Best’s News & Research Service - April 06, 2018 03:25 PM (EDT)
A.M. Best Comments on Credit Ratings of Maiden Holdings, Ltd. and Subsidiaries Following Strategic Review Announcement
- April 06, 2018 03:25 PM (EDT)
Oldwick //BestWire// - A.M. Best has commented that the Long-Term Issuer Credit Ratings (Long-Term ICR) of “bbb-” of Maiden Holdings, Ltd. (Maiden Holdings) and its downstream, intermediate holding company subsidiary Maiden Holdings North America, Ltd. (MHNA) and all Long-Term Issue Credit Ratings assigned to securities issued by Maiden Holdings and MHNA, as well as the Financial Strength Rating of A- (Excellent) and the Long-Term ICR of “a-” of its operating subsidiaries Maiden Reinsurance Ltd. and Maiden Reinsurance North America, Inc., are unchanged by the April 6, 2018, announcement that Maiden Holdings management has engaged bankers to manage a strategic review process to enhance value. The outlook for the Credit Ratings remains negative.
Management has indicated in recent public comments that it was reviewing strategic options to enhance the value of the enterprise. A.M. Best views today’s announcement as a step in that process. A.M. Best will remain in contact with the company’s leadership regarding its progress in evaluating alternatives, and should management determine that specific action will be taken, will evaluate the ratings impact of that decision.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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