Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 116

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 116
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 maintained more cash and cash equivalents to better assess current market conditions and opportunities within our defined risk appetite, and may do so in future periods.

Fixed Maturity Investments

The average yield and average duration of our fixed maturities, by asset class, and our cash and cash equivalents (restricted and unrestricted) are as follows at September 30, 2025 and December 31, 2024:

September 30, 2025Original or Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAverage yield(1)Average duration(2)($ in thousands)U.S. treasury bonds$38,729 $1 $— $38,730 4.0 %0.2 U.S. agency bonds – mortgage-backed21,430 692 — 22,122 4.6 %6.1 Non-U.S. government bonds52,680 — (57)52,623 2.0 %0.9 Collateralized loan obligations68,366 80 (7)68,439 3.0 %0.3 Corporate bonds16,736 8 — 16,744 1.1 %1.3 Total fixed maturities197,941 781 (64)198,658 3.0 %1.1 Cash and cash equivalents40,524 — — 40,524 0.3 %0.0 Total$238,465 $781 $(64)$239,182 2.5 %0.9 

December 31, 2024Original or Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAverage yield(1)Average duration(2)($ in thousands)Cash and cash equivalents$4,286 $— $— $4,286 4.3 %0.0 Total$4,286 $— $— $4,286 4.3 %0.0 

(1)    Average yield is calculated by dividing annualized investment income for each sub-component of fixed maturity securities and cash and cash equivalents (including amortization of premium or discount) by amortized cost.

(2)    Average duration in years.

During the nine months ended September 30, 2025, the yield on the 10-year U.S.