Raschbaum receives $2.2m as he retires from Maiden
Former Maiden Holdings CEO Arturo Raschbaum has been awarded a lump-sum cash payment of $2.2 million as part of his retirement package.
Raschbaum was Maiden’s president and CEO and has decided to retire for personal reasons effective Sept. 1, 2018. Raschbaum is being replaced by Lawrence Metz, Maiden’s current executive vice president, general counsel and secretary.
In return for the cash payment, Raschbaum agreed to forfeit all equity and incentive awards outstanding as of the retirement date and to provide a release of claims in favour of the company and its affiliates as the retirement is deemed a termination without “cause”.
Bermuda-based Maiden Holdings is currently undergoing a strategic review of its operations. As part of the process, Maiden is evaluating a broad range of options, but the company said that it will be maintaining a substantial presence in the US reinsurance market which draws on Maiden’s specialist focus from which it expects to build, according to the corporate statement.
Maiden focuses on providing non-catastrophic, customized reinsurance products and services to small and mid-size insurance companies in the US and Europe.
The company anticipates that it will complete its strategic review during the second half of 2018 with the majority of this initiative completed during the upcoming third quarter. As Maiden continues to evaluate various additional strategic measures, it expects improved results of operations from its diversified segment in the future via enhanced underwriting standards and expense reduction. These actions are expected to position the company for growth with greater operating efficiencies going forward, the company said.
In the first six months of 2018, the diversified reinsurance segment produced an underwriting loss of $1.2 million compared to a loss of $26.3 million in the same period of 2017.
Overall, the combined ratio of the group was 103.9 percent in the first six months of 2018 compared to 103.4 percent in the same period a year ago.
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