Bermudian-based Maiden Holdings Ltd has agreed to sell its Swedish subsidiaries, Maiden General and Maiden Life.

Maiden said the buyers were “an expanding group of international insurance and reinsurance companies headquartered in London”.

Maiden General and Maiden Life were the principal operating subsidiaries of the company’s International Insurance Services platform.

The transaction is subject to customary regulatory approvals.

Maiden said the sale will be an all-cash transaction and pursuant to the terms of the agreement, all existing staff and independent directors of both Maiden General and Maiden Life will transition to the new ownership group.

Patrick J. Haveron, Maiden’s chief executive, said: “The announcement of the sale of Maiden General and Maiden Life brings to a close these units’ chapter under Maiden ownership.

“Since the acquisition of the IIS platform in 2010, over the course of those years IIS has been a profitable contributor to Maiden and Max Reid and the IIS team have done an admirable job in re-positioning IIS for additional growth under new, more local sponsorship.

“As Maiden looks to reallocate capital to other endeavours, particularly those that are less capital intensive and more fee-oriented, the opportunity to pair Maiden General and Maiden Life with a growth-oriented partner was attractive to all parties.

“When the sale of these entities is completed, Maiden’s operating expenses will be reduced by nearly 20 per cent.”