Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 224

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 224
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 global reinsurance capital in exchange for a capacity distribution fee.

Kestrel’s primary expenses are personnel related. Kestrel’s employees fall into two broad categories: (i) sales and (ii) support (reporting, finance, legal, IT, regulatory). As of December 31, 2024, Kestrel receives professional and administrative support services for its business through a management and expense reimbursement arrangement with an outsourced service provider.

Sales for the year ended December 31, 2024 totaled approximately $5,200,000. This increase of approximately $3,900,000 represents strong growth from the year ended December 31, 2023. There are seven programs contributing to this revenue total across several lines of business — commercial property, general liability and cyber risk. The substantial growth for the year ended December 31, 2024 compared to the year ended December 31, 2023 is the result of securing new fronting contracts for additional programs and adding GWP on current programs. For the year ended December 31, 2024, Kestrel’s GWP was approximately $143,300,000, compared to approximately $38,000,000 for the year ended December 31, 2023.

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TABLE OF CONTENTS

2024 and 2023 Financial Highlights

| For the Year Ended December 31,         | ​ | ​ | 2024 |   |           |   | ​ | ​ | 2023 |   |            |   | ​ | ​ | Change |   |           |   | ​ |
|:----------------------------------------|:--|:--|:-----|:--|----------:|:--|:--|:--|:-----|:--|-----------:|:--|:--|:--|:-------|:--|----------:|:--|:--|
| Net Sales                               | ​ | ​ | ​    | $ | 5,249,587 | ​ | ​ | ​ | ​    | $ |  1,330,022 | ​ | ​ | ​ | ​      | $ | 3,919,565 | ​ | ​ |
| Operating Expenses                      | ​ | ​ | ​    | ​ |         ​ | ​ | ​ | ​ | ​    | ​ |          ​ | ​ | ​ | ​ | ​      | ​ |         ​ | ​ | ​ |
| Salaries & wages                        | ​ |