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.