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Maiden Holdings Completes Sale of U.S. Diversified Business to Enstar Group Limited
- Client News
- December 27, 2018
Paul, Weiss represented Bermuda reinsurance company Maiden Holdings, Ltd. in its sale of subsidiary Maiden Reinsurance North America, Inc. (Maiden Re North America), to Enstar Group Limited. Maiden Re North America is a diversified insurance company based 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 novated and assumed certain reinsurance agreements from Maiden Holdings’s Bermuda reinsurer, including certain reinsurance agreements with Maiden Re North America. The net consideration paid in the transactions was $272.4 million, subject to post-closing adjustments. At closing, Enstar assumed approximately $1.3 billion of net loss and loss adjustment expense reserves and unearned premium reserves.
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.