Business Context and Reporting Period
This Form 8-K Current Report was filed by Maiden Holdings, Ltd. on May 22, 2020, regarding events occurring on May 18, 2020. The filing discloses a change in the Company's independent registered public accounting firm.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance and audit firm changes rather than financial performance data.
Material Changes
- Resignation of Auditor: Deloitte Ltd. resigned as the Company's independent registered public accounting firm with immediate effect on May 18, 2020.
- Appointment of New Auditor: The Audit Committee appointed Ernst & Young LLP (E&Y) as the new independent registered public accounting firm, effective May 22, 2020, subject to shareholder ratification at the Annual General Meeting.
- Audit History: Deloitte's audit reports for the years ended December 31, 2018, and 2019, contained no adverse opinions, disclaimers, or qualifications.
- Disagreements: There were no disagreements or reportable events between the Company and Deloitte regarding accounting principles, financial statement disclosure, or auditing scope during the relevant periods.
Guidance, Outlook, and Risks
The filing does not contain financial guidance, outlook, or management commentary on business operations. The primary risk disclosed is the transition of the external audit function. Deloitte has confirmed in a letter attached as Exhibit 16.1 that it agrees with the statements made in this report regarding its resignation.
Investor Verification Checklist
- Verify the reason for Deloitte's resignation, as the filing states no disagreements occurred.
- Confirm the engagement terms and scope of work with the newly appointed auditor, Ernst & Young LLP.
- Monitor the upcoming Annual General Meeting for shareholder ratification of the E&Y appointment.
- Review the attached Exhibit 16.1 (Deloitte's letter) for any additional context not summarized in the main text.