Company: KG
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0002055116-25-000018
Chunk: 302

Company: Kestrel Group Ltd
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 8
Chunk 302
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 security holdings by sector and financial strength rating of our corporate bond holdings at June 30, 2025 were as follows:

RatingsJune 30, 2025A+, A, A-BBB+, BBB, BBB-Fair Value% of Corporate bonds portfolioCorporate bonds($ in thousands)Basic Materials— %35.0 %$5,865 35.0 %Consumer17.5 %— %2,937 17.5 %Financial Institutions44.5 %3.0 %7,959 47.5 %Total 62.0 %38.0 %$16,761 100.0 %

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Ratings(1)

The table below includes the Company’s four largest corporate holdings at fair value and as a percentage of all fixed income securities held as at June 30, 2025. The Company's four largest corporate holdings are 100.0% euro denominated, with 17.5% in the Consumer Sector and 47.5% in the Financial Institutions sector. 

June 30, 2025Fair Value% of HoldingsRating(1)($ in thousands)Chubb Ina Holdings Inc., 1.55%, Due 3/15/2028$7,454 3.6 %APPG Industries Inc., 0.875%, Due 11/3/20255,865 2.9 %BBB+McKesson Corp., 1.5% Due 11/17/20252,937 1.4 %A-American Tower Corp, 1.0%, Due 1/15/2032505 0.2 %BBBTotal$16,761 8.1 %

(1)    Ratings as assigned by S&P, or equivalent

At June 30, 2025, we held the following types of non-U.S. dollar denominated securities:

June 30, 2025($ in thousands)Fair Value% of TotalNon-USD denominated collateralized loan obligations$68,686 49.3 %Non-USD denominated corporate bonds16,761 12.0 %Non-U.S. government bonds53,976 38.7 %Total non-U.S. dollar denominated securities$139,423 100.0 %

At June 30, 2025, 100.0% of non-U.S. dollar denominated securities