Brit and Maiden complete E&S quota share

Brit Insurance and Maiden Holdings have agreed a deal that will see Maiden's Excess and Surplus (E&S) unit, Maiden Specialty, complete a temporary 100 per cent quota share reinsurance agreement with Brit Global Specialty.

This arrangement will shortly evolve into Brit assuming all renewal rights through Brit Global Specialty USA, a US-based service company, accessing non-Lloyd's distribution channels. The unit will ultimately write the renewals of the assumed business into Brit Syndicates 2987.

“This transaction fulfils Maiden's desire to reduce exposure to natural catastrophes and focus on its core non-cat reinsurance business,” said Art Raschbaum, CEO of Maiden. “The transferring Maiden Specialty employees will enhance Brit's growing E&S specialty presence in the US. The team will be better positioned to grow their niche business with a company whose goal is to successfully sustain and develop their existing footprint.”

Mark Cloutier, CEO of Brit Group, commented: “We are delighted to announce this further expansion of our US franchise and welcome the Maiden Specialty team led by Steve Brett. We are committed to ensuring the continuity of underwriting expertise and service that Maiden's brokers and clients expect. This opportunity provides a springboard to grow into this space in a coordinated, yet distinct manner, from our established London business while at the same time furthering our commitment to Lloyd's as our core trading platform.”