Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 320

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 320
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72

Ratings(1)

The table below includes the Company’s four largest corporate holdings at fair value and as a percentage of all fixed income securities held as at September 30, 2025. The Company's four largest corporate holdings are 100.0% euro denominated, with 17.5% in the Consumer Sector and 47.5% in the Financial Institutions sector. 

September 30, 2025Fair Value% of HoldingsRating(1)($ in thousands)Chubb Ina Holdings Inc., 1.55%, Due 3/15/2028$7,445 3.7 %APPG Industries Inc., 0.875%, Due 11/3/20255,860 2.9 %BBB+McKesson Corp., 1.5% Due 11/17/20252,930 1.5 %A-American Tower Corp, 1.0%, Due 1/15/2032509 0.3 %BBB+Total$16,744 8.4 %

(1)    Ratings as assigned by S&P, or equivalent

At September 30, 2025, we held the following types of non-U.S. dollar denominated securities:

September 30, 2025($ in thousands)Fair Value% of TotalNon-USD denominated collateralized loan obligations$68,439 49.7 %Non-USD denominated corporate bonds16,744 12.1 %Non-U.S. government bonds52,623 38.2 %Total non-U.S. dollar denominated securities$137,806 100.0 %

At September 30, 2025, 100.0% of non-U.S. dollar denominated securities were invested in euro denominated bonds. At September 30, 2025, the non-U.S. government issuers all have a rating of A+ or higher by Fitch Ratings. We do not employ any credit default protection against any of the fixed maturities held in non-U.S. dollar denominated currencies at September 30, 2025. For our non-U.S. dollar denominated corporate bonds, the following table summarizes the composition of the fair value of our fixed maturity investments at the dates indicated by ratings at September 30, 2025:

Ratings(1)September 30, 2025($ in thousands)Fair Value% of TotalA+, A