Welcome to our dedicated page for Kestrel Group SEC filings (Ticker: KG), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The Kestrel Group Ltd (NASDAQ: KG) SEC filings page on Stock Titan provides access to the company’s regulatory disclosures as filed with the U.S. Securities and Exchange Commission. As a Bermuda-based specialty insurance platform focused on fronting services and legacy reinsurance, Kestrel uses its SEC reports to describe its financial condition, segment performance, risk factors, and significant events affecting its business.
Through this page, users can review current reports on Form 8-K that cover topics such as quarterly financial results and material events. For example, Kestrel has filed 8-Ks announcing its third quarter results, outlining total revenues, net premiums earned, program services fee income, and book value per share, as well as describing its balance sheet-light, fee revenue model and the run-off of legacy Maiden portfolios. Other 8-K filings discuss arbitration involving a subsidiary of Genesis Legacy Solutions, Inc. under a reinsurance agreement that provides reinsurance premium protection and adverse development coverage, and litigation developments related to Maiden Holdings, Ltd.
In addition to 8-Ks, investors can consult quarterly reports on Form 10-Q and other periodic filings referenced in Kestrel’s press releases for more detailed segment information, including the Program Services and Legacy Reinsurance segments, underwriting results, investment income, and reserve movements. These filings also contain discussions of risk factors such as dependence on capacity providers, regulatory scrutiny of fronting arrangements, reinsurance availability, and exposure to changes in financial markets.
Stock Titan enhances these filings with AI-powered summaries that highlight key points from lengthy documents, helping users quickly understand segment performance, material legal or arbitration matters, and important financial metrics without reading every line. Real-time updates from EDGAR, along with access to insider and other relevant filings when available, make this page a practical starting point for analyzing KG’s regulatory disclosures.
Kestrel Group Ltd has changed its external auditor. On April 1, 2026, the Audit Committee dismissed Ernst & Young LLP as independent registered public accounting firm. EY’s report on the year ended December 31, 2025 contained no adverse or modified opinions, and there were no disagreements or reportable events.
The Audit Committee approved the appointment of Grant Thornton LLP as auditor for the fiscal year ending December 31, 2026. EY provided a letter to the SEC dated April 6, 2026 confirming its agreement with the company’s description of the auditor change.
Kestrel Group Ltd’s major insider holders have updated their ownership disclosure. Terry Lee Ledbetter, his spouse Reta Laurie Ledbetter, and their 2000 Revocable Trust jointly report beneficial ownership of Kestrel common shares after a restructuring of their holdings.
On March 9, 2026, Kestrel Intermediate Ledbetter Holdings LLC made a pro-rata in‑kind distribution of 1,811,764 common shares, after which it no longer owns any Kestrel shares. The Ledbetter 2000 Revocable Trust received 905,882 shares, and related family trusts received the remainder and now file separately. Terry Ledbetter beneficially owns 1,038,921 shares, or 13.1% of the class, including restricted stock. The trust and Reta Ledbetter each report 905,882 shares, or 11.6% of the class.
On March 18, 2026, Terry Ledbetter received 145,788 restricted common shares in two awards with multi‑year vesting schedules, and 12,749 shares were withheld to cover taxes upon the vesting of 32,398 restricted shares.
Kestrel Group Ltd insider Bradford Luke Ledbetter and related trusts have updated their ownership reporting in this Amendment No. 1 to Schedule 13D. Ledbetter now beneficially owns 1,038,921 common shares, representing 13.1% of the class, through direct holdings and two Texas trusts.
A pro-rata in-kind distribution on March 9, 2026 moved 1,811,764 common shares out of Kestrel Intermediate Ledbetter Holdings LLC, so that entity no longer owns any shares or has Schedule 13D reporting duties. Each of the Bradford Luke Ledbetter 2006 Grantor Trust No. 2 and the Shari Ann Ledbetter Irrevocable 2019 Trust holds 452,941 shares, or 5.8% of the class.
On March 18, 2026, Ledbetter received 145,788 restricted common shares in two awards with multi-year vesting schedules, while 12,749 shares were withheld to cover taxes on 32,398 vested restricted shares. Beneficial ownership percentages are based on 7,811,252 shares outstanding as of March 20, 2026 plus 113,390 restricted shares deemed outstanding for Ledbetter.
Kestrel Group Ltd President and CFO Patrick J. Haveron reported equity compensation activity and related tax withholding in common shares. On March 18, 2026, he received two restricted share awards totaling 145,788 common shares at no cash cost, subject to multi‑year vesting and forfeiture conditions.
On March 14 and 18, 2026, the issuer withheld a total of 19,473 common shares valued at $10.48 and $9.96 per share to satisfy tax obligations tied to vesting events from restricted share awards. The footnotes state these are not open‑market sales. After these transactions, Haveron directly owns 270,214 common shares.
Kestrel Group Ltd director and Chief Executive Officer Bradford Luke Ledbetter reported equity compensation and related tax withholding in common shares. On March 18, 2026, he received two restricted share awards totaling 145,788 common shares, granted at a price of $0.00 per share. One award of 97,192 shares vests in three substantially equal installments, with the first installment vested on the grant date and the remaining installments on the first two anniversaries. The second award of 48,596 shares vests in substantially equal installments on the first three anniversaries of the grant date.
On the same date, 12,749 common shares were withheld at $9.96 per share to satisfy tax withholding obligations from an RSA vesting and settlement event, which is explicitly described as not an open‑market sale. Following these transactions, Ledbetter directly holds 133,039 common shares. Indirectly, 452,941 common shares are held through two trusts for which he serves as trustee: the Bradford Luke Ledbetter 2006 Grantor Trust No. 2 and the Shari Ann Ledbetter Irrevocable 2019 Trust.
Kestrel Group Ltd Executive Chairman Terry Lee Ledbetter reported compensation-related share activity involving restricted share awards and tax withholding. On 2026-03-18, he received 97,192 Common Shares under a restricted share award that vests in three installments, with the first installment on the grant date and the remaining installments on the first two anniversaries.
He was also granted an additional 48,596 Common Shares under a separate restricted share award that vests in substantially equal installments on the first three anniversaries of the grant date. On the same date, 12,749 Common Shares were returned to the issuer at $9.96 per share to satisfy tax withholding obligations arising from a vesting and settlement event; this was explicitly not an open market sale.
Following these transactions, Ledbetter held 133,039 Common Shares directly and an additional 905,882 Common Shares indirectly through the Terry Lee Ledbetter and Reta Laurie Ledbetter 2000 Revocable Trust, where he serves as co-trustee.
Kestrel Group Ltd is updating its executive compensation with new restricted share awards. On March 10, 2026, the Compensation Committee approved RSAs of $650,000 each for Terry Ledbetter, Bradford Ledbetter, and Haveron for fiscal year 2026 under the 2025 Equity Incentive Plan.
The Committee also approved RSAs of $1,300,000 each for these executives for fiscal year 2025 because they received no equity awards for that year when other employees did. The 2025 RSAs to be granted on March 18, 2026 vest partly on grant and over two years, while the 2026 RSAs vest over three years. Performance-based equity awards previously granted to Haveron under Maiden Holdings’ plan were reviewed and cancelled for no consideration.
Kestrel Group Ltd filed its Annual Report detailing a major transformation following the May 2025 combination of Kestrel Group LLC and Maiden Holdings into a Nasdaq-listed specialty program group. The company now focuses on a capital-light, fee-based Program Services segment while running off legacy reinsurance portfolios.
Program Services expanded rapidly, with 2025 premium produced of $188.3 million versus $103.8 million in 2024 and fee income rising to $2.8 million from $1.1 million, though revenue is heavily concentrated in two clients. Legacy Reinsurance contributed $12.7 million of net premiums earned and remains in orderly run-off.
As of December 31, 2025 Kestrel held $218.6 million in alternative investments that it plans to shrink to bolster liquidity. The report highlights significant annual interest expense of $19.1 million, reliance on AmTrust-fronted carriers, concentrated ownership (including Maiden Reinsurance’s 22.4% stake) and extensive regulatory and run-off risks.
Kestrel Group Ltd reported fourth quarter and full-year 2025 results, highlighting strong fee growth but a Q4 loss. Fourth quarter 2025 total revenues were $10.2 million, with a net loss of $17.8 million and non-GAAP operating loss of $8.2 million, driven by $3.5 million of significant non-recurring charges and a $5.3 million downward adjustment to a prior bargain purchase gain.
Program Services fee revenue rose 91.5% sequentially to $3.1 million, with premium produced of $93.8 million. For 2025, total revenues were $34.0 million and net income was $46.7 million, or $8.08 per diluted share, largely influenced by a $68.3 million bargain purchase gain from the Maiden merger. Book value per common share was $16.57 at December 31, 2025, and total assets were $1.0 billion.
Kestrel Group Ltd has entered into an amended and restated employment agreement with its President and Chief Financial Officer, Patrick Haveron. The agreement runs through May 1, 2028 and then automatically renews for five-year terms unless either side gives 90 days’ notice.
Mr. Haveron’s annual base salary remains $950,000, with eligibility for an annual bonus of up to 100% of base salary, long‑term incentives, and customary executive benefits. If he is terminated without cause or resigns for good reason, he is entitled to base salary for the remainder of the term and a pro‑rated bonus, subject to signing a release. Death or disability triggers six months of salary and a pro‑rated bonus, while non‑renewal by the company leads to three months of salary.
The agreement includes confidentiality, non‑competition and non‑solicitation covenants that apply during employment and for up to two years after, as well as indemnification and D&O insurance protections. Payments potentially subject to excise tax are capped or paid in full based on whichever outcome leaves him in a better after‑tax position, without any tax gross‑up from the company.