Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 269

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 269
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5.Gross and net investment returns for alternative investments only include the post-Combination period of May 28, 2025 to September 30, 2025.

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The following table details total investment returns for alternative investments by asset class for the nine months ended September 30, 2025:

September 30, 2025Private EquityPrivate CreditAlternative AssetsVenture CapitalReal EstateTotal ($ in thousands)Gross investment income$—$—$—$—$291$291Net realized and unrealized gains263553,4479654345,164Total Investment Return$263$55$3,447$965$725$5,455Average Investments$8,227$767$42,016$14,403$42,418$107,830Gross Investment Returns3.2 %7.2 %8.2 %6.7 %1.7 %5.1 %

Other Balance Sheet Changes 

The following table summarizes other material balance sheet changes at September 30, 2025 compared to December 31, 2024. Substantially all of the increases in the balance sheet items below relate to the completion of the Combination with Maiden on May 27, 2025, as discussed in Part I, Item 1 - Notes to Condensed Consolidated Financial Statements (unaudited) "Note 4. Investments" and "Note 15. Business Combination" included in this Form 10-Q: 

($ in thousands)September 30, 2025December 31, 2024Change in $Reinsurance balances receivable, net$9,706 $— $9,706 Reinsurance recoverable on unpaid losses492,790 — 492,790  Net loan receivable from related party101,689 — 101,689 Intangible assets10,370 — 10,370 Funds withheld receivable11,941 — 11,941 Other assets24,872 1,224 23,648 Reserve for loss and LAE677,667 — 677,667 Unearned premiums19,615 — 19,615 Liability for investments purchased11,692 — 11,692 Accrued expenses and other liabilities102,874 904 101,970 Senior Notes, net174,084 — 174,084 

Capital Resources 

During the nine months ended September