At Maiden, our challenge is to adapt to these changes quickly and effectively, so that we may continue to help our clients deliver value to their customers. For the past few years, we have contended with a variety of stubborn industry-wide problems, including low interest rates, fierce competition and declining prices. In response, Maiden has risen to meet each one.
For instance, we took advantage of low interest rates by refinancing our debt, resulting in a lower cost for our capital. We met the competitive environment by focusing on forging lasting relationships, delivering extraordinary customer service that our clients rely on. Distinctive offerings, too, like our Dedicated Financial Trust®, with its added security and peace of mind, help keep our clients exceptionally loyal.
One of our industry’s greatest challenges has been regulatory change. Notably, the implementation of Solvency II brought new demands on many European insurers with enhanced risk-based capital standards, compelling them to maintain stronger risk-based capital levels. Maiden responded by designing and offering innovative solutions that combine subordinated debt with customized reinsurance to enable small to mid-size insurers to more effectively meet their requirements under the new rules. Recently launched, this product brought significant new deal flow to the Company. Importantly, it also raised our visibility and enhanced our reputation as a creative industry participant.