Markel’s State National founder/CEO launches new fronting insurer
The former co-founder, chairman and CEO of Markel Corporation’s State National division has launched a new fronting insurance carrier with capital partners including AmTrust Financial Services.
Terry Ledbetter (pictured left) and Luke Ledbetter (pictured right), formerly of State National Companies, have formed Kestrel Group.
The company, with offices in Austin and Dallas, Texas, will be the exclusive producer for four AM Best A- rated (Excellent) insurers that are licensed with broad admitted and surplus lines capabilities. Kestrel’s capital partners include AmTrust Financial Services.
Kestrel aims to serve programme managers, MGAs, reinsurers and reinsurance brokers to help generate enhanced efficiencies in the insurance value chain.
Terry Ledbetter is the former chair and CEO, while Luke Ledbetter, his son, is chief underwriting officer of State National Companies, which they sold to the Markel Corporation. The company's senior management has deep industry relationships and knowledge of onboarding and managing complex programmes.
Terry Ledbetter, executive chairman of Kestrel Group, said: "We are proud to announce the formation of Kestrel Group, with an innovative structure which will further enhance efficiencies in the insurance value chain. Previously at State National, we focused on the creation of a bridge between distribution and capacity. Kestrel Group will build on that extensive expertise, strong track record of success and deep relationships throughout the industry to create significant benefit for our clients."
Luke Ledbetter, the company's president and chief executive officer, added: "The core of our business is listening to the needs of clients in structuring transactions which lead to long term partnerships. Terry and I have spent our careers focussed on these efforts and we find great satisfaction in building relationships and structuring solutions to benefit all parties. We are excited about the opportunity to once again serve programme managers, MGAs, reinsurers and reinsurance brokers through the Kestrel Group."
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