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The CEO said the company was only prepared to deploy capital if increases were sufficient. -
Bruce Lucas said the decline was “pretty material”.
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The move is the latest in a string of deals with companies including BorgWarner, Zurich and Munich Re.
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The scheme’s main retrocession programme, the world’s biggest terrorism reinsurance placement, will likely increase from last year’s £2.3bn.
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The Florida carrier makes no reserve strengthening in the final quarter after responding to Irma loss creep in the July to September period.
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CFO John Parry, who joined the firm last year after holding the same role at Lloyd’s, will become interim CEO.
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The carrier said the charge mainly stems from non-core business, including $5.5mn from commercial general liability.
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The insurer will become part of Ardonagh’s retail arm, which also includes Carole Nash and Swinton.
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The carriers claim in a lawsuit that Maiden wrongfully stopped paying claims in late 2018.
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Most claims emanate from Germany, France and the UK.
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Reinsurers have been keen to paint a picture of gains on the horizon in their analyst calls after their January renewals reports.
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The company said it had “dusted off” its pillared Purple product.
