A.M. Best Assign Ratings to Maiden Reinsurance Company.OLDWICK, N.J. -- A.M. Best Co. has assigned a financial strength rating (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of A- (Excellent) and issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "a-" to Maiden Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Company (Maiden Reinsurance) (Maryland Heights, MO) following receipt of the approved intercompany quota share For This article is about quota shares (shares of the quota). For other usages of quota, see, see . A quota share is a specified number or percentage of the allotment as a whole (quota), that is prescribed to each individual entity (see Non-tariff barriers to trade). reinsurance agreement with its affiliate, Maiden Insurance Company, Ltd. (Maiden Insurance) (Hamilton, Bermuda). The outlook assigned to these ratings is stable. Maiden Reinsurance's predecessor entity, GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Direct Insurance Company (GMAC Direct) (Maryland Heights, MO), was purchased as a shell by Maiden Holdings, Ltd. (Holdings) (Hamilton, Bermuda) [NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : MHLD MHLD Maritime Homeland Defense (US) ] from Motors Insurance Corporation (Southfield, MI), the lead member of GMAC Insurance Group (GMACI). Subsequent to the acquisition, GMAC Direct was renamed Maiden Reinsurance Company. The ratings reflect Maiden Reinsurance's strategic importance to Holdings in forming a dedicated U.S. reinsurance platform providing treaty, accident and health and specialty facultative reinsurance. Additionally, the ratings reflect Holdings' financial commitment and strong balance sheet, as well as management's commitment to maintain underwriting discipline as former GMAC Reinsurance business is written through Maiden Reinsurance. In support of the transaction, Holdings' management raised approximately $260 million through a trust preferred offering, which $129 million was infused into Maiden Reinsurance. On June 12, 2008, A.M. Best affirmed the FSR of A- (Excellent) and ICR of "a-" of Maiden Insurance and the ICR of "bbb-" of Holdings with a stable outlook. For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. The principal methodologies used in determining these ratings, including any additional methodologies and factors, which may have been considered, can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. |
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