Maiden Holdings is a Bermuda-based holding company in the insurance and reinsurance industry that is effectively in wind-down mode. Maiden's historical core business was reinsurance — specifically, a large quota share arrangement with AmTrust where Maiden reinsured 40% of AmTrust's net written premium across small commercial, specialty risk, and specialty program lines. That arrangement was terminated in 2019 and is now in run-off. Maiden also operated a Diversified Reinsurance segment, writing P&C reinsurance treaties for regional and specialty insurers in Europe, and primary short-term income protection insurance in Scandinavia through its Swedish subsidiaries. Those Swedish subsidiaries wrote credit life and income protection products through partnerships with auto manufacturers, dealer associations, and local insurers, but that business is also being wound down. Maiden no longer writes any new reinsurance or primary insurance. Its two segments — AmTrust Reinsurance and Diversified Reinsurance — consist primarily of legacy run-off liabilities. A key challenge is that legacy AmTrust reserves have continued to deteriorate beyond original estimates, producing adverse prior-year reserve development. In December 2024, Maiden entered into a combination agreement with Kestrel Group, a specialty program insurance manager that writes business through AmTrust-affiliated carriers. Under the deal, Maiden will be rebranded as Kestrel Group and list on Nasdaq, effectively transforming from a run-off vehicle into a specialty insurance program platform.