Kestrel Group Ltd KG
On May 27, 2025, Kestrel Group LLC ("Kestrel LLC") and Maiden Holdings, Ltd. ("Maiden") completed their previously announced combination ("Combination"), forming a new, publicly listed specialty program group operating under the name Kestrel Group Ltd ("Kestrel Group" or "Parent Company"). The Combination was previously announced on December 30, 2024. Maiden shares ceased trading on the NASDAQ Capital Market ("Nasdaq") at close of market on May 27, 2025. Kestrel shares began trading on the Nasdaq at open of market on May 28, 2025 under the ticker symbol "KG". Upon the closing of the Transactions (the "Closing"), Maiden and Kestrel LLC are now wholly owned subsidiaries of the Company, which was rebranded as Kestrel Group and renamed "Kestrel Group Ltd" ("Kestrel").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue | $34.0M | $3.8M | — |
| SG&A | $29.1M | $5.1M | — |
| Total operating expenses | $14.1M | $2.6M | — |
| Pre-tax income | $49.6M | -$1.3M | — |
| Income tax | $68.0K | $30.0K | — |
| Net income | $46.7M | -$1.3M | — |
| EPS, basic | 8.08 | -0.47 | — |
| EPS, diluted | 8.08 | -0.47 | — |
| Shares, diluted (wtd. avg.) | $5.7M | $2.7M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Cash and equivalents | $7.8M | $4.3M | $5.6M |
| Short-term investments | $0 | $0 | — |
| Property, plant and equipment | $674.0K | $0 | — |
| Total assets | $1.01B | $5.5M | — |
| Long-term debt | $174.4M | $0 | — |
| Total liabilities | $881.7M | $904.0K | — |
| Retained earnings | $1.2M | -$5.5M | — |
| Total equity | $128.3M | $4.6M | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Operating cash flow | -$96.1M | -$1.3M | — |
| Depreciation and amortisation | $94.0K | $0 | — |
| Investing cash flow | $146.9M | $0 | — |
| Financing cash flow | -$40.0M | $0 | — |
| Dividends paid | $40.0M | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-027033.
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