Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 226

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 226
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 | ​ | -4,445,216 | ​ | ​ | ​ | ​      | ​ | 4,586,978 | ​ | ​ |
| Other Income                            | ​ | ​ | ​    | ​ |         ​ | ​ | ​ | ​ | ​    | ​ |          ​ | ​ | ​ | ​ | ​      | ​ |         ​ | ​ | ​ |
| Interest Income                         | ​ | ​ | ​    | ​ |   212,550 | ​ | ​ | ​ | ​    | ​ |    229,805 | ​ | ​ | ​ | ​      | ​ |   -17,255 | ​ | ​ |
| Income (Loss) before taxes              | ​ | ​ | ​    | ​ |   354,312 | ​ | ​ | ​ | ​    | ​ | -4,215,411 | ​ | ​ | ​ | ​      | ​ | 4,569,723 | ​ | ​ |
| Provision for income taxes              | ​ | ​ | ​    | ​ |    30,039 | ​ | ​ | ​ | ​    | ​ |          — | ​ | ​ | ​ | ​      | ​ |    30,039 | ​ | ​ |
| Net Income (Loss)                       | ​ | ​ | ​    | $ |   324,273 | ​ | ​ | ​ | ​    | $ | -4,215,411 | ​ | ​ | ​ | ​      | $ | 4,539,684 | ​ | ​ |

Principal Revenue and Expense Items Capacity distribution fees (or commissions). Capacity distribution fees are collected from program managers or MGAs for granting contractual access to Kestrel’s insurance carrier network and are considered a single performance obligation. Services provided for insurance and reinsurance brokerage arrangements that culminate in the placement of bound insurance coverage are also considered a single performance obligation. Kestrel considers these arrangements as a single revenue stream. Except for contractual arrangements with minimum annual fees, the effective date of bound insurance coverage is considered the point in time when Kestrel’s performance obligation is met. Control passes to the customer at the effective date of bound insurance coverage, at which point the customer has accepted the services. For contractual arrangements with minimum annual fees, Kestrel amortizes the minimum fee over the contract period. For the year ended December 31, 2024, Kestrel recognized approximately $234,000 related to minimum fees for two individual customers.