Arbitration panel denies rescission, finds cedant breached; orders adjustment of ~$10.8M payments and awards $1.0M fees

Kestrel Group Ltd

Final award denies rescission of reinsurance agreement; attachment points and limits unchanged.
Panel found cedant breached by altering reserving methodology without consent; remedy requires re-presenting losses and adjusting billing, reserves, and security.
Adjustments include repayment of a portion of the ~$10.8M previously paid under reinsurance premium protection coverage.
Subsidiary awarded $1.0M in attorneys' fees; panel retains jurisdiction for 60 days to effectuate award.
As of March 31, 2026, reserves were $11.5M and premiums received totaled $19.5M; net financial impact still under evaluation.

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