Every 8-K that Kestrel Group, Ltd. (KG) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, 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 reported Q2 2026 results showing rapid growth in its fee-based Program Services business but an overall loss. Total revenues were $6.7 million, and the company recorded a net loss of $8.1 million, or $(1.03) per share, compared with net income in the prior-year quarter, which included a gain on bargain purchase.
The Program Services segment generated fee revenue of $3.7 million, up 587.9% year over year, with premium produced of $109.6 million. For the first half of 2026, segment fee revenue reached $6.9 million and premium produced $203.8 million, reflecting expanding and new client programs.
Legacy Reinsurance posted an underwriting loss of $1.3 million in Q2, as adverse prior-period loss development and severance costs offset current-year underwriting income. General and administrative expenses were $10.5 million. At June 30, 2026, total assets were $919.6 million, shareholders' equity $114.0 million, and book value per share $14.57.
Kestrel Group Ltd held its 2026 Annual General Meeting on June 10, 2026, where shareholders elected seven directors to serve until the 2027 meeting. Each director nominee received over 7.26 million votes in favor, with around 1.58 million broker non-votes recorded per nominee.
Shareholders approved a non-binding advisory resolution on executive compensation, with 6,796,163 votes for and 89,746 against. They also chose an annual schedule for future advisory votes on pay, with 7,315,165 votes favoring one year.
In addition, shareholders approved the appointment of Grant Thornton LLP as independent registered public accounting firm for the 2026 fiscal year, with 8,950,331 votes in favor. Common Shares outstanding as of the record date were 8,479,673, and 2,237,534 additional Common Shares were held as treasury shares by a wholly owned subsidiary.
Kestrel Group Ltd reports the outcome of an arbitration involving a reinsurance agreement written by a subsidiary. The arbitration panel declined to rescind the contract, so the coverages and their attachment points and limits remain in force.
The panel unanimously found the cedant intentionally and materially breached the agreement by changing reserving or claims administration practices without consent. Losses must be re-presented and billing, accounting, reserves and security adjusted to specified expected payout patterns, which may include repayment of part of approximately $10.8 million previously paid.
As of March 31, 2026, Kestrel had recorded $11.5 million of reserves and received $19.5 million of premiums on this contract. The panel also awarded $1.0 million in attorneys' fees to Kestrel’s subsidiary. The company is still evaluating the timing and amount of any net financial statement impact.
Kestrel Group Ltd approved a new performance-based restricted stock agreement and used it to grant fiscal 2026 equity awards to three senior executives. Each of Terry Ledbetter, Bradford Luke Ledbetter and Patrick Haveron received a performance award valued at $650,000, converted into 61,588 performance-based restricted shares under the 2025 Equity Incentive Plan.
The awards use a one-year performance period from January 1, 2026 to December 31, 2026, with the performance goal tied to EBITDA in the Program Services segment. Earned shares vest over three tranches: one‑third at Committee confirmation of goal achievement, then one‑third on each of the first and second anniversaries of that confirmation, subject to continued employment.
The agreement includes detailed treatment of forfeiture, death, disability, termination without cause, and Change in Control. In certain death, disability, termination without cause, or qualifying Change in Control scenarios, performance may be deemed achieved at the greater of target or actual performance, and unvested but earned shares may accelerate or continue vesting on a time-based schedule.
Kestrel Group Ltd reported first quarter 2026 results with total revenues of $10.2 million and a net loss from continuing operations of $7.0 million, or $0.90 per share. Including discontinued operations, net loss was $7.4 million, or $0.96 per share.
The Program Services segment generated fee revenue of $3.1 million, up 286.6% year-over-year, on premium produced of $94.2 million, a 303.6% increase. The Legacy Reinsurance segment reported an underwriting loss of $3.3 million, including $2.4 million of losses from AmTrust business and $0.9 million from Diversified business.
Investment activities contributed $3.9 million of income and foreign exchange and other gains added $2.2 million. General and administrative expenses were $11.7 million, with about $3.0 million described as annual or non-recurring for 2026. At March 31, 2026, book value per common share was $15.52, shareholders’ equity was $121.4 million, total assets were $964.2 million, and net operating loss carryforwards were $476.3 million.
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 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 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.
Kestrel Group Ltd (KG) announced that its subsidiary Genesis Legacy Solutions, Inc. is in arbitration with a ceding company over a reinsurance agreement that includes reinsurance premium protection coverage with aggregate limits of approximately $25.0 million and adverse development coverage with remaining aggregate limits of $25.5 million. GLS alleges multiple breaches of the agreement and material misrepresentations and is seeking full rescission, recovery of previously paid losses, and other relief, while the cedant disputes these assertions.
GLS has paid net losses of $10.8 million under the premium protection coverage and, as of September 30, 2025, reported liabilities of $4.0 million for that coverage and reserves of $7.5 million for the adverse development coverage, after receiving premiums of $9.7 million and $9.8 million, respectively. The arbitration hearing is complete with a decision likely in the first quarter of 2026. The company states it cannot reasonably estimate any gain or loss and that an adverse outcome could be material to its results of operations or cash flows for a particular period.
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.
Kestrel Group Ltd reports that a U.S. appeals court has reopened a securities class action against its wholly owned subsidiary, Maiden Holdings, Ltd. On August 20, 2025, the Third Circuit Court of Appeals vacated a prior New Jersey federal court ruling that had granted summary judgment in favor of Maiden and several former executives in the case Wigglesworth v. Maiden Holdings, Ltd.
The appeals court disagreed with the lower court’s conclusion that the record required judgment for Maiden on whether its loss reserves were misleading, and sent the case back so plaintiffs can pursue discovery on their Section 10(b) securities fraud claims. The court did not decide the issue of scienter, which relates to intent. Defendants may still seek rehearing or further appeal, and Maiden states that it believes it has procedural and substantive defenses and intends to continue opposing the claims.