S&P Affirms Maiden Holdings Ratings
Standard & Poor [S&P] yesterday [Mar.21] attacheds a ‘BBB-’ rating to the proposed $100 million senior note issue by Maiden Holdings North America Ltd., a subsidiary of Bermuda’s Maiden Holdings Ltd.
The ratings agency also affirming its ‘BBB-’ counterparty credit ratings on Maiden Holdings Ltd. and Maiden NA and its ‘BBB+’ counterparty credit and financial strength ratings on its core operating subsidiaries, Maiden Reinsurance Co., Maiden Specialty Insurance Co., and Maiden Insurance Co. Ltd. (Bermuda).
The outlook is stable.
The stable outlook reflects S&P’s view that Maiden will maintain its good competitive position while improving its capital adequacy.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed in 2007.
Through its subsidiaries, the company is focused on providing non-catastrophic, customized reinsurance products and services to small and mid-size insurance companies in the United States and Europe.
As of December 31, 2011, Maiden had $3.4 billion in assets and shareholders’ equity of $768.6 million.
