(RTTNews) - Friday, reinsurance service provider Maiden Holdings, Ltd. (MHLD: News ), said its wholly owned subsidiary Maiden Holdings North America, Ltd. completed the acquisition of Integon Specialty Insurance Company from GMAC Insurance Management Corp., a subsidiary of GMAC Inc. (GJM: News ), effective September 1, 2009. Maiden Holdings acquired the reinsurance operation from GMAC Inc. during November 2008.

Maiden Holdings noted that Integon Specialty would be renamed Maiden Specialty as a wholly owned subsidiary of Maiden Reinsurance Company, and would operate as a non-admitted carrier in 49 jurisdictions. Maiden Specialty would enable Maiden Holdings to continue providing property excess and surplus lines products in the U.S. insurance market.

The Strategic Risk Specialists division of Maiden Holdings North America would also be renamed Maiden Specialty, unifying the names of the operating division and the insurance company. Maiden Specialty would continue to focus on providing insurance solutions as excess property underwriting specialists.
MHLD is currently trading at $7.70, down 0.01 or 0.13%, on a volume of 51K shares on the Nasdaq.

Click here to receive FREE breaking news email alerts for Maiden Holdings Ltd. and others in your portfolio

by RTT Staff Writer

For comments and feedback: contact editorial@rttnews.com