Kestrel Group Reports Third Quarter 2026 Financial Results

AUSTIN, Texas, Nov. 6, 2026 /PRNewswire/ -- Kestrel Group Ltd (NASDAQ: KG) ("Kestrel" or the "Company") a leading specialty insurance platform that provides fronting services to program managers, reinsurers, and reinsurance brokers, today reported its financial results for the third quarter ended September 30, 2026.

Key Highlights – Third Quarter 2026 Financials

Commenting on the results, Kestrel's Chief Executive Officer, Luke Ledbetter, stated, "Our Program Services segment continues to demonstrate strong sequential growth, with fee income, fee revenue and premium produced up once again, both from the second quarter of 2026 and year-over-year. This marks improvement in each quarter of 2026, driven by solid execution and our expanding pipeline of opportunity, and we are encouraged by the positive momentum within this segment. As we focus on the areas of our business with the greatest potential return for shareholders, we remain committed to optimizing our cost structure. Toward that end, we are pursuing broad-based expense reduction initiatives which have made significant progress during the third quarter, and we are targeting approximately $5 million in run-rate expense savings over the next year."

Program Services Segment

The Program Services segment provides fronting services to general agents and insurance carriers to leverage Kestrel's trusted reputation to provide access to the U.S. property and casualty insurance market and insurance paper rated "A-" (Excellent) by A.M. Best and expansive licenses in exchange for fees. Kestrel issues the policy through exclusive use of four insurance carriers, and those carriers presently retain and reinsure the risk. The Company continues to actively pursue reinsurance mechanisms with its existing partners that would selectively deploy the Company's underwriting capacity that it believes could facilitate and accelerate both its fee and premium revenue growth.

Program Services' fee income for the third quarter of 2026 was $2.9 million, up 203% compared to the same quarter in 2025. Total fee revenues for the quarter were $4.1 million, up 151% from the third quarter of 2025, driven by growth in both existing and new client accounts. Premium produced (1) by client programs totaled $121.2 million for the quarter, up 132% year over year.

For the nine months ended September 30, 2026, Program Services' fee income was $6.9 million, compared to $1.0 million for the same period in 2025. Total fee revenues for the period were $10.9 million, compared to $3.0 million in 2025, reflecting higher premium produced by both new and existing client programs. Premium produced (1) for the nine months totaled $325.0 million, up 244% from the prior-year period.

Legacy Reinsurance Segment

The Legacy Reinsurance segment consists of the AmTrust Reinsurance and Diversified Reinsurance segments previously reported by Maiden Holdings, Ltd. ("Maiden") prior to the Combination with Kestrel. The AmTrust portion of this segment includes all business ceded to Maiden Reinsurance Ltd. by AmTrust. The Diversified portion of this segment consists of a run-off portfolio of predominantly third-party property and casualty reinsurance business focusing on regional and specialty property and casualty insurance companies located primarily in Europe, as well as business produced by Maiden LF and Maiden GF along with transactions entered into by Genesis Legacy Solutions.

During the third quarter of 2026, the Legacy Reinsurance segment reported an underwriting loss of $6.4 million, consisting of $0.1 million of underwriting income from the AmTrust business and a $6.5 million underwriting loss from the Diversified business.

The AmTrust business reported a current accident year underwriting loss of $1.4 million as the run-off of certain remaining multiple-year policies continues. This was offset by net favorable prior period development ("PPD") of $1.4 million, primarily experienced from movement not subject to the LPT/ADC Agreement including favorable movement in Workers' Compensation and Program exposure partially offset by adverse development in Specialty Risk lines of business in the AmTrust Quota Share. PPD was also affected by foreign currency movements on loss reserves denominated in non-USD currencies, which had an adverse impact of $1.3 million. Excluding foreign exchange, PPD for the AmTrust business was favorable by $2.7 million.

The Diversified business' results largely reflect the ongoing run-off of the Company's international operations. Its $6.5 million underwriting loss included $3.1 million of loss development on the German Auto quota share in the IIS unit, after the cedant triggered contractual inflation-related adjustments that increased the Company's exposure, and a $2.4 million settlement of a Genesis Legacy Solutions claim.

Investment Activities and Other Gains

The Company reported a net loss from investment activities of $1.3 million for the three months ended September 30, 2026, consisting of net investment income of $2.3 million, offset by net realized and unrealized investment losses of $3.6 million, which reflected fair value adjustments on certain of the Company's alternative and real estate assets.

The Company also recognized foreign exchange and other gains of $0.7 million for the quarter, primarily consisting of $0.5 million of net foreign exchange gains and a $0.1 million gain from the revaluation of a contingent receivable in the insurance distribution industry. The foreign exchange gains resulted from the appreciation of the U.S. dollar on the remeasurement of net loss reserves and insurance-related liabilities denominated in non-USD currencies.

General and Administrative Expenses

Total general and administrative expenses were $11.4 million for the third quarter of 2026, compared to $11.8 million for the third quarter of 2025. Segment G&A expenses fell to $3.4 million from $4.4 million. Corporate G&A expenses rose to $8.0 million from $7.4 million. The increase was driven mainly by higher share-based compensation of $1.6 million (versus $0.2 million) and by higher recurring compensation, legal and professional fees. Lower non-recurring expenses of $0.5 million (versus $2.3 million) partly offset these increases.

Segment G&A expenses for the quarter included $0.3 million in fair value adjustments recognized in connection with the Company's May 27, 2025 combination with Maiden. Non-recurring segment G&A expense includes costs for the GLS arbitration while non-recurring corporate G&A expenses include costs for the restructuring and severance (including $0.5 million of employee separation charges incurred in the quarter) and the Combination. These costs are excluded from the Company's non-GAAP operating loss. See "Non-GAAP Financial Measures."

The Company is carrying out broad-based initiatives to reduce its operating cost structure. It expects these actions to produce annualized run-rate savings of approximately $5 million, with the full run-rate expected within the next twelve months. Actions taken to date include:

The Company continues to evaluate and implement a range of additional measures and may incur additional employee separation and other non-recurring charges as these initiatives are completed.

Balance Sheet

Total assets were $879.6 million at September 30, 2026, and shareholders' equity was $97.8 million.

As of September 30, 2026, the Company has available net operating loss ("NOL") carryforwards of $477.8 million for income tax purposes. Approximately $390.2 million of NOL carryforwards expire in various years beginning in 2029. As of September 30, 2026, approximately $87.6 million or 18.3% of the Company's NOL carryforwards have no expiry date under the relevant U.S. tax law.

Investor Presentation

The Company has posted an investor presentation on its website in connection with this earnings release. The presentation, dated November 2026, can be found at https://kestrelgroup.gcs-web.com/events-and-presentations/presentations.

Non-GAAP Reconciliations

Please see "Non-GAAP Financial Measures" at the end of this earnings release for additional information on non-GAAP financial measures and reconciliations of these measures to their most directly comparable financial measures calculated and presented in accordance with GAAP.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company's current expectations and are subject to risks and uncertainties that may cause actual results to differ materially. Factors that could cause differences are discussed in the Company's SEC filings, including the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent quarterly reports on Form 10-Q.

Various statements contained in this press release are forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include projections, assumptions, and estimates concerning the business combination and integration of Maiden and Kestrel, our future results of operations and financial position, business strategy, and plans and objectives of management for future operations, the anticipated savings from our expense reduction initiative, the timing and success of specific projects and strategies for growth, and our future production, revenues, income, expenses, capital spending, and reserves. Our forward-looking statements are generally, but not always, accompanied by words such as "estimate," "believe," "expect," "will," "plan," "target," "could" or other words that convey the uncertainty of future events or outcomes.

There can be no assurance that actual developments will be those anticipated by us. Actual results may differ materially from those expressed or implied in these statements as a result of significant risks and uncertainties, including, but not limited to, our ability to recover from our capacity providers, the cost and availability of reinsurance coverage, challenges to our use of issuing carrier or fronting arrangements by regulators or changes in state or federal insurance or other statutes or regulations, our dependence on a limited number of business partners, our ability to compete effectively, a downgrade in the financial strength ratings of insurance carriers utilized for fronting arrangements, our ability to accurately underwrite and price our products and to maintain and establish accurate loss reserves, opportunities to expand our ability and capacity to write fee-based business, our ability to implement reinsurance mechanisms to selectively deploy underwriting capacity, our ability to manage our legacy business and ongoing run-off of our international operations, changes in interest or foreign exchange rates or other changes in the financial markets, availability and sources of liquidity, timing and amount of expenditures, measures to contain or reduce operating expenses, the effects of emerging claim and coverage issues, changes in the demand for our products, outcomes of ongoing litigation or other legal matters, our competitive position in the industry and markets in which we operate, the effect of general economic conditions, breaches in data security or other disruptions with our technology, changes in pricing or other competitive environments, and the development and success of strategies or other initiatives.

Forward-looking statements involve inherent risks and uncertainties that are difficult to predict, many of which are beyond our control. Additional information about these risks and uncertainties is contained in our filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date of this release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Kestrel Group

Kestrel Group Ltd specializes in providing fronting services to insurance program managers, managing general agents (MGAs), reinsurers, and reinsurance brokers. Kestrel Group facilitates insurance transactions utilizing its exclusive management contracts with four insurance carriers, all of which are rated A- "Excellent" by A.M. Best. These contracts enable Kestrel Group to offer both admitted and surplus lines in all U.S. states. Kestrel Group generally does not assume significant underwriting risk and produces lines of business such as casualty, workers' compensation, catastrophe-exposed property, and non-catastrophe-exposed property, with diverse risk durations, sizes, and product types. To learn more about Kestrel Group, please visit https://kestrelgroup.com.

Contact:

Kestrel Group Investor Relations

Ken Dennard / Zach Vaughan

KG@dennardlascar.com

KESTREL GROUP LTD

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars, except share and per share data)

September 30,

2026

December 31, 2025

(Unaudited)

(Audited)

ASSETS

Investments:

Fixed maturities: available-for-sale, at fair value (Amortized cost: 2026: $142,288; 2025: $168,991)

$ 141,114

$ 169,665

Equity securities: at fair value (Cost: 2026: $9,152; 2025: $11,145)

9,755

11,748

Equity method investments

33,922

33,532

Other investments

171,766

173,358

Total investments

356,557

388,303

Cash and cash equivalents

26,934

20,044

Restricted cash and cash equivalents

9,113

9,146

Accrued investment income

5,255

5,063

Reinsurance balances receivable, net

374

724

Reinsurance recoverable on unpaid losses

391,094

461,197

Net loan receivable from related party

64,054

86,883

Intangible assets

7,008

9,347

Funds withheld receivable

4,542

10,956

Other assets

14,715

18,292

Total assets

$ 879,646

$ 1,009,955

LIABILITIES

Reserve for loss and loss adjustment expenses

$ 524,685

$ 637,169

Unearned premiums

11,744

17,406

Accrued expenses and other liabilities

70,013

52,694

Senior notes - principal amount

262,361

Less: unamortized fair value adjustment

86,971

87,959

Senior notes, net

175,390

174,402

Total liabilities

781,832

881,671

Commitments and Contingencies

EQUITY

Common shares

110

100

Additional paid-in capital

181,695

177,534

Accumulated other comprehensive (loss) income

(1,327)

916

(Accumulated deficit) retained earnings

(30,671)

1,197

Treasury shares, at cost

(51,993)

(51,463)

Total Equity

97,814

128,284

Total Liabilities and Equity

$ 879,646

$ 1,009,955

Book value per common share (2)

$ 12.44

$ 16.57

Common shares outstanding

8,737,137

7,878,140

KESTREL GROUP LTD

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands of U.S. dollars, except share and per share data)

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

2026

2025

2026

2025

Revenues:

Gross premiums written

$ (1,171)

$ 3,760

$ 2,919

$ 4,856

Net premiums written

$ (1,146)

$ 3,895

$ 2,944

$ 4,990

Change in unearned premiums

3,093

2,941

5,634

4,268

Net premiums earned

1,947

6,836

8,578

9,258

Fee revenue

4,068

1,621

10,930

2,972

Net investment income

2,344

3,587

7,406

5,163

Net realized and unrealized investment (losses) gains

(3,596)

5,494

(5,241)

6,552

Total revenues

4,763

17,538

21,673

23,945

Expenses:

Net loss and loss adjustment expenses

5,948

10,406

9,718

4,445

Commission and other acquisition expenses

128

1,718

2,584

2,112

General and administrative expenses

11,445

11,789

34,182

18,425

Interest and amortization expenses

4,257

4,128

12,330

5,647

Change in fair value of earn out liability

—

(2,679)

—

Gain on bargain purchase

—

(73,590)

Foreign exchange and other (gains) losses

(675)

(2,802)

(5,173)

2,300

Total expenses

21,103

22,560

53,641

(40,661)

Net (loss) income before income taxes

(16,340)

(5,022)

(31,968)

64,606

Less: income tax expense (benefit)

(95)

102

Interest in (loss) income of equity method investments

(4)

(24)

Net (loss) income

$ (16,355)

$ (5,053)

$ (31,868)

$ 64,480

Basic and diluted (loss) earnings per share attributable to Kestrel common shareholders

$ (2.09)

$ (0.65)

$ (4.08)

$ 12.70

Annualized return on average shareholders' equity

(61.3) %

(13.6) %

(37.7) %

116.2 %

Weighted average number of common shares - basic and diluted

7,834,025

7,741,943

7,803,789

5,053,828

KESTREL GROUP LTD

SUPPLEMENTAL FINANCIAL DATA - SEGMENT INFORMATION (Unaudited)

(in thousands of U.S. dollars)

For the Three Months Ended September 30, 2026

Legacy

Reinsurance

Program

Services

Total

Gross premiums written

$ (1,171)

$ —

$ (1,171)

Net premiums written

$ (1,146)

$ —

$ (1,146)

Net premiums earned

$ 1,947

$ —

$ 1,947

Fee revenue

—

4,068

Net loss and loss adjustment expenses ("loss and LAE")

(5,948)

—

(5,948)

Commission and other acquisition expenses

(128)

—

(128)

Segment G&A expenses (3)

(2,283)

(1,165)

(3,448)

Underwriting loss and fee income (4)

$ (6,412)

$ 2,903

(3,509)

Reconciliation to net loss

Net investment income and net realized and unrealized investment losses

(1,252)

Interest and amortization expenses

(4,257)

Foreign exchange and other gains, net

675

Corporate G&A expenses (3)

(7,997)

Income tax expense

(11)

Interest in loss of equity method investments

(4)

Net loss

$ (16,355)

For the Three Months Ended September 30, 2025

Legacy

Reinsurance

Program

Services

Total

Gross premiums written

$ 3,760

$ —

$ 3,760

Net premiums written

$ 3,895

$ —

$ 3,895

Net premiums earned

$ 6,836

$ —

$ 6,836

Fee revenue

—

1,621

Net loss and LAE

(10,406)

—

(10,406)

Commission and other acquisition expenses

(1,718)

—

(1,718)

Segment G&A expenses (3)

(3,689)

(664)

(4,353)

Underwriting loss and fee income (4)

$ (8,977)

$ 957

(8,020)

Reconciliation to net loss

Net investment income and net realized and unrealized investment gains

9,081

Interest and amortization expenses

(4,128)

Change in fair value of earn out liability

2,679

Foreign exchange and other gains, net

2,802

Corporate G&A expenses (3)

(7,436)

Income tax expense

(7)

Interest in loss of equity method investments

(24)

Net loss

$ (5,053)

KESTREL GROUP LTD

SUPPLEMENTAL FINANCIAL DATA - SEGMENT INFORMATION (Unaudited)

(in thousands of U.S. dollars)

For the Nine Months Ended September 30, 2026

Legacy

Reinsurance

Program

Services

Total

Gross premiums written

$ 2,919

$ —

$ 2,919

Net premiums written

$ 2,944

$ —

$ 2,944

Net premiums earned

$ 8,578

$ —

$ 8,578

Fee revenue

—

10,930

Net loss and LAE

(9,718)

—

(9,718)

Commission and other acquisition expenses

(2,584)

—

(2,584)

Segment G&A expenses (3)

(7,819)

(4,026)

(11,845)

Underwriting loss and fee income (4)

$ (11,543)

$ 6,904

(4,639)

Reconciliation to net loss

Net investment income and net realized and unrealized investment losses

2,165

Interest and amortization expenses

(12,330)

Foreign exchange and other gains, net

5,173

Corporate G&A expenses (3)

(22,337)

Income tax benefit

Interest in income from equity method investments

Net loss

$ (31,868)

For the Nine Months Ended September 30, 2025

Legacy

Reinsurance*

Program

Services

Total

Gross premiums written

$ 4,856

$ —

$ 4,856

Net premiums written

$ 4,990

$ —

$ 4,990

Net premiums earned

$ 9,258

$ —

$ 9,258

Fee revenue

—

2,972

Net loss and LAE

(4,445)

—

(4,445)

Commission and other acquisition expenses

(2,112)

—

(2,112)

Segment G&A expenses (3)

(5,432)

(2,003)

(7,435)

Underwriting loss and fee income (4)

$ (2,731)

$ 969

(1,762)

Reconciliation to net income

Net investment income and net realized and unrealized investment gains

11,715

Interest and amortization expenses

(5,647)

Gain on bargain purchase

73,590

Foreign exchange and other losses, net

(2,300)

Corporate G&A expenses (3)

(10,990)

Income tax expense

(102)

Interest in loss from equity method investments

(24)

Net income

$ 64,480

* Legacy Reinsurance underwriting results only include the post-combination period from May 27, 2025 to September 30, 2025.

KESTREL GROUP LTD

NON-GAAP FINANCIAL MEASURES (Unaudited)

(In thousands of U.S. dollars, except share and per share data)

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

2026

2025

2026

2025

Non-GAAP operating loss (5)

$ (12,161)

$ (12,023)

$ (29,914)

$ (7,189)

Non-GAAP basic and diluted operating loss per common share attributable to Kestrel common shareholders (5)

$ (1.55)

$ (1.56)

$ (3.83)

$ (1.48)

Annualized non-GAAP operating return on average shareholders' equity (6)

(45.6) %

(32.5) %

(35.4) %

(13.0) %

Reconciliation of net (loss) income to non-GAAP operating loss:

Net (loss) income

$ (16,355)

$ (5,053)

$ (31,868)

$ 64,480

Add (subtract):

Net realized and unrealized investment losses (gains)

3,596

(5,494)

5,241

(6,552)

Amortization of intangible assets

668

1,068

2,339

1,494

Foreign exchange and other (gains) losses

(675)

(2,802)

(5,173)

2,300

Interest in loss of equity method investments

(5)

Litigation costs from GLS related arbitration

109

564

(775)

569

Change in bargain purchase gain

—

(73,590)

Restructuring and severance costs

492

1,098

1,646

Costs incurred due to the Combination

—

2,316

(771)

2,440

Change in fair value of earn out consideration

—

(2,679)

—

Non-GAAP operating loss (5)

$ (12,161)

$ (12,023)

$ (29,914)

$ (7,189)

Weighted average number of common shares - basic and diluted

7,834,025

7,741,943

7,803,789

5,053,828

Reconciliation of diluted (loss) earnings per share attributable to Kestrel common shareholders to non-GAAP diluted operating loss per share attributable to Kestrel common shareholders:

Diluted (loss) earnings per share attributable to common shareholders

$ (2.09)

$ (0.65)

$ (4.08)

$ 12.70

Add (subtract):

Net realized and unrealized investment losses (gains)

0.46

(0.71)

0.67

(1.30)

Amortization of intangible assets

0.09

0.14

0.30

Foreign exchange and other (gains) losses

(0.08)

(0.36)

(0.66)

0.46

Interest in loss of equity method investments

—

Litigation costs from GLS related arbitration

0.01

0.07

(0.10)

0.11

Change in bargain purchase gain

—

(14.56)

Restructuring and severance costs

0.06

—

0.14

0.33

Costs incurred due to the Combination

—

0.30

(0.10)

0.48

Change in fair value of earn out consideration

—

(0.35)

—

Non-GAAP diluted operating loss per share attributable to common shareholders (5)

$ (1.55)

$ (1.56)

$ (3.83)

$ (1.48)

KESTREL GROUP LTD

NON-GAAP FINANCIAL MEASURES (Unaudited)

(In thousands of U.S. dollars, except share and per share data)

September 30,

2026

December 31,

2025

Investable assets:

Total investments

$ 356,557

$ 388,303

Cash and cash equivalents

26,934

20,044

Restricted cash and cash equivalents

9,113

9,146

Net loan receivable from related party

64,054

86,883

Funds withheld receivable

4,542

10,956

Total investable assets (7)

$ 461,200

$ 515,332

Capital:

Total shareholders' equity

$ 97,814

$ 128,284

2016 Senior Notes

110,000

2013 Senior Notes

152,361

Total capital resources (8)

$ 360,175

$ 390,645

(1)

Premium produced is an operating metric determined by management as a byproduct of the program services fees it earns and is paid by clients. Premium produced is equal to the premium written by an MGA or capacity provider, and management believes this measure is important in understanding the underlying production trends of its Program Services business and the fees it earns. Where available, the Company utilizes underlying premium produced as reported by its clients. Where the premium produced was not directly observable, the Company derived the premium produced by grossing up the known fee component using the applicable contractual fee percentage, including its arrangements with its insurance carrier partners.

(2)

Book value per common share is calculated using shareholders' equity divided by the number of common shares outstanding excluding unvested restricted and performance shares. Management uses growth in this metric as a prime measure of the value we are generating for our common shareholders, because management believes that growth in this metric ultimately results in growth in the Company's common share price. This metric is impacted by the Company's net income and external factors, such as interest rates, which can drive changes in unrealized gains or losses on our investment portfolio as well as share repurchases.

(3)

Segment G&A expenses and Corporate G&A expenses are non-GAAP measures based on specific allocations of total general and administrative expenses as presented in our unaudited Condensed Consolidated Statements of Operations.

(4)

Underwriting loss and fee income is a non-GAAP measure and is calculated as net premiums earned plus fee revenue less net loss and LAE, commission and other acquisition expenses and general and administrative expenses directly related to underwriting and fee revenue activities. For purposes of these non-GAAP operating measures, the fee-generating business, which is included in our Program Services segment, is considered part of the underwriting and fee income operations of the Company. Management believes that this measure is important in evaluating the underwriting and fee income performance of the Company and its segments. This measure is also a useful tool to measure the profitability of the Company separately from the investment results and is also a widely used performance indicator in the insurance industry.

(5)

Non-GAAP operating earnings (loss) and non-GAAP basic and diluted operating earnings (loss) per common share are non-GAAP financial measures defined by the Company as net income (loss) excluding realized investment gains and losses, foreign exchange and other gains and losses, interest in income (loss) of equity method investment, and amortization of intangible assets and should not be considered as an alternative to net income (loss). It also excludes on a non-recurring basis: (1) litigation costs related to the GLS Arbitration; (2) restructuring and severance costs; and (3) costs incurred due to the Combination; (4) Change in fair value of earn out consideration; and (5) Change in bargain purchase gain. The Company's management believes that the use of non-GAAP operating earnings (loss) and non-GAAP diluted operating earnings (loss) per common share enables investors and other users of the Company's financial information to analyze its performance in a manner similar to how management analyzes performance. Management also believes that these measures generally follow industry practice therefore allowing the users of financial information to compare the Company's performance with its industry peer group, and that the equity analysts and certain rating agencies which follow the Company, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons. Non-GAAP operating earnings should not be viewed as a substitute for U.S. GAAP net income.

(6)

Non-GAAP operating return on average shareholders' equity is a non-GAAP financial measure. Management uses non-GAAP operating return on average shareholders' equity as a measure of profitability that focuses on the return to common shareholders. It is calculated using non-GAAP operating earnings divided by average shareholders' equity.

(7)

Investable assets are the total of the Company's investments, cash and cash equivalents (including restricted), net loan receivable from related party and funds withheld receivable.

(8)

Total capital resources are the sum of the Company's principal amount of debt and shareholders' equity.

SOURCE Kestrel Group Ltd