M&A - Amtrust Financial Services, Inc.

Form Type: SCHEDULE 13D

Filing Date: 2025-05-30

Corporate Action: Merger

Type: New

Accession Number: 000114036125020974

Filing Summary: On May 27, 2025, AmTrust Financial Services, Inc. ("AmTrust") and Maiden Holdings, Ltd. executed a merger transaction, resulting in their businesses combining under the newly structured Kestrel Group Ltd. Key aspects of the merger include the conversion of Maiden's common shares into Kestrel's common shares at a ratio of 0.05, alongside an aggregate cash benefit and shares for Kestrel Equityholders. Additionally, contingent consideration relates to potential further share payouts contingent upon business performance metrics. Following the merger, AmTrust and its affiliates obtained a significant ownership stake in Kestrel, governing rights on the board of directors, and investor rights for future equity registrations.