Maiden Holdings Ltd and Allianz Global Automotive (“Allianz”) today announced a significant expansion of their long standing partnership focused on developing branded insurance solutions to automotive Original Equipment Manufacturers (“OEMs”) and their customers. The partnership will bring together the unique skills and capabilities of both companies to assist automotive OEMs to strengthen their consumer value proposition. Forces will be joined across multiple consumer products including personal auto, payment protection insurance (“PPI”) and guaranteed asset protection (“GAP”) insurance.
On September 1, 2015, Allianz and Maiden entered into a long-term basis collaboration in the field of PPI/GAP to offer market leading products at attractive conditions and low cost in this specialty insurance field across Europe to OEMs. This collaboration will expand revenue opportunities for both Maiden and Allianz. Also, as previously communicated, Maiden and Allianz have entered into a quota share re-insurance agreement. Allianz will participate in a portion of Maiden’s reinsurance portfolio.
Commenting on the Strategic Partnership, Art Raschbaum, President and Chief Executive Officer of Maiden said: “We are extremely pleased with our expanded relationship with Allianz. The partnership will enable us to deliver high quality products and services to the OEM market, to better leverage our payment protection platform in Europe and strengthen our partnership with an ongoing reinsurance collaboration. We are proud to be working with Allianz, a market leader with unparalleled resources and capabilities.”
Karsten Crede, CEO Allianz Global Automotive said: “It is a great opportunity for Allianz Global Automotive to complement its special insurance offers throughout Europe with the skills of an experienced partner. With the complementary strength of both companies we will see new high quality products at fast time-to-market and lower cost that help us serve our OEM clients.”