Maiden Holdings Ltd was incorporated on May 2007. The Company is engaged in providing customized reinsurance products and services to subsidiaries of AmTrust Financial Services, Inc. ("AmTrust") and small insurance companies and managing general agents in the United States and Europe. It specializes in reinsurance solutions that optimize financing and risk management by providing coverage within the more predictable and actuarially credible lower layers of coverage and/or reinsuring risks that are believed to be lower hazard, more predictable and generally not susceptible to catastrophe claims. The Company's operating subsidiaries are rated "A-" (Excellent) with a stable outlook by A.M. Best Company ("A.M. Best"), which rating is the fourth highest of sixteen rating levels, and "BBB+" (Good) with a negative outlook by Standard & Poor's ("S&P"), which is the eighth highest of twenty-two rating levels. It currently operates through three business segments: Diversified Reinsurance; AmTrust Quota Share Reinsurance; and NGHC Quota Share, which is currently in run-off. The Diversified Reinsurance segment consists of a portfolio of predominantly property and casualty reinsurance business focusing on regional and specialty property and casualty insurance companies located, primarily in the U.S. and Europe. The AmTrust Quota Share Reinsurance segment consists of the business ceded pursuant to its Reinsurance Agreement with AmTrust and business ceded pursuant to its European Hospital Liability Quota Share with AmTrust subsidiaries, AmTrust Europe Limited and AmTrust International Underwriters Limited, respectively, to reinsure those entities' medical liability business in Europe, in particular in Italy and France. The NGHC Quota Share segment consists of the business ceded to the Company pursuant to its agreement with NGHC which, through its affiliates, cedes approximately 25% of its business to the Company pursuant to a quota share reinsurance agreement. The Company competes with many U.S. and non-U.S. reinsurers, including other Bermuda-based reinsurers, on an international and regional basis. In its Diversified Reinsurance segment, it competes with reinsurers that provide property and casualty-based lines of reinsurance such as: Swiss Reinsurance Company Ltd., Munich Reinsurance America, Inc., General Reinsurance Corporation, PartnerRe Ltd., Hannover Re Group, QBE Insurance Group, Transatlantic Holdings, Inc., Endurance Specialty Holdings, Ltd., Scor Reinsurance Company, Platinum Underwriters Holdings, Ltd., The TOA Reinsurance Company of America, Odyssey Re Holdings Corp., AXIS Capital Holdings Ltd., W.R. Berkley Corporation and Everest Re Group, Ltd. It is subject to U.S. state statutes governing insurance holding companies.
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