MAIDEN SELLS EUROPEAN AUTOMOTIVE GROUP TO ALLIANZ

Bermudian reinsurer Maiden Holdings has taken another step in its restructuring by selling AVS Automotive VersicherungsService and related European units to Allianz Partners. Under the deal, Maiden will receive an unspecified cash payment at closing and enter into a three-year quota-share reinsurance agreement with Allianz. All of Maiden’s AVS employees have joined Allianz and the company’s name will remain the same. AVS and its subsidiaries work with German and Austrian vehicle retailers, original equipment manufacturers and related credit providers to design and distribute auto dealer and consumer insurance products.