Kestrel Group and Maiden Holdings Complete Combination to Form a New Publicly Listed Specialty Program Platform
Kestrel Group LLC and Maiden Holdings Ltd (NASDAQ: MHLD) have completed their previously announced combination to form Kestrel Group Ltd, a new publicly listed specialty program platform. The newly formed company will begin trading on Nasdaq under the ticker symbol "KG" on May 28, 2025, following the delisting of Maiden shares on May 27, 2025.
Kestrel Group will continue operations through its exclusive use of A.M. Best A- FSC XV insurance carriers, which are subsidiaries of AmTrust Financial Group, while maintaining an option to acquire these insurers. The combination creates a capital-light, fee-based insurance platform aimed at capitalizing on market opportunities and expanding nationwide as a leading specialty program group.
Kestrel Group LLC e Maiden Holdings Ltd (NASDAQ: MHLD) hanno completato la loro combinazione precedentemente annunciata per formare Kestrel Group Ltd, una nuova piattaforma specializzata quotata in borsa. La nuova società inizierà la quotazione al Nasdaq con il simbolo "KG" il 28 maggio 2025, dopo la cancellazione delle azioni Maiden il 27 maggio 2025.
Kestrel Group continuerà le operazioni utilizzando esclusivamente i vettori assicurativi A.M. Best A- FSC XV, che sono controllate di AmTrust Financial Group, mantenendo inoltre l'opzione di acquisire tali assicuratori. Questa fusione crea una piattaforma assicurativa leggera in termini di capitale e basata su commissioni, con l'obiettivo di sfruttare le opportunità di mercato ed espandersi a livello nazionale come gruppo leader nel settore dei programmi specializzati.
Kestrel Group LLC y Maiden Holdings Ltd (NASDAQ: MHLD) han completado su combinación previamente anunciada para formar Kestrel Group Ltd, una nueva plataforma pública especializada. La empresa recién formada comenzará a cotizar en Nasdaq bajo el símbolo "KG" el 28 de mayo de 2025, tras la deslistación de las acciones de Maiden el 27 de mayo de 2025.
Kestrel Group continuará operando mediante el uso exclusivo de aseguradoras A.M. Best A- FSC XV, subsidiarias de AmTrust Financial Group, manteniendo además la opción de adquirir estas aseguradoras. La combinación crea una plataforma de seguros ligera en capital y basada en comisiones, con el objetivo de aprovechar las oportunidades del mercado y expandirse a nivel nacional como un grupo líder en programas especializados.
Kestrel Group LLC와 Maiden Holdings Ltd (NASDAQ: MHLD)는 이전에 발표한 합병을 완료하여 새로운 상장 특수 프로그램 플랫폼인 Kestrel Group Ltd를 설립했습니다. 새로 설립된 회사는 2025년 5월 28일 나스닥에서 티커 심볼 "KG"로 거래를 시작하며, 2025년 5월 27일에 Maiden 주식은 상장 폐지됩니다.
Kestrel Group은 AmTrust Financial Group의 자회사인 A.M. Best A- FSC XV 보험사를 독점적으로 사용하여 운영을 계속하며, 이 보험사들을 인수할 수 있는 옵션도 유지합니다. 이번 합병은 자본 부담이 적고 수수료 기반의 보험 플랫폼을 만들어 시장 기회를 활용하고 전국적으로 선도적인 특수 프로그램 그룹으로 확장하는 것을 목표로 합니다.
Kestrel Group LLC et Maiden Holdings Ltd (NASDAQ : MHLD) ont finalisé leur fusion annoncée précédemment pour former Kestrel Group Ltd, une nouvelle plateforme spécialisée cotée en bourse. La nouvelle société commencera à être cotée au Nasdaq sous le symbole "KG" le 28 mai 2025, après la radiation des actions Maiden le 27 mai 2025.
Kestrel Group poursuivra ses opérations en utilisant exclusivement les assureurs A.M. Best A- FSC XV, filiales d'AmTrust Financial Group, tout en conservant une option d'acquisition de ces assureurs. Cette fusion crée une plateforme d'assurance légère en capital et basée sur des frais, visant à exploiter les opportunités du marché et à s'étendre à l'échelle nationale en tant que groupe leader dans les programmes spécialisés.
Kestrel Group LLC und Maiden Holdings Ltd (NASDAQ: MHLD) haben ihre zuvor angekündigte Fusion abgeschlossen und bilden nun die neue börsennotierte Spezialprogramm-Plattform Kestrel Group Ltd. Das neu gegründete Unternehmen wird ab dem 28. Mai 2025 unter dem Tickersymbol "KG" an der Nasdaq gehandelt, nachdem die Maiden-Aktien am 27. Mai 2025 vom Handel genommen werden.
Kestrel Group wird weiterhin exklusiv Versicherungsträger mit A.M. Best A- FSC XV-Rating nutzen, die Tochtergesellschaften der AmTrust Financial Group sind, und behält sich die Option vor, diese Versicherer zu erwerben. Die Fusion schafft eine kapitalleichte, provisionsbasierte Versicherungsplattform, die darauf abzielt, Marktchancen zu nutzen und sich landesweit als führende Spezialprogramm-Gruppe zu etablieren.
- None.
- None.
Insights
Maiden and Kestrel's merger creates a publicly-traded specialty insurance platform with a capital-light structure and strategic growth opportunities.
The completed merger between Maiden Holdings and Kestrel Group represents a significant strategic transformation for both entities. This transaction creates a new publicly-traded specialty program insurance platform operating under the Kestrel Group Ltd name, with trading transitioning from Maiden's MHLD ticker to the new KG symbol on May 28.
The combined entity's business model revolves around a capital-light, fee-based structure with exclusive access to A.M. Best A- rated insurance carriers owned by AmTrust Financial Group. Critically, Kestrel Group maintains an option to acquire these carriers from AmTrust, providing a strategic pathway to vertical integration without immediate capital requirements.
For former Maiden shareholders, this represents the culmination of a strategic pivot initiated in 2024, transitioning from Maiden's previous business model to a specialty program group with nationwide ambitions. The transaction structure allows the combined entity to leverage Maiden's public listing and potentially some of its capital resources while adopting Kestrel's operational focus.
Management's emphasis on "favorable market opportunities" and "selectively deploy[ing] underwriting capacity" signals a disciplined approach to growth in specialty insurance segments. The leadership structure combines Kestrel's expertise under CEO Luke Ledbetter with Maiden's financial experience through Patrick Haveron as President/CFO, creating complementary executive capabilities.
While specific financial terms aren't detailed in this announcement, investors should examine the referenced 8-K filing for transaction consideration details to understand the full economic impact on shareholders of both original entities.
PEMBROKE,
The combination creates a values-driven insurance organization with a commitment to innovation, client service and long-term relationships. Kestrel Group will continue to write business through its exclusive use of A.M. Best A- FSC XV insurance carriers Sierra Specialty Insurance Company, Rochdale Insurance Company, Park National Insurance Company and Republic Fire and Casualty Insurance Company (collectively, the "Insurers"), all subsidiaries of AmTrust Financial Group ("AmTrust"), and retains an option to acquire the Insurers from AmTrust.
Commenting on the closing, Luke Ledbetter, Kestrel Group's Chief Executive Officer 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."
Kestrel Group's President and Chief Financial Officer Patrick Haveron said, "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."
For a description of the transaction consideration issuable and payable in connection with the closing of the combination transaction, please see the Current Report on Form 8-K filed by Maiden with the
About Kestrel Group
Kestrel Group Ltd specializes in providing fronting services to insurance program managers, MGAs, reinsurers, and reinsurance brokers. Kestrel Group facilitates insurance transactions utilizing its exclusive management contracts with four insurance carriers, all of which are rated A- "Excellent" by A.M. Best. These contracts enable Kestrel Group to offer both admitted and surplus lines in all
Cautionary note regarding forward-looking statements
Certain statements in this press release, and any related oral statements, other than purely historical information, including statements relating to Maiden's combination with Kestrel and their business plans, objectives and expected operating results and the assumptions upon which those statements are based are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include financial estimates and statements as to Kestrel Group, the insurance and reinsurance sectors, the estimated or anticipated future results and benefits of Kestrel and Maiden following the transaction, including estimated synergies, future opportunities for the combined company, the acquisition of the Insurers, and other statements that are not historical facts and generally are identified with the words "anticipate", "believe", "expect", "predict", "allow", "position," "optimize", "transformative", "estimate", "intend", "plan", "project", "seek", "provide", "deliver", "realize", "potential", "possible", "accelerate", capitalize", "could", "might", "may", "should", "will", "would", "will be", "will continue", "will likely result", "enhance certainty" and similar expressions. In light of the risks and uncertainties inherent in all forward-looking statements, the inclusion of such statements in this press release should not be considered as a representation by Kestrel Group or any other person that Kestrel Group's objectives or plans or other matters described in any forward-looking statement will be achieved. These statements are based on current plans, estimates, assumptions and expectations. Actual results may differ materially from those projected in such forward-looking statements and, therefore, you should not place undue reliance on them.
The forward-looking statements are subject to risks and uncertainties, including changes in the business environment in which Kestrel Group operates, including inflation and interest rates and general financial, economic, regulatory and political conditions affecting the industry in which Kestrel Group operates; changes in tariffs, taxes, laws and regulations; competitive product and pricing activity; difficulties of managing growth profitably; the loss of one or more members of Kestrel Group's management team; failure to realize the anticipated benefits of the transaction, including a delay or difficulty in integrating the businesses of Kestrel and Maiden; uncertainty as to the long-term value of Kestrel Group common shares; and the expected amount and timing of cost savings and operating synergies.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors included in Maiden's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q and other documents of Kestrel Group and Maiden on file with, or furnished to, the Securities and Exchange Commission ("SEC"), and in the registration statement on Form S-4 that was filed with the SEC by Kestrel Group. Any forward-looking statements made in this press release, and any related oral statements, are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by Kestrel Group will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Kestrel Group or its business or operations. Except as required by law, the parties undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Media Contact:
Dennard Lascar
Phone: 713-529-6600
Email: Kestrel@DennardLascar.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/kestrel-group-and-maiden-holdings-complete-combination-to-form-a-new-publicly-listed-specialty-program-platform-302465858.html
SOURCE Kestrel Group
FAQ
When will Kestrel Group (KG) start trading on Nasdaq after the Maiden Holdings merger?
What insurance carriers will Kestrel Group use after the merger with Maiden Holdings?
Who are the key executives leading Kestrel Group after the Maiden Holdings merger?
What is the business model of the new Kestrel Group following the Maiden Holdings merger?
