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FY2025
12 months to Dec 31, 2025
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|---|---|
| Cash flows from operating activities: | |
| Net income (loss) | |
| Add: Net loss from discontinued operations | |
| Adjustments to reconcile net income to net cash flows from operating activities: | |
| Other non-cash expenses (credit losses, depreciation, amortization, share-based compensation, leases) | |
| Interest in income of equity method investments | |
| Net realized and unrealized investment gains | |
| Gain on bargain purchase option | |
| Foreign exchange and other losses | |
| Changes in assets – (increase) decrease: | |
| Reinsurance balances receivable, net | |
| Reinsurance recoverable on unpaid losses | |
| Accrued investment income | |
| Funds withheld receivable | |
| Other assets | |
| Changes in liabilities – increase (decrease): | |
| Reserve for loss and loss adjustment expenses | |
| Unearned premiums | |
| Accrued expenses and other liabilities | |
| Net cash used in continuing operations | |
| Net cash used in discontinued operations | |
| Net cash used in operating activities | |
| Cash flows from investing activities: | |
| Purchases of fixed maturities | |
| Purchases of other investments | |
| Purchases of equity method investments | |
| Proceeds from sales of fixed maturities | |
| Proceeds from maturities, paydowns and calls of fixed maturities | |
| Proceeds from sale and redemption of other investments | |
| Cash acquired from purchase of business | |
| Net loan receivable from related party | |
| Others, net | |
| Net cash provided by investing activities | |
| Cash flows from financing activities: | |
| Dividends paid – Kestrel equityholders | |
| Net cash used in financing activities | |
| Effect of exchange rate changes on foreign currency cash | |
| Net increase (decrease) in cash, restricted cash and cash equivalents | |
| Cash, cash equivalents and restricted cash - beginning of year | |
| Cash, cash equivalents and restricted cash, end of year | |
| Less: change in cash and cash equivalents held for sale | |
| Cash and restricted cash and equivalents, end of year, excluding held-for-sale | |
| Supplemental cash flow information: | |
| Cash paid for interest, net of amounts capitalized | |
| Cash paid for income taxes | |
| Reconciliation of cash and restricted cash reported within Consolidated Balance Sheets: | |
| Cash and cash equivalents, end of year | |
| Restricted cash and cash equivalents, end of year |
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