Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 1

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 1
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— Total liabilities986,666 904 Commitments and ContingenciesEQUITYCommon shares ($0.01 par value; 2025: 9,979,477 and 2024 - 2,749,996 shares issued; 2025: 7,741,943 and 2024 - 2,749,996 shares outstanding)100 27    Additional paid-in capital177,101 10,107    Accumulated other comprehensive loss(916)—    Retained Earnings (accumulated deficit)18,952 (5,528)Treasury shares, at cost (2025: 2,237,534 shares)(51,463)— Total shareholders’ equity143,774 4,606 Total liabilities and equity$1,130,440 $5,510 

See accompanying notes to the unaudited Condensed Consolidated Financial Statements.

 3

KESTREL GROUP LTD

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(in thousands of U.S. dollars, except per share data)

For the Three Months Ended September 30,For the Nine Months Ended September 30,2025202420252024RevenuesGross premiums written$3,760 $— $4,856 $— Net premiums written$3,895 $— $4,990 $— Change in unearned premiums2,941 — 4,268 — Net premiums earned6,836 — 9,258 — Fee revenue1,621 700 2,972 2,457 Net investment income3,494 52 5,059 170 Net realized and unrealized investment gains5,494 — 6,552 — Total revenues17,445 752 23,841 2,627 ExpensesNet loss and loss adjustment expenses10,406 — 4,445 — Commission and other acquisition expenses1,718 — 2,112 — General and administrative expenses10,783 1,181 17,006 3,980 Interest and amortization expenses4,128 — 5,647 — Change in fair value of earn out liability(2,679)— — — Gain on bargain purchase— — (73,590)— Foreign exchange and other (gains) losses(2,854)—