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Shares of Bermuda-based reinsurer Maiden Holdings plummeted The company also continued its ongoing restructuring by striking a loss portfolio transfer deal with fellow Bermuda-based company Enstar Group.
The retrocession will apply to losses arising and claims made on or prior to June 30, ; loss reserves assumed will be subject to adjustment for paid losses since such date. The transaction is subject to regulatory approvals and other closing conditions.
Our announcement today with Enstar brings additional certainty and finality to the steps we have taken. Enstar will operate the business in run-off. The transaction is expected to close in the fourth quarter of this year.
We are moving immediately to improve profitability by implementing additional operational efficiencies and expense reductions through the end ofand we expect to provide further updates as we move forward.
Maiden, whose head office is in Ideation House on Pitts Bay Road, has been undergoing a strategic review of operations in recent months. The company said anticipated restructuring and related expense reductions are expected to improve its business performance and profitability, as well as significantly reducing the amount of capital that Maiden needs for its operations.
The team will operate from new offices in Mt Laurel, New Jersey. TransRe said the renewal rights focused on regional property and casualty, accident and health, and personal auto insurers. We are deeply grateful to the Maiden team for their continued efforts in this challenging environment and, prospectively, we will coordinate closely with clients to ensure a smooth transition.
But Art Raschbaum is hopeful that even if that occurred, clients would remain loyal. Maiden has an A excellent financial strength rating from AM Best.
We see no change in that process. Its combined ratio deteriorated to That storm occurred five years ago. Investment earnings and invested assets continue to grow and operating cash flow was strong.
Art Raschbaum, chief executive officer of the Bermuda-based company, said: We have however increased our reserves in these lines in the quarter in response to elevated severity in specific jurisdictions.
Absent adverse development, this will improve both return on equity and operating results in future quarters.Underwriting Jobs in New York Search Underwriting Jobs All Account Management Actuarial Claims Customer Service Education / Training Executive / Operations Facilitator Finance / Accounting Legal / Compliance Loss Control / Risk Management Manager / Director / Supervisor Marketing Premium Audit Reinsurance Sales - Agent / Associate .
Actuarial Careers, Inc. specializes in offering the best actuary jobs to both experienced actuaries as well as new actuaries entering the job market. Books Advanced Search New Releases Amazon Charts Best Sellers & More The New York Times® Best Sellers Children's Books Textbooks Textbook Rentals Sell Us Your Books Best Books of the Month Kindle eBooks Audible Audiobooks Reinsurance: Fundamentals and New Challenges Feb 20, by Ruth Gastel.
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