HAMILTON, Bermuda, May 7, 2014 (GLOBE NEWSWIRE) — Maiden Holdings, Ltd. (Nasdaq:MHLD) (“Maiden” or “the Company”) today announced that John Marshaleck, Chief Financial Officer, has decided to retire at the end of 2014 and in the interim will serve as Chief Operating Officer focusing his efforts on ensuring a smooth transition of responsibilities. Karen Schmitt, President of Maiden Reinsurance Company, the Company’s U.S. subsidiary, has been promoted to the role of Chief Financial Officer of Maiden Holdings, Ltd. Tom Highet, Executive Vice President, U.S. Treaty has been promoted to President of Maiden Reinsurance Company. These management changes are effective May 13, 2014.
Commenting on the announcement, Art Raschbaum, President and Chief Executive Officer of Maiden, said, “I would like to congratulate John Marshaleck on his upcoming retirement and thank him for his formidable efforts in helping to build Maiden Holdings. For over 30 years John has played a vital leadership role at Maiden and its predecessor companies.
We are very fortunate and pleased that he will remain with Maiden until the end of 2014 to ensure a smooth transition for Karen Schmitt, who has been promoted to the role of Chief Financial Officer. Karen and I have worked together for 15 years and during that time she has proven herself to be an outstanding insurance and finance executive and during the last 6 years has provided outstanding leadership to our U.S. subsidiary. I am also very pleased to announce the appointment of Tom Highet who is replacing Karen as President of Maiden Reinsurance Company. Tom is a highly respected insurance professional with 29 years of reinsurance experience with a proven track record of successfully and profitably building the businesses that he has managed. These changes are consistent with Maiden’s succession plan and reflect the depth of our management team.”
About Karen Schmitt FCAS, MAAA, FCIA, CERA
With over 30 years of reinsurance experience, Ms. Schmitt joined Maiden Re (formerly GMAC RE) in 1999 after holding positions as Chief Actuary and Senior Vice President at TIG Holdings, Vice President of American Reinsurance, and various positions at Prudential Property and Casualty.
Ms. Schmitt earned her MBA at the Wharton School of the University of Pennsylvania and her Bachelor of Science in Actuarial Science from Lebanon Valley College. She is a Chartered Financial Consultant, a Member of the American Academy of Actuaries, and a Fellow of both the Casualty Actuarial Society and the Canadian Institute of Actuaries. In 2013, Ms. Schmitt received the designation Chartered Enterprise Risk Analyst (CERA).
About Tom Highet ACAS, MAAA
Mr. Highet, who joined Maiden Re (formerly GMAC RE) in 1988, has 29 years of reinsurance experience. He previously held positions with PMA Re, Metropolitan Re and AFIA. Mr. Highet graduated from Stevens Institute of Technology with a Bachelor of Science Degree. He is an Associate of the Casualty Actuarial Society and a Member of the American Academy of Actuaries.
About John Marshaleck
Mr. Marshaleck has served as Chief Financial Officer of Maiden Holdings since August 2009, and previously served as Chief Operating Officer and Secretary. From 1983-2008, Mr. Marshaleck served in several capacities with GMAC RE and its predecessors, including president, chief operating officer and chief financial officer. Mr. Marshaleck holds a BBA from Temple University.
About Maiden Holdings, Ltd.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed in 2007. Through its subsidiaries, which are each A- rated (excellent) by A.M. Best, the Company is focused on providing non-catastrophic, customized reinsurance products and services to small and mid-size insurance companies in the United States and Europe. As of March 31, 2014, Maiden had $4.9 billion in assets and shareholders’ equity of $1.2 billion.
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Forward Looking Statements
This release contains “forward-looking statements” which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that actual developments will be those anticipated by the Company. Actual results may differ materially from those projected as a result of significant risks and uncertainties, including non-receipt of the expected payments, changes in interest rates, effect of the performance of financial markets on investment income and fair values of investments, developments of claims and the effect on loss reserves, accuracy in projecting loss reserves, the impact of competition and pricing environments, changes in the demand for the Company’s products, the effect of general economic conditions and unusual frequency of storm activity, adverse state and federal legislation, regulations and regulatory investigations into industry practices, developments relating to existing agreements, heightened competition, changes in pricing environments, and changes in asset valuations. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those projected is contained in Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 as updated in periodic filings with the SEC. The Company undertakes no obligation to publicly update any forward-looking statements, except as may be required by law.
CONTACT: Noah Fields, Vice President, Investor Relations
Maiden Holdings, Ltd.