Here are the 10-K annual reports from Kestrel Group, Ltd. (KG) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow KG and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full KG filings page.
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.