Kestrel Group Reports Third Quarter 2025 Financial Results
Rhea-AI Summary
Kestrel Group (NASDAQ: KG) reported third quarter 2025 results on November 5, 2025: total revenues $17.4M, net premiums earned $6.8M and a net loss $5.1M. Program Services fee revenue was $1.6M for Q3, driven by increased premium volume. Legacy Reinsurance produced an underwriting loss of $9.0M, including ~$6.9M adverse prior period loss development in AmTrust business and a $3.6M reduction in LPT/ADC recoverable.
Investment activity contributed combined income of $9.0M (net investment income $3.5M; realized/unrealized gains $5.5M). G&A was $10.8M with $1.9M of identified one-time items. Total assets were $1.13B, shareholders' equity $143.8M, and book value per share $18.57.
Positive
- Total revenues of $17.4M in Q3 2025
- Program Services fee revenue of $1.6M for Q3 2025
- Combined investment income of $9.0M in Q3 2025
- Book value per share of $18.57 at September 30, 2025
- Total assets of $1.13B and shareholders' equity of $143.8M
Negative
- Net loss of $5.1M for Q3 2025
- Legacy Reinsurance underwriting loss of $9.0M in Q3 2025
- General and administrative expenses of $10.8M in Q3 2025
- About $6.9M adverse prior period loss development in AmTrust business
News Market Reaction – KG
On the day this news was published, KG declined 19.74%, reflecting a significant negative market reaction. Argus tracked a trough of -15.8% from its starting point during tracking. Our momentum scanner triggered 10 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $45M from the company's valuation, bringing the market cap to $182M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Highlights - Third Quarter 2025 Financials
- Total revenues were
$17.4 million - Net premiums earned were
$6.8 million - Net loss was
$5.1 million - Program Services net fee income was
$1.0 million - As of September 30, 2025, the Company's book value per common share was
$18.57
The Company reported earnings for the second time since closing its business combination agreement on May 27, 2025 between Kestrel and Maiden Holdings. The combination of values-driven insurance organizations with a commitment to innovation, client service and long-term relationships is intended to generate a balance sheet light, fee revenue model to deliver a strong fee-based insurance platform while selectively deploying underwriting capacity to optimize returns for shareholders. Kestrel's strategic focus centers on growing the fee income component of its program services business to increase profitability while effectively managing the continuing run-off of the legacy Maiden alternative asset and reinsurance portfolios.
Program Services Segment
The Program Services segment provides fronting services to general agents and insurance carriers to leverage Kestrel's trusted reputation to provide access to the
In the third quarter of 2025, total fee revenues from the Program Services segment were
Legacy Reinsurance Segment
The Legacy Reinsurance segment consists of the AmTrust Reinsurance and Diversified Reinsurance segments previously reported by Maiden prior to the Combination with Kestrel. The AmTrust portion of this segment includes all business ceded to Maiden Reinsurance by AmTrust. The Diversified portion of this segment consists of a run-off portfolio of predominantly third-party property and casualty reinsurance business focusing on regional and specialty property and casualty insurance companies located primarily in
During the third quarter, the Legacy Reinsurance segment produced an underwriting loss of
Investment Activities and Other Gains
The Company also reported combined income from investment activities totaling
Also, during the third quarter, the Company recognized foreign exchange and other gains of
General and Administrative Expenses
General and administrative expenses in the third quarter of 2025 were
Balance Sheet
Total assets were
As of September 30, 2025, the Company has available net operating loss ("NOL") carryforwards of
Kestrel Group
Kestrel Group Ltd specializes in providing fronting services to insurance program managers, managing general agents (MGAs), reinsurers, and reinsurance brokers. Kestrel Group facilitates insurance transactions utilizing its exclusive management contracts with four insurance carriers, all of which are rated A- "Excellent" by A.M. Best. These contracts enable Kestrel Group to offer both admitted and surplus lines in all
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company's current expectations and are subject to risks and uncertainties that may cause actual results to differ materially. Factors that could cause differences are discussed in the Company's SEC filings, including the Company's prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on March 10, 2025, and subsequent filings.
Various statements contained in this press release are forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include projections and estimates concerning the anticipated benefits of the business combination and integration of Maiden Holdings and Kestrel, the timing and success of specific projects and strategies for growth, and our future production, revenues, income, expenses, capital spending, and reserves. Our forward-looking statements are generally, but not always, accompanied by words such as "estimate," "believe," "expect," "will," "plan," "target," "could" or other words that convey the uncertainty of future events or outcomes.
There can be no assurance that actual developments will be those anticipated by us. Actual results may differ materially from those expressed or implied in these statements as a result of significant risks and uncertainties, including, but not limited to, our ability to recover from our capacity providers, the cost and availability of reinsurance coverage, challenges to our use of issuing carrier or fronting arrangements by regulators or changes in state or federal insurance or other statutes or regulations, our dependence on a limited number of business partners, our ability to compete effectively, a downgrade in the financial strength ratings of insurance carriers utilized for fronting arrangements, our ability to accurately underwrite and price our products and to maintain and establish accurate loss reserves, our ability to implement reinsurance mechanisms to selectively deploy underwriting capacity, changes in interest rates or other changes in the financial markets, the effects of emerging claim and coverage issues, changes in the demand for our products, the effect of general economic conditions, breaches in data security or other disruptions with our technology, changes in pricing or other competitive environments, and the success of strategies or other initiatives.
Forward-looking statements involve inherent risks and uncertainties that are difficult to predict, many of which are beyond our control. Additional information about these risks and uncertainties is contained in our filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date of this release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Contact:
Kestrel Group Investor Relations
Rick Black / Ken Dennard
KG@dennardlascar.com
|
KESTREL GROUP LTD CONSOLIDATED BALANCE SHEETS
(In thousands of
|
||||
|
|
|
September 30,
|
|
December 31, |
|
|
|
(Unaudited) |
|
(Audited) |
|
ASSETS |
||||
|
Investments: |
|
|
|
|
|
Fixed maturities, available-for-sale, at fair value (Amortized cost 2025 - |
|
$ 198,658 |
|
$ — |
|
Equity securities, at fair value (Cost: 2025 - |
|
11,350 |
|
— |
|
Equity method investments |
|
32,518 |
|
— |
|
Other investments |
|
171,791 |
|
— |
|
Total investments |
|
414,317 |
|
— |
|
Cash and cash equivalents |
|
12,890 |
|
4,286 |
|
Restricted cash and cash equivalents |
|
27,634 |
|
— |
|
Accrued investment income |
|
5,076 |
|
— |
|
Reinsurance balances receivable, net |
|
9,706 |
|
— |
|
Reinsurance recoverable on unpaid losses |
|
492,790 |
|
— |
|
Net loan receivable from related party |
|
101,689 |
|
— |
|
Intangible assets |
|
10,370 |
|
— |
|
Funds withheld receivable |
|
11,941 |
|
— |
|
Other assets |
|
24,872 |
|
1,224 |
|
Assets held for sale |
|
19,155 |
|
— |
|
Total assets |
|
$ 1,130,440 |
|
$ 5,510 |
|
LIABILITIES |
||||
|
Reserve for loss and loss adjustment expenses |
|
$ 677,667 |
|
$ — |
|
Unearned premiums |
|
19,615 |
|
— |
|
Liability for securities purchased |
|
11,692 |
|
— |
|
Accrued expenses and other liabilities |
|
102,874 |
|
904 |
|
Senior notes - principal amount |
|
262,361 |
|
— |
|
Less: unamortized fair value adjustment |
|
88,277 |
|
— |
|
Senior notes, net |
|
174,084 |
|
— |
|
Liabilities held for sale |
|
734 |
|
— |
|
Total liabilities |
|
986,666 |
|
904 |
|
Commitments and Contingencies |
|
|
|
|
|
EQUITY |
||||
|
Common shares |
|
100 |
|
27 |
|
Additional paid-in capital |
|
177,101 |
|
10,107 |
|
Accumulated other comprehensive loss |
|
(916) |
|
— |
|
Retained earnings (accumulated deficit) |
|
18,952 |
|
(5,528) |
|
Treasury shares, at cost |
|
(51,463) |
|
— |
|
Total Equity |
|
143,774 |
|
4,606 |
|
Total Liabilities and Equity |
|
$ 1,130,440 |
|
$ 5,510 |
|
|
|
|
|
|
|
Book value per common share(1) |
|
$ 18.57 |
|
$ 1.67 |
|
|
|
|
|
|
|
Common shares outstanding |
|
7,741,943 |
|
2,749,996 |
|
KESTREL GROUP LTD CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(In thousands of
|
||||||||
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
Gross premiums written |
|
$ 3,760 |
|
$ — |
|
$ 4,856 |
|
$ — |
|
Net premiums written |
|
$ 3,895 |
|
$ — |
|
$ 4,990 |
|
$ — |
|
Change in unearned premiums |
|
2,941 |
|
— |
|
4,268 |
|
— |
|
Net premiums earned |
|
6,836 |
|
— |
|
9,258 |
|
— |
|
Fee revenue |
|
1,621 |
|
700 |
|
2,972 |
|
2,457 |
|
Net investment income |
|
3,494 |
|
52 |
|
5,059 |
|
170 |
|
Net realized and unrealized investment gains |
|
5,494 |
|
— |
|
6,552 |
|
— |
|
Total revenues |
|
17,445 |
|
752 |
|
23,841 |
|
2,627 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
Net loss and loss adjustment expenses |
|
10,406 |
|
— |
|
4,445 |
|
— |
|
Commission and other acquisition expenses |
|
1,718 |
|
— |
|
2,112 |
|
— |
|
General and administrative expenses |
|
10,783 |
|
1,181 |
|
17,006 |
|
3,980 |
|
Total expenses |
|
22,907 |
|
1,181 |
|
23,563 |
|
3,980 |
|
Other expenses |
|
|
|
|
|
|
|
|
|
Interest and amortization expenses |
|
4,128 |
|
— |
|
5,647 |
|
— |
|
Change in fair value of earn out liability |
|
(2,679) |
|
— |
|
— |
|
— |
|
Gain on bargain purchase |
|
— |
|
— |
|
(73,590) |
|
— |
|
Foreign exchange and other (gains) losses |
|
(2,854) |
|
— |
|
2,155 |
|
— |
|
Total other expenses |
|
(1,405) |
|
— |
|
(65,788) |
|
— |
|
Net (loss) income before income taxes |
|
(4,057) |
|
(429) |
|
66,066 |
|
(1,353) |
|
Less: income tax expense |
|
7 |
|
— |
|
102 |
|
— |
|
Interest in loss of equity method investments |
|
(24) |
|
— |
|
(24) |
|
— |
|
Net (loss) income from continuing operations |
|
(4,088) |
|
(429) |
|
65,940 |
|
(1,353) |
|
Loss from discontinued operations, net of income tax |
|
(965) |
|
— |
|
(1,460) |
|
— |
|
Net (loss) income |
|
$ (5,053) |
|
$ (429) |
|
$ 64,480 |
|
$ (1,353) |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted (loss) earnings per share from continuing operations |
|
$ (0.53) |
|
$ (0.16) |
|
$ 12.99 |
|
$ (0.49) |
|
Basic and diluted loss per share from discontinued operations |
|
(0.12) |
|
— |
|
(0.29) |
|
— |
|
Basic and diluted (loss) earnings per share attributable to Kestrel common shareholders |
|
$ (0.65) |
|
$ (0.16) |
|
$ 12.70 |
|
$ (0.49) |
|
Annualized return on average common equity |
|
(13.6) % |
|
(36.3) % |
|
116.2 % |
|
(35.0) % |
|
Weighted average number of common shares - basic and diluted |
|
7,741,943 |
|
2,749,996 |
|
5,053,828 |
|
2,749,996 |
|
KESTREL GROUP LTD SUPPLEMENTAL FINANCIAL DATA - SEGMENT INFORMATION (Unaudited)
(In thousands of
|
||||||
|
For the Three Months Ended September 30, 2025 |
|
Legacy |
|
Program |
|
Total |
|
Gross premiums written |
|
$ 3,760 |
|
$ — |
|
$ 3,760 |
|
Net premiums written |
|
$ 3,895 |
|
$ — |
|
$ 3,895 |
|
Net premiums earned |
|
$ 6,836 |
|
$ — |
|
$ 6,836 |
|
Fee revenue |
|
— |
|
1,621 |
|
1,621 |
|
Net loss and loss adjustment expenses ("loss and LAE") |
|
(10,406) |
|
— |
|
(10,406) |
|
Commission and other acquisition expenses |
|
(1,718) |
|
— |
|
(1,718) |
|
General and administrative expenses(2) |
|
(3,689) |
|
(664) |
|
(4,353) |
|
Underwriting loss and fee income(3) |
|
$ (8,977) |
|
$ 957 |
|
(8,020) |
|
Reconciliation to net loss from continuing operations |
|
|
|
|
|
|
|
Net investment income and net realized and unrealized investment gains |
|
|
|
|
|
8,988 |
|
Interest and amortization expenses |
|
|
|
|
|
(4,128) |
|
Change in fair value of earn out liability |
|
|
|
|
|
2,679 |
|
Foreign exchange and other gains, net |
|
|
|
|
|
2,854 |
|
Other general and administrative expenses(2) |
|
|
|
|
|
(6,430) |
|
Income tax expense |
|
|
|
|
|
(7) |
|
Interest in loss of equity method investments |
|
|
|
|
|
(24) |
|
Net loss from continuing operations |
|
|
|
|
|
$ (4,088) |
|
|
||||||
|
For the Three Months Ended September 30, 2024 |
|
Legacy |
|
Program |
|
Total |
|
Fee revenue |
|
$ — |
|
$ 700 |
|
$ 700 |
|
General and administrative expenses(2) |
|
— |
|
(590) |
|
(590) |
|
Fee income(4) |
|
$ — |
|
$ 110 |
|
110 |
|
Reconciliation to net loss |
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
52 |
|
Other general and administrative expenses(2) |
|
|
|
|
|
(591) |
|
Net loss |
|
|
|
|
|
$ (429) |
|
KESTREL GROUP LTD SUPPLEMENTAL FINANCIAL DATA - SEGMENT INFORMATION (Unaudited)
(In thousands of
|
||||||
|
For the Nine Months Ended September 30, 2025 |
|
Legacy |
|
Program |
|
Total |
|
Gross premiums written |
|
$ 4,856 |
|
$ — |
|
$ 4,856 |
|
Net premiums written |
|
$ 4,990 |
|
$ — |
|
$ 4,990 |
|
Net premiums earned |
|
$ 9,258 |
|
$ — |
|
$ 9,258 |
|
Fee revenue |
|
— |
|
2,972 |
|
2,972 |
|
Net loss and LAE |
|
(4,445) |
|
— |
|
(4,445) |
|
Commission and other acquisition expenses |
|
(2,112) |
|
— |
|
(2,112) |
|
General and administrative expenses(2) |
|
(5,432) |
|
(2,003) |
|
(7,435) |
|
Underwriting loss and fee income(3) |
|
$ (2,731) |
|
$ 969 |
|
(1,762) |
|
Reconciliation to net income from continuing operations |
|
|
|
|
|
|
|
Net investment income and net realized and unrealized investment gains |
|
|
|
|
|
11,611 |
|
Interest and amortization expenses |
|
|
|
|
|
(5,647) |
|
Gain on bargain purchase |
|
|
|
|
|
73,590 |
|
Foreign exchange and other losses, net |
|
|
|
|
|
(2,155) |
|
Other general and administrative expenses(2) |
|
|
|
|
|
(9,571) |
|
Income tax expense |
|
|
|
|
|
(102) |
|
Interest in loss from equity method investments |
|
|
|
|
|
(24) |
|
Net income from continuing operations |
|
|
|
|
|
$ 65,940 |
|
|
||||||
|
For the Nine Months Ended September 30, 2024 |
|
Legacy |
|
Program |
|
Total |
|
Fee revenue |
|
$ — |
|
$ 2,457 |
|
$ 2,457 |
|
General and administrative expenses(2) |
|
— |
|
(1,990) |
|
(1,990) |
|
Fee income |
|
$ — |
|
$ 467 |
|
467 |
|
Reconciliation to net loss |
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
170 |
|
Other general and administrative expenses(2) |
|
|
|
|
|
(1,990) |
|
Net loss |
|
|
|
|
|
$ (1,353) |
|
KESTREL GROUP LTD NON-GAAP FINANCIAL MEASURES (Unaudited)
(In thousands of
|
||||||||
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Non-GAAP operating loss (4) |
|
$ (15,091) |
|
$ (429) |
|
$ (12,023) |
|
$ (1,353) |
|
Non-GAAP basic and diluted operating loss per common share attributable to Kestrel common shareholders(4) |
|
$ (1.95) |
|
$ (0.16) |
|
$ (2.38) |
|
$ (0.49) |
|
Annualized non-GAAP operating return on average adjusted common equity(5) |
|
(40.7) % |
|
(36.3) % |
|
(21.7) % |
|
(35.0) % |
|
Reconciliation of net loss to non-GAAP operating loss: |
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ (5,053) |
|
$ (429) |
|
$ 64,480 |
|
$ (1,353) |
|
Add (subtract): |
|
|
|
|
|
|
|
|
|
Net realized and unrealized investment gains |
|
(5,494) |
|
— |
|
(6,552) |
|
— |
|
Foreign exchange and other (gains) losses |
|
(2,854) |
|
— |
|
2,155 |
|
— |
|
Interest in loss of equity method investments |
|
24 |
|
— |
|
24 |
|
— |
|
Bargain purchase gain |
|
— |
|
— |
|
(73,590) |
|
— |
|
Net loss from discontinued operations |
|
965 |
|
— |
|
1,460 |
|
— |
|
Change in fair value of earn out consideration |
|
(2,679) |
|
— |
|
— |
|
— |
|
Non-GAAP operating loss (4) |
|
$ (15,091) |
|
$ (429) |
|
$ (12,023) |
|
$ (1,353) |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares - basic and diluted |
|
7,741,943 |
|
2,749,996 |
|
5,053,828 |
|
2,749,996 |
|
Reconciliation of diluted (loss) earnings per share attributable to Kestrel common |
|
|
|
|
||||
|
Diluted (loss) earnings per share attributable to common shareholders |
|
$ (0.65) |
|
$ (0.16) |
|
$ 12.70 |
|
$ (0.49) |
|
Add (subtract): |
|
|
|
|
|
|
|
|
|
Net realized and unrealized investment gains |
|
(0.71) |
|
— |
|
(1.29) |
|
— |
|
Foreign exchange and other (gains) losses |
|
(0.37) |
|
— |
|
0.44 |
|
— |
|
Interest in loss of equity method investments |
|
— |
|
— |
|
0.01 |
|
— |
|
Bargain purchase gain |
|
— |
|
— |
|
(14.54) |
|
— |
|
Net loss from discontinued operations |
|
0.13 |
|
— |
|
0.30 |
|
— |
|
Change in fair value of earn out consideration |
|
(0.35) |
|
— |
|
— |
|
— |
|
Non-GAAP diluted operating loss per share attributable to common shareholders(4) |
|
$ (1.95) |
|
$ (0.16) |
|
$ (2.38) |
|
$ (0.49) |
|
KESTREL GROUP LTD NON-GAAP FINANCIAL MEASURES (Unaudited)
(In thousands of
|
|||
|
|
September 30, |
|
December 31, |
|
Investable assets: |
|
|
|
|
Total investments |
$ 414,317 |
|
$ — |
|
Cash and cash equivalents |
12,890 |
|
4,286 |
|
Restricted cash and cash equivalents |
27,634 |
|
— |
|
Net loan receivable from related party |
101,689 |
|
— |
|
Funds withheld receivable |
11,941 |
|
— |
|
Total investable assets(6) |
$ 568,471 |
|
$ 4,286 |
|
|
|
|
|
|
Capital: |
|
|
|
|
Total shareholders' equity |
$ 143,774 |
|
$ 4,606 |
|
2016 Senior Notes |
110,000 |
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— |
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2013 Senior Notes |
152,361 |
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— |
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Total capital resources(7) |
$ 406,135 |
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$ 4,606 |
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(1) Book value per common share is calculated using shareholders' equity divided by the number of common shares outstanding. Management uses growth in this metric as a prime measure of the value we are generating for our common shareholders, because management believes that growth in this metric ultimately results in growth in the Company's common share price. This metric is impacted by the Company's net income and external factors, such as interest rates, which can drive changes in unrealized gains or losses on our investment portfolio as well as share repurchases. |
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(2) Underwriting and fee income related general and administrative expenses is a non-GAAP measure and includes expenses which are segregated for analytical purposes as a component of underwriting and fee income (loss). |
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(3) Underwriting and fee income or loss is a non-GAAP measure and is calculated as net premiums earned plus fee revenue less net loss and LAE, commission and other acquisition expenses and general and administrative expenses directly related to underwriting and fee revenue activities. For purposes of these non-GAAP operating measures, the fee-generating business, which is included in our Program Services segment, is considered part of the underwriting and fee income operations of the Company. Management believes that this measure is important in evaluating the underwriting and fee income performance of the Company and its segments. This measure is also a useful tool to measure the profitability of the Company separately from the investment results and is also a widely used performance indicator in the insurance industry. |
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(4) Non-GAAP operating earnings (loss) and non-GAAP basic and diluted operating earnings (loss) per common share are non-GAAP financial measure defined by the Company as net income (loss) excluding realized investment gains and losses, foreign exchange and other gains and losses, interest in income (loss) of equity method investment, and should not be considered as an alternative to net income (loss). It also excludes on a non-recurring basis: (1) loss from discontinued operations, net of income tax; (2) the bargain purchase gain resulting from the Combination Agreement; and (3) the change in the fair value of the earn out liability. The Company's management believes that the use of non-GAAP operating earnings (loss) and non-GAAP diluted operating earnings (loss) per common share enables investors and other users of the Company's financial information to analyze its performance in a manner similar to how management analyzes performance. Management also believes that these measures generally follow industry practice therefore allowing the users of financial information to compare the Company's performance with its industry peer group, and that the equity analysts and certain rating agencies which follow the Company, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons. Non-GAAP operating earnings should not be viewed as a substitute for |
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(5) Non-GAAP operating return on average shareholders' equity is a non-GAAP financial measure. Management uses non-GAAP operating return on average adjusted shareholders' equity as a measure of profitability that focuses on the return to common shareholders. It is calculated using non-GAAP operating earnings divided by average shareholders' equity. |
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(6) Investable assets are the total of the Company's investments, cash and cash equivalents, net loan receivable from related party and funds withheld receivable. |
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(7) Total capital resources are the sum of the Company's principal amount of debt and shareholders' equity. |
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View original content:https://www.prnewswire.com/news-releases/kestrel-group-reports-third-quarter-2025-financial-results-302606106.html
SOURCE Kestrel Group Ltd
FAQ
What were Kestrel Group (KG) total revenues and net loss for Q3 2025?
How much fee revenue did Kestrel's Program Services segment (KG) generate in Q3 2025?
What drove Kestrel Group's (KG) underwriting loss in Q3 2025?
How much did investment activities contribute to Kestrel Group's (KG) Q3 2025 results?
What is Kestrel Group's (KG) book value per share and shareholders' equity at September 30, 2025?
Does Kestrel Group (KG) have net operating loss carryforwards reported at September 30, 2025?
