TransRe Secures Exclusive Renewal Rights, Adds U.S. Treaty Team From Maiden Re
NEW YORK, Aug. 29, 2018 /PRNewswire/ -- TransRe has acquired the exclusive renewal quotation rights to all of Maiden Re's U.S. treaty customers from their diversified business (which does not include reinsurance assumed from AmTrust) and has hired the U.S. treaty team from Maiden Re.. TransRe will immediately offer renewal quotations on this treaty book of business, which is focused on regional property and casualty, accident and health and personal auto insurers. These are markets in which TransRe has demonstrated leadership and a proven underwriting track record.
To ensure a successful transition for customers and brokers, Tom Highet, previously President of Maiden Reinsurance North America, and a team of underwriters, actuaries and claims personnel will join TransRe and operate from new offices in Mt Laurel, New Jersey. Mr. Highet, who was with Maiden Re (previously GMAC Re) for thirty years, has been appointed Executive Vice President and will report to Ken Brandt, President of TransRe North America.
Ken Brandt commented "We are delighted to welcome Maiden's accomplished team and believe the move to be an excellent strategic and cultural fit for customers and us. During the past 30 years Tom and his team have built a strong and respected franchise, with excellent customer and broker relationships. We know these lines of business well, and together with our new colleagues we are well positioned to serve the needs of all our customers and brokers."
Tom Highet said "We believe that TransRe offers our customers an ideal fit for continuity of approach, appetite and service going forward. With TransRe's A+ balance sheet, additional product range and great underwriting culture, we look forward to maintaining and strengthening our customer and broker relationships."
TransRe is the brand name for Transatlantic Holdings, Inc. and its subsidiaries (including Transatlantic Reinsurance Company). TransRe, wholly owned by Alleghany Corporation (NYSE-Y), is a reinsurance organization headquartered in New York with operations worldwide. Since 1977, TransRe has offered its clients the capacity, expertise and creativity necessary to structure programs across the full spectrum of property and casualty risks. Visit www.transre.comfor additional information.
About Maiden Re
Maiden Reinsurance North America (Maiden Re) is a subsidiary of Maiden Holdings, Ltd., a Bermuda-based holding company formed in 2007. Maiden Re is focused on providing non-catastrophic, customized reinsurance products and services to small and mid-size insurance companies in the United States.