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A.M. Best Comments on Credit Ratings of Maiden Holdings, Ltd.

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A.M. Best has commented that the Financial Strength Rating of A-
(Excellent) and the Long-Term Issuer Credit Rating (ICR) of "a-" of Maiden
Reinsurance Ltd.
(Maiden Bermuda) (Hamilton, Bermuda) and Maiden
Reinsurance North America, Inc.
, the insurance operating
subsidiaries of Maiden Holdings, Ltd. (MHLD) (NASDAQ:MHLD), are
unchanged by the Aug. 9, 2018, release of updated information related to
the organization's strategic review, including changes in senior
leadership. The Long-Term ICR of "bbb-" of MHLD and its downstream
intermediate holding company subsidiary, Maiden Holdings North
America, Ltd.
(MHNA), and all Long-Term Issue Credit Ratings
assigned to securities issued by MHLD and MHNA are also unchanged. The
outlook of these Credit Ratings remains negative.

In conjunction with the release of its second-quarter 2018 earnings,
MHLD announced today that it continues to pursue various options in
conjunction with its previously announced strategic review, but remains
committed to maintaining a "substantial presence in the U.S. reinsurance
market." Further underwriting actions and expense reductions will be
implemented that are expected to drive improved results in the company's
Diversified segment. The majority of the activity related to the
strategic review is anticipated to occur during third-quarter 2018, with
the review complete by year-end.

The retirements of the company's president and chief executive officer,
Art Raschbaum, and of its chief financial officer, Karen Schmitt, were
also announced, and will be effective Sept. 1, 2018. Schmitt will remain
as executive vice president through March 1, 2019. Lawrence F. Metz,
currently executive vice president, general counsel and secretary of
MHLD, as well as president of Maiden Global Servicing Company, will
replace Raschbaum. The CFO role will be filled by Patrick J. Haveron,
currently executive vice president of MHLD and president of Maiden
Bermuda. Haveron also has been appointed chief operating officer of
MHLD. While this represents a substantial change in leadership, by
filling these positions immediately and with internal candidates, the
company remains focused on completing the on-going strategic review on a
timely basis.

The changes in equity and reserves through the first six months of 2018
have been noted, but no rating action is required. The negative outlook,
which reflected the decline in balance sheet strength in 2017, and the
potential for continued deterioration in underwriting and operating
trends, remains in place. A.M. Best will continue to monitor financial
results and balance sheet strength and will remain in contact with
management as it evaluates various strategic options.

This press release relates to Credit Ratings that have been published
on A.M. Best's website. For all rating information relating to the
release and pertinent disclosures, including details of the office
responsible for issuing each of the individual ratings referenced in
this release, please see A.M. Best's
Recent
Rating Activity
web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view
Understanding
Best's Credit Ratings
. For information on the proper media
use of Best's Credit Ratings and A.M. Best press releases, please view
Guide
for Media - Proper Use of Best's Credit Ratings and A.M. Best Rating
Action Press Releases
.

A.M. Best is a global rating agency and information provider with a
unique focus on the insurance industry. Visit
www.ambest.com
for more information
.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.

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