Maiden Reinsurance Ltd., the principal operating subsidiary of Maiden Holdings, Ltd., has submitted filings to re-domesticate from Bermuda to Vermont.
In a statement, Maiden said that it is presently targeting a completion of the re-domestication process on or about January 1, 2020, but that both the licensing in Vermont and the discontinuation process in Bermuda are subject to approval by the regulators from those jurisdictions.
Maiden said that it had determined that re-domesticating to Vermont would enable it to better align its operations, capital, and resources with its liabilities, which originate mostly in the United States, resulting in a more efficient structure.
According to Maiden, the proposed re-domestication, in combination with an extended series of actions it previously took in consultation with the Bermuda Monetary Authority to de-risk the company's balance sheet, would continue to strengthen its capital position and solvency ratios.
Maiden also announced that it has applied to transfer its listing of its common shares from The NASDAQ Global Select Market to The NASDAQ Capital Market. Maiden previously received a letter from NASDAQ informing it that it did not meet the requirement to maintain a minimum bid price of $1.00 per share for 30 consecutive business days. After consultation with NASDAQ, Maiden said, it applied to transfer the listing of its common shares to The NASDAQ Capital Market.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].