Company: KG
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0002055116-25-000018
Chunk: 0

Company: Kestrel Group Ltd
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 1
Chunk 0
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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements 

KESTREL GROUP LTD

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands of U.S. dollars, except share and per share data)

June 30,2025December 31,2024ASSETS(Unaudited)(Audited)Investments:Fixed maturities, available-for-sale, at fair value (Amortized cost: 2025 - $205,323)$205,801 $— Equity securities, at fair value (Cost: 2025 - $11,145)11,191 — Equity method investments33,173 —    Other investments162,105 —    Total investments412,270 —   Cash and cash equivalents18,951 4,286   Restricted cash and cash equivalents14,717 —   Accrued investment income4,936 — Reinsurance balances receivable, net (includes $7,742 from related parties in 2025). Allowance for expected credit losses: 2025 - $236)10,397 — Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2025 - $1,655)520,520 —   Net loan receivable from related party107,490 — Intangible assets11,438 — Funds withheld receivable (Allowance for expected credit losses: 2025 - $9)12,085 —   Other assets26,784 1,224 Assets held for sale19,823 — Total assets$1,159,411 $5,510 LIABILITIESReserve for loss and loss adjustment expenses (includes $630,102 from related parties in 2025)$723,432 $— Unearned premiums (includes $22,053 from related parties in 2025)22,597 — Earn out liability2,679 — Liability for securities purchased7,006 — Accrued expenses and other liabilities (includes $45,459 and $0 from related parties in 2025 and 2024, respectively)79,263 904    Senior notes - principal amount262,361 — Less: unamortized fair value adjustment88,578 —    Senior notes, net173,783 — Liabilities held for sale566 — Total liabilities1