Kestrel Group soars in Nasdaq listing after merger with Maiden Holdings

Shares of specialty insurance firm Kestrel Group KG.O begin trading on the Nasdaq under ticker symbol "KG" after merger completion with Bermuda-based Maiden Holdings

Shares jump as much as 60%, last up 37.8% at $31.71

In December, the companies had agreed to combine their business in deal that valued Kestrel at up to $167.5 million

"The combination with Maiden positions our business to capitalize on favorable market opportunities and accelerates our growth plan to become a leading specialty program group nationwide" - Kestrel CEO Luke Ledbetter

Maiden last year decided to make a strategic pivot away from asset management to a fee-based insurance platform with Kestrel transaction

Kestrel offers admitted and surplus insurance offerings across in the U.S.