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.
Kestrel Group Ltd filings document a Bermuda specialty insurance company focused on fronting services and legacy reinsurance operations. Material-event reports furnish quarterly and annual results releases, investor presentations, Program Services fee income and premium produced, net premiums earned, book value measures, and disclosures on continuing run-off activity in legacy reinsurance portfolios.
Regulatory filings also cover corporate governance and capital-related matters, including annual meeting proposals, director elections, executive compensation, restricted share awards under the 2025 Equity Incentive Plan, employment agreement terms, and changes in the independent registered public accounting firm. Other 8-K disclosures address reinsurance contract arbitration involving a Genesis Legacy Solutions subsidiary and related reserve and coverage disclosures.
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.
Talkot Capital, LLC and related Akin entities filed a Schedule 13G reporting beneficial ownership of 789,472 shares of Kestrel Group Ltd common stock, or 10.2% of the outstanding shares. This stake is calculated using 7,741,943 common shares outstanding as of November 3, 2025, as disclosed in Kestrel’s Form 10-Q.
The filing explains that Talkot Capital serves as investment adviser to several pooled investment vehicles that hold the stock, and that these vehicles, along with Thomas B. Akin, Talkot Fund, Talkot Partners V, the Akin Family Foundation, the James H. Akin Trust, and Karen Hochster collectively beneficially own the reported shares. The filers certify the holdings were not acquired to change or influence control of Kestrel Group.
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 (KG) reported third‑quarter results following its merger with Maiden. For 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.