Kestrel Q2 2026 net loss $8.1M ($1.03/sh); Program Services fee revenue up 588% YoY

Kestrel Group Ltd

Net loss $8.1M, or $1.03/sh, vs. net income $69.9M in Q2 2025 which included $73.6M bargain purchase gain.
Non-GAAP operating loss $6.7M ($0.86/sh); total revenues $6.7M, net premiums earned $3.5M.
Program Services fee revenue $3.7M, up 587.9% YoY; premium produced $109.6M, up 479.8% YoY.
Book value per share $14.57 at June 30, 2026, down from $16.57 at Dec 31, 2025.
Legacy Reinsurance underwriting loss $1.3M incl. $0.7M severance; NOL carryforwards $471.6M.

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