Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 262

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 262
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$7,445 3.7 %APPG Industries Inc., 0.875%, Due 11/3/20255,860 2.9 %BBB+McKesson Corp., 1.5% Due 11/17/20252,930 1.5 %A-American Tower Corp, 1.0%, Due 1/15/2032509 0.3 %BBB+Total$16,744 8.4 %

(1)    Ratings as assigned by S&P, or equivalent

At September 30, 2025, we held the following types of non-U.S. dollar denominated securities:

September 30, 2025($ in thousands)Fair Value% of TotalNon-USD denominated collateralized loan obligations$68,439 49.7 %Non-USD denominated corporate bonds16,744 12.1 %Non-U.S. government bonds52,623 38.2 %Total non-U.S. dollar denominated securities$137,806 100.0 %

At September 30, 2025, 100.0% of non-U.S. dollar denominated securities were invested in euro denominated bonds. At September 30, 2025, the non-U.S. government issuers all have a rating of A+ or higher by Fitch Ratings. We do not employ any credit default protection against any of the fixed maturities held in non-U.S. dollar denominated currencies at September 30, 2025. For our non-U.S. dollar denominated corporate bonds, the following table summarizes the composition of the fair value of our fixed maturity investments at the dates indicated by ratings at September 30, 2025:

Ratings(1)September 30, 2025($ in thousands)Fair Value% of TotalA+, A, A-$10,375 62.0 %BBB+, BBB, BBB-6,369 38.0 %Total non-U.S. dollar denominated corporate bonds$16,744 100.0 %

(1)     Ratings as assigned by S&P, or equivalent

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Other Investments, Equity Securities and Equity Method Investments

The Company's alternative investments are categorized as other investments, equity securities and equity method investments as reported on our condensed consolidated balance sheets. These include private equity funds, private credit funds, investments in limited partnerships, as well