Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 127

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 127
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1.Fixed income investments includes AFS securities as well as cash, restricted cash, funds withheld receivable, and loan to related party.

2.Alternative investments includes 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 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