On September 1, 2015, Allianz and Maiden entered into a long-term basis collaboration in the field of PPI/GAP to offer market leading products at attractive conditions and low cost in this specialty insurance field across Europe to OEMs. This collaboration will expand revenue opportunities for both Maiden and Allianz. Also, as previously communicated, Maiden and Allianz have entered into a quota share re-insurance agreement. Allianz will participate in a portion of Maiden’s reinsurance portfolio.
Commenting on the Strategic Partnership, Art Raschbaum, President and Chief Executive Officer of Maiden said: “We are extremely pleased with our expanded relationship with Allianz. The partnership will enable us to deliver high quality products and services to the OEM market, to better leverage our payment protection platform in Europe and strengthen our partnership with an ongoing reinsurance collaboration. We are proud to be working with Allianz, a market leader with unparalleled resources and capabilities.”
Karsten Crede, CEO Allianz Global Automotive said: “It is a great opportunity for Allianz Global Automotive to complement its special insurance offers throughout Europe with the skills of an experienced partner. With the complementary strength of both companies we will see new high-quality products at fast time-to-market and lower cost that help us serve our OEM clients.”
Allianz Worldwide Partners is Allianz’ integrated B2B2C global business line. It will deliver integrated solutions to our business partners by combining insurance, assistance and technology and providing worldwide protection and care. Three entities of Allianz, specialized in Assistance, Automotive and International Health joined forces for their client service, for a wider range of products and for investments in innovation and technology.
Allianz Global Automotive is the leading strategic partner for insurance and mobility services to car manufacturers, currently managing partnerships in more than 30 countries. Partners can choose from a broad portfolio of customized products and solutions in motor insurance, warranty, assistance.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed in 2007. Through its subsidiaries, which are each A- rated (excellent) by A.M. Best, the Company is focused on providing non-catastrophic, customized reinsurance products and services to small and mid-size insurance companies in the United States and Europe. Internationally, Maiden, along with its insurance partners, offers innovative products and services to vehicle manufacturers and their customers, mainly in the area of motor insurance and payment protection. As of June 30, 2015, Maiden had $5.7 billion in assets and shareholders' equity of $1.2 billion.
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