Company: KG
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0002055116-25-000018
Chunk: 220

Company: Kestrel Group Ltd
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 8
Chunk 220
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 related to other securities that has been validated by past actions (e.g., U.S. government bailout of Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the 2008 credit crisis). Although these securities are not analyzed for credit losses, they are evaluated for impairment based on the Company's intention to sell and likely requirement to sell. Based on the Company's analysis at June 30, 2025, the unrealized gains on the Company’s AFS fixed maturity securities were due to non-credit factors and were expected to be recovered as the related securities approach maturity. At June 30, 2025, the Company did not intend to sell the securities in an unrealized loss position and it is not more likely than not that the Company will be required to sell these securities before the anticipated recovery of their amortized costs. Therefore, there was no allowance recorded for expected credit losses on AFS securities for the three and six months ended June 30, 2025.The following tables summarize the credit ratings of our fixed maturities as at June 30, 2025:June 30, 2025Amortized costFair value% of Total fair valueU.S. treasury bonds$43,911 $43,911 21.3 %U.S. agency bonds – mortgage-backed21,963 22,467 10.9 %AAA80,201 80,201 39.0 %AA+, AA, AA-35,487 35,481 17.2 %A+, A, A-17,394 17,371 8.5 %BBB+, BBB, BBB-6,367 6,370 3.1 %Total fixed maturities (1)$205,323 $205,801 100.0 %December 31, 2024Amortized costFair value(1)Ratings above are based on Standard & Poor’s ("S&P"), or equivalent, ratings.b)Other Investments, Equity Securities and Equity Method InvestmentsCertain of the Company's other investments and equity method investments are subject to restrictions on redemptions and sales that are determined by the governing documents, which could limit our ability to liquidate those investments. These restrictions may include lock-ups, redemption gates, restricted share classes, restrictions on the frequency of redemption and notice periods. A gate is the ability to deny or delay a redemption request. Certain other investments and equity method investments may not have any restrictions governing their sale