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HAMILTON, Bermuda - Reinsurance company Maiden Holding Ltd. said Tuesday it has reached a quota share agreement with American Capital Acquisition Corp. that could mean more than $200 million in annual revenue.
Hamilton, Bermuda-based Maiden Holding said the 25 percent quota share agreement will begin in connection with American Capital's proposed acquisition of GMAC's U.S. consumer property and casualty insurance business, which is expected to occur in the first quarter of 2010.
The GMAC business generated over $1 billion in net written premium in 2008.
The quota share reinsurance agreement means Maiden Holding agrees to share 25 percent of premiums and losses on the policies included in the agreement.
The move is a continuation of Maiden Holdings' efforts to expand its business, said CEO Art Raschbaum.
"Today's announcement and the recent extension of our agreement with AmTrust Financial Services Inc. provide us with robust momentum as we look ahead to next year and beyond," he said. "We are confident in our ability to continue to leverage our platform and expand our existing base of long-term client relationships."
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