Maiden to merge with Kestrel Group in a $168m deal.

Maiden, a Bermuda based holding company with insurance subsidiaries that provides specialty reinsurance products, agreed to merge with Kestrel Group, a strategic entity created to service program managers, MGAs, reinsurers and reinsurance brokers, in a $168m deal. “The combination with Kestrel represents a transformative milestone for Maiden. Kestrel’s balance sheet light, fee revenue model will enable Maiden to realize our vision of delivering a strong fee-based insurance platform while selectively deploying underwriting capacity to optimize returns for shareholders. The Ledbetters and the broader Kestrel team have a long and proven track record of success in the specialty program market, and we look forward to partnering with them to deliver value to program managers, MGAs, reinsurers and reinsurance brokers across a range of attractive specialty lines. The transaction provides a unique opportunity for Maiden shareholders to participate in the growth of what we believe will be a significant and differentiated competitor in the specialty insurance market,” Pat Haveron, Maiden CEO and CFO.