Company: KG
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0002055116-25-000018
Chunk: 398

Company: Kestrel Group Ltd
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 2
Chunk 398
---
 other investments, equity securities, and equity method investments.

3.Change in accumulated other comprehensive income ("AOCI") excludes unrealized foreign exchange gains and losses.

4.Average invested assets is the average of the amounts disclosed in our quarterly U.S. GAAP consolidated financial statements.

5.Gross and net investment returns for alternative investments only include the post-Combination period of May 28, 2025 to June 30, 2025.

 74

The following table details total investment returns for alternative investments by asset class at June 30, 2025:

June 30, 2025Private EquityPrivate CreditAlternative AssetsVenture CapitalReal EstateTotal ($ in thousands)Gross investment income$—$—$—$—$84$84Net realized and unrealized gains121—14726—294Total Investment Return$121$—$147$26$84$378Average Investments$7,471$833$39,340$13,213$42,379$103,235Gross Investment Returns1.6 %— %0.4 %0.2 %0.2 %0.4 %

Other Balance Sheet Changes 

The following table summarizes other material balance sheet changes at June 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)June 30, 2025December 31, 2024Change in $Reinsurance balances receivable, net$10,397 $— $10,397 Reinsurance recoverable on unpaid losses520,520 — 520,520  Net loan receivable from related party107,490 — 107,490 Intangible assets11,438 — 11,438 Funds withheld receivable12,085 — 12,085 Other assets26,784 1,224 25,560 Reserve for loss and LAE723,432 — 723,432 Unearned premiums22,597 — 22,597 Earn out liability2,679 — 2,679 Liability