Maiden Specialty Opens Offices in Atlanta and New York

Maiden Specialty Insurance Co. said it has opened new excess and surplus property insurance offices in Atlanta and New York.

Maiden Specialty, the excess and surplus property subsidiary of Maiden Re, said the new Atlanta office will be staffed by Sara Scott, regional vice president, and Steve Black, vice president. Both previously held underwriting positions with RenRe Insurance Underwriters.

"It's a brand new regional office for us," said Steve Brett, executive vice president of Maiden Specialty. "It will allow us to focus on business in the Southeast, an area we had been covering from our Richardson, Texas office."

Atlanta is one of the largest layered excess property markets in the United States. The market will focus both on large global account businesses -- typically Fortune 500 companies -- plus surplus lines business.

Maiden Specialty has also opened a new office in Manhattan, which will be led by Nigel Spain, vice president, the company said. "New York is a marketing outpost for us," Brett said. "We've put him in position to access our major brokers quickly."

Maiden Specialty focuses on providing insurance solutions for excess property, builder’s risk, energy business and most inland marine coverages. Maiden Specialty works with retail and wholesale producers, plus facultative reinsurance intermediaries, and writes business in all 50 states on both a primary and facultative reinsurance basis.

Maiden Holdings acquired Maiden Specialty from GMAC Insurance Management Corp. during the third quarter of 2009, according to BestLink, which provides online access to A.M. Best's database of insurance information.

With its acquisition of GMAC Re, Maiden Holdings acquired an existing book of business while retaining the existing management team and personnel. In line with Maiden Holdings' existing business model, this book of business is non-cat exposed, according to BestLink.

Maiden Specialty currently has a Best's Financial Strength Rating of A- (Excellent).

(By Meg Green, senior associate editor, BestWeek: Meg.Green@ambest.com)