PR Newswire·Mar 13, 2026, 8:00 AM ET

Kestrel Group Reports Fourth Quarter and Full Year 2025 Financial Results

Kestrel Group Ltd reported financial results for the fourth quarter and full year ended December 31, 2025, following its merger with Maiden Holdings in May 2025.
Program Services net fee income reached $1.9 million in Q4 2025, a 94.5% increase over Q3 2025, while premium produced by clients totaled $93.8 million, up 79.2% sequentially.
Total revenues for Q4 2025 were $10.2 million, with net premiums earned at $3.4 million.
The Company reported a net loss of $17.8 million for Q4 2025, driven by a $5.3 million downward adjustment to the bargain purchase gain from the Maiden combination, $2.0 million in legal fees related to arbitration, and $0.8 million in restructuring costs.
Net income for the full year 2025 was $46.7 million, or $8.08 per diluted share, despite the Q4 loss.
Book value per common share as of December 31, 2025, was $16.57, compared to $1.67 in the prior year.
The Program Services segment generated $3.1 million in fee revenue for Q4 2025, a 91.5% sequential increase, with full-year fee revenue rising 67.2% to $6.1 million.
The Legacy Reinsurance segment reported an underwriting loss of $7.6 million in Q4 2025, including $3.2 million in losses from the AmTrust business and $4.3 million from the Diversified business.
Investment activities contributed $3.7 million in combined income for Q4 2025, consisting of $3.3 million in net investment income and $0.4 million in investment gains.
Total assets stood at $1.0 billion with shareholders' equity at $128.3 million as of December 31, 2025.
The Company holds $473.1 million in net operating loss carryforwards, with approximately $84.4 million having no expiry date under U.S. tax law.
CEO Luke Ledbetter highlighted progress in the Program Services segment and a commitment to developing a fee-revenue model while managing the ongoing integration of the Maiden legacy business.