Kestrel Group Ltd
Kestrel Group Ltd (NASDAQ: KG) operates as a specialty program group providing fronting services and insurance carrier capacity to program managers, managing general agencies, reinsurers, and reinsurance brokers. The company was formed through the combination of Kestrel Group LLC and Maiden Holdings, Ltd., which… From the company’s description.
Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.
What Kestrel Group Ltd does
In the company’s own words
Kestrel Group Ltd (NASDAQ: KG) operates as a specialty program group providing fronting services and insurance carrier capacity to program managers, managing general agencies, reinsurers, and reinsurance brokers. The company was formed through the combination of Kestrel Group LLC and Maiden Holdings, Ltd., which closed on May 27, 2025, creating a capital-light, fee-based insurance platform.
The company operates through two reportable segments. The Program Services segment generates fee revenue by leveraging access to AmTrust Financial Services' four insurance carriers, all rated A- (Excellent) by A.M. Best with a Financial Size Category of XV. These carriers—Sierra Specialty Insurance Company, Rochdale Insurance Company, Park National Insurance Company, and Republic Fire and Casualty Insurance Company—enable Kestrel to offer both admitted and surplus lines across all U.S. states. In 2025, Program Services generated $6.1 million in fee revenue on $188.3 million in premium produced, representing the company's strategic growth focus. The Legacy Reinsurance segment comprises run-off reinsurance business previously underwritten by Maiden, including AmTrust Quota Share reinsurance and Diversified Reinsurance Legacy business, which generated $12.7 million in net premiums earned during 2025.
Kestrel's business model relies on program managers and capacity providers to handle policy administration, claims handling, underwriting, and other traditional insurance services, allowing the company to generate significant premium volume with minimal incremental expense. The company charges fees averaging five percent of gross written premium, currently shared with AmTrust. Kestrel operates with approximately 44 full-time and part-time employees across Bermuda, the United States, the United Kingdom, Germany, and Sweden.
The company holds $218.6 million in alternative investments inherited from Maiden, including equity securities and equity method investments across various asset classes. Kestrel retains the option to acquire the AmTrust Insurance Companies within three years of the combination closing. The strategic focus centers on growing fee income from Program Services while managing the run-off of legacy Maiden portfolios and pursuing opportunities to dispose of alternative investments to increase liquidity and support core business initiatives.
Company details
- Sector
- Financials
- Industry
- Property & Casualty Insurance
- Headquarters
- PEMBROKE
- Fiscal year end
- December
- CIK
- 2055116
- SIC
- 6331
Financial performance, year by year
Fiscal 2025–2025 · USDThe full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.
Who owns Kestrel Group Ltd — and what changed
Funds as of 2026Q2 · superinvestors as of 2026-06-30
Largest fund holders · Kestrel Group Ltd’s weight in each
Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.
Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.
Could not be determined for this company: bond issues.
Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.
Recent filings
All filings →Each filing opens into its own statements and disclosures here.
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