Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 221

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 221
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As, reinsurers, and reinsurance brokers. Kestrel facilitates fronting insurance transactions utilizing its exclusive management contracts with: (i) Park National Insurance Company, (ii) Rochdale Insurance Company, (iii) Sierra Specialty Insurance Company and (iv) Republic Fire & Casualty Insurance Company (which we refer to as the AmTrust Insurance Companies). These contracts enable Kestrel to offer both admitted and surplus lines, all of which have been rated “Excellent” by A.M. Best, a leading insurance industry credit rating agency, in addition to offering established and emerging products. Kestrel does not assume underwriting risks; instead, it earns a fee for granting access to these carriers. Kestrel produces lines that insure casualty, workers’ compensation, catastrophe-exposed property, and non-catastrophe-exposed property, with diverse risk durations, sizes, and product types, all within the United States. Kestrel is headquartered in Dallas, TX and was established in July 2022.

Kestrel’s growth is driven by its ability to leverage its management team’s industry relationships to secure contracts for new insurance programs that add Gross Written Premium (“GWP”). These relationships were developed through their respective experience managing the highly successful fronting company, State National Companies, Inc. Kestrel’s management team, led by Terry and Luke Ledbetter, pioneered the fronting industry, and its corporate culture is built upon a foundation of credit underwriting discipline and relentless sales motion. Kestrel’s credit underwriting discipline is evidenced by its strict contractual guidelines and by its selectivity in choosing highly-rated, credit-worthy reinsurance capital. Kestrel further protects its position by structuring clear operating guidelines for its insurance programs and by having tight collateral triggers with its counterparties.

Since its founding, Kestrel has grown significantly, organically sourcing over $140 million of GWP across seven programs actively producing business. We believe Kestrel is well-positioned to benefit from the growing market opportunity in the program insurance industry. Kestrel’s widely licensed admitted and non-admitted paper provides national coverage across a full suite of business lines in both the admitted and excess & surplus markets. Importantly, the AmTrust Insurance Companies have minimal legacy or channel conflicts, and Kestrel has the comprehensive licensing and the industry knowledge to execute fronting arrangements in an organized and straightforward manner.

### Industry Trends Affecting Kestrel’s Results of Operations
The MGA market in the United States has grown dramatically over the past decade. This growth has