A.M. Best Affirms Ratings of Maiden Holdings
A.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and issuer credit ratings (ICR) of “a-” of the property/casualty subsidiaries of Bermuda-based Maiden Holdings, Ltd. Concurrently, A.M. Best has affirmed the ICR of “bbb- ” of Maiden Holdings.
Additionally, A.M. Best has affirmed the ICR and senior debt ratings of “bbb-” of Maiden Holdings North America, Ltd. (Maiden NA) (Delaware), a direct, wholly owned subsidiary of Maiden Holdings. Maiden NA’s senior notes are fully and unconditionally guaranteed by Maiden Holdings.
At the same time, A.M. Best has assigned indicative ratings of “bbb-” to senior debt, “bb+” to subordinated debt, “bb” to junior subordinated debt and “bb” to preferred stock of the recently filed shelf registration of Maiden Holdings and Maiden NA. The outlook for all ratings is stable. (See below for a detailed list of the companies and ratings.)
The ratings of Maiden reflect its consistently profitable underwriting and operating performance along with its solid risk- adjusted capitalization, in part due to capital contributions from Maiden Holdings and the operational benefits that Maiden derives as a quota share partner with AmTrust Financial Services, Inc.’s (AFSI) Bermuda reinsurance subsidiary, AmTrust International Insurance, Ltd., (AII) and American Capital Acquisition Corp. (ACAC).
