Kestrel Group Ltd
maiden.bmWhat Do They Do?
Arranges property and casualty insurance coverage through licensed carriers for program managers, managing general agencies and insurers. It also manages a portfolio of past reinsurance business as claims are settled.
10-K for FY2025, filed Mar 13, 2026Kestrel Group specializes in providing fronting services and offering issuing carrier capacity to insurance program managers, managing…View ↗
In our Program Services segment, we leverage access to AmTrust’s “A-” (Excellent) A.M. Best rating, expansive licenses, and reputation to…View ↗
Our management contracts with AmTrust enable Kestrel LLC to offer both admitted and surplus lines in all U.S. states. Kestrel LLC generally…View ↗
Our Legacy Reinsurance segment consists of primarily reinsurance business previously produced by Maiden, which had been segregated into two…View ↗
Diversified Reinsurance Legacy business comprises a run-off portfolio of predominantly property and casualty reinsurance business focusing…View ↗
How Do They Make Money?
Program managers and managing general agencies pay fees for access to the carrier network and help arranging coverage. Fees are generally based on premiums and tied to policies being bound; some agreements also set minimum annual fees.
10-K for FY2025, filed Mar 13, 2026Capacity distribution fees are collected from program managers or MGAs for providing support services and granting contractual access to…View ↗
As compensation for facilitating this business, we receive fees generally from the MGAs or other capacity providers. We charge fees…View ↗
Capacity distribution fees are collected from program managers or MGAs for the placement of an effective insurance policy on behalf of the…View ↗
Except for contractual arrangements with minimum annual fees, the effective date of bound insurance coverage is considered the point in…View ↗
$34M
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10-K for FY2025, filed Mar 13, 2026
$34M ↗
Who Are Their Customers?
Insurance program managers, managing general agencies, and insurers use Kestrel's carrier access. It finds arrangements directly with agencies and insurers, and through reinsurance brokers.
10-K for FY2025, filed Mar 13, 2026Kestrel Group specializes in providing fronting services and offering issuing carrier capacity to insurance program managers, managing…View ↗
In our Program Services segment, we leverage access to AmTrust’s “A-” (Excellent) A.M. Best rating, expansive licenses, and reputation to…View ↗
We source our fronting arrangements from reinsurance brokers and directly with MGAs and their capacity providers. We have been able to…View ↗
10-K for FY2025, filed Mar 13, 2026
Do Revenues Turn Into Profits?
Yes. Its net income in FY2025 was larger than its revenue.
10-K for FY2025, filed Mar 13, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 7, 2026
−$8.1MView ↗
- ▼ Now a loss
- vs $69.9M in Q2 FY2025
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Apr 6, 2026
Kestrel replaced its independent auditor
The company dismissed Ernst & Young and engaged Grant Thornton as its independent accounting firm for the next fiscal year.
Sources
8-K, filed Apr 6, 2026
(a) On April 1, 2026, Kestrel Group Ltd (the “Company”), through action of the Audit Committee of the Board of Directors of the Company…View ↗
Who Do They Compete With?
Competes with State National, Transverse, Obsidian, Palomar, Trisura, and Clear Blue Insurance Group
10-K for FY2025, filed Mar 13, 2026As the MGA sector continues to expand, the number of competitors fronting and program services business likewise continues to expand. We…View ↗
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