- Maiden Holdings (MHLD, Financial) and Kestrel Group LLC merge to form Kestrel Group Ltd, trading on Nasdaq under "KG".
- New entity to leverage a capital-light and fee-based insurance platform.
- Kestrel Group aims to strategically grow nationwide as a leading specialty program group.
Kestrel Group LLC and Maiden Holdings Ltd (MHLD) have successfully completed their merger, resulting in the formation of Kestrel Group Ltd, a new publicly listed specialty program platform. Following the merger, Maiden Holdings shares will be delisted on May 27, 2025, with the new entity's shares commencing trading on Nasdaq under the ticker symbol "KG" from May 28, 2025.
As part of its operations, Kestrel Group Ltd will exclusively use A.M. Best A- FSC XV rated insurance carriers, which are subsidiaries of AmTrust Financial Group. The company also retains the option to acquire these insurers, positioning it strategically for potential vertical integration without immediate capital requirements.
The merger represents a significant strategic pivot for Maiden Holdings, transitioning from its previous business model to focus on a capital-light, fee-based insurance platform. This approach allows the company to selectively deploy underwriting capacity to optimize shareholder returns, enhance client service, and position itself for nationwide expansion as a leading specialty program group.
Leading the newly formed Kestrel Group are CEO Luke Ledbetter and President/CFO Patrick Haveron, bringing together complementary expertise from both companies to drive the strategic growth plan.
