Company: KG
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0002055116-25-000018
Chunk: 123

Company: Kestrel Group Ltd
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 1
Chunk 123
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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 for investments purchased7,006 — 7,006 Accrued expenses and other liabilities79,263 904 78,359 Senior Notes, net173,783 — 173,783 

 75

Capital Resources 

During the six months ended June 30, 2025, book value per common share increased to $19.39 and diluted book value per common share increased to $19.31, compared to $1.67 at December 31, 2024. This was largely due to the Combination completed on May 27, 2025, which produced substantially all of the increase in shareholders' equity for the six months ended June 30, 2025 as described in discussed in Part I, Item 1 - Notes to Condensed Consolidated Financial Statements (unaudited) "Note 1. Basis of Presentation" and "Note 15. Business Combination" included in this Form 10-Q.

Capital resources consist of funds deployed in support of our operations. The following table shows the movement in our capital resources at June 30, 2025 and December 31, 2024:

 June 30, 2025December 31, 2024Change in $($ in thousands)  Common shares at par value$99 $27 $72 Additional paid-in capital176,885 10,107 166,778 Accumulated other comprehensive income559 — 559 Retained earnings (accumulated deficit)24,005 (5,528)29,533 Treasury shares, at cost(51,463)— (51,463)Total Kestrel shareholders' equity150,085 4,606 145,479 Senior Notes - carrying value262,361 — 262,361 Total capital resources$412,446 $4,606 $407,840 

Total capital resources increased by $407.8 million compared to December 31