Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 225

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 225
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      | ​ |         ​ | ​ | ​ |
| Interest Income                         | ​ | ​ | ​    | ​ |   212,550 | ​ | ​ | ​ | ​    | ​ |    229,805 | ​ | ​ | ​ | ​      | ​ |   -17,255 | ​ | ​ |
| Income (Loss) before taxes              | ​ | ​ | ​    | ​ |   354,312 | ​ | ​ | ​ | ​    | ​ | -4,215,411 | ​ | ​ | ​ | ​      | ​ | 4,569,723 | ​ | ​ |
| Provision for income taxes              | ​ | ​ | ​    | ​ |    30,039 | ​ | ​ | ​ | ​    | ​ |          — | ​ | ​ | ​ | ​      | ​ |    30,039 | ​ | ​ |
| Net Income (Loss)                       | ​ | ​ | ​    | $ |   324,273 | ​ | ​ | ​ | ​    | $ | -4,215,411 | ​ | ​ | ​ | ​      | $ | 4,539,684 | ​ | ​ |

Principal Revenue and Expense Items Capacity distribution fees (or commissions). Capacity distribution fees are collected from program managers or MGAs for granting contractual access to Kestrel’s insurance carrier network and are considered a single performance obligation. Services provided for insurance and reinsurance brokerage arrangements that culminate in the placement of bound insurance coverage are also considered a single performance obligation. Kestrel considers these arrangements as a single revenue stream. Except for contractual arrangements with minimum annual fees, the effective date of bound insurance coverage is considered the point in time when Kestrel’s performance obligation is met. Control passes to the customer at the effective date of bound insurance coverage, at which point the customer has accepted the services. For contractual arrangements with minimum annual fees, Kestrel amortizes the minimum fee over the contract period. For the year ended December 31, 2024, Kestrel recognized approximately $234,000 related to minimum fees for two individual customers. All other revenue recognized for the years ended December 31, 2024 and 2023 related to the placement of insurance policies with program managers that were recognized when the insurance was considered binding. Salaries & wages. Expenses related to salaries & wages are for the employees on Kestrel’s payroll. These expenses declined approximately $123,000 for