Bermuda-based re/insurer Maiden Holdings has entered into a three-year quota share reinsurance agreement with Allianz as part of the sale of its European automotive group, AVS Automotive VersicherungsService GmbH.
Maiden said that the sale of AVS and its related European subsidiaries to Allianz Partners represented another step in its strategic review.
Allianz acquired the group for an undisclosed cash payment, in addition to its participation in the quote share agreement.
Maiden’s AVS and its subsidiaries work with German and Austrian auto retailers, original equipment manufacturers and related credit providers to design and distribute auto dealer and consumer insurance products.
The insurer explained that all of is AVS employees have now joined Allianz, although the company name will remain unchanged.
The company also agreed to a partial termination amendment to its quota share agreement with AmTrust Financial Services earlier this month, which saw it return $700 million in gross unearned premium.