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MAIDEN FLIGHT


Maiden Holdings, Ltd. has grown its premium income even in tough economic conditions, due to a strategy of writing reinsurance business for regional and specialty insurers in the US and Europe. Now, with $2.8 billion in assets and an increasingly international platform, Maiden is ready to spread its wings.


M


aiden Re executives would be forgiven for dwelling on how far they have come in two years.


In November 2008, Maiden Re was formed when Maiden Holdings (Maiden) bought GMAC Re, the successful reinsurance arm of the then troubled financial services giant GMAC.


Now, the company—built largely on the former structure of GMAC Re and its 120 employees—is free to fulfil its true potential.


It is enjoying excellent operating results and developing new operating platforms in Europe and North America—the world is now their oyster.


It is all a far cry from the summer of 2008 when uncertainty hung over GMAC Re, before Maiden stepped in to acquire it. Art Raschbaum, CEO of Maiden and formerly the CEO of GMAC


Re, says the last two years of GMAC Re’s existence as a unit of GMAC brought “severe challenges”.


Maiden CEO Raschbaum says the company has seen “growth and opportunity flow” in its non-catastrophe regional and specialty reinsurance business.


48 | INTELLIGENT INSURER | November 2010


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