Kestrel Group and Maiden Holdings Merge to Form Nasdaq-Listed Specialty Insurer

Kestrel Group and Maiden Holdings have finalized their merger to establish a publicly traded specialty insurance program group under the Kestrel Group name, trading on the Nasdaq under the ticker 'KG' starting May 28.

This transaction resulted in Maiden shares being delisted and Kestrel continuing to underwrite via A.M. Best rated subsidiaries of AmTrust with an option to acquire those insurers. The combined entity aims to leverage a capital-light, fee-based insurance platform that allows strategic deployment of underwriting capacity to enhance shareholder value. The deal values Kestrel Group up to $167.5 million, combining cash, shares, and earnouts, and was approved by Maiden's shareholders in April 2025.