Maiden Holdings Ltd. entered into an agreement to sell its U.S. casualty facultative reinsurance team to Sompo Group.
Maiden said the sale is part of its strategic review, which was reported Oct. 5 to include the retention of Bank of America Merrill Lynch to implement a formal sale process. It added that it would "carefully review any credible proposal it receives."
Bermuda-based Sompo International Holdings Ltd. said Oct. 9 that it had launched a casualty facultative reinsurance operation to be led by Dave Adams, who was in charge of Maiden Re's facultative, alternative market and program reinsurance treaties as executive vice president and team leader for specialty underwriting.
At Sompo, he will serve as executive vice president and team leader for specialty and facultative reinsurance, reporting to Tracy Thomson, executive vice president and head of Americas casualty reinsurance. Maiden noted that its facultative reinsurance team comprised seven specialists who will transfer to Sompo.
Sompo International is a unit of Japan's Sompo Holdings Inc. and was formerly Endurance Specialty Holdings.