Maiden Holdings to combine with Kestrel Group; expects up to $150M Q4 charge

Maiden Holdings, Ltd.

Maiden shareholders to receive 1 share of new Bermuda NewCo per share; Kestrel equityholders get $40M cash + 55M shares + contingent consideration.
Former Maiden and Kestrel owners expected to own ~64% and ~36% of Bermuda NewCo at closing, respectively.
Maiden anticipates $150M in Q4 reserve charges, including $25M related-party resolution and adverse loss development.
Transaction approved by Maiden board (with two directors recused); subject to shareholder vote, HSR, and regulatory approvals.
Key officers: Terry Ledbetter (Exec Chairman), Bradford Luke Ledbetter (CEO), Patrick Haveron (Pres/CFO).

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