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    Kestrel Group Ltd

    Company overview

    Market capitalization
    $40.14M
    Employees
    44
    Latest publication
    2026-09-29
    About Kestrel Group Ltd

    Kestrel Group Ltd engages in provision of fronting services to insurance program managers, managing general agencies, reinsurers, and reinsurance brokers in Bermuda. The company operates through two segments: Program Services and Legacy Reinsurance. The company is based in Hamilton, Bermuda.

    Company website

    Financial statements

    Income Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USD
    Total Revenue6,686,000USD10,193,000USD10,208,000USD20,299,000USD546,000USD14,049,000USD-7,432,000USD752,000USD
    General And Administrative Expenses10,493,000USD———————
    Total Operating Expenses10,493,000USD14,885,000USD22,097,000USD12,232,000USD-64,312,000USD30,305,000USD1,127,825USD1,181,000USD
    Income Before Tax-8,204,000USD-6,947,000USD-16,436,000USD-4,081,000USD70,425,000USD-8,633,000USD-157,412,000USD-429,000USD
    Income Tax Expense-112,000USD6,000USD-34,000USD7,000USD3,000USD12,000USD577,000USD25,000USD
    Equity Method Income Loss10,000USD———————
    Net Income-8,082,000USD-7,431,000USD-17,755,000USD-5,053,000USD69,927,000USD-8,645,000USD-157,989,000USD-429,000USD
    Cost Of Revenue—2,255,000USD4,547,000USD12,124,000USD-5,567,000USD-7,623,000USD——
    Gross Profit—7,938,000USD5,661,000USD8,175,000USD6,113,000USD21,672,000USD-7,432,000USD752,000USD
    Selling General Administrative—11,743,000USD12,056,000USD10,783,000USD5,080,000USD1,143,000USD2,667,700USD1,181,000USD
    Unclassified Operating Expenses—3,142,000USD10,041,000USD1,449,000USD-69,392,000USD29,162,000USD-1,539,875USD—
    Operating Income—-6,947,000USD-16,436,000USD-4,057,000USD70,425,000USD-8,633,000USD-162,337,000USD-429,000USD
    Interest Income—1,137,000USD—1,604,000USD659,000USD0USD212,550USD0USD
    Interest Expense—3,896,000USD4,218,000USD4,128,000USD1,519,000USD4,818,000USD4,818,000USD4,817,000USD
    Net Interest Income—-3,896,000USD-4,218,000USD-4,128,000USD-1,519,000USD0USD212,550USD0USD
    Tax Provision—6,000USD-34,000USD7,000USD3,000USD92,000USD30,039USD0USD
    Net Income From Continuing Ops—-6,953,000USD-16,402,000USD-4,088,000USD70,422,000USD-394,000USD1,677,273USD-429,000USD
    Ebit—-3,051,000USD-12,218,000USD—71,944,000USD-3,815,000USD-162,337,000USD-24,462,000USD
    Ebitda—-3,042,000USD-12,440,000USD71,000USD71,944,000USD-9,880,000USD-151,474,000USD-429,000USD
    Depreciation And Amortization—9,000USD-222,000USD——-6,065,000USD——
    Total Other Income Expense Net———-24,000USD76,305,000USD-14,974,000USD4,925,000USD-9,981,000USD
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Income Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USDFY 20202020-12-31 · USDFY 20092009-12-31 · USDFY 20082008-12-31 · USD
    Total Revenue34,049,000USD5,249,587USD1,330,022USD58,132,000USD98,721,000USD186,591,000USD1,776,500,000USD1,565,061,000USD
    Cost Of Revenue8,992,000USD3,401,784USD3,525,272USD———580,826,000USD385,936,000USD
    Gross Profit25,057,000USD1,847,803USD-2,195,250USD58,132,000USD98,721,000USD186,591,000USD1,195,674,000USD1,179,125,000USD
    Selling General Administrative29,062,000USD1,312,300USD1,974,908USD———640,479,000USD595,640,000USD
    Unclassified Operating Expenses-53,611,000USD———————
    Total Operating Expenses-24,549,000USD1,706,041USD2,249,966USD—————
    Operating Income49,606,000USD141,762USD-4,445,216USD-49,317,000USD30,554,000USD66,878,000USD341,662,000USD435,369,000USD
    Interest Expense9,865,000USD0USD—19,331,000USD19,327,000USD19,324,000USD0USD0USD
    Net Interest Income-9,865,000USD212,550USD229,805USD—————
    Income Before Tax49,606,000USD354,312USD-4,215,411USD-60,598,000USD26,660,000USD41,658,000USD150,589,000USD—
    Income Tax Expense68,000USD30,039USD—-557,000USD15,000USD-104,000USD58,636,000USD131,359,000USD
    Tax Provision68,000USD30,039USD0USD—————
    Net Income46,725,000USD324,273USD-4,215,411USD-60,355,000USD25,624,000USD41,762,000USD91,953,000USD—
    Net Income From Continuing Ops49,538,000USD324,273USD-4,215,411USD—————
    Ebit59,471,000USD141,762USD-4,445,216USD-49,317,000USD30,554,000USD66,878,000USD341,662,000USD435,369,000USD
    Ebitda59,565,000USD141,762USD-4,445,216USD-41,062,000USD38,239,000USD55,884,000USD——
    Depreciation And Amortization94,000USD———————
    Interest Income—212,550USD229,805USD—————
    Total Other Income Expense Net—212,550USD229,805USD-11,281,000USD-3,894,000USD-25,220,000USD——
    Research Development——————98,652,000USD743,673,000USD
    Net Income Applicable To Common Shares——————91,953,000USD—
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USD
    Total Assets919,606,000USD527,846,000USD548,758,000USD1,130,440,000USD1,159,411,000USD685,234,000USD744,675,000USD819,153,000USD
    Cash And Equivalents16,062,000USD———————
    Total Liabilities805,646,000USD———————
    Total Stockholder Equity113,960,000USD121,437,000USD128,283,999USD143,774,000USD150,085,000USD37,573,000USD45,193,000USD208,182,000USD
    Total Equity Including Noncontrolling Interest113,960,000USD———————
    Common Stock101,000USD101,000USD100,000USD100,000USD99,000USD1,513,000USD1,503,000USD1,503,000USD
    Retained Earnings-14,316,000USD-6,234,000USD1,197,000USD18,952,000USD24,005,000USD-696,559,000USD-687,914,000USD-529,924,999USD
    Accumulated Other Comprehensive Income-29,000USD536,999USD916,000USD-916,000USD559,000USD-31,930,000USD-32,733,000USD-27,788,000USD
    Intangible Assets—8,509,000USD9,347,000USD10,370,000USD11,438,000USD———
    Total Liab—406,409,000USD420,474,000USD986,666,000USD1,009,326,000USD647,661,000USD699,482,000USD610,971,000USD
    Other Current Liab—-17,164,000USD-17,769,000USD677,667,000USD723,432,000USD-26,404,000USD84,772USD-108,000USD
    Capital Stock—101,000USD100,000USD100,000USD99,000USD—27,000USD—
    Cash—62,211,000USD16,947,000USD12,890,000USD18,951,000USD44,268,000USD4,286,280USD127,788,000USD
    Cash And Short Term Investments—62,211,000USD16,947,000USD181,733,000USD204,201,000USD44,268,000USD4,286,280USD127,788,000USD
    Total Current Assets—62,508,000USD17,671,000USD728,880,000USD766,856,000USD53,371,000USD4,473,380USD127,788,000USD
    Current Deferred Revenue—16,891,000USD17,406,000USD19,615,000USD22,597,000USD26,196,000USD——
    Net Debt—114,511,000USD159,509,000USD161,194,000USD154,832,000USD214,082,000USD250,991,838USD128,942,000USD
    Short Term Debt—273,000USD363,000USD91,000USD180,000USD208,000USD352,488USD108,000USD
    Short Long Term Debt Total—176,722,000USD176,456,000USD174,084,000USD173,783,000USD258,350,000USD255,278,118USD256,730,000USD
    Long Term Debt—174,722,000USD174,402,000USD174,084,000USD173,783,000USD———
    Long Term Investments—329,819,000USD308,736,000USD242,526,000USD250,165,000USD—0USD—
    Short Term Investments—80,654,000USD143,018,000USD168,843,000USD185,250,000USD—0USD—
    Net Receivables—297,000USD724,000USD514,437,000USD547,938,000USD9,103,000USD153,944USD—
    Common Stock Shares Outstanding—7,752,415shares7,741,943shares7,741,943shares4,635,406shares4,956,032shares4,963,901shares4,986,223shares
    Non Current Assets Total—465,338,000USD531,087,000USD401,560,000USD392,555,000USD631,863,000USD223,461USD—
    Non Current Liabilities Total—406,409,000USD420,474,000USD289,384,000USD263,297,000USD647,661,000USD168,630USD—
    Non Currrent Assets Other—38,886,000USD53,052,000USD145,716,000USD154,097,000USD47,036,000USD——
    Unclassified Current Assets—-80,654,000USD-143,018,000USD—————
    Unclassified Non Current Assets—88,124,000USD159,952,000USD-1,127,492,000USD-1,182,556,000USD584,827,000USD-744,675,000USD—
    Unclassified Non Current Liabilities—231,687,000USD246,072,000USD115,300,000USD89,514,000USD647,661,000USD——
    Unclassified Equity—126,932,001USD125,970,999USD125,538,000USD125,323,000USD764,549,000USD764,310,000USD764,391,999USD
    Other Current Assets———32,710,000USD14,717,000USD—33,156USD—
    Other Assets———1,130,440,000USD1,159,411,000USD—744,675,000USD819,153,000USD
    Total Current Liabilities———697,282,000USD746,029,000USD—735,911USD—
    Accounts Payable——————298,651USD—
    Property Plant Equipment Net——————223,461USD—
    Property Plant Equipment Gross——————223,461USD—
    Net Working Capital——————3,737,469USD—
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USDFY 20202020-12-31 · USDFY 20092009-12-31 · USDFY 20082008-12-31 · USD
    Total Assets548,758,000USD4,696,841USD954,603,000USD1,846,866,000USD2,322,610,000USD2,948,455,000USD3,328,590,000USD4,257,696,000USD
    Intangible Assets9,347,000USD—————1,261,752,000USD1,384,767,000USD
    Total Liab420,474,000USD699,482,000USD705,443,000USD1,562,287,000USD1,938,353,000USD2,420,639,000USD959,283,000USD2,080,365,000USD
    Total Stockholder Equity128,283,999USD-694,785,159USD249,160,000USD284,579,000USD384,257,000USD527,816,000USD2,369,307,000USD2,177,331,000USD
    Other Current Liab-17,769,000USD84,772USD236,277USD1,191,926,000USD1,533,915,000USD1,946,301,000USD320,992,000USD411,488,000USD
    Common Stock100,000USD1,503,000USD1,497,000USD1,492,000USD923,000USD898,000USD1,421,489,000USD1,313,321,000USD
    Capital Stock100,000USD27,000USD——————
    Retained Earnings1,197,000USD-687,914,000USD-486,945,000USD-442,863,000USD-498,295,000USD-615,837,000USD947,818,000USD864,010,000USD
    Cash16,947,000USD4,286,280USD5,553,121USD46,624,000USD66,087,000USD135,826,000USD545,312,000USD940,212,000USD
    Cash And Short Term Investments16,947,000USD4,286,280USD5,553,121USD46,624,000USD66,087,000USD135,826,000USD——
    Total Current Assets17,671,000USD4,473,380USD5,590,427USD1,131,552,000USD1,356,288,000USD1,501,880,000USD——
    Current Deferred Revenue17,406,000USD———————
    Net Debt159,509,000USD250,991,838USD-5,239,119USD208,948,000USD189,260,000USD119,300,000USD——
    Short Term Debt363,000USD352,488USD270,884USD—————
    Short Long Term Debt Total176,456,000USD255,278,118USD314,000USD255,572,000USD255,347,000USD255,126,000USD——
    Long Term Debt174,402,000USD—————339,016,000USD963,222,000USD
    Long Term Investments308,736,000USD0USD——————
    Short Term Investments143,018,000USD0USD————31,358,000USD6,952,000USD
    Net Receivables724,000USD153,944USD0USD—————
    Accumulated Other Comprehensive Income916,000USD-32,733,000USD-6,665,824USD-41,233,999USD-12,215,000USD23,857,000USD——
    Common Stock Shares Outstanding5,731,380shares4,995,134shares7,701,963shares4,355,698shares4,303,633shares4,216,682shares——
    Non Current Assets Total531,087,000USD223,461USD292,332USD—————
    Non Current Liabilities Total420,474,000USD168,630USD244,118USD—————
    Non Currrent Assets Other53,052,000USD———————
    Unclassified Current Assets-143,018,000USD——19,463,000USD-66,087,000USD-135,826,000USD——
    Unclassified Non Current Assets159,952,000USD-744,675,000USD-954,603,000USD—————
    Unclassified Non Current Liabilities246,072,000USD———————
    Unclassified Equity125,970,999USD24,331,841USD741,273,824USD767,183,999USD893,844,000USD1,118,898,000USD——
    Other Current Assets—33,156USD37,306USD1,065,465,000USD1,356,288,000USD1,501,880,000USD144,535,000USD218,727,000USD
    Other Assets—744,675,000USD954,603,000USD715,314,000USD966,322,000USD1,446,575,000USD326,548,000USD428,496,000USD
    Total Current Liabilities—735,911USD2,230,315USD1,191,926,000USD1,533,915,000USD1,946,301,000USD496,896,000USD1,007,121,000USD
    Accounts Payable—298,651USD1,723,154USD———86,692,000USD140,908,000USD
    Property Plant Equipment Net—223,461USD292,332USD———391,839,000USD421,321,000USD
    Property Plant Equipment Gross—223,461USD292,332USD—————
    Net Working Capital—3,737,469USD3,360,112USD—————
    Non Current Liabilities Other——-1USD—————
    Other Liab——————123,371,000USD110,022,000USD
    Good Will——————467,613,000USD450,548,000USD
    Inventory——————182,291,000USD258,303,000USD
    Unclassified Current Liabilities——————89,212,000USD454,725,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USD
    Net Income-7,431,000USD-17,755,000USD-4,088,000USD78,178,000USD-8,645,000USD-157,989,000USD-34,468,000USD-9,971,000USD
    Depreciation9,000USD-222,000USD——-6,065,000USD———
    Stock Based Compensation1,449,000USD———15,000USD———
    Other Non Cash Items-2,320,000USD3,288,000USD-5,724,000USD-65,301,000USD4,739,000USD-13,026,000USD8,572,000USD-2,683,000USD
    Change To Account Receivables3,020,000USD3,813,000USD9,591,000USD93,000USD0USD-153,944USD0USD—
    Change In Working Capital-5,391,000USD-52,985,000USD6,492,000USD-12,489,000USD-11,155,000USD122,722,000USD22,072,000USD-10,727,000USD
    Total Cash From Operating Activities-15,133,000USD-67,674,000USD-3,320,000USD388,000USD-21,126,000USD-48,293,000USD-3,824,000USD-23,381,000USD
    Capital Expenditures0USD0USD0USD0USD0USD0USD0USD0USD
    Free Cash Flow-15,133,000USD-67,674,000USD-3,320,000USD388,000USD-21,126,000USD-48,293,000USD-3,824,000USD-23,381,000USD
    Investments44,002,000USD27,324,000USD16,079,000USD8,854,000USD0USD—0USD—
    Total Cashflows From Investing Activities52,998,000USD42,533,000USD16,079,000USD58,856,000USD29,477,000USD-29,334,000USD94,424,000USD32,386,000USD
    Total Cash From Financing Activities-486,000USD0USD0USD-40,000,000USD0USD-602,000USD-641,000USD-1,819,000USD
    Sale Purchase Of Stock-486,000USD———0USD-602,000USD-641,000USD-1,819,000USD
    Change In Cash45,264,000USD-23,577,000USD6,856,000USD18,723,000USD9,533,000USD-93,053,000USD90,466,000USD7,152,000USD
    Begin Period Cash Flow16,947,000USD40,524,000USD33,668,000USD44,268,000USD34,735,000USD127,788,000USD37,322,000USD30,170,000USD
    End Period Cash Flow62,211,000USD16,947,000USD40,524,000USD62,991,000USD44,268,000USD34,735,000USD127,788,000USD37,322,000USD
    Other Cashflows From Investing Activities9,470,000USD15,680,000USD6,733,000USD-29,478,000USD-21,000USD39,000USD51,000USD-296,000USD
    Unclassified Operating Cash Flow-1,449,000USD———————
    Dividends Paid—0USD0USD-40,000,000USD——0USD—
    Unclassified Investing Cash Flow——-6,733,000USD79,480,000USD29,498,000USD-29,373,000USD94,373,000USD32,682,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USDFY 20202020-12-31 · USDFY 20092009-12-31 · USDFY 20082008-12-31 · USD
    Net Income46,725,000USD-200,969,000USD-4,215,411USD-60,355,000USD25,624,000USD41,762,000USD91,953,000USD—
    Depreciation94,000USD———————
    Other Non Cash Items-73,513,000USD-19,867,000USD66,405USD-2,708,000USD-18,836,000USD-9,888,000USD——
    Change To Account Receivables9,911,000USD-153,944USD0USD———34,279,000USD37,956,000USD
    Change In Working Capital-69,447,000USD153,387,000USD1,603,976USD-132,865,000USD-401,218,000USD-573,649,000USD69,142,000USD60,741,000USD
    Total Cash From Operating Activities-96,141,000USD-67,449,000USD-2,485,329USD-195,928,000USD-394,430,000USD-541,775,000USD430,729,000USD491,391,000USD
    Capital Expenditures0USD0USD0USD0USD0USD0USD-38,778,000USD-57,455,000USD
    Free Cash Flow-96,141,000USD-67,449,000USD-2,485,329USD-195,928,000USD-394,430,000USD-541,775,000USD——
    Investments45,801,000USD0USD——————
    Total Cashflows From Investing Activities146,945,000USD77,740,000USD—188,790,000USD464,064,000USD596,044,000USD94,219,000USD—
    Total Cash From Financing Activities-40,000,000USD-3,735,000USD—-10,983,000USD-138,903,000USD-30,130,000USD—584,922,000USD
    Dividends Paid-40,000,000USD0USD——————
    Change In Cash-17,788,000USD-7,943,000USD-2,485,329USD-19,463,000USD-69,739,000USD28,548,000USD——
    Begin Period Cash Flow34,735,000USD42,678,000USD8,038,450USD66,087,000USD135,826,000USD107,278,000USD——
    End Period Cash Flow16,947,000USD34,735,000USD5,553,121USD46,624,000USD66,087,000USD135,826,000USD8,038,450USD—
    Other Cashflows From Investing Activities22,412,000USD-328,000USD—-88,000USD396,000USD-608,000USD74,163,000USD—
    Unclassified Investing Cash Flow78,732,000USD78,068,000USD—188,878,000USD463,668,000USD596,652,000USD58,834,000USD—
    Stock Based Compensation—59,701USD59,701USD—————
    Sale Purchase Of Stock—-3,735,000USD—-10,993,000USD-138,737,000USD-30,130,000USD——
    Other Cashflows From Financing Activities————-166,000USD———
    Change To Inventory——————34,863,000USD22,785,000USD
    Unclassified Operating Cash Flow——————269,634,000USD430,650,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Operating metrics

    No operating metrics are currently published for this company.

    Revenue breakdown

    No revenue breakdown is currently published for this company.

    Periods follow company fiscal calendars. Quarterly, annual and year-to-date amounts are shown separately. Missing values are not zero. Data may be delayed, incomplete or corrected; follow the disclosure links to verify figures.