Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 266

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 266
---
 11 - Commitments, Contingencies and Guarantees" included under Part I Item 1. "Financial Information" of this Report on Form 10-Q.

 75

Investment Results

Our investment portfolio returns included in earnings increased to $9.0 million and $11.6 million for the three and nine months ended September 30, 2025, respectively, compared to $0.1 million and $0.2 million for the same respective periods in 2024. This was largely due to the acquisition of Maiden's AFS fixed income and alternative investment portfolios in connection with the Combination. The Company earned unrealized gains on the alternative investment portfolio, as well as interest income on the net loan receivable from related party and the AFS fixed income portfolio.

The following table summarizes our investment results for the three and nine months ended September 30, 2025 and 2024: 

For the Three Months Ended September 30,For the Nine Months Ended September 30,($ in thousands)2025202420252024Net investment income:Fixed income investments(1)$3,191 $— $4,484 $— Cash and restricted cash139 52 329 170 Other investments, including equities(4)231 — 315 — Investment expenses(67)— (69)— Total net investment income3,494 52 5,059 170 Net realized gains:Fixed income assets(1)624 — 1,388 — Total net realized gains624 — 1,388 — Net unrealized gains:Other investments, including equities(4)4,870 — 5,164 — Total net unrealized gains4,870 — 5,164 — Interest in loss of equity method investments:Interest in loss of equity method investments(24)— (24)— Interest in loss of equity method investments(24)— (24)— Total investment return included in earnings (A)$8,964 $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