A.M. Best Assigns Issue Credit Rating to Maiden Holdings Ltd.’s Series D Preference Shares

OLDWICK, N.J.--()--A.M. Best has assigned a Long-Term Issue Credit Rating of “bb+” to $150 million, 6.70% Series D preference shares recently announced by Maiden Holdings Ltd. (MHLD)(NASDAQ:MHLD) (Hamilton, Bermuda). This Credit Rating (rating) has been assigned a stable outlook.

The proceeds from the issuance of the shares will be used to repay the 8.00% senior notes due 2042 of MHLD’s subsidiary, Maiden Holdings North America, Ltd., and for other corporate purposes. Upon issuance of the shares and redemption of these notes, Maiden’s adjusted debt to total capital ratio will measure 21.1%, within A.M. Best’s guidelines for the rating. While interest coverage for 2016 was below expectations, improvement is anticipated in 2017 and consistently favorable operating cash flows and available liquidity are offsetting considerations.

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. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Jennifer Marshall, CPCU, ARM, +1-908-439-2200, ext. 5327
Director
jennifer.marshall@ambest.com
or
Michael J. Lagomarsino, CFA, FRM, +1-908-439-2200, ext. 5810
Senior Director
michael.lagomarsino@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Jennifer Marshall, CPCU, ARM, +1-908-439-2200, ext. 5327
Director
jennifer.marshall@ambest.com
or
Michael J. Lagomarsino, CFA, FRM, +1-908-439-2200, ext. 5810
Senior Director
michael.lagomarsino@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com