- Push-out Score determined
- After almost 10 years in the position
- Praise and thanks for Raschbaum
- Larry Metz taking over
(exechange) — Pembroke, Bermuda, August 9, 2018 — Art Raschbaum, chief executive of Maiden, leaves. It is a change at short notice. As announced by Maiden Holdings, Ltd. in a news release and in a regulatory filing published on Thursday, August 9, 2018, Arturo M. (Art) Raschbaum leaves his post as Chief Executive Officer at the insurance company after almost 10 years in the role, effective September 1, 2018.
Raschbaum’s duties will be taken over by Lawrence F. (Larry) Metz, currently General Counsel and Secretary of Maiden Holdings, Ltd.
Raschbaum’s move is part of a management shake-up also involving the position of Chief Financial Officer.
“For personal reasons”
The management change is explained as follows. Maiden said: “Art Raschbaum, Maiden’s President and Chief Executive Officer, has communicated his decision to retire for personal reasons effective September 1, 2018.”
In the announcement, the company did not detail the personal reasons causing Raschbaum to leave the position, leaving room for speculation.
Precise information about Raschbaum’s future plans was not immediately available.
Share price decline
The change follows a decline in the share price of Maiden Holdings, Ltd. since February 2017.
Chaired by Barry D. Zyskind
Maiden Holdings, Ltd. is chaired by Barry D. Zyskind.
Zyskind is the non-executive Chairman of the board of directors. Zyskind also serves as the President and Chief Executive Officer of AmTrust Financial Services, Inc. Prior to joining AmTrust, Zyskind was an investment banker at Janney Montgomery Scott LLC in New York.
In the position of CEO since 2008
Arturo M. Raschbaum, President and Chief Executive Officer, has served in that role since November 2008.
Raschbaum is also a director of several of the Company’s other wholly owned subsidiaries.
From 1994 to 2008, Raschbaum held several leadership positions with GMAC Insurance Holdings, including President of GMAC Insurance Holdings, Inc. and president of GMAC RE and its predecessors.
Raschbaum holds a B.B.A. from the University of Texas at El Paso and attended the Stanford University Executive Program.
Raschbaum serves on the board of governors of the Property Casualty Insurers Association of America, and also serves on the Board of Advisors of the RAND Institute for Civil Justice.
Push-out Score determined
The Push-out Score™ determined by exechange suggests that push-out forces have contributed to the change.
Read the full story in the exechange report 33.2018 ($).