OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has commented that the Long-Term Issuer Credit Rating of “bbb” of Maiden Holdings, Ltd. (Maiden) (Hamilton, Bermuda) (NASDAQ:MHLD) and all other Credit Ratings (ratings) assigned to Maiden’s subsidiaries and securities issued by Maiden remain unchanged following the disclosure of a delay of up to 15 days in the filing of the company’s annual report for the fiscal year ended Dec. 31, 2016 (10-K).
Maiden’s management has stated that it does not expect the financial results that will be published in its 10-K to differ from those published in its Feb. 27, 2017, news release. Additionally, the company’s auditor has not identified any material weaknesses in Maiden’s internal controls and management does not expect to disclose any such weaknesses in the 10-K filing. In light of these statements, A.M. Best will continue to monitor the situation and will consider further action should the 10-K report differ materially from what is anticipated or should the filing be delayed further. A.M. Best also will review management’s action plan for ensuring the timeliness of future filings as part of its assessment of Maiden’s enterprise risk management framework and process.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
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