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AmTrust, Maiden extend deadline to decide on reinsurance deal

AmTrust Financial Services Inc. and Maiden Holdings Ltd. have decided to push the deadline for choosing whether to keep or discard a quota share reinsurance agreement.

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

The agreement automatically renews for successive three-year periods unless either of the companies decides to end it by issuing an advance notice to the other party not less than nine months prior to the expiration of any successive three-year period.

On Aug. 8, the companies agreed to extend the renewal provision for the agreement and pushed the deadline to issue the advance notice to Jan. 31, 2019, from Sept. 30, 2018, according to a regulatory filing.