Bermuda-based reinsurer Maiden Holdings Ltd. has announced that its wholly-owned subsidiary Maiden Holdings North America Ltd. has acquired Integon Specialty Insurance Co. from GMAC Insurance Management Corporation, a subsidiary of GMAC Inc.

This acquisition concludes Maiden's November 2008 purchase of GMAC Inc.'s reinsurance operation.

Integon Specialty will be renamed Maiden Specialty, and it will operate as a non-admitted carrier in 49 jurisdictions.

Maiden Specialty will allow Maiden to continue to provide property excess and surplus lines products in the US insurance market. The strategic risk specialists division of Maiden Holdings North America will also be renamed Maiden Specialty, unifying the names of the operating division and the insurance company.

Maiden Specialty will continue to focus on providing market leading insurance solutions as excess property underwriting specialists.

Maiden Specialty will be a wholly-owned subsidiary of Maiden Reinsurance Company, which is rated A- (excellent) with a stable outlook from AM Best.