Acquisition concludes the November 2008 transactions related to Maiden's purchase of the reinsurance operation from GMAC
Maiden Holdings (Maiden) and its wholly-owned subsidiary, Maiden Holdings North America (MHNA) have announced that MHNA has acquired Integon Specialty Insurance Company from GMAC Insurance Management Corporation, a subsidiary of GMAC.
This acquisition concludes the November 2008 transactions related to Maiden’s purchase of the reinsurance operation from GMAC.
As per the deal, Integon Specialty will be renamed as Maiden Specialty and will operate as a non-admitted carrier in 49 jurisdictions. Maiden Specialty will allow Maiden to continue to provide property excess and surplus lines products in the US insurance market.
The Strategic Risk Specialists division of MHNA will also be renamed as Maiden Specialty, unifying the names of the operating division and the insurance company. Maiden Specialty will continue to focus on providing market insurance solutions as excess property underwriting specialists.
Maiden Specialty will be a wholly-owned subsidiary of Maiden Reinsurance Company.