Brit Global Specialty USA (BGSU), a US based service company of Brit Insurance, has completed a temporary 100% quota share reinsurance of Maiden Holdings' Excess and Surplus (E&S) division, Maiden Specialty.
As part of this arrangement, Brit Insurance will assume all renewal rights of Maiden Specialty effective from 01 May.
The arrangement will also see transferring Maiden staff to BGSU and underwrite all renewal rights of the assumed business into Brit Syndicates 2987.
Maiden CEO Art Raschbaum said the acquisition fulfills the company's desire to lessen exposure to natural catastrophes and focus on its core non-cat reinsurance business.
''The team will be better positioned to grow their niche business with a company whose goal is to successfully sustain and develop their existing footprint," Raschbaum added.
Brit Group CEO Mark Cloutier said, ''This opportunity provides a springboard for BGSU to grow into this space in a coordinated, yet distinct manner, from our established London business while at the same time furthering our commitment to Lloyd's as our core trading platform.''