Two insurance firms to combine
Two insurance firms are to combine under a newly formed Bermuda company.
Bermudian-based holding company Maiden Holdings Ltd and US-based Kestrel Group LLC announced today that they have entered into an agreement to combine and form a new, publicly listed specialty programme group.
Pat Haveron, chief executive and chief financial officer of Maiden, said: “The combination with Kestrel represents a transformative milestone for Maiden.
“Kestrel’s balance sheet light, fee revenue model will enable Maiden to realise our vision of delivering a strong fee-based insurance platform while selectively deploying underwriting capacity to optimise returns for shareholders.”
Luke Ledbetter, president and chief executive of Kestrel, added: “The combination with Maiden will allow us to accelerate our growth plan and capitalise on favourable market tailwinds as we continue our efforts to become the leading specialty programme group in the United States.
“We believe a balance sheet light, fee revenue model will best position the combined company for future growth.”
At the closing of the transaction, each issued and outstanding common share of Maiden will be converted into the right to receive one common share in a newly formed Bermuda company that will acquire both Maiden and Kestrel.
The combined company will be rebranded as Kestrel Group and it is expected that its common shares will be listed on the Nasdaq.
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