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Maiden Holdings Announces Sale of U.S. Diversified Business to Enstar Group Limited
- Client News
- August 31, 2018
Paul, Weiss advised Maiden Holdings, Ltd., a Bermuda reinsurance company, in the sale of Maiden Reinsurance North America, Inc. (Maiden Re North America), a subsidiary of Maiden Holdings, to Enstar Group Limited. Maiden Re North America is a diversified insurance company domiciled in Missouri that provides property and casualty treaty reinsurance, casualty facultative reinsurance and accident and health treaty reinsurance. As part of the transaction, an Enstar subsidiary will novate and assume certain reinsurance agreements from Maiden Holdings’s Bermuda reinsurer, including certain reinsurance agreements with Maiden Re North America. The net consideration payable in the transactions is $307.5 million, subject to certain closing adjustments. Enstar will assume approximately $1.3 billion of net loss and loss adjustment expense reserves and unearned premium reserves upon closing.
The Paul, Weiss team included, among others, corporate partners Christopher Cummings and Adam Givertz and counsel Stephen Centa; tax partner Scott Sontag; intellectual property partner Claudine Meredith-Goujon; and antitrust counsel Marta Kelly.