arising and claims made on or prior to June 30, ; loss reserves assumed will be subject to adjustment for paid losses since such date.
The transaction is subject to regulatory approvals and other closing conditions. Our announcement today with Enstar brings additional certainty and finality to the steps we have taken. Enstar will operate the business in run-off. The transaction is expected to close in the fourth quarter of this year.
We are moving immediately to improve profitability by implementing additional operational efficiencies and expense reductions through the end ofand we expect to provide further updates as we move forward.
Maiden, whose head office is in Ideation House on Pitts Bay Road, has been undergoing a strategic review of operations in recent months. The company said anticipated restructuring and related expense reductions are expected to improve its business performance and profitability, as well as significantly reducing the amount of capital that Maiden needs for its operations.
The team will operate from new offices in Mt Laurel, New Jersey. TransRe said the renewal rights focused on regional property and casualty, accident and health, and personal auto insurers. We are deeply grateful to the Maiden team for their continued efforts in this challenging environment and, prospectively, we will coordinate closely with clients to ensure a smooth transition.
But Art Raschbaum is hopeful that even if that occurred, clients would remain loyal. Maiden has an A excellent financial strength rating from AM Best. We see no change in that process. Its combined ratio deteriorated to That storm occurred five years ago.
Investment earnings and invested assets continue to grow and operating cash flow was strong. Art Raschbaum, chief executive officer of the Bermuda-based company, said: We have however increased our reserves in these lines in the quarter in response to elevated severity in specific jurisdictions.
Absent adverse development, this will improve both return on equity and operating results in future quarters. The combined ratio for the second quarter rose to Maiden, which has offices on Front Street, had announced the charge last week.
Importantly, our underwriting year expected loss ratios reflect solid profitability. While the market remains competitive, we were able to expand our business in by leveraging our strong franchise and value-added products and services.
We believe our prospects for continued disciplined growth are strong. Additionally, we are in an excellent position to improve our cost of capital, and will explore opportunities to refinance our existing indebtedness in at an improved rate.
Gross premiums rose 6. The Bermuda-based company, which has offices at Front Street, is due to report fourth-quarter and full-year earnings on February We believe we have taken appropriate steps to respond to adverse development and believe this reserve strengthening will help to stabilize forward performance and profitability.
The company said it expected no change to be made to its quarterly dividend policy.
Gross premiums written for the quarter went up Net investment income also went up 8. Changed its name from Compensation Risk Managers. One of the prominent exceptions to the rule that Bermuda international or exempted companies cannot operate in Bermuda. This group once until operated Bermuda's Elbow Beach Hotel, among many others.31/03/ - 21 Lime Street Chosen For New Antares London HQ Antares Underwriting, have signed on the whole of 21 Lime Street, EC3 as their new London headquarters.
Online Feedback Form Please complete this online form if you wish to report a problem you have with your financial institution to MAS. James Irvine. Chief Underwriting Officer, Lancashire Insurance Company Limited.
James Irvine joined Lancashire in April as a member of the underwriting team in London and transferred to the Bermuda office in GE Capital is the financial services unit of the American multinational conglomerate General Electric.
It provides commercial lending and leasing, as well as a range of financial services for commercial aviation, energy, and support for GE's industrial business units..
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