Maiden Holdings has divested its European automotive group AVS Automotive VersicherungsService to Allianz Partners as a part of the strategic review of its business.
The financial details of the divestment were not divulged. The sale includes three-year quota share reinsurance agreement between the two parties.
As a part of the deal, all Maiden’s AVS employees have migrated to Allianz. The automotive group will continue to operate under its existing brand name.
All Maiden’s AVS and AVS subsidiaries are currently working with German and Austrian auto retailers, original equipment manufacturers and related credit providers to design and distribute auto dealer and consumer insurance products.
Founded in 2007, Maiden Holdings offers reinsurance solutions to regional and specialty insurers in Europe.
In October last year, Maiden signed an agreement to sell its US casualty facultative reinsurance team and business to Sompo Group, as part of its ongoing strategic review.
Consisting of seven experts, Maiden’s facultative reinsurance team will continue to offer its services using its internet-based reinsurance platform after completion of the deal.
It has also recently completed the sale of its re-insurance subsidiary Maiden Reinsurance North America for around $272.4m.
The Maiden Reinsurance North America business was sold to Cavello Bay Reinsurance, a wholly-owned subsidiary of Enstar Group.