Bermuda-based Maiden Holdings has unveiled plans to sell its inactive subsidiary Maiden Specialty Insurance Company to Clear Blue Financial.
The company said the transaction has no impact on the AM Best’s A- (positive outlook) financial strength ratings of Maiden, Maiden Reinsurance North America or Maiden Reinsurance.
However, as a result of the proposed sale, the rating agency has placed the A- financial strength rating of the company's inactive subsidiary, Maiden Specialty, under review with negative implications.