The U.S. subsidiary of Maiden Holdings Ltd. of Bermuda will acquire GMAC RE, the reinsurance arm of GMAC Insurance, it was announced.
Terms of the purchase by Maiden were not disclosed. The companies said a dedicated U.S. reinsurance group, Maiden Re, will be formed and will be based in Mt. Laurel, N.J.
The firms said in a statement that GMAC RE's experience in reinsurance solutions will be paired with Maiden Re's 25 years in treaty, facultative, and specialty/alternative areas of reinsurance.
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