Kestrel Group and Maiden Holdings Ltd have completed their merger, forming a newly combined speciality programme insurance platform known as Kestrel Group Ltd.

The new company, which will be headquartered in Bermuda and the US, began trading on the Nasdaq under the ticker symbol “KG” today.

The merger, initially announced in December 2024, represents a strategic evolution for both companies. Maiden shares ceased trading on the Nasdaq at the close of market yesterday. The combination creates what executives describe as a “values-driven insurance organisation” focused on innovation, service and long-term partnerships.

“Today marks the beginning of an exciting new chapter for our company,” said Luke Ledbetter, the chief executive officer of Kestrel Group. “The combination with Maiden positions our business to capitalise on favourable market opportunities and accelerates our growth plan to become a leading specialty programme group nationwide.”

Patrick Haveron has been serving as Maiden’s president and chief financial officer and now takes the same titles at Kestrel Group.

He added that the transaction completed a strategic shift that Maiden began last year. “The combination of these two companies creates a capital-light, fee-based insurance platform with the ability to selectively deploy underwriting capacity to optimise shareholder returns,” he said.

Kestrel Group will continue to operate through its exclusive use of four AM Best A- rated carriers: Sierra Speciality Insurance Co, Rochdale Insurance Co, Park National Insurance Co and Republic Fire and Casualty Insurance Co. All four are subsidiaries of AmTrust Financial Group, and Kestrel retains the option to acquire them.

Founded to provide fronting services for insurance programme managers, reinsurers, MGAs and brokers, Kestrel Group facilitates admitted and surplus lines business in all US states. The group typically does not assume significant underwriting risk, instead producing lines of business across casualty, workers’ compensation, catastrophe-exposed and non-catastrophe-exposed property.

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