Maiden Holdings North America
Fixed-rate senior notes issued by Maiden NA, now within Kestrel Group.
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Profile
Fixed-rate senior notes issued by Maiden Holdings North America now sit within Kestrel Group. The issuer remains tied to legacy reinsurance runoff while Kestrel provides program and fronting services.
Fixed-rate senior notes were issued by Maiden Holdings North America, the former Maiden platform's funding subsidiary. The notes remained outstanding after Kestrel Group combined with Maiden.
Kestrel Group provides fronting services to insurance program managers, MGAs, reinsurers, and reinsurance brokers through exclusive management contracts with four A.M. Best A- rated carriers. Its work spans casualty, workers' compensation, and property lines without generally taking significant underwriting risk.
Maiden NA remains the note issuer, while Maiden and Kestrel each guarantee the obligations under the current indenture. The legal structure preserves the connection to Maiden's legacy quota-share reinsurance and later runoff arrangements.
Company facts
Key statistics
Year to date −28.2% · Average volume (30d) 4.3K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Sep 30, 2023Q2 FY23 | — | −$0.03 | — | — | $21.8M | — | −0.23% |
| Jun 30, 2023Q1 FY23 | — | −$0.03 | — | — | $22.8M | — | −1.36% |
| Mar 31, 2023Q4 FY22 | — | −$0.11 | — | — | $19.5M | — | −1.80% |
| Dec 31, 2022Q3 FY22 | — | $0.56 | — | — | $40.4M | — | +0.32% |
Financial highlights
| 12 quarters | Q3 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | |
|---|---|---|---|---|---|---|---|
| Revenue | $21.8M | $28.9M | $20.5M | $14.5M | −$7.4M | $14.0M | |
| Gross profit | $21.8M | $28.9M | $20.5M | $14.5M | −$63.9M | $14.0M | |
| Operating income | −$3.6M | $1.5M | −$9.5M | $4.5M | $3.6M | $0 | |
| Net income | −$3.5M | $1.5M | −$10.0M | −$34.5M | −$158.0M | −$8.6M | |
| Diluted EPS | −$0.03 | $0.01 | −$0.10 | −$0.35 | $0.43 | −$0.09 | |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | — | 100.0% | |
| Operating margin | -16.4% | 5.1% | -46.5% | 30.8% | — | 0.0% |
Fiscal years (4-quarter sums)FY19 $0 · FY20 $144.3M · FY21 $85.0M · FY22 $88.9M · FY24 $56.4M
Balance sheet, Mar 31, 2025Cash & short-term investments $44.3M · Total debt $0 · Total assets $1.23B · Shareholders' equity $37.6M
Dividends
Raised for 3 straight years — most recently to $0.484 from $0.474 in May 2022. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 14, 2026 | Aug 15 | Sep 1 | $0.4844 | |
| May 15, 2026 | May 15 | Jun 1 | $0.4844 | |
| Feb 13, 2026 | Feb 15 | Mar 2 | $0.4844 | |
| Nov 14, 2025 | Nov 15 | Dec 1 | $0.4844 | |
| Aug 15, 2025 | Aug 15 | Sep 2 | $0.4844 | |
| May 15, 2025 | May 15 | Jun 2 | $0.4844 | |
| Feb 14, 2025 | Feb 15 | Mar 3 | $0.4844 | |
| Nov 15, 2024 | Nov 15 | Dec 2 | $0.4844 |
Ownership
Shares outstanding 99.12M · Float —
Insiders — no current Form 4 position.
This issuer lists more than one class and the share count spans them all, so a stake here reads as a share of the whole company, not of this class.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % of company | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 5.93M | 5.90% of class | 13D/G | Nov 8, 2024 |
| RMG Wealth Management LLC | 1.4K | 0.00% | 13F | May 14, 2026 |
| Main Street Group, Ltd | 413 | 0.00% | 13F | May 6, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Markel Group
State National program services supplies large-scale U.S. P&C fronting
- Palomar
Fronting capacity within a diversified U.S. specialty-insurance platform
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Maiden Holdings North America | $11.44 | +0.82% | $1.13B | — | — | 19.9 | — |
| Markel Group | $1,818.69 | −0.07% | $22.53B | 10.0 | 15.8 | 1.3 | +17.6% |
| Palomar | $131.63 | −0.11% | $3.49B | 17.7 | 12.3 | 3.2 | +210.1% |
| Median | 13.8 | 14.1 | 2.2 | +113.8% |