Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 125

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 125
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964 $52 $11,587 $170 Other comprehensive income:Unrealized gains on AFS fixed maturity securities (B)$239$—$717$—Total investment return = (A) + (B)$9,203$52$12,304$170Annualized income from fixed income assets(2)$13,320$208$6,417$227Average aggregate fixed income assets, at cost(2)355,3314,744178,1915,027Annualized investment book yield3.7 %4.4 %3.6 %4.5 %Average aggregate invested assets, at fair value(3)$566,992$4,744$286,379$5,027Investment return included in net earnings1.6 %1.1 %4.0 %3.4 %Total investment return1.6 %1.1 %4.3 %3.4 %

1.Fixed income investments include AFS securities as well as funds withheld receivable, and net loan receivable from related party. Gross and net investment returns for these assets only include the post-Combination period of May 28, 2025 to September 30, 2025.

2.Average aggregate fixed income assets include AFS portfolio, cash and restricted cash, funds withheld receivable, and loan to related party and is computed as an average of the amounts disclosed in our quarterly U.S. GAAP consolidated financial statements.

3.Average aggregate invested assets include all investments (AFS and alternative investments), cash and restricted cash, loan to related party and funds withheld receivable and is computed as an average of the amounts disclosed in our quarterly U.S. GAAP consolidated financial statements.

4.Gross and net investment returns for other investments, including equities, only include the post-Combination period of May 28, 2025 to September 30, 2025.

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The following table details total investment returns for our fixed income investments for the three and nine months ended September 30, 2025 and 2024:

Fixed Income Investments(1)For the Three Months Ended September 30,For the Nine Months Ended September 30,($ in thousands)2025202420252024Gross investment income$3,330 $52 $4,813 $170 Net realized gains624 — 1,388 — Change in AOCI (3)239