Allianz is expanding its alliance with Maiden Holdings with a goal of bringing new insurance coverage to automotive original equipment manufacturers and their customers.
Neither side is disclosing financial details. But the existing arrangement between Allianz division Allianz Global Automotive and Maiden, a Bermuda-based reinsurance holding company first launched in 2007, become a longer-term deal on Sept. 1.
Allianz/Maiden plan to focus on personal auto, payment protection insurance and guaranteed asset protection insurance in order to develop coverage across Europe that has attractive conditions and a low cost. Both sides hope the deal will grow revenue opportunities. They’ve also cemented their alliance another way, entering into a quota share reinsurance agreement, where Allianz will participate in part of Maiden’s reinsurance portfolio.
Karsten Crede, CEO of Allianz Global Automotive, said in prepared remarks that the expanded agreement will lead to “new high-quality products at fast time-to-market and lower cost that help us serve our OEM clients.”
Art Raschbaum, Maiden’s president and CEO, spoke of similar benefits, also noting that the deal would let Maiden better leverage its payment protection platform in Europe.
Source: Allianz Global AutoMotive, Maiden Holdings Ltd