Security
Kestrel Group, Ltd. · KG
KGNASDAQCommon stockCurrentCIK 2055116Updated Oct 6, 2026
Name history
Ranger Bermuda Topco Ltd · through May 29, 2025
KG price & chart
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NASDAQ:KG on TradingView ↗In the news
Kestrel Group Reports First Quarter 2026 Financial Results ↗
Recent filings
4 filing
10-Q filing
Results of Operations and Financial Condition · Regulation FD Disclosure
Items 2.02, 7.01, 9.01
Submission of Matters to a Vote of Security Holders
Items 5.07
4 filing
Show 5 more recent filings
Financials
FY 2025 · USDSource
Source
Source
Source
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balance sheet · annual statements
| Line item | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q2 2024 | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 |
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| AssetsUSD | 1,130,440,000Source | — | 919,606,000Source | 1,159,411,000Source | — | 964,227,000Source | — | 1,009,955,000Source | 5,510,000Source |
| Property, Plant and Equipment, NetUSD | — | — | — | — | — | — | — | 674,000Source | 0Source |
| Current assets: | |||||||||
| Cash and Cash Equivalents, at Carrying ValueUSD | 12,890,000Source | 4,501,000Source | 16,062,000Source | 31,533,000Source | 4,987,000Source | 15,052,000Source | 3,410,000Source | 7,801,000Source | 4,286,000Source |
| Operating Lease, Right-of-Use AssetUSD | 2,085,000Source | — | 1,915,000Source | 1,584,000Source | — | 1,972,000Source | — | 2,029,000Source | 223,000Source |
| LIABILITIES AND EQUITY | |||||||||
| LiabilitiesUSD | 986,666,000Source | — | 805,646,000Source | 1,009,326,000Source | — | 842,790,000Source | — | 881,671,000Source | 904,000Source |
| Stockholders’ equity: | |||||||||
| Common Stock, Value, IssuedUSD | 100,000Source | — | 101,000Source | 99,000Source | — | 101,000Source | — | 100,000Source | 27,000Source |
| Additional Paid in CapitalUSD | 177,101,000Source | — | 180,153,000Source | 176,885,000Source | — | 178,982,000Source | — | 177,534,000Source | 10,107,000Source |
| Retained Earnings (Accumulated Deficit)USD | 18,952,000Source | — | -14,316,000Source | 24,005,000Source | — | -6,234,000Source | — | 1,197,000Source | -5,528,000Source |
| Accumulated Other Comprehensive Income (Loss), Net of TaxUSD | -916,000Source | — | -29,000Source | 559,000Source | — | 537,000Source | — | 916,000Source | 0Source |
| Stockholders' Equity Attributable to ParentUSD | 143,774,000Source | 4,484,000Source | 113,960,000Source | 150,085,000Source | 4,913,000Source | 121,437,000Source | 4,227,000Source | 128,284,000Source | 4,606,000Source |
| Liabilities and EquityUSD | 1,130,440,000Source | — | 919,606,000Source | 1,159,411,000Source | — | 964,227,000Source | — | 1,009,955,000Source | 5,510,000Source |
| Additional Financial Items | |||||||||
| Long-term DebtUSD | 174,084,000Source | — | 175,049,000Source | 173,783,000Source | — | 174,722,000Source | — | 174,402,000Source | 0Source |
| Short-term InvestmentsUSD | 0Source | 0Source | — | 0Source | 0Source | — | — | 0Source | 0Source |
cash flow · annual statements
| Line item | Q4 2025 | Q4 2024 | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
| Depreciation, Depletion and AmortizationUSD | — | — | — | — | — | — | — | — | 94,000Source | 0Source |
| Deferred Income Tax Expense (Benefit)USD | — | — | — | — | — | — | — | — | 220,000Source | 0Source |
| Net Cash Provided by (Used in) Operating ActivitiesUSD | — | — | — | — | — | — | -15,133,000Source | -876,000Source | -96,141,000Source | -1,267,000Source |
| Cash flows from investing activities: | ||||||||||
| Net Cash Provided by (Used in) Investing ActivitiesUSD | — | — | — | — | — | — | 52,998,000Source | 0Source | 146,945,000Source | 0Source |
| Payments for (Proceeds from) Other Investing ActivitiesUSD | — | — | — | — | — | — | 7,000Source | 0Source | 21,000Source | 0Source |
| Cash flows from financing activities: | ||||||||||
| Net Cash Provided by (Used in) Financing ActivitiesUSD | — | — | — | — | — | — | -486,000Source | 0Source | -40,000,000Source | 0Source |
| Payments of Ordinary Dividends, Common StockUSD | — | — | — | — | — | — | — | — | 40,000,000Source | 0Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate EffectUSD | — | — | — | — | — | — | 36,831,000Source | -876,000Source | 11,196,000Source | -1,267,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | — | — | 40,524,000Source | 4,501,000Source | 26,278,000Source | 46,250,000Source | 62,211,000Source | 3,410,000Source | 16,947,000Source | 4,286,000Source |
| Supplemental disclosure of cash flow information: | ||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating ActivitiesUSD | — | — | — | — | — | — | — | — | 11,338,000Source | 0Source |
| Income Taxes Paid, NetUSD | — | — | — | — | — | — | — | — | 48,000Source | 0Source |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | — | — | — | — | — | — | -548,000Source | 0Source | 392,000Source | 0Source |
| Additional Financial Items | ||||||||||
| Share-based Payment Arrangement, ExpenseUSD | — | — | — | — | — | — | — | — | 888,000Source | 60,000Source |
| Deferred Policy Acquisition Costs, Amortization ExpenseUSD | — | — | 1,718,000Source | 0Source | 983,000Source | 394,000Source | 1,473,000Source | 0Source | 3,131,000Source | 0Source |
| Depreciation, Amortization and Accretion, NetUSD | — | — | — | — | — | — | 9,000Source | 18,000Source | 281,000Source | 129,000Source |
| Equity Securities, FV-NI, Gain (Loss)USD | — | — | 159,000Source | — | 0Source | 46,000Source | — | — | 603,000Source | — |
| Equity Securities, FV-NI, Realized Gain (Loss)USD | — | — | 0Source | — | 0Source | 0Source | — | — | 0Source | — |
| Equity Securities, FV-NI, Unrealized Gain (Loss)USD | — | — | 159,000Source | — | 0Source | 46,000Source | — | — | 603,000Source | — |
| Gain (Loss) on InvestmentsUSD | — | — | 5,494,000Source | 0Source | -2,984,000Source | 1,058,000Source | 1,339,000Source | 0Source | 6,957,000Source | 0Source |
| General and Administrative ExpenseUSD | — | — | 10,783,000Source | 1,181,000Source | 10,493,000Source | 5,493,000Source | 11,743,000Source | 1,143,000Source | 29,062,000Source | 5,108,000Source |
| Income (Loss) from Continuing Operations, Net of Tax, Attributable to ParentUSD | — | — | -4,088,000Source | -429,000Source | -8,082,000Source | 69,927,000Source | -6,953,000Source | -394,000Source | 49,538,000Source | -1,291,000Source |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestUSD | — | — | -4,088,000Source | -429,000Source | — | 70,422,000Source | -6,953,000Source | -394,000Source | — | -1,291,000Source |
| Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestUSD | — | — | — | — | — | — | — | — | -2,813,000Source | 0Source |
| Income (Loss) from Discontinued Operations, Net of Tax, Attributable to ParentUSD | — | — | -965,000Source | 0Source | — | -495,000Source | -478,000Source | 0Source | -2,813,000Source | 0Source |
| Income (Loss) from Equity Method InvestmentsUSD | — | — | -24,000Source | 0Source | 10,000Source | 0Source | -1,000Source | 0Source | 24,000Source | 0Source |
| Income Tax Expense (Benefit)USD | — | — | 7,000Source | 0Source | -112,000Source | 3,000Source | 6,000Source | 92,000Source | 68,000Source | 30,000Source |
| Net Income (Loss) Attributable to ParentUSD | — | — | -5,053,000Source | -429,000Source | -8,082,000Source | 69,927,000Source | -7,431,000Source | -394,000Source | 46,725,000Source | -1,291,000Source |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | — | — | -5,053,000Source | -429,000Source | -8,082,000Source | 69,742,000Source | -7,431,000Source | -394,000Source | 46,301,000Source | -1,291,000Source |
| Operating ExpensesUSD | — | — | 4,353,000Source | 590,000Source | 3,671,000Source | 2,923,000Source | 4,225,000Source | 572,000Source | 14,107,000Source | 2,554,000Source |
| Operating Lease, ExpenseUSD | — | — | 156,000Source | 48,000Source | 155,000Source | 91,000Source | 111,000Source | 49,000Source | 397,000Source | 236,000Source |
| Share-based Payment Arrangement, Noncash Expense | — | — | — | — | — | — | —Source | —Source | — | — |
| Payments for Repurchase of Common Stock | — | — | — | — | — | — | —Source | —Source | — | — |
income statement · annual statements
| Line item | Q4 2025 | Q4 2024 | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total RevenueUSD | — | — | 17,445,000Source | 752,000Source | 6,686,000Source | 5,566,000Source | 10,193,000Source | 841,000Source | 34,049,000Source | 3,847,000Source |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling InterestUSD | — | — | — | — | — | 70,425,000Source | — | — | 49,606,000Source | -1,261,000Source |
| Income Tax Expense (Benefit)USD | — | — | 7,000Source | 0Source | -112,000Source | 3,000Source | 6,000Source | 92,000Source | 68,000Source | 30,000Source |
| Net Income (Loss) Attributable to ParentUSD | — | — | -5,053,000Source | -429,000Source | -8,082,000Source | 69,927,000Source | -7,431,000Source | -394,000Source | 46,725,000Source | -1,291,000Source |
| Earnings Per Share, BasicUSD per share | — | — | -0.65Source | -0.16Source | -1.03Source | 15.05Source | -0.96Source | -0.14Source | 8.08Source | -0.47Source |
| Earnings Per Share, DilutedUSD per share | — | — | -0.65Source | -0.16Source | -1.03Source | 15.05Source | -0.96Source | -0.14Source | 8.08Source | -0.47Source |
| Weighted Average Number of Shares Outstanding, Basicshares | — | — | 7,741,943Source | 2,749,996Source | 7,824,030Source | 4,635,406Source | 7,752,415Source | 2,749,996Source | 5,731,380Source | 2,749,996Source |
| Weighted Average Number of Shares Outstanding, Dilutedshares | — | — | 7,741,943Source | 2,749,996Source | 7,824,030Source | 4,635,406Source | 7,752,415Source | 2,749,996Source | 5,731,380Source | 2,749,996Source |
| Additional Financial Items | ||||||||||
| Current Income Tax Expense (Benefit)USD | — | — | — | — | — | — | — | — | -152,000Source | 30,000Source |
| Deferred Policy Acquisition Costs, Amortization ExpenseUSD | — | — | 1,718,000Source | 0Source | 983,000Source | 394,000Source | 1,473,000Source | 0Source | 3,131,000Source | 0Source |
| Equity Securities, FV-NI, Realized Gain (Loss)USD | — | — | 0Source | — | 0Source | 0Source | — | — | 0Source | — |
| Gain (Loss) on InvestmentsUSD | — | — | 5,494,000Source | 0Source | -2,984,000Source | 1,058,000Source | 1,339,000Source | 0Source | 6,957,000Source | 0Source |
| General and Administrative ExpenseUSD | — | — | 10,783,000Source | 1,181,000Source | 10,493,000Source | 5,493,000Source | 11,743,000Source | 1,143,000Source | 29,062,000Source | 5,108,000Source |
| Income (Loss) from Continuing Operations, Net of Tax, Attributable to ParentUSD | — | — | -4,088,000Source | -429,000Source | -8,082,000Source | 69,927,000Source | -6,953,000Source | -394,000Source | 49,538,000Source | -1,291,000Source |
| Income (Loss) from Continuing Operations before Income Taxes, DomesticUSD | — | — | — | — | — | — | — | — | 46,181,000Source | 0Source |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestUSD | — | — | -4,088,000Source | -429,000Source | — | 70,422,000Source | -6,953,000Source | -394,000Source | — | -1,291,000Source |
| Income (Loss) from Continuing Operations, Per Basic ShareUSD per share | — | — | -0.53Source | -0.16Source | — | 15.16Source | -0.9Source | -0.14Source | 8.57Source | -0.47Source |
| Income (Loss) from Continuing Operations, Per Diluted ShareUSD per share | — | — | -0.53Source | -0.16Source | — | 15.16Source | -0.9Source | -0.14Source | 8.57Source | -0.47Source |
| Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestUSD | — | — | — | — | — | — | — | — | -2,813,000Source | 0Source |
| Income (Loss) from Discontinued Operations, Net of Tax, Attributable to ParentUSD | — | — | -965,000Source | 0Source | — | -495,000Source | -478,000Source | 0Source | -2,813,000Source | 0Source |
| Income (Loss) from Equity Method InvestmentsUSD | — | — | -24,000Source | 0Source | 10,000Source | 0Source | -1,000Source | 0Source | 24,000Source | 0Source |
| Investment Income, NetUSD | — | — | 3,494,000Source | 52,000Source | 2,454,000Source | 1,542,000Source | 2,577,000Source | 34,000Source | 8,343,000Source | 213,000Source |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | — | — | -5,053,000Source | -429,000Source | -8,082,000Source | 69,742,000Source | -7,431,000Source | -394,000Source | 46,301,000Source | -1,291,000Source |
| Net Income (Loss) from Continuing Operations Available to Common Shareholders, BasicUSD | — | — | -4,088,000Source | -429,000Source | — | 70,236,000Source | -6,953,000Source | -394,000Source | 49,088,000Source | -1,291,000Source |
| Operating ExpensesUSD | — | — | 4,353,000Source | 590,000Source | 3,671,000Source | 2,923,000Source | 4,225,000Source | 572,000Source | 14,107,000Source | 2,554,000Source |
| Operating Lease, ExpenseUSD | — | — | 156,000Source | 48,000Source | 155,000Source | 91,000Source | 111,000Source | 49,000Source | 397,000Source | 236,000Source |
| Other General and Administrative ExpenseUSD | — | — | 6,430,000Source | 591,000Source | 6,822,000Source | 2,570,000Source | 7,518,000Source | 571,000Source | 14,955,000Source | 2,554,000Source |
| Undistributed Earnings (Loss) Allocated to Participating Securities, BasicUSD | — | — | 0Source | 0Source | 0Source | 185,000Source | 0Source | 0Source | 450,000Source | 0Source |
| Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | — | — | —Source | — | —Source | — | —Source | — | — | — |
Offerings
Registration 333-285664
Filing attachments
tm2522966d1_ex99-1.htm · 8-K/A · 2025-08-15
EX-99.1 3 tm2522966d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Kestrel Group, LLC Unaudited Condensed Consolidated Financial Statements March 31, 2025 and 2024 Contents Independent Auditor’s Report 1 Unaudited Condensed Consolidated Financial Statements Unaudited Condensed Consolidated Balance Sheets 3 Unaudited Condensed Consolidated Statement of Operations 4 Unaudited Condensed…
Read attachment ↗tm2522966d1_ex99-2.htm · 8-K/A · 2025-08-15
EX-99.2 4 tm2522966d1_ex99-2.htm EXHIBIT 99.2 Exhibit 99.2 UNAUDITED PRO FORMA CONDENSED CONSOLIDATED COMBINED FINANCIAL STATEMENTS The following unaudited pro forma condensed consolidated combined financial statements are provided to aid you in your analysis of the financial aspects of the transaction. The unaudited pro forma condensed consolidated combined financial statements are based on the Maiden historical consolidated financial statements and the restated Kestrel historical consoli…
Read attachment ↗tm2432191d7_ex99-1.htm · S-4 · 2025-03-10
EX-99.1 11 tm2432191d7_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 CONSENT OF INSURANCE ADVISORY PARTNERS We hereby consent to the inclusion of our fairness opinion as Annex C to the proxy statement/prospectus and for the Registration Statement on Form S-4 relating to the business combination between Maiden Holdings, Ltd. and Kestrel Group, LLC and to the references to such opinion and our firm’s name in such proxy statement/prospectus and Registration Statement. In giving such consent, we do not…
Read attachment ↗tm2432191d7_ex99-2.htm · S-4 · 2025-03-10
EX-99.2 12 tm2432191d7_ex99-2.htm EXHIBIT 99.2 Exhibit 99.2 Consent to be Named as a Director Nominee In connection with the filing by Ranger Bermuda Topco Ltd of the Registration Statement on Form S-4 (as it may be amended from time to time, the “Registration Statement”) with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of di…
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