Kestrel Group is a specialty insurance platform formed in May 2025 through the combination of Kestrel LLC and Maiden Holdings. The company has two distinct businesses: an active fronting and program services operation, and a legacy reinsurance portfolio in run-off. The core business — Program Services — provides fronting carrier access to MGAs, reinsurers, and capacity providers that need a U.S.-licensed, A.M. Best "A-"-rated carrier to write business in the U.S. Kestrel itself takes on minimal underwriting risk; instead, it acts as a licensed vehicle, passing risk to reinsurers and capacity providers while collecting a fee — typically around 5% of gross written premium. Kestrel delivers this access through exclusive management contracts with four insurance carriers (Sierra Specialty, Rochdale, Park National, and Republic Fire and Casualty), all AmTrust subsidiaries, giving Kestrel admitted and surplus lines access across all U.S. states. Kestrel sells through reinsurance brokers and directly to MGAs and capacity providers, though the business is currently concentrated, with two clients accounting for roughly 93% of fee revenue. Because the cost structure is largely fixed and Kestrel bears no underwriting risk, premium volume growth drives meaningful operating leverage. The second segment — Legacy Reinsurance — is a run-off portfolio inherited from Maiden, consisting of legacy AmTrust quota share reinsurance and a diversified European property and casualty book, neither of which writes new business. Kestrel's strategy centers on scaling Program Services, running off legacy liabilities, and potentially acquiring the four AmTrust carrier subsidiaries it currently manages under a multi-year option.