Company: KG
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0002055116-25-000018
Chunk: 364

Company: Kestrel Group Ltd
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 2
Chunk 364
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118 2,505 Non-GAAP measures:Non-GAAP operating earnings (loss)(1)3,068 (924)3,992 Non-GAAP basic and diluted operating earnings (loss) per common share(1)0.80 (0.34)1.14 Annualized non-GAAP operating return on average shareholders' equity(1)8.0 %(34.6)%42.6 

 55

June 30, 2025December 31, 2024ChangeConsolidated Financial Condition($ in thousands except per share data)Total investments and cash and cash equivalents(4)$445,938 $4,286 $441,652 Total assets1,159,411 5,510 1,153,901 Reserve for loss and LAE723,432 — 723,432 Senior notes - principal amount262,361 — 262,361 Common shareholders' equity150,085 4,606 145,479 Total capital resources(5)412,446 4,606 407,840 Ratio of debt to total capital resources(8)63.6 %— %63.6 Book Value calculations:Book value per common share(6)$19.39 $1.67 $17.72 Diluted book value per common share(7)19.31 1.67 17.64 

(1)Non-GAAP operating earnings (loss), non-GAAP operating earnings (loss) per common share, and annualized non-GAAP operating return on average common shareholders' equity are non-GAAP financial measures. See "Key Financial Measures" for additional information. 

(2)Please refer to "Notes to Condensed Consolidated Financial Statements (unaudited) Note 12. Earnings per Common Share" for the calculation of basic and diluted income (loss) per common share.

(3)Underwriting and fee income or loss is a non-GAAP measure and is calculated as net premiums earned plus fee revenue less net loss and LAE, commission and other acquisition expenses and general and administrative expenses directly related to underwriting activities. See "Key Financial Measures" for additional information.

(4)Total investments and cash and cash equivalents includes both restricted and unrestricted.

(5)Total capital resources is the sum of the Company's principal amount of debt and shareholders' equity. See "Key Financial Measures" for additional information.

(6