K
Kestrel Group Ltd
KGCIK 0002055116NasdaqAcceleratedSmaller ReportingFire, Marine & Casualty InsuranceD0FY ends Dec 31
Period
FY 2025
Revenue
$34.05M
Net Income
$46.73M
Total Assets
$1.01B
Equity
$128.28M
Shares Out
7.74M
Op. Cash Flow
$-96.14M
Business
Kestrel Group Ltd is a foreign private issuer in Fire, Marine & Casualty Insurance, headquartered in the United States. Shares trade on Nasdaq under the ticker KG.
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Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| 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
As of · In millions, except per-share amounts
| 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
Year Ended · In millions, except per-share amounts
| 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
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