By mutual agreement, AmTrust and Maiden have elected not to send notice by September 30, 2009
AmTrust Financial Services and Maiden Holdings have agreed to extend their strategic quota share agreement through June 30, 2013.
As per the terms of the existing 40% quota share reinsurance agreement between AmTrust International Insurance and Maiden Insurance effective July 1, 2007, unless either party terminates the agreement via written notice to the other party at least nine months prior, the agreement renews for another three years.
By mutual agreement, AmTrust and Maiden have elected not to send notice by September 30, 2009 and, as a result, the agreement has been automatically renewed for another three year term.
Barry Zyskind, CEO of AmTrust, said: The strategic quota share with Maiden has provided valuable capital support to AmTrust. We look forward to the continued support of the Maiden team for years to come.
Art Raschbaum, CEO of Maiden, said: We are very pleased to be continuing our mutually beneficial relationship with the AmTrust Group. Consistent with Maiden’s business strategy, we are focused on continuing to deliver value as a capital provider to regional and specialty insurance companies.