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Maiden boss to depart amid operations review

Maiden boss to depart amid operations review | Insurance Business

Maiden boss to depart amid operations review

Maiden Holdings, which earlier this year initiated a strategic review of its operations, has announced president and chief executive Art Raschbaum’s decision to retire effective September 01. The departing president and CEO cited personal reasons for the move.

Taking on the dual role, following his appointment by the board, is current executive vice president, general counsel, and secretary Lawrence Metz.

Meanwhile also retiring is chief financial officer Karen Schmitt, who will stay on as executive vice president until March 01 next year. Patrick Haveron, who currently serves as president of Maiden Reinsurance Ltd or Maiden Bermuda, will assume the positions of Maiden CFO and chief operating officer also come September. At the same time, he will continue in his capacity as Maiden Bermuda president.

“We appreciate the many contributions that Art has made to Maiden over the years,” commented board chair Barry Zyskind. “He has demonstrated strong leadership and business acumen since joining Maiden in 2008. I want to recognise his significant contributions to Maiden and thank him for his many years of service.

“We are also appreciative of the contributions that Karen has made to our organisation over many years and sincerely thank her for agreeing to stay on to assist with the transition. We are excited to have Larry and Pat, two long-time leaders at Maiden, to step in to their new roles.”

Bermuda-headquartered Maiden Holdings, whose companies provide non-catastrophic reinsurance and insurance products and services to the regional and specialty global property and casualty markets, has underwriting operations in both Bermuda and the United States, as well as production teams in the likes of the United Kingdom and Germany. It expects to complete the strategic review during the second half of 2018.

For the second quarter of this year Maiden reported a net loss of $5.9 million, while the first six months saw a net income attributable to common shareholders of $7.8 million.

“During our strategic review, the board recognised some very valuable business in our Diversified platform,” added Zyskind. “We will be focusing on those niches in the future, which, along with cutting expenses, will bring the company back to acceptable levels of profitability.

“We are confident in our new executive management team to execute this plan.”