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Case Status:    ONGOING    
On or around 06/20/2019 (Ongoing date of last review)

Filing Date: February 11, 2019

According to the Complaint, Maiden is a Bermuda-based holding company that provides specialty reinsurance through its subsidiaries. Maiden has two reportable operating segments: (i) Diversified Reinsurance; and (ii) AmTrust Reinsurance. The Diversified Reinsurance segment consists of a portfolio of predominantly property and casualty reinsurance business focusing on regional and specialty property and casualty insurance companies. The AmTrust Reinsurance segment includes all business ceded by AmTrust Financial Services, Inc. (“AmTrust”). AmTrust and Maiden are closely related entities, and AmTrust is Maiden’s largest customer.

The Complaint alleges that throughout the Class Period, Defendants misrepresented the quality and nature of Maiden’s underwriting and risk management policies and practices and the risks of its reinsurance portfolio. In particular, the Complaint alleges that Defendants misleadingly claimed that they were subjecting AmTrust’s insurance portfolio to robust analysis and cross-checks to ensure that the Company had appropriately priced the risk of reinsuring AmTrust’s insurance portfolio, while in truth, the Company had failed to employ sufficient underwriting and risk management protocols and had largely abdicated its responsibility to ensure that its AmTrust Reinsurance segment priced policies commensurate with the risk assumed by the Company.

On June 20, 2019, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Prop. & Casualty)
Headquarters: Bermuda

SECURITIES INFORMATION:

Ticker Symbol: MHLD
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. New Jersey
DOCKET #: 19-CV-05296
JUDGE: Hon. Renee Marie Bumb
DATE FILED: 02/11/2019
CLASS PERIOD START: 03/04/2014
CLASS PERIOD END: 11/09/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C.
  2. Johnson Fistel, LLP (Marietta)
  3. Robbins Geller Rudman & Dowd LLP (Melville)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available