Kestrel Group Ltd
Business
Kestrel Group Ltd is a specialty insurance platform formed by combining Kestrel LLC with Maiden Holdings, operating as a capital-light, fee-based insurer. The company provides fronting services and issuing carrier capacity to insurance program managers, managing general agencies, reinsurers, and brokers through exclusive management contracts with four A.M. Best rated insurance carriers. Kestrel operates two reportable segments: Program Services, which generates fee income from capacity distribution arrangements, and Legacy Reinsurance, which manages run-off portfolios from Maiden's former reinsurance business. The company distributes its services primarily in the U.S. property and casualty insurance market and internationally through its legacy subsidiaries.
Summary from 10-K filed 2026-07-01
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 |
|---|---|---|---|
| Gross premiums written | 6 | 0 | |
| Net premiums written | 6 | 0 | |
| Change in unearned premiums | 6 | 0 | |
| Net premiums earned | 13 | 0 | |
| Fee revenue, net | 6 | 4 | |
| Net investment income | 8 | 213,000 | |
| Net realized and unrealized investment gains | 7 | 0 | |
| Total revenues | 34 | 4 | |
| Net loss and loss adjustment expenses | 9 | 0 | |
| Commission and other acquisition expenses | 3 | 0 | |
| General and administrative expenses | 29 | 5 | |
| Interest and amortization expenses | 10 | 0 | |
| Gain on bargain purchase | −68 | 0 | |
| Foreign exchange and other losses | 2 | 0 | |
| Total expenses | −16 | 5 | |
| Income (loss) before income taxes and interest in income of equity method investments | 50 | −1 | |
| Income tax expense | 68,000 | 30,000 | |
| Interest in income of equity method investments | 24,000 | 0 | |
| Net income (loss) from continuing operations | 50 | −1 | |
| Loss from discontinued operations, net of income tax expense | −3 | 0 | |
| Net income (loss) | 47 | −1 | |
| Basic earnings (loss) from continuing operations per share attributable to Kestrel common shareholders (in dollars per share) | 8.57 | −0.47 | |
| Diluted earnings (loss) from continuing operations per share attributable to Kestrel common shareholders (in dollars per share) | 8.57 | −0.47 | |
| Basic loss from discontinued operations per share attributable to Kestrel common shareholders (in dollars per share) | −0.49 | 0 | |
| Diluted loss from discontinued operations per share attributable to Kestrel common shareholders (in dollars per share) | −0.49 | 0 | |
| Basic earnings (loss) per share available to Kestrel common shareholders (in dollars per share) | 8.08 | −0.47 | |
| Diluted earnings (loss) per share available to Kestrel common shareholders (in dollars per share) | 8.08 | −0.47 | |
| Weighted average number of common shares - basic (in shares) | 6 | 3 | |
| Weighted average number of common shares - diluted (in shares) | 6 | 3 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 |
|---|---|---|---|
| Fixed maturities, available-for-sale, at fair value (Amortized cost: 2025 - $162,472) | 163 | 0 | |
| Equity securities, at fair value (Cost: 2025 - $11,145) | 12 | 0 | |
| Equity method investments | 34 | 0 | |
| Other investments | 173 | 0 | |
| Total investments | 382 | 0 | |
| Cash and cash equivalents | 8 | 4 | |
| Restricted cash and cash equivalents | 9 | 0 | |
| Accrued investment income | 5 | 0 | |
| Reinsurance balances receivable, net (includes $2 from related parties in 2025. Allowance for expected credit losses: 2025 - $14) | 724,000 | 0 | |
| Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2025 - $1,740) | 461 | 0 | |
| Net loan receivable from related party | 87 | 0 | |
| Intangible assets | 9 | 0 | |
| Funds withheld receivable (Allowance for expected credit losses: 2025 - $2) | 11 | 0 | |
| Other assets | 18 | 1 | |
| Assets held for sale | 19 | 0 | |
| Total assets | 1,010 | 6 | |
| Reserve for loss and loss adjustment expenses (includes $554,507 from related parties in 2025) | 637 | 0 | |
| Unearned premiums (includes $17,227 from related parties in 2025) | 17 | 0 | |
| Accrued expenses and other liabilities (includes $16,443 and $0 from related parties in 2025 and 2024, respectively) | 52 | 904,000 | |
| Senior notes - principal amount | 262 | 0 | |
| Less: unamortized fair value adjustment | 88 | 0 | |
| Senior notes, net | 174 | 0 | |
| Liabilities held for sale | 1 | 0 | |
| Total liabilities | 882 | 904,000 | |
| Commitments and Contingencies | — | — | |
| Common shares ($0.01 par value; shares issued 2025 - 9,979,477; 2024 - 2,749,996; shares outstanding 2025 - 7,741,943; 2024 - 2,749,996) | 100,000 | 27,000 | |
| Additional paid-in capital | 178 | 10 | |
| Accumulated other comprehensive income | 916,000 | 0 | |
| Retained earnings (accumulated deficit) | 1 | −6 | |
| Treasury shares, at cost (2025 - 2,237,534 shares) | −51 | 0 | |
| Total shareholders equity | 128 | 5 | |
| Total liabilities and equity | 1,010 | 6 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 |
|---|---|---|---|
| Add: Net loss from discontinued operations | 3 | 0 | |
| Other non-cash expenses (credit losses, depreciation, amortization, share-based compensation, leases) | 281,000 | 129,000 | |
| Reinsurance balances receivable, net | 10 | 0 | |
| Reinsurance recoverable on unpaid losses | 3 | 0 | |
| Accrued investment income | −836,000 | 0 | |
| Funds withheld receivable | −158,000 | 0 | |
| Other assets | −1 | 1 | |
| Reserve for loss and loss adjustment expenses | −54 | 0 | |
| Unearned premiums | −7 | 0 | |
| Accrued expenses and other liabilities | −19 | −2 | |
| Net cash used in continuing operations | −93 | −1 | |
| Net cash used in discontinued operations | −3 | 0 | |
| Net cash used in operating activities | −96 | −1 | |
| Purchases of fixed maturities | −96 | 0 | |
| Purchases of other investments | −10 | 0 | |
| Purchases of equity method investments | −1 | 0 | |
| Proceeds from sales of fixed maturities | 63 | 0 | |
| Proceeds from maturities, paydowns and calls of fixed maturities | 85 | 0 | |
| Proceeds from sale and redemption of other investments | 3 | 0 | |
| Cash acquired from purchase of business | 80 | 0 | |
| Net loan receivable from related party | 22 | 0 | |
| Others, net | −21,000 | 0 | |
| Net cash provided by investing activities | 147 | 0 | |
| Dividends paid Kestrel equityholders | −40 | 0 | |
| Net cash used in financing activities | −40 | 0 | |
| Effect of exchange rate changes on foreign currency cash | 392,000 | 0 | |
| Net increase (decrease) in cash, restricted cash and cash equivalents | 11 | −1 | |
| Cash paid for interest, net of amounts capitalized | 11 | 0 | |
| Cash paid for income taxes | 48,000 | 0 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Kestrel Group Ltd's CIK number?
Kestrel Group Ltd's SEC CIK number is 0002055116 (2055116). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Kestrel Group Ltd's SEC filings?
All of Kestrel Group Ltd's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Kestrel Group Ltd last report earnings?
Kestrel Group Ltd (KG) most recently filed an earnings 8-K with the SEC on May 8, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-032893). This is Kestrel Group Ltd's most recent earnings filing of record — not a forecast of its next earnings date.
What is Kestrel Group Ltd's most recent earnings 8-K?
Kestrel Group Ltd's latest earnings 8-K (Item 2.02) was filed May 8, 2026 under accession 0001628280-26-032893. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Kestrel Group Ltd's latest earnings 8-K →
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