Kestrel Group Ltd SEC Filings

Kestrel Group Ltd (KG)Q3 2025, total revenue was $17.4 million, driven by $6.8 million in net premiums earned, $1.6 million in fee revenue, and $3.5 million of net investment income, alongside $5.5 million of realized and unrealized gains. The company posted a net loss of $5.1 million (EPS −$0.65), reflecting higher operating and interest expenses.

Year‑to‑date through September 30, Kestrel recorded net income of $64.5 million (EPS $12.70), primarily due to a $73.6 million bargain purchase gain recognized in the Maiden combination. The balance sheet shows $1.13 billion in assets, $986.7 million in liabilities, and $143.8 million in shareholders’ equity, including $414.3 million of investments and $492.8 million of reinsurance recoverables. Senior notes, net, totaled $174.1 million.

Operating cash flow for the nine months was $(30.4) million, offset by $104.4 million provided by investing activities; the company also paid $40.0 million in dividends to equityholders. As of November 3, 2025, 7,741,943 common shares were outstanding; affiliated shares of 2,237,534 are treated as treasury shares for per‑share metrics.

Kestrel Group Ltd reported third-quarter 2025 results. Total revenues were $17.4 million, driven by net premiums earned of $6.8 million and investment income and gains, while the company recorded a net loss of $5.1 million.

Legacy Reinsurance posted a $9.0 million underwriting loss, including approximately $6.9 million adverse prior period loss development in AmTrust lines and a $3.6 million reduction under the LPT/ADC Agreement, partly offset by favorable development in Workers’ Compensation and other lines. Program Services generated $1.6 million in fee revenue and $1.0 million in net fee income as Kestrel continues to build a fee-based platform.

Investment activities contributed $9.0 million (net investment income $3.5 million; realized and unrealized gains $5.5 million), and foreign exchange and other gains were $2.9 million. General and administrative expenses were $10.8 million, including $1.9 million of one-time items. Total assets were $1.1 billion and shareholders’ equity was $143.8 million. Book value per common share was $18.57 as of September 30, 2025. NOL carryforwards totaled $446.6 million.

Michael J. Hotchkiss, a director of Kestrel Group Ltd (KG), received 2,337 restricted common shares on 09/05/2025 under the 2025 Equity Incentive Plan. The grant price is shown as $0 and the shares are reported as directly owned by Mr. Hotchkiss following the transaction. The restricted shares vest 100% on the first anniversary of the grant date, meaning they will vest on 09/05/2026 if vesting conditions are met. The Form 4 was signed and dated by the reporting person on 09/09/2025.

Kestrel Group Ltd (KG) director Joseph Brecher was granted 2,337 restricted common shares on 09/05/2025 under the companys 2025 Equity Incentive Plan. The restricted shares carry a $0 purchase price and are scheduled to vest 100% on the first anniversary of the grant date, meaning they become fully owned by the reporting person on 09/05/2026 if vesting conditions are met. Following this grant, Brecher beneficially owns 7,837 common shares in total. The Form 4 was signed by Joseph Brecher on 09/09/2025 and does not report any derivative transactions.

Erik G. Cohen, a director of Kestrel Group Ltd (KG), reported receiving 2,337 restricted common shares on 09/05/2025 under the 2025 Equity Incentive Plan. The shares were granted with a $0 purchase price and are scheduled to vest 100% on the first anniversary of the grant date. Following the grant, Mr. Cohen beneficially owns 2,337 common shares in a direct ownership form. The Form 4 was signed by Mr. Cohen on 09/09/2025.

Steven H. Nigro, a director of Kestrel Group Ltd (KG), was granted 2,337 restricted common shares on 09/05/2025. The grant price was $0 and the reporting person beneficially owns 16,337 common shares after the transaction. The restricted shares were awarded under the companys 2025 Equity Incentive Plan and are scheduled to vest 100% on the first anniversary of the grant date. The Form 4 was signed by Steven H. Nigro on 09/09/2025, indicating timely disclosure of the change in beneficial ownership.

Jeffrey Weissmann, a director of Kestrel Group Ltd (KG), was granted 2,337 restricted common shares on 09/05/2025 under the 2025 Equity Incentive Plan. The shares were issued at a $0 price and are scheduled to vest 100% on the first anniversary of the grant date, meaning Weissmann will own 2,337 shares directly after the grant. The Form 4 was signed on 09/09/2025 and reports the transaction as a non-derivative acquisition by a reporting person who is a director.