A.M. Best Removes from under Review Ratings of Integon Specialty; Now Named Maiden Specialty Insurance Company.OLDWICK, N.J. -- A.M. Best Co. has removed from under review with negative implications and affirmed the 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) of "a-" of Integon Specialty Insurance Company (Integon Specialty), which was subsequently renamed, Maiden Specialty Insurance Company (MSIC MSIC Maritime Security Identification Card (Australia) MSIC Missile and Space Intelligence Center (US DoD) MSIC Massachusetts Credit Union Share Insurance Corporation MSIC Maritime Safety Information Center ) (both of Winston-Salem, NC). These affirmations follow receipt of the approved intercompany quota share 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. agreement between MSIC and its affiliate, Maiden Reinsurance Company (MRC See Maximum return criterion. ) (Maryland Heights, MO). The outlook assigned to the ratings is stable. On September 1, 2009, Integon Specialty's was purchased by Maiden Holdings, Ltd. (Maiden 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) ) through its downstream holding company, Maiden Holdings North America, Ltd. (Hamilton, Bermuda), from 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 Insurance Management Corp. (GMAC-IMC). The ratings reflect MSIC's strategic importance to Maiden Holdings in forming a dedicated U.S. reinsurance platform providing treaty, accident and health and specialty facultative reinsurance. Additionally, the ratings reflect Maiden 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 MSIC. In support of the transaction, Maiden Holdings' management raised approximately $260 million through a trust preferred offering. On June 11, 2009, the FSR and ICR of Integon Specialty were placed under review with negative implications, due to a previously signed agreement to sell the company to Maiden Holdings. On June 12, 2009, A.M. Best affirmed the FSR of A- (Excellent) and ICR of "a-" of MRC with a stable outlook. For Best's Credit 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 that 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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