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Maiden to return $700M in gross unearned premium to AmTrust

Maiden Holdings Ltd. mutually agreed to a partial termination amendment to its currently in-force quota share agreement with AmTrust Financial Services Inc. that will expire June 30, 2019.

The amendment provides for the cutoff of the ongoing and unearned premium of AmTrust's small commercial business and U.S. extended warranty and specialty risk as of Dec. 31, 2018, with the rest of the agreement remaining in place. It will result in Maiden returning about $700 million in gross unearned premium to AmTrust, which will net to about $480 million after consideration of ceding commission and brokerage.

The two companies entered into a quota share reinsurance agreement July 1, 2007, under which AmTrust's Bermuda reinsurance subsidiary, AmTrust International Insurance Ltd., ceded about 40% of certain premiums to Maiden written by subsidiaries of AmTrust, net of the cost of unaffiliated inuring reinsurance and 40% of losses.