Kestrel Group LLC and Maiden Holdings, Ltd. have announced the successful completion of their combination, forming a new publicly listed specialty program group.
The two companies initially announced in December 2024 that they had entered into a combination agreement. Maiden Holdings received shareholder approval for all proposals related to the business combination with Kestrel last month.
The newly formed publicly listed specialty program group will operate under the name Kestrel Group.
Maiden shares will cease trading on the Nasdaq at market close on May 27th, 2025, and Kestrel Group shares will begin trading on the Nasdaq at market open on May 28th, 2025, under the ticker symbol “KG.”
The combination creates a values-driven insurance organisation focused on innovation, client service, and long-term relationships.
Kestrel Group will continue to write business exclusively through A.M. Best A- FSC XV-rated insurance carriers Sierra Specialty Insurance Company, Rochdale Insurance Company, Park National Insurance Company, and Republic Fire and Casualty Insurance Company—all subsidiaries of AmTrust Financial Group (AmTrust)—and retains an option to acquire them from AmTrust.
Luke Ledbetter, CEO of Kestrel Group, said, “Today marks the beginning of an exciting new chapter for our company. The combination with Maiden positions our business to capitalize on favorable market opportunities and accelerates our growth plan to become a leading specialty program group nationwide.”
Patrick Haveron, President and Chief Financial Officer of Kestrel Group, added, “The combination of these two companies creates a capital light, fee-based insurance platform with the ability to selectively deploy underwriting capacity to optimize shareholder returns. As Maiden completes the strategic pivot it began in 2024, I look forward to partnering with the Ledbetters to deliver value to all of Kestrel Group’s stakeholders.”
