Kestrel Group Ltd

$7.52

-0.79%

2026-09-04 12:05:19 EDT-$0.06

Financial Services

Insurance - Reinsurance

NASDAQ

Active Trading

Kestrel Group Ltd engages in provision of fronting services to insurance program managers, managing general agencies, reinsurers, and reinsurance brokers in Bermuda. ...

Price Action of KG

$7.52

-0.79%-$0.06

High—

Low—

52W High-74.2%

Rel. vol—

Interval

Range1.5h

Volume—SMA5SMA10

—

Kestrel Group Ltd, headquartered in Hamilton, Bermuda, is a specialty insurance group formed through a combination of Kestrel Group and Maiden Holdings, which closed in 2025. The company provides fronting services to facilitate access to the insurance market for program managers, MGAs, and reinsurers, leveraging its licensed insurance carrier status. ...Kestrel Group Ltd, headquartered in Hamilton, Bermuda, is a specialty insurance group formed through a combination of Kestrel Group and Maiden Holdings, which closed in 2025. The company provides fronting services to facilitate access to the insurance market for program managers, MGAs, and reinsurers, leveraging its licensed insurance carrier status. Its business segments include Program Services, offering fronting arrangements, and Legacy Reinsurance, managing run-off liabilities. The company is led by CEO Luke Ledbetter, who previously co-founded State National Companies, and Executive Chairman Terry Ledbetter. With a team of around 44 employees, Kestrel focuses on efficiency and innovation in the insurance value chain. Financial metrics indicate a market cap of approximately $68.8 million, with significant working capital and tangible assets. The company trades on NASDAQ under the symbol KG.ExpandCollapse

Founded

2022

Employees

CEO

Bradford Luke Ledbetter

Full Name

Kestrel Group Ltd

Sector

Financial Services

Industry

Insurance - Reinsurance

ROE

-30.21%

Market Cap

$0.06B

WACC

5.94%

ROIC

-41.65%

Contact Information

https://www.kestrelgroup.com

1 (441) 298-4900

11 Bermudiana Road, Hamilton, PE HM 08

Key Metrics of KG

Snapshot

Latest / TTM · 4 periods

Market Cap

$58.84M

ROCE

-3.9%

EV / EBITDA

-10.49x

-12.9% YoY

FCF Yield

-214.6%

-50.8% YoY

Cash Conversion Cycle

43.0d

Current Ratio

0.00

Quick take

TTM —

Current ratio below 1.0

Positive CCC

Financial Highlights of KG

Profitability trend

Latest / TTM · 4 periods

Gross Margin

56.8%

Net Margin

-80.8%

P/E Ratio

-1.49x

n/a

Debt / Equity

1.55

n/a

Current Ratio

0.00

Dividend Yield

0.0%

Understanding

TTM —

Current ratio below 1.0

Interest coverage is weak

Calendar of KG

Upcoming

Sep 30, 2026In 26 days
Q3 FY2026 · Estimated results
Est. EPS $0.00 · Revenue $279.11M
Dec 31, 2026
FY2026 · Estimated annual results
Est. EPS $-7.50 · Revenue $2.82B · 1 analysts
Dec 31, 2027
FY2027 · Estimated annual results
Est. EPS $-55.50 · Revenue $2.39B · 1 analysts
Dec 31, 2028
FY2028 · Estimated annual results
Est. EPS $-14.50 · Revenue $1.67B · 1 analysts

Recent history

Aug 7, 2026
Q2 FY2026 · Results reported
EPS $-1.03 · Revenue $6.72M
View filing
May 8, 2026
Q1 FY2026 · Results reported
EPS $-0.96 · Revenue $10.19M
View filing
Mar 13, 2026
FY2025 · Annual results
EPS $8.15 · Revenue $34.05M
View filing
Nov 5, 2025
Q3 FY2025 · Results reported
EPS $-0.65 · Revenue $20.30M
View filing
Aug 15, 2025
Q2 FY2025 · Results reported
EPS $15.05 · Revenue $546000.00
View filing
Mar 31, 2025
Q1 FY2025 · Results reported
EPS $-1.74 · Revenue $14.05M

Financial Statements of KG

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$34.0M	+785.1%	-34.1%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$46.7M	+3719.3%	-8.8%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	+73.6%	+53.2%	-1.1%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	+145.7%	+3853.6%	-79.0%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	+137.2%	+508.9%	-65.0%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$-96.1M	-60.8%	-148.7%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	-282.4%	+81.8%	-277.4%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	137.6%	+2495.3%	+6.7%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	—	—	—
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$548.8M	+9859.3%	+74.2%

Actual vs Estimate

A Dec 31Q Jun 30

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	8.15 vs -7.50	+208.7%	—	—
Revenue Surprise	$34.0M vs $2.8B	-98.8%	$6.7M vs $338.6M	-98.0%

Insider Transactions of KG

Acquisitions (A)

Since Mar 18, 2026

Disposals (D)

Since Mar 18, 2026

Monthly shares of acquisitions/disposals with close price trend (shared daily price source)

Insider Trading Snapshot

Date	Executive	Title	Security	Side	Shares	Price
Jun 10, 2026	NIGRO STEVEN HAROLD	director	Common Shares	A	5,718	—
Jun 10, 2026	Cohen Erik	director	Common Shares	A	5,718	—
Jun 10, 2026	Weissmann Jeffrey	director	Common Shares	A	5,718	—
Jun 10, 2026	Hotchkiss Michael	director	Common Shares	A	5,718	—
Jun 10, 2026	Brecher Joseph	director	Common Shares	A	5,718	—

Leadership Team of KG

3 executives

Name	Title	Compensation	Gender	Year Born	Status
Patrick Joseph Haveron	President & Chief Financial Officer	USD 1,531,992	Male	1961	Active
Bradford Luke Ledbetter	Chief Executive Officer & Director	USD 1,526,341	Male	1982	Active
Terry Lee Ledbetter	Executive Chairman	USD 1,368,246	Male	1953	Active

Recent News of KG

PRNewsWire8/7/2026Neutral

Kestrel Group Reports Second Quarter 2026 Financial Results

AUSTIN, Texas, Aug. 7, 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 second quarter ended June 30, 2026. Key Highlights – Second Quarter 2026 Financials Program Services fee income was $2.4 million Program Services fee revenue was $3.7 million Premium produced(1) by Program Services clients was $109.6 million Total revenues were $6.7 million Net premiums earned were $3.5 million As of June 30, 2026, the Company's book value per common share(2) was $14.57 Net loss was $8.1 million, or a loss of $1.03 per share Commenting on the results, Kestrel's Chief Executive Officer, Luke Ledbetter, stated, "We continue to see excellent progress in our Program Services segment, with fee income, fee revenue and premium produced up again, both sequentially from the first quarter of 2026 and year-over-year.

Historical Employee Count of KG

Current

Minimum

Maximum

Recent Filings

Report Date	Employees	Form Type	Filing Date	SEC Filing
Dec 31, 2025	44	10-K	Mar 13, 2026	View

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Kestrel Group Ltd

Contact Information

Upcoming

Q3 FY2026 · Estimated results

FY2026 · Estimated annual results

FY2027 · Estimated annual results

FY2028 · Estimated annual results

Recent history

Q2 FY2026 · Results reported

Q1 FY2026 · Results reported

FY2025 · Annual results

Q3 FY2025 · Results reported

Q2 FY2025 · Results reported

Q1 FY2025 · Results reported

Kestrel Group Reports Second Quarter 2026 Financial Results

Recent Filings

Related stocksInsurance - Diversified

Upcoming

Q3 FY2026 · Estimated results

FY2026 · Estimated annual results

FY2027 · Estimated annual results

FY2028 · Estimated annual results

Recent history

Q2 FY2026 · Results reported

Q1 FY2026 · Results reported

FY2025 · Annual results

Q3 FY2025 · Results reported

Q2 FY2025 · Results reported

Q1 FY2025 · Results reported

Kestrel Group Reports Second Quarter 2026 Financial Results

Recent Filings