Kestrel Group Q3 net loss $5.1M; legacy reinsurance underwriting loss $9.0M

Kestrel Group Ltd

2025-Q3 EPS reported $12.70 revenue$23,841,000

Net loss of $5.1M ($0.65 diluted EPS); total revenues $17.4M, net premiums earned $6.8M.
Legacy Reinsurance segment underwriting loss $9.0M; $7.6M from AmTrust due to adverse prior-period development of $6.9M.
Adverse development includes $4.7M from Hospital Liability and $3.6M from LPT/ADC Agreement reduction.
Non-GAAP operating loss $15.1M ($1.95/share); G&A expenses $10.8M with $1.9M one-time costs expected to trend lower.
Book value per share $18.57 (vs $1.67 at Dec 2024); NOL carryforwards $446.6M.

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