Kestrel Group Ltd 2025年季度报告

FORM10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedJune30, 2025 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No.001-42668 Kestrel Group Ltd (Exact name of registrant as specified in its charter) 98-1833921(IRS EmployerIdentification No.) (441)298-4900(Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Name of Each Exchange on Which Registered Common Shares, par value $0.01 per share NASDAQCapital Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data Filerequired to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrantwas required to submit and post such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growthcompany" in Rule 12b-2 of the Exchange Act. Accelerated filer☒Smaller reporting company☒Emerging growth company☐ Large accelerated filer☐Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act). Yes☐No☒ As of August12, 2025,7,741,943common shares were outstanding. 9,979,476 common shares, par value $0.01per share, were outstanding when theownership by our affiliate Maiden Reinsurance Ltd. of 2,237,533 common shares were included. These affiliated shares are treated as treasury shares andare not included in the computation of consolidated book value and earnings per common share. INDEX PagePART I - Financial InformationItem 1.Financial StatementsCondensed Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024 (audited)3Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30, 2025 and 2024(unaudited)4Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2025and 2024 (unaudited)5Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three and Six Months Ended June30, 2025 and 2024 (unaudited)6Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (unaudited)7Notes to Condensed Consolidated Financial Statements (unaudited)8Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations52Item 4.Controls and Procedures83PART II - Other InformationItem 1.Legal Proceedings84Item 1A.Risk Factors84Item 2.Unregistered Sales of Equity Securities and Use of Proceeds94Item 3.Defaults Upon Senior Securities94Item 4.Mine Safety Disclosures94Item 5.Other Information95Item 6.Exhibits#Signatures101 KESTREL GROUP LTDNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(in thousands of U.S. dollars, except share and per share data) 1.Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Kestrel Group Ltd ("ParentCompany" or "Kestrel Group") and its subsidiaries (the "Company" or "Kestrel"). They have been prepared in accordance with accountingprinciples generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Qand Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do notinclude all of the information and footnotes required by U.S. GAAP for complete financial statements. All significant intercompanytransactions and accounts have been eliminated. These interim unaudited Condensed Consolidated Financial Statements reflect all adjustments that are, in the opinion of management,necessary for a fair presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The resultsof operations for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. The preparationof financial statements in conf