Company: KG
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0002055116-25-000018
Chunk: 1

Company: Kestrel Group Ltd
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 1
Chunk 1
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,009,326 904 Commitments and ContingenciesEQUITYCommon shares ($0.01 par value; 2025: 9,979,477 and 2024 - 2,749,996 shares issued; 2025: 7,741,943 and 2024 - 2,749,996 shares outstanding)99 27    Additional paid-in capital176,885 10,107    Accumulated other comprehensive income559 —    Retained Earnings (accumulated deficit)24,005 (5,528)Treasury shares, at cost (2025: 2,237,534 shares)(51,463)— Total shareholders’ equity150,085 4,606 Total liabilities and equity$1,159,411 $5,510 

See accompanying notes to the unaudited Condensed Consolidated Financial Statements.

 3

KESTREL GROUP LTD

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

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

For the Three Months Ended June 30,For the Six Months Ended June 30,2025202420252024RevenuesGross premiums written$1,096 $— $1,096 $— Net premiums written$1,095 $— $1,095 $— Change in unearned premiums1,327 — 1,327 — Net premiums earned2,422 — 2,422 — Fee revenue544 577 1,351 1,757 Net investment income1,531 54 1,565 118 Net realized and unrealized investment gains1,058 — 1,058 — Total revenues5,555 631 6,396 1,875 ExpensesNet loss and loss adjustment expenses(5,961)— (5,961)— Commission and other acquisition expenses394 — 394 — General and administrative expenses5,080 1,178 6,223 2,799 Interest and amortization expenses1,519 — 1,519 — Change in fair value of earn out liability2,679 — 2,679 — Gain on bargain purchase(73,590)— (73,590)— Foreign exchange and other losses5,009 — 5,009 — Total expenses(