0001104659-18-021713.txt : 20180402 0001104659-18-021713.hdr.sgml : 20180402 20180402132152 ACCESSION NUMBER: 0001104659-18-021713 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20180402 DATE AS OF CHANGE: 20180402 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Maiden Holdings, Ltd. CENTRAL INDEX KEY: 0001412100 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 000000000 STATE OF INCORPORATION: D0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-84099 FILM NUMBER: 18728103 BUSINESS ADDRESS: STREET 1: SCHRODERS HOUSE STREET 2: 131 FRONT STREET CITY: HAMILTON STATE: D0 ZIP: HM 12 BUSINESS PHONE: (441) 295-5225 MAIL ADDRESS: STREET 1: 48 PAR-LA-VILLE ROAD STREET 2: SUITE 1141 CITY: HAMILTON STATE: D0 ZIP: -HM 11 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Catalina Holdings (Bermuda) Ltd CENTRAL INDEX KEY: 0001569798 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: THISTLE HOUSE STREET 2: 4 BURNABY STREET CITY: HAMILTON HM11 STATE: D0 ZIP: 00000 BUSINESS PHONE: 44 7979 533 418 MAIL ADDRESS: STREET 1: THISTLE HOUSE STREET 2: 4 BURNABY STREET CITY: HAMILTON HM11 STATE: D0 ZIP: 00000 SC 13D 1 a18-9330_1sc13d.htm SC 13D

 

 

UNITED STATES

 

 

SECURITIES AND EXCHANGE COMMISSION

 

 

Washington, D.C. 20549

 

 


 

 

SCHEDULE 13D

 

 

Under the Securities Exchange Act of 1934
(Amendment No.     )*

 

MAIDEN HOLDINGS, LTD.

(Name of Issuer)

 

Common Stock

(Title of Class of Securities)

 

G5753U112

(CUSIP Number)

 

Keith Lyon

General Counsel

Catalina Holdings (Bermuda) Ltd

Cumberland House

1 Victoria Street, 7th Floor, Hamilton HM11, Bermuda

Tel: +1 441 494 6368

 

With a Copy to:

 

Nicholas F. Potter, Esq.

Debevoise & Plimpton LLP

919 Third Avenue

New York, New York 10022

Tel: 212 909 6000

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

 

March 22, 2018

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box o.

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

 

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 



 

CUSIP No. G5753U112

 

 

 

 

1.

Name of Reporting Person
CATALINA HOLDINGS (BERMUDA) LTD.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 o

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
BERMUDA

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
4,161,900

 

8.

Shared Voting Power
0

 

9.

Sole Dispositive Power
4,161,900

 

10.

Shared Dispositive Power
0

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
4,161,900

 

 

12.

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
5.01%
(1)

 

 

14.

Type of Reporting Person (See Instructions)
CO

 


(1)                                 Calculated based on the 83,007,351 aggregate number of common shares stated to be outstanding on February 20, 2018 by the Issuer in the Issuer’s Form 10-K filed with the Securities and Exchange Commission on March 1, 2018.

 

2



 

Item 1. Security and Issuer

 

This statement on Schedule 13D (this “Schedule 13D”) relates to the common stock, par value $0.01 per share (“Common Stock”), of Maiden Holdings, Ltd., a Bermuda registered and domiciled holding company (the “Issuer”).

 

The address of the principal executive offices of the Issuer is 94 Pitts Bay Road, Pembroke HM 08, Bermuda.

 

Item 2. Identity and Background

 

This Schedule 13D is being filed by Catalina Holdings (Bermuda) Ltd (“Catalina”), a Bermuda registered and domiciled holding company.

 

The place of organization of Catalina is Bermuda.  The principal business of Catalina is to acquire insurance and reinsurance companies/portfolios either in run-off or going into run-off.  Catalina was not formed for the specific purpose of investing in the securities of the Issuer.  The principal office of Catalina is located at Cumberland House, 1 Victoria Street, 7th Floor, Hamilton HM11, Bermuda.  The registered office of Catalina is located at Andrew’s Place, Fifth Floor, 51 Church Street, Hamilton HM12, Bermuda.

 

The name, present principal occupation or employment and business address and citizenship of each director and executive officer of Catalina are as set forth below.

 

Name

 

Present Principal Occupation/Employment
and Address

 

Citizenship

Directors

 

 

 

 

 

 

 

 

 

Mr. Christopher Fagan

 

Chairman, President and Chief Executive Officer of Catalina Holdings (Bermuda) Ltd.

BUSINESS ADDRESS:

Catalina Holdings (Bermuda) Ltd.

Cumberland House, 1 Victoria Street, 7th Floor

Hamilton HM 11

Bermuda

 

United Kingdom

 

 

 

 

 

Mr. Dean Dwonczyk

 

Director of Liabilities and Risk Management of Catalina Holdings (Bermuda) Ltd.

BUSINESS ADDRESS:

Catalina Holdings (Bermuda) Ltd.

Cumberland House, 1 Victoria Street, 7th Floor

Hamilton HM 11

Bermuda

 

Australia

 

 

 

 

 

Mr. Yvon Trepanier

 

Self-Employed Actuary

BUSINESS ADDRESS:

1089 Fremont Street

Longueuil, Quebec

Canada J4J 1J2

 

Canada

 

 

 

 

 

Mr. Gernot Lohr

 

Investment Professional at Apollo Management International, LP

BUSINESS ADDRESS:

Apollo Management International, LP

25 St George Street

London W1S 1FS

United Kingdom

 

Germany

 

 

 

 

 

Mr. Michael Murray

 

Investment Manager at Ontario Teachers’ Pension Plan

BUSINESS ADDRESS:

 

Canada

 

3



 

 

 

Ontario Teachers’ Pension Plan Board

Ontario Teachers’ Pension Plan

5650 Yonge Street, Toronto, Ontario

Canada M2M 4H5

 

 

 

 

 

 

 

Mr. Alexander Humphreys

 

Finance Professional at Apollo Management International, LP

BUSINESS ADDRESS:

Apollo Management International, LP

25 St George Street

London W1S 1FS

United Kingdom

 

United Kingdom

 

 

 

 

 

Mr. Francois Boudreault

 

Investment Professional at Caisse de depot et placement du Quebec

BUSINESS ADDRESS:

Caisse de depot et placement du Quebec

1000, place Jean-Paul-Riopelle

Montreal

Quebec

Canada H2Z 2B3

 

Canada

 

 

 

 

 

Ms. Caroline Foulger

 

Independent non-executive director

BUSINESS ADDRESS:

15 Harrington Sound Road

Hamilton Parish HS02

Bermuda

 

United Kingdom

 

 

 

 

 

Ms. Colleen Campbell

 

Investment Banker at BMO Capital Markets

BUSINESS ADDRESS:

BMO Capital Markets

100 King Street West

Toronto

Ontario

Canada M5X 1H3

 

Canada

 

 

 

 

 

Executive Officers

 

 

 

 

 

 

 

 

 

Mr. Christopher Fagan

 

Chairman, President and Chief Executive Officer of Catalina Holdings (Bermuda) Ltd.

BUSINESS ADDRESS:

Catalina Holdings (Bermuda) Ltd.

Cumberland House, 1 Victoria Street, 7th Floor

Hamilton HM 11

Bermuda

 

United Kingdom

 

 

 

 

 

Mr. Dean Dwonczyk

 

Director of Liabilities and Risk Management of Catalina Holdings (Bermuda) Ltd.

BUSINESS ADDRESS:

Catalina Holdings (Bermuda) Ltd.

Cumberland House, 1 Victoria Street, 7th Floor

Hamilton HM 11

Bermuda

 

Australia

 

 

 

 

 

Mr. Peter Johnson

 

Chief Operating Officer of Catalina Holdings (Bermuda) Ltd.

BUSINESS ADDRESS:

Catalina Holdings (Bermuda) Ltd.

 

United States

 

4



 

 

 

Cumberland House, 1 Victoria Street, 7th Floor

Hamilton HM 11

Bermuda

 

 

 

 

 

 

 

Mr. Christopher Fleming

 

Chief Financial Officer of Catalina Holdings (Bermuda) Ltd.

BUSINESS ADDRESS:

Catalina Holdings (Bermuda) Ltd.

Cumberland House, 1 Victoria Street, 7th Floor

Hamilton HM 11

Bermuda

 

United Kingdom

 

 

 

 

 

Mr. Keith Lyon(2)

 

Group General Counsel of Catalina Holdings (Bermuda) Ltd.

BUSINESS ADDRESS:

Catalina Holdings (Bermuda) Ltd.

Cumberland House, 1 Victoria Street, 7th Floor

Hamilton HM 11

Bermuda

 

United Kingdom

 

 

 

 

 

Mr. Peter Harnik

 

Group Chief Investment Officer of Catalina Holdings (Bermuda) Ltd.

BUSINESS ADDRESS:

Catalina Holdings (Bermuda) Ltd.

Cumberland House, 1 Victoria Street, 7th Floor

Hamilton HM 11

Bermuda

 

United States

 

 

 

 

 

Mr. Charles Kasmer

 

Group Chief Actuary of Catalina Holdings (Bermuda) Ltd.

BUSINESS ADDRESS:

Catalina Holdings (Bermuda) Ltd.

Cumberland House, 1 Victoria Street, 7th Floor

Hamilton HM 11

Bermuda

 

United States

 

 

 

 

 

Mr. Campbell McBeath

 

Group Treasurer of Catalina Holdings (Bermuda) Ltd.

BUSINESS ADDRESS:

Catalina Holdings (Bermuda) Ltd.

Cumberland House, 1 Victoria Street, 7th Floor

Hamilton HM 11

Bermuda

 

Bermuda

 

 

 

 

 

Mr. Mayur Patel

 

Head of M&A and Reinsurance of Catalina Holdings (Bermuda) Ltd.

BUSINESS ADDRESS:

Catalina Holdings (Bermuda) Ltd.

Cumberland House, 1 Victoria Street, 7th Floor

Hamilton HM 11

Bermuda

 

United States

 

 

 

 

 

Mr. Timothy Walker

 

Group Chief Risk Officer of Catalina Holdings (Bermuda) Ltd.

BUSINESS ADDRESS:

Catalina Holdings (Bermuda) Ltd.

Cumberland House, 1 Victoria Street, 7th Floor

Hamilton HM 11

Bermuda

 

United Kingdom

 

 

 

 

 

Ms. Brenda Lehmann(3)

 

Deputy Group General Counsel of Catalina Holdings (Bermuda) Ltd.

BUSINESS ADDRESS:

Cumberland House, 1 Victoria Street, 7th Floor

Hamilton HM 11

Bermuda

 

Canada

 


(2)                                 Mr. Lyon also serves as an alternate director of Catalina.

 

(3)                                 Ms. Lehmann also serves as an alternate director of Catalina.

 

5



 

During the last five years, neither Catalina nor, to the knowledge of Catalina, any of the persons set forth in the table above (i) has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) was party to a judicial or administrative proceeding that resulted in a judgment, decree or final order enjoining any of them from future violations of, or prohibiting or mandating activities subject to U.S. federal or state securities laws or a finding of any violation with respect to such laws.

 

Item 3.  Source and Amount of Funds or Other Consideration

 

The shares of Common Stock were purchased by Catalina in the open market at an aggregate purchase price (excluding brokerage commissions) of $27,290,930.14.  The source of the funds used by Catalina to purchase the Common Stock was working capital of Catalina.

 

Item 4. Purpose of Transaction

 

Catalina acquired the Common Stock to which this Schedule 13D relates for investment purposes.

 

Depending upon overall market conditions, other investment opportunities available to Catalina, and the availability of Common Stock at prices that would make the purchase or sale of Common Stock desirable, Catalina may acquire or dispose of Common Stock, including through public and private transactions.

 

Catalina intends to review its investment in the Issuer on a continuing basis.  Depending on various factors, Catalina may, from time to time and at any time in the future take such actions with respect to its investment in the Issuer as it deems appropriate, including, without limitation, any of the actions that are described in subsections (a) through (j) of Item 4 of Schedule 13D.

 

Catalina reserves the right to formulate other plans and/or make other proposals, and take such actions with respect to its investment in the Issuer, including reconsidering or changing its intention with respect to any and all matters referred to in Item 4 of Schedule 13D.

 

Item 5. Interest in Securities of the Issuer

 

(a)  Catalina beneficially owns in aggregate 4,161,900 shares of Common Stock, which represent 5.01% of the outstanding Common Stock based on 83,007,351 shares outstanding as of February 20, 2018, as reported in the Issuer’s Form 10-K filed with the SEC on March 1, 2018.

 

(b)  Catalina has the sole power to vote or direct the vote, and the sole power to dispose or direct the disposition, of all such 4,161,900 shares of Common Stock.

 

(c)  The following table lists all the transactions in Common Stock effected during the past sixty days by Catalina.  All such transactions were effected on the open market.

 

6



 

Shares of Common Stock
Purchased

 

Price per Share ($)

 

Date of Purchase

 

116,000

 

6.869

 

02/05/2018

 

74,000

 

6.867

 

02/06/2018

 

36,000

 

6.868

 

02/07/2018

 

85,000

 

6.868

 

02/08/2018

 

75,000

 

6.862

 

02/09/2018

 

27,000

 

6.856

 

02/12/2018

 

152,500

 

6.092

 

03/01/2018

 

500,000

 

5.986

 

03/01/2018

 

175,000

 

6.054

 

03/02/2018

 

50,000

 

6.164

 

03/05/2018

 

70,000

 

6.215

 

03/06/2018

 

50,000

 

6.320

 

03/08/2018

 

65,000

 

6.289

 

03/09/2018

 

100,000

 

6.483

 

03/13/2018

 

100,000

 

6.518

 

03/14/2018

 

148,600

 

6.402

 

03/15/2018

 

75,000

 

6.563

 

03/16/2018

 

100,000

 

6.787

 

03/19/2018

 

285,000

 

6.806

 

03/20/2018

 

350,000

 

6.848

 

03/21/2018

 

 

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

 

Other than as described in Item 4 of this Schedule 13D, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among Catalina and any other person with respect to securities of the Issuer, including but not limited to transfer or voting of any of the securities, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

 

Item 7. Material to be Filed as Exhibits

 

None.

 

7



 

SIGNATURES

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Date: April 2, 2018

 

 

CATALINA HOLDINGS (BERMUDA) LTD.

 

 

 

 

By:

/s/ Brenda Lehmann

 

 

Name:

Brenda Lehmann

 

 

Title:

Deputy Group General Counsel and Vice President

 

8