Maiden Holdings Ltd has agreed to sell its US casualty facultative reinsurance team to fellow Bermudian reinsurer Sompo International Holdings Ltd.
It is the third time in recent weeks that Maiden has agreed to sell off a part of itself as the company goes through a strategic review.
Sompo will acquire the Philadelphia-based team of seven specialists, headed by Dave Adams, who joins the Japanese-owned company as executive vice-president, specialty/facultative reinsurance team leader.
Mr Adams has more than 30 years’ experience in the insurance industry. In his new role, he will report to Tracy Thomson, executive vice-president, head of Americas casualty reinsurance.
Sompo said the team has specialised product offerings in commercial auto and workers’ compensation lines that serve the needs of a niche market.
“We are pleased to announce this agreement with Sompo Group and to provide new opportunities for the specialists within the Maiden facultative team,” said Lawrence Metz, Maiden’s chief executive officer.
“This agreement is another step in our continuing strategic review and follows our previously announced renewal rights transaction with Transatlantic Reinsurance Company and the sale of Maiden Reinsurance North America, Inc to Enstar Holdings (US) LLC.
“As part of the strategic review, the company’s board of directors continues to evaluate all options to enhance value to our shareholders. The board, assisted by its financial and legal advisers, will execute its fiduciary obligation to shareholders and carefully review any credible proposal it receives.”
Stephen Young, CEO of global reinsurance at Sompo International, said: “We continue to seek opportunities to leverage Sompo International’s capital and global presence in the reinsurance market.
“This new team will enable us to service additional clients and to advance our technical capabilities as we continue to enhance Sompo’s relevance in the facultative market.”