Management

Terry Ledbetter serves as Executive Chairman of Kestrel Group. Terry co-founded State National Companies in 1973 and served as Chairman, President and Chief Executive Officer until his retirement at the end of 2019. Terry pioneered the dedicated fronting business model in the property & casualty industry and guided State National through its IPO in 2014 and sale to Markel Corporation in 2017. Terry has deep relationships with some of the most respected carriers, reinsurers, managing general agencies, wholesale brokers, regulators, ratings agencies & capital providers in the world. He received his B.B.A. from Southern Methodist University.

Luke Ledbetter serves as CEO of Kestrel Group. Luke previously served as Chief Underwriting Officer and Head of Business Development with State National Companies. During Luke’s time at State National, gross written premium grew to more than $2.5 billion annually. He has deep relationships across the entire property & casualty value chain. Luke holds law degrees from Cambridge University and the University of Texas School of Law in addition to a B.A. from University of Texas at Austin. Prior to joining State National Companies, Luke practiced law with Baker Botts L.L.P.

Mr. Haveron serves as President and CFO of Kestrel. He previously served as Chief Executive Officer and Chief Financial Officer of Maiden Holdings since May 2023 after serving in a variety of leadership and executive roles at Maiden since 2009. Since December 2020, Mr. Haveron has served on the board of managers of USQRisk Holdings, LLC, an alternative risk transfer managing general agent. From 2004 to 2009, Mr. Haveron was President and Chief Executive Officer of Preserver Group, Inc., a publicly traded property and casualty insurer, after having served in a variety of financial and executive leadership roles since 1988. Mr. Haveron was also Senior Vice President and Chief Operating Officer of Tower Group, Inc., a publicly traded property and casualty insurer, from 2007 to 2009 after its acquisition of Preserver in 2007. Mr. Haveron holds a B.S. from the University of Scranton and presently serves on that institutions Board of Trustees. Mr. Haveron has previously served on the board of governors of the Property Casualty Insurers Association of America.