0001628280-26-017506 | 10-K | XBRL Viewer

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Share Compensation and Pension Plans - Schedule of Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Restricted Units
Awards replaced (in shares)	51,209
Weighted Average Grant-Date Fair Value
Awards replaced (in dollars per share)	$ 23.00
Non-Performance-Based Restricted Shares
Number of Restricted Units
Awards granted (in shares)	104,268	0
Awards vested (in shares)	(7,860)
Awards forfeited (in shares)	(11,420)
Non-vested, ending balance (in shares)	136,197
Weighted Average Grant-Date Fair Value
Awards granted (in dollars per share)	$ 27.81
Awards vested (in dollars per share)	23.00
Awards forfeited (in dollars per share)	23.00
Non-vested, ending balance (in dollars per share)	$ 26.68
Discretionary Performance-Based Restricted Shares
Number of Restricted Units
Awards replaced (in shares)	0
Awards granted (in shares)	0
Awards vested (in shares)	0
Awards forfeited (in shares)	0
Non-vested, ending balance (in shares)	0
Weighted Average Grant-Date Fair Value
Awards replaced (in dollars per share)	$ 0
Awards granted (in dollars per share)	0
Awards vested (in dollars per share)	0
Awards forfeited (in dollars per share)	0
Non-vested, ending balance (in dollars per share)	$ 0

Shareholders' Equity - Schedule of Changes in Common Stock Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Outstanding shares, beginning balance (in shares)	2,749,996	2,749,996
Issuance of common shares due to the Combination (in shares)	7,221,621	0
Issuance of vested restricted shares and exercised common share options (in shares)	7,860	0
Common shares held by Maiden Reinsurance (in shares)	(2,237,534)	0
Outstanding shares, ending balance (in shares)	7,741,943	2,749,996
Treasury shares (in shares)	2,237,534

Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Short-term investments	$ 0	$ 0
Deposit contracts	$ 0	0
Operating lease, weighted average discount rate	7.20%
Depreciation and amortization expense	$ 94,000	0
Net carrying value	674,000	0
Cumulative translation adjustment	128,284,000	4,606,000
Other assets	17,631,000	1,224,000
Operating Segments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other assets	2,704,000	968,000
Operating Segments \| Program Services
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other assets	2,477,000	968,000
Foreign currency translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cumulative translation adjustment	$ 237,000	$ 0

Assets Held for Sale - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Net insurance liabilities	$ 5,125

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ 49,606	$ (1,261)
Less: income tax expense	68	30
Net income (loss) from continuing operations	49,538	(1,291)
Amount
Valuation allowance in respect of U.S. taxes	(695)	265
Total income tax expense	$ 68	$ 30
Percent
Valuation allowance in respect of U.S. taxes	(1.40%)	(21.00%)
Actual tax expense/rate	0.10%	(2.40%)
U.S. taxes at statutory rates - Federal
Amount
U.S. taxes at statutory rates - Federal	$ 695	$ (265)
Percent
Federal tax rate	1.40%	21.00%
Bermuda
Amount
Foreign tax rate	$ 0	$ 0
Percent
Foreign tax rate	0.00%	0.00%
Other jurisdictions
Amount
Foreign tax rate	$ 68	$ 30
Percent
Foreign tax rate	0.10%	(2.40%)

Organization	12 Months Ended
Organization	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Kestrel Group Ltd (sometimes referred to as "Kestrel Group" or "Parent Company") is a Bermuda-based holding company. Together with its subsidiaries (collectively referred to as the "Company", "we" or "Kestrel"), Kestrel Group specializes in providing fronting services to insurance program managers, managing general agents (MGAs), reinsurers, and reinsurance brokers. Kestrel Group facilitates insurance transactions utilizing its exclusive management contracts with four insurance carriers, all of which are rated A- “Excellent” by A.M. Best. These contracts enable Kestrel Group to offer both admitted and surplus lines in all U.S. states. Kestrel Group generally does not assume significant underwriting risk and produces lines of business such as casualty, workers’ compensation, catastrophe-exposed property, and non-catastrophe-exposed property, with diverse risk durations, sizes, and product types. As a result of its combination with Maiden Holdings, Ltd. ("Maiden") on May 27, 2025, Kestrel Group transitioned from Article 5 to Article 7 of Regulation S-X as promulgated by the SEC since its core business fundamentally shifted from a general commercial operation to primarily functioning as an insurance company under its recent business combination as discussed further below. This change in SEC filing status necessitated significant adjustments to how the Company presents its balance sheet, income statement and other financial statements, to align with the specific requirements of Article 7 for insurance companies. As a result, the Company's assets, liabilities, and equity accounts have been reclassified to fit the new presentation requirements under Article 7. Certain prior year comparatives have been reclassified to conform to current period presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income, except the 2024 Kestrel equity was recast to conform with the current number of common shares issued to Kestrel equityholders and revised equity structure. Please see section on Accounting Treatment for the Combination for further details on reclassifications. Introductory Note On May 27, 2025, Kestrel Group LLC (“Kestrel LLC”) and Maiden completed their previously announced combination agreement ("Combination"), forming a new, publicly listed specialty program company operating under the name Kestrel Group Ltd. The Combination, which had been previously announced on December 30, 2024, effectuated the transaction via the formation of a new Bermuda holding company, Bermuda Ranger Topco Ltd. ("Bermuda NewCo"). Both Kestrel LLC and Maiden completed a series of transactions to become indirect wholly owned subsidiaries of Bermuda NewCo, and upon the closing of the transactions, Bermuda NewCo was renamed “Kestrel Group Ltd” and rebranded as Kestrel Group and is the successor company to Maiden. Maiden shares ceased trading on the NASDAQ Capital Market ("Nasdaq") at close of market on May 27, 2025 and Kestrel Group shares began trading on the Nasdaq on May 28, 2025 under the ticker symbol “KG”. The Combination creates a capital light, fee-based insurance platform with the ability to selectively deploy underwriting capacity to optimize shareholder returns. As of December 31, 2025, Maiden Reinsurance Ltd. (“Maiden Reinsurance”) owns 22.4% of the Company's total outstanding common shares which is eliminated for accounting and financial reporting purposes on the Company's consolidated financial statements. On April 29, 2025, Maiden shareholders approved a proposal to remove the 9.5% voting limitation at the Company's special general meeting of its shareholders ("Special Meeting"). The ownership of the common shares by Maiden Reinsurance was made in compliance with Maiden Reinsurance's investment policy and approved by the Vermont Department of Financial Regulation ("Vermont DFR"). On April 29, 2025, all proposals related to Maiden’s business combination with Kestrel were approved by Maiden’s shareholders. Pursuant to the terms of the Combination, at the closing on May 27, 2025, each issued and outstanding common share of Maiden, par value $0.01 per share, was automatically canceled and converted into the right to receive one-twentieth (0.05) of a common share in Kestrel Group. Please see Note 6. Shareholders' Equity for further details of authorized share capital. The equityholders of Kestrel LLC at the closing date received an aggregate of $40,000 in upfront cash and 2,749,996 common shares of the combined company. In addition, the former equityholders of Kestrel Group LLC remain entitled to receive contingent consideration up to the lesser of (x) $45,000 payable in common shares of Kestrel Group upon the achievement of certain financial milestones, and (y) 2,750,000 common shares of Kestrel Group. Following completion of the Combination, the board of directors of Kestrel Group consists of seven directors, made up of four directors selected by Kestrel Intermediate Ledbetter Holdings LLC, two of whom will be independent under applicable securities laws and stock exchange rules, and three directors selected by AmTrust Financial Services, Inc. (“AmTrust”), two of whom are independent under applicable securities laws and stock exchange rules. Please see Note 10. Related Party Transactions for information regarding the Company's relationship with AmTrust. Legacy Reinsurance Operations The Combination was completed with both parties in receipt of necessary regulatory approvals, including from the Vermont DFR which included approval for the extraordinary dividend required to complete the transaction. Under the conditions stipulated in the Vermont DFR approval, Maiden Reinsurance is no longer permitted to include the intercompany loan receivable from Maiden Holdings (and related accrued interest) as an admitted asset for statutory capital and reporting purposes. As a result, Maiden Reinsurance's ratio of risk-based capital to total adjusted capital was significantly reduced, which remains sufficient to not only support the dividends related to the Combination with Kestrel and recurring annual dividends (and which require prior approval by the Vermont DFR) but the ability to selectively underwrite business in support of the Company's Program Services segment in the future. 1. Organization (continued) Accounting Treatment for the Combination Maiden was the legal acquirer of Kestrel. However, as a result of the terms of the Combination, for accounting purposes, the transaction is treated as a reverse acquisition and accounted for using the acquisition method in accordance with Accounting Standards Codification ("ASC") Topic 805, Business Combinations. This determination is primarily based on the following factors: 1) the former Kestrel LLC equityholders have the ability to nominate a majority of the members of the board of directors of the combined company and 2) subsequent to consummation of the transaction, when combined with common shares held by Maiden Reinsurance, of which Luke Ledbetter (acting in his capacity as President of Maiden Reinsurance) is authorized and has the discretion to vote on behalf of Maiden Reinsurance, the former Kestrel LLC equityholders have a majority of the voting rights of the combined company. As such, Maiden is treated as the acquired company for accounting purposes. Accordingly, for financial reporting purposes, the net assets of Kestrel LLC are stated at historical carrying values and its consolidated financial statements are presented as the predecessor to the combined company in the historical financial statements following consummation of the transaction on May 27, 2025. The assets and liabilities of Maiden are recorded at their fair values measured as of the acquisition date. Any excess of the estimated fair values of the net assets acquired over the purchase price is recorded as a gain on bargain purchase. Based on final fair values of the assets acquired and liabilities assumed, a bargain purchase gain of $68,306 was recognized in this transaction. The operating results of Maiden are only presented in the consolidated results of Kestrel from the date of acquisition going forward. Please refer to Note 17. Business Combination for additional details regarding the accounting treatment for the Combination. Program Service Operations Kestrel specializes in providing fronting services to insurance program managers, managing general agents (MGAs), reinsurers, and reinsurance brokers. Kestrel facilitates insurance transactions utilizing its exclusive management contracts with four insurance carriers, all of which are rated A- “Excellent” by A.M. Best. These contracts enable Kestrel LLC to offer both admitted and surplus lines in all U.S. states. Kestrel LLC generally does not assume significant underwriting risk and produces lines of business such as casualty, workers’ compensation, catastrophe-exposed property, and non-catastrophe-exposed property, with diverse risk durations, sizes, and product types. As noted, Kestrel will continue to write business through its exclusive use of four A.M. Best A- FSC XV insurance carriers, Sierra Specialty Insurance Company, Rochdale Insurance Company, Park National Insurance Company and Republic Fire and Casualty Insurance Company (collectively, “AmTrust Insurance Companies”), all subsidiaries of AmTrust Financial Services, Inc. (“AmTrust”). Pursuant to the terms of the Combination Agreement, Kestrel retains the option to acquire the AmTrust Insurance Companies from AmTrust for a period of up to three years after closing of the Combination. AmTrust is a significant shareholder of Kestrel Group. Please see Note 10. Related Party Transactions for further information regarding the Company's relationship with AmTrust. Legacy Reinsurance Operations The Company does not presently underwrite prospective reinsurance risks but may consider selectively deploying underwriting capacity in support of the Company's Program Services operations to optimize shareholder returns. The Company has various historic reinsurance programs underwritten by Maiden Reinsurance which are in run-off, including liabilities associated with AmTrust reinsurance agreements which were terminated in 2019 as discussed in Note 10. Related Party Transactions. In addition, the Company has a retroactive reinsurance agreement and a commutation agreement that further reduces its exposure and limits the potential volatility related to AmTrust liabilities, as discussed in Note 8. Reinsurance. The Company is also running off certain business related to its Genesis Legacy Solutions ("GLS") platform. In November 2020, Maiden formed its indirect wholly owned subsidiary GLS, which specialized in providing a full range of legacy services to small insurance entities, particularly those in run-off or with blocks of reserves that are no longer core to those companies' operations, working with clients to develop and implement finality solutions including acquiring entire companies. Having completed the capital commitment made to GLS, Maiden elected not to commit any additional capital to new opportunities and continues to run-off the existing accounts underwritten by GLS. GLS continues to wind down the remaining open accounts, with one reinsurance agreement remaining open and one entity completing its run-off. Short-term income protection business was written on a primary basis by our wholly owned subsidiaries Maiden Life Försäkrings AB ("Maiden LF") and Maiden General Försäkrings AB ("Maiden GF") in the Scandinavian and Northern European markets. On November 29, 2024, Maiden entered into an agreement to sell Maiden LF and Maiden GF to a group of international insurance and reinsurance companies headquartered in the United Kingdom. Maiden GF and Maiden LF were the principal operating subsidiaries of the Company’s International Insurance Services (“IIS”) platform. The transaction was subject to customary regulatory approvals. In June 2025, the Swedish Financial Supervisory Authority (“SFSA”) declined to approve the sale of Maiden GF and Maiden LF. The proposed acquirer whose application was denied by the SFSA and Maiden have now entered into an amended sale agreement for the acquisition of Maiden GF only at the previously agreed valuation. The proposed acquirer believes it will satisfactorily address the deficiencies identified by the SFSA in its June 2025 decision. This amended transaction remains subject to customary regulatory approvals. The sale will be an all-cash transaction and pursuant to the proposed terms of the agreement, certain existing staff of Maiden GF will transition to the proposed acquirer. In the wake of the decision of the SFSA, management continues to evaluate strategic alternatives for that business as well as Maiden LF, including a possible sale to a different third-party or a possible run-off and liquidation of the entity. 1. Organization (continued) Maiden LF and Maiden GF are not writing any new business and their non-insurance related assets and liabilities are represented as held-for-sale in our consolidated financial statements. Please refer to Note 16. Assets Held for Sale for additional information regarding the effect of the pending transactions on the Company's Consolidated Financial Statements. Except as explicitly described as held for sale or as discontinued operations, and unless otherwise noted, all discussions and amounts presented herein relate to the Company's continuing operations except for net income, and net income attributable to Kestrel common shareholders.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net income (loss)	$ 46,725	$ (1,291)
Add: Net loss from discontinued operations	2,813	0
Adjustments to reconcile net income to net cash flows from operating activities:
Other non-cash expenses (credit losses, depreciation, amortization, share-based compensation, leases)	281	129
Interest in income of equity method investments	(24)	0
Net realized and unrealized investment gains	(6,957)	0
Gain on bargain purchase option	(68,306)	0
Foreign exchange and other losses	1,723	0
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net	9,911	0
Reinsurance recoverable on unpaid losses	2,628	0
Accrued investment income	(836)	0
Funds withheld receivable	(158)	0
Other assets	(1,456)	1,465
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses	(54,284)	0
Unearned premiums	(6,516)	0
Accrued expenses and other liabilities	(18,736)	(1,570)
Net cash used in continuing operations	(93,192)	(1,267)
Net cash used in discontinued operations	(2,949)	0
Net cash used in operating activities	(96,141)	(1,267)
Cash flows from investing activities:
Purchases of fixed maturities	(95,614)	0
Purchases of other investments	(9,529)	0
Purchases of equity method investments	(1,075)	0
Proceeds from sales of fixed maturities	62,788	0
Proceeds from maturities, paydowns and calls of fixed maturities	85,202	0
Proceeds from sale and redemption of other investments	2,954	0
Cash acquired from purchase of business	79,807	0
Net loan receivable from related party	22,433	0
Others, net	(21)	0
Net cash provided by investing activities	146,945	0
Cash flows from financing activities:
Dividends paid – Kestrel equityholders	(40,000)	0
Net cash used in financing activities	(40,000)	0
Effect of exchange rate changes on foreign currency cash	392	0
Net increase (decrease) in cash, restricted cash and cash equivalents	11,196	(1,267)
Cash, cash equivalents and restricted cash - beginning of year	4,286	5,553
Cash, cash equivalents and restricted cash, end of year	15,482	4,286
Less: change in cash and cash equivalents held for sale	(1,465)	0
Cash and restricted cash and equivalents, end of year, excluding held-for-sale	16,947	4,286
Reconciliation of cash and restricted cash reported within Consolidated Balance Sheets:
Cash and cash equivalents, end of year	7,801	4,286
Restricted cash and cash equivalents, end of year	9,146	0
Total cash and cash equivalents and restricted cash and equivalents, end of year	16,947	4,286
Supplemental cash flow information:
Cash paid for interest, net of amounts capitalized	11,338	0
Cash paid for income taxes	$ 48	$ 0

Reserve for Loss and Loss Adjustment Expenses - Schedule of Prior Year Reserve Development (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Segment Reporting Information [Line Items]
Total Diversified Reinsurance adverse PPD	$ 148
Diversified Reinsurance
Segment Reporting Information [Line Items]
Total Diversified Reinsurance adverse PPD	800
IIS business \| Diversified Reinsurance
Segment Reporting Information [Line Items]
Total Diversified Reinsurance adverse PPD	824
GLS \| Diversified Reinsurance
Segment Reporting Information [Line Items]
Total Diversified Reinsurance adverse PPD	262
Other run-off lines \| Diversified Reinsurance
Segment Reporting Information [Line Items]
Total Diversified Reinsurance adverse PPD	$ (286)

Business Combination - Schedule of Purchase Price of Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands		12 Months Ended
	May 27, 2025	Dec. 31, 2025	Dec. 31, 2024
Business Combination [Line Items]
Bargain purchase gain		$ (68,306)	$ 0
Kestrel Group, Ltd.
Business Combination [Line Items]
Fixed maturities, available-for-sale, at fair value	$ 208,855
Equity securities, at fair value	11,144
Equity method investments	32,326
Other investments	160,439
Cash and cash equivalents	68,358
Restricted cash and cash equivalents	11,449
Accrued investment income	4,108
Reinsurance balances receivable, net	10,133
Reinsurance recoverable on unpaid losses	517,028
Net loan receivable from related party	107,110
Intangible assets	11,864	$ 9,347
Funds withheld receivable	11,048
Other assets	14,592
Assets held for sale	20,698
Reserve for loss and loss adjustment expenses	(738,137)
Unearned premiums	(23,903)
Accrued expenses and other liabilities	(68,453)
Senior notes - at fair value	(173,669)
Liabilities held for sale	(1,147)
Net assets	183,843
Bargain purchase gain	(68,306)
Total consideration effectively transferred	$ 115,537

Investments - Schedule of Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Investments [Line Items]
Investment income	$ 8,464	$ 213
Investment expenses	(121)	0
Net investment income	8,343	213
Fixed maturities
Schedule of Investments [Line Items]
Investment income	3,747	0
Income on funds withheld
Schedule of Investments [Line Items]
Investment income	117	0
Interest income from net loan receivable from AmTrust
Schedule of Investments [Line Items]
Investment income	3,573	0
Other investments
Schedule of Investments [Line Items]
Investment income	557	0
Cash and cash equivalents
Schedule of Investments [Line Items]
Investment income	$ 470	$ 213

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Schedule of Significant Unobservable Inputs for Determining Fair Value of Other Investments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent receivable	$ 9,955
Underwriting-related derivative liability	3,984
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Level 3 Investments	141,928
Contingent receivable	9,955
Underwriting-related derivative liability	3,984
Significant Unobservable Inputs (Level 3) \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Level 3 Investments	141,928
Significant Unobservable Inputs (Level 3) \| Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Underwriting-related derivative liability	$ 3,984
Significant Unobservable Inputs (Level 3) \| Discounted cash flows \| Low \| Duration matched discount rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Underwriting-related derivative liability, measurement inputs	0.055
Significant Unobservable Inputs (Level 3) \| Discounted cash flows \| High \| Duration matched discount rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Underwriting-related derivative liability, measurement inputs	0.055
Significant Unobservable Inputs (Level 3) \| Discounted cash flows \| Weighted Average \| Duration matched discount rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Underwriting-related derivative liability, measurement inputs	0.055
Significant Unobservable Inputs (Level 3) \| Discounted cash flows & option pricing models
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent receivable	$ 9,955
Significant Unobservable Inputs (Level 3) \| Discounted cash flows & option pricing models \| Low \| EBITDA & Commission Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent Receivable, measurement inputs	0.092
Significant Unobservable Inputs (Level 3) \| Discounted cash flows & option pricing models \| Low \| EBITDA & Commission Equity Volatility Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent Receivable, measurement inputs	0.250
Significant Unobservable Inputs (Level 3) \| Discounted cash flows & option pricing models \| High \| EBITDA & Commission Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent Receivable, measurement inputs	0.092
Significant Unobservable Inputs (Level 3) \| Discounted cash flows & option pricing models \| High \| EBITDA & Commission Equity Volatility Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent Receivable, measurement inputs	0.250
Significant Unobservable Inputs (Level 3) \| Discounted cash flows & option pricing models \| Weighted Average \| EBITDA & Commission Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent Receivable, measurement inputs	0.092
Significant Unobservable Inputs (Level 3) \| Discounted cash flows & option pricing models \| Weighted Average \| EBITDA & Commission Equity Volatility Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent Receivable, measurement inputs	0.250
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 1 and 2 \| Market comparable companies & Option Pricing Models \| Low \| Value Change - Market/Industry Factors \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input	(0.030)
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 1 and 2 \| Market comparable companies & Option Pricing Models \| Low \| Value Change - Company Performance \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input	0.100
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 1 and 2 \| Market comparable companies & Option Pricing Models \| Low \| Term to Exit \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input	0.03
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 1 and 2 \| Market comparable companies & Option Pricing Models \| Low \| Equity Volatility \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input	0.400
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 1 and 2 \| Market comparable companies & Option Pricing Models \| High \| Value Change - Market/Industry Factors \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input	0.050
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 1 and 2 \| Market comparable companies & Option Pricing Models \| High \| Value Change - Company Performance \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input	0.100
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 1 and 2 \| Market comparable companies & Option Pricing Models \| High \| Term to Exit \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input	0.03
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 1 and 2 \| Market comparable companies & Option Pricing Models \| High \| Equity Volatility \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input	0.650
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 1 and 2 \| Market comparable companies & Option Pricing Models \| Weighted Average \| Value Change - Market/Industry Factors \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input	(0.003)
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 1 and 2 \| Market comparable companies & Option Pricing Models \| Weighted Average \| Value Change - Company Performance \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input	0.100
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 1 and 2 \| Market comparable companies & Option Pricing Models \| Weighted Average \| Term to Exit \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input	0.03
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 1 and 2 \| Market comparable companies & Option Pricing Models \| Weighted Average \| Equity Volatility \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, measurement input	0.566
Significant Unobservable Inputs (Level 3) \| Private equity investments - preferred shares 1 \| Market comparable companies & Option Pricing Models \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Level 3 Investments	$ 4,578
Significant Unobservable Inputs (Level 3) \| Private equity investments - preferred shares 2 \| Market comparable companies & Option Pricing Models \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Level 3 Investments	$ 2,332
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 3 and 4 \| Market comparable companies & Option Pricing Models \| Low \| Value Change - Market/Industry Factors \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	(0.030)
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 3 and 4 \| Market comparable companies & Option Pricing Models \| Low \| Value Change - Company Performance \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.100
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 3 and 4 \| Market comparable companies & Option Pricing Models \| Low \| Term to Exit \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.025
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 3 and 4 \| Market comparable companies & Option Pricing Models \| Low \| Equity Volatility \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.650
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 3 and 4 \| Market comparable companies & Option Pricing Models \| High \| Value Change - Market/Industry Factors \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.075
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 3 and 4 \| Market comparable companies & Option Pricing Models \| High \| Value Change - Company Performance \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.100
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 3 and 4 \| Market comparable companies & Option Pricing Models \| High \| Term to Exit \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.03
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 3 and 4 \| Market comparable companies & Option Pricing Models \| High \| Equity Volatility \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.925
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 3 and 4 \| Market comparable companies & Option Pricing Models \| Weighted Average \| Value Change - Market/Industry Factors \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.017
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 3 and 4 \| Market comparable companies & Option Pricing Models \| Weighted Average \| Value Change - Company Performance \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.100
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 3 and 4 \| Market comparable companies & Option Pricing Models \| Weighted Average \| Term to Exit \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.027
Significant Unobservable Inputs (Level 3) \| Private equity investment - preferred shares 3 and 4 \| Market comparable companies & Option Pricing Models \| Weighted Average \| Equity Volatility \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.801
Significant Unobservable Inputs (Level 3) \| Private equity investments - preferred shares 3 \| Market comparable companies & Option Pricing Models \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Level 3 Investments	$ 1,559
Significant Unobservable Inputs (Level 3) \| Private equity investments - preferred shares 4 \| Market comparable companies & Option Pricing Models \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Level 3 Investments	1,273
Significant Unobservable Inputs (Level 3) \| Investment in direct lending entities \| Discounted cash flows \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Level 3 Investments	$ 53,275
Significant Unobservable Inputs (Level 3) \| Investment in direct lending entities \| Discounted cash flows \| Low \| Discount rate \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.220
Significant Unobservable Inputs (Level 3) \| Investment in direct lending entities \| Discounted cash flows \| High \| Discount rate \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.220
Significant Unobservable Inputs (Level 3) \| Investment in direct lending entities \| Discounted cash flows \| Weighted Average \| Discount rate \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.220
Significant Unobservable Inputs (Level 3) \| Silverstone Venture \| Discounted cash flows \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Level 3 Investments	$ 27,911
Significant Unobservable Inputs (Level 3) \| Silverstone Venture \| Discounted cash flows \| Low \| Term to Exit \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.03
Significant Unobservable Inputs (Level 3) \| Silverstone Venture \| Discounted cash flows \| Low \| Discount rate \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.100
Significant Unobservable Inputs (Level 3) \| Silverstone Venture \| Discounted cash flows \| High \| Term to Exit \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.09
Significant Unobservable Inputs (Level 3) \| Silverstone Venture \| Discounted cash flows \| High \| Discount rate \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.250
Significant Unobservable Inputs (Level 3) \| Silverstone Venture \| Discounted cash flows \| Weighted Average \| Term to Exit \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.036
Significant Unobservable Inputs (Level 3) \| Silverstone Venture \| Discounted cash flows \| Weighted Average \| Discount rate \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.180
Significant Unobservable Inputs (Level 3) \| Extell Hudson Waterfront Holdings \| Discounted cash flows & option pricing models \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Level 3 Investments	$ 51,000
Significant Unobservable Inputs (Level 3) \| Extell Hudson Waterfront Holdings \| Discounted cash flows & option pricing models \| Low \| Term to Exit \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.057
Significant Unobservable Inputs (Level 3) \| Extell Hudson Waterfront Holdings \| Discounted cash flows & option pricing models \| Low \| Equity Volatility \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.374
Significant Unobservable Inputs (Level 3) \| Extell Hudson Waterfront Holdings \| Discounted cash flows & option pricing models \| Low \| Discount rate \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.068
Significant Unobservable Inputs (Level 3) \| Extell Hudson Waterfront Holdings \| Discounted cash flows & option pricing models \| Low \| Exit Cap Rate \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.055
Significant Unobservable Inputs (Level 3) \| Extell Hudson Waterfront Holdings \| Discounted cash flows & option pricing models \| Low \| Discount for Lack of Marketability - OPM \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.150
Significant Unobservable Inputs (Level 3) \| Extell Hudson Waterfront Holdings \| Discounted cash flows & option pricing models \| Low \| Discount for Lack of Marketability \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.100
Significant Unobservable Inputs (Level 3) \| Extell Hudson Waterfront Holdings \| Discounted cash flows & option pricing models \| High \| Term to Exit \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.057
Significant Unobservable Inputs (Level 3) \| Extell Hudson Waterfront Holdings \| Discounted cash flows & option pricing models \| High \| Equity Volatility \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.374
Significant Unobservable Inputs (Level 3) \| Extell Hudson Waterfront Holdings \| Discounted cash flows & option pricing models \| High \| Discount rate \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.068
Significant Unobservable Inputs (Level 3) \| Extell Hudson Waterfront Holdings \| Discounted cash flows & option pricing models \| High \| Exit Cap Rate \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.055
Significant Unobservable Inputs (Level 3) \| Extell Hudson Waterfront Holdings \| Discounted cash flows & option pricing models \| High \| Discount for Lack of Marketability - OPM \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.180
Significant Unobservable Inputs (Level 3) \| Extell Hudson Waterfront Holdings \| Discounted cash flows & option pricing models \| High \| Discount for Lack of Marketability \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.100
Significant Unobservable Inputs (Level 3) \| Extell Hudson Waterfront Holdings \| Discounted cash flows & option pricing models \| Weighted Average \| Term to Exit \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.057
Significant Unobservable Inputs (Level 3) \| Extell Hudson Waterfront Holdings \| Discounted cash flows & option pricing models \| Weighted Average \| Equity Volatility \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.374
Significant Unobservable Inputs (Level 3) \| Extell Hudson Waterfront Holdings \| Discounted cash flows & option pricing models \| Weighted Average \| Discount rate \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.068
Significant Unobservable Inputs (Level 3) \| Extell Hudson Waterfront Holdings \| Discounted cash flows & option pricing models \| Weighted Average \| Exit Cap Rate \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.055
Significant Unobservable Inputs (Level 3) \| Extell Hudson Waterfront Holdings \| Discounted cash flows & option pricing models \| Weighted Average \| Discount for Lack of Marketability - OPM \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.165
Significant Unobservable Inputs (Level 3) \| Extell Hudson Waterfront Holdings \| Discounted cash flows & option pricing models \| Weighted Average \| Discount for Lack of Marketability \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Investments, measurement inputs	0.100

Reserve for Loss and Loss Adjustment Expenses - Schedule of Average Annual Payout of Net Loss and LAE (Details)	Dec. 31, 2025
International \| Diversified Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	41.80%
Year 2	6.90%
Year 3	2.70%
Year 4	(0.30%)
Year 5	(0.80%)
Year 6	0.70%
Year 7	0.80%
Year 8	(0.10%)
Year 9	(0.70%)
Year 10	(0.80%)
Workers' Compensation \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	19.20%
Year 2	32.50%
Year 3	18.30%
Year 4	8.90%
Year 5	5.00%
Year 6	3.40%
Year 7	2.50%
Year 8	1.70%
Year 9	1.20%
Year 10	1.30%
General Liability \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	5.90%
Year 2	10.40%
Year 3	13.10%
Year 4	15.90%
Year 5	14.00%
Year 6	10.80%
Year 7	8.30%
Year 8	6.40%
Year 9	3.80%
Year 10	3.40%
Commercial Auto Liability \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	11.90%
Year 2	17.60%
Year 3	18.70%
Year 4	18.20%
Year 5	14.00%
Year 6	8.60%
Year 7	5.20%
Year 8	2.30%
Year 9	1.60%
Year 10	0.90%
European Hospital Liability \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.20%
Year 2	7.10%
Year 3	10.40%
Year 4	13.70%
Year 5	11.90%
Year 6	8.50%
Year 7	7.00%
Year 8	5.00%
Year 9	4.90%
Year 10	4.90%
All other lines \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	57.00%
Year 2	32.40%
Year 3	2.70%
Year 4	4.70%
Year 5	3.60%
Year 6	(0.90%)
Year 7	1.20%
Year 8	0.10%
Year 9	(0.40%)
Year 10	(0.10%)

Long-Term Debt - Schedule of Issuances of Senior Notes Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Principal amount	$ 262,361	$ 0
Carrying value	174,402	$ 0
Senior Notes
Debt Instrument [Line Items]
Principal amount	262,361
Less: unamortized fair value adjustment	87,959
Carrying value	174,402
Senior Notes \| 2016 Senior Notes
Debt Instrument [Line Items]
Principal amount	110,000
Less: unamortized fair value adjustment	43,627
Carrying value	66,373
Original fair value adjustment at acquisition date	$ 43,928
Coupon rate	6.625%
Effective interest rate	11.80%
Senior Notes \| 2013 Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 152,361
Less: unamortized fair value adjustment	44,332
Carrying value	108,029
Original fair value adjustment at acquisition date	$ 44,764
Coupon rate	7.75%
Effective interest rate	11.60%

Statutory Requirements and Dividend Restrictions - Schedule of Statutory Capital and Surplus and Statutory Net Income (Loss) of Principal Operating Subsidiaries (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Maiden Reinsurance
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	$ 257,960
Statutory Net Income (Loss)	4,697
Maiden LF
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	7,136
Statutory Net Income (Loss)	(1,681)
Maiden GF
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	6,182
Statutory Net Income (Loss)	$ (1,501)

Significant Accounting Policies - Schedule of Depreciable Fixed Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Gross	$ 2,470
Accumulated Depreciation	(1,796)
Net carrying value	674	$ 0
Leasehold improvements
Property, Plant and Equipment [Line Items]
Gross	660
Accumulated Depreciation	(110)
Net carrying value	550
Furniture and equipment
Property, Plant and Equipment [Line Items]
Gross	167
Accumulated Depreciation	(96)
Net carrying value	71
Computer software
Property, Plant and Equipment [Line Items]
Gross	1,485
Accumulated Depreciation	(1,475)
Net carrying value	10
Computer hardware
Property, Plant and Equipment [Line Items]
Gross	158
Accumulated Depreciation	(115)
Net carrying value	$ 43

Shareholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

a) Common shares

As discussed in Note 1. Organization, pursuant to the terms of the Combination, at the closing of the transaction on May 27, 2025, each issued and outstanding common share of Maiden, par value $0.01 per share, was automatically canceled and converted into the right to receive one-twentieth (0.05) of a common share in Kestrel Group. The equityholders of Kestrel at the closing date received 2,749,996 common shares of the Kestrel Group. To conform to the new equity structure of the Company, the $10,134 of previously stated member's equity of Kestrel LLC at December 31, 2024 was allocated between common shares at a $0.01 par value and additional paid-in capital. Fractional shares for both Maiden and Kestrel LLC were paid out in cash at the closing date.

The Company’s authorized share capital after the Combination consists of 42,500,000 common shares. The Company's common shares have a par value of $0.01 per share. Kestrel Group common shareholders are entitled to receive dividends. For the year ended December 31, 2025, the Company's Board of Directors did not declare any dividends to common shareholders. Holders of Kestrel Group common shares have no pre-emptive, redemption, conversion or sinking fund rights. Holders of Kestrel Group common shares are entitled to one vote per common share on all matters submitted to a vote of holders of Kestrel Group common shares. Most matters to be approved by holders of Kestrel Group common shares require approval by a simple majority vote. Under Kestrel Group bye-laws, the holders of at least a majority of the Kestrel Group common shares voting in person or by proxy at a meeting must approve any merger, amalgamation, business combination or similar transaction with another company.

At December 31, 2025, the aggregate authorized share capital of the Company is 42,500,000 shares of which 9,979,477 common shares were issued. This includes 7,741,943 common shares outstanding, and 2,237,534 treasury shares as discussed further below. The remaining 32,520,523 shares are undesignated at December 31, 2025. At December 31, 2025, there are 136,197 common shares that will be issued and outstanding upon vesting of restricted shares.

The following table shows the summary of changes in the Company's common shares outstanding for the years ended December 31, 2025 and 2024:


For the Year Ended December 31,	2025	2024
Outstanding shares – January 1	2,749,996	2,749,996
Issuance of common shares due to the Combination	7,221,621	—
Issuance of common shares due to vested restricted shares	7,860	—


Common shares held by Maiden Reinsurance	(2,237,534)	—
Outstanding shares – December 31(1)	7,741,943	2,749,996

(1) Outstanding shares at December 31, 2025 exclude 2,237,534 common shares issued to Maiden Reinsurance.

b) Treasury shares

Treasury shares include 2,237,534 common shares owned by Maiden Reinsurance which are not treated as outstanding common shares on the Consolidated Balance Sheet at December 31, 2025. These affiliated shares are not included in the computation of consolidated book value per share and earnings per share on the Company's consolidated financial statements.

c) Common shares issuable under incentive plans

On June 3, 2025, a Registration Statement on Form S-8 was filed by Kestrel Group for the purpose of registering 1,411,600 common shares, par value $0.01 per share, that are issuable under incentive plans. Please see Note 14. Share Compensation and Pension Plans for further details regarding these shares at December 31, 2025.

d) AOCI

The following table sets forth financial information regarding changes in the balances of each component of AOCI for the year ended December 31, 2025. There were no AFS investments held or foreign currency operations prior to the Combination, therefore no AOCI balances were outstanding at December 31, 2024:


For the Year Ended December 31, 2025	Change in net unrealized gains on investment		Foreign currency translation adjustments		Total
Beginning balance	$	—	$	—	$	—
Other comprehensive income before reclassifications	679		237		916
Amounts reclassified from AOCI to net income, net of tax	—		—		—
Net current period other comprehensive income	679		237		916


Ending balance, Kestrel shareholders	$	679	$	237	$	916

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Business Combination

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination

On May 27, 2025, Kestrel LLC completed the business combination with Maiden, pursuant to the terms of the Combination Agreement. The equityholders of Kestrel LLC at the closing date received an aggregate of $40,000 in upfront cash and 2,749,996 common shares of the combined company. In addition, the former equityholders of Kestrel LLC remain entitled to receive contingent consideration up to the lesser of (x) $45,000 payable in common shares of Kestrel Group upon the achievement of certain financial milestones, and (y) 2,750,000 common shares of Kestrel Group. After the closing of the Combination Agreement, the group was rebranded as Kestrel and is the successor company to Maiden. The Company’s authorized share capital consists of 42,500,000 shares.

The Combination was accounted for as a business combination in accordance with ASC 805, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair value. The Company also adopted ASU 2021-08, effective as of January 1, 2025, to record contract liabilities at their carrying value as of the acquisition date. Although Maiden was the legal acquirer, Kestrel LLC was determined to be the accounting acquirer and the legal acquiree. As a result, Kestrel LLC and its subsidiaries’ net assets were carried at historical value, acquired net assets of Maiden and its subsidiaries were measured at fair value except contract liabilities being recorded at carrying value at the acquisition date, and results of operations of Maiden and its subsidiaries were included in the Company’s Consolidated Financial Statements from May 27, 2025.

Purchase Price and Purchase Price Allocation

Management performed an estimation of fair values of Maiden and its subsidiaries' assets and liabilities as of May 27, 2025. The estimated fair values of the assets and liabilities are based on discussions with Maiden’s management, valuation studies, the transaction due diligence, and information presented in Maiden’s SEC filings. The final purchase price and estimated purchase price allocation herein may be different than the information previously filed with the SEC, and such differences could be material.

The Company is continuing its review of these matters during the measurement period, and if new information obtained about facts and circumstances that existed at the acquisition date identifies adjustments to the liabilities initially recognized, as well as any additional liabilities that existed at the acquisition date, the acquisition accounting will be revised to reflect the resulting adjustments to the provisional amounts initially recognized. The Company will finalize the purchase price allocation during the twelve-month period following the acquisition date.

Purchase Price

The final purchase price was based on the fair value of the issued and outstanding common shares at the closing of the Combination on May 27, 2025. The following table summarizes the final purchase price as of May 27, 2025:


Kestrel Group Ltd shares issued at Closing	7,221,621
Kestrel Group Ltd share price	$	23.00
Gross equity portion of consideration transferred at Closing	$	166,097

Kestrel Group Ltd shares retained as treasury shares by Maiden Reinsurance at Closing	(2,237,534)
Kestrel Group Ltd share price	$	23.00
Equity portion of consideration transferred to Maiden Reinsurance	$	(51,463)

Net equity portion of consideration transferred at Closing	$	114,634
Cash consideration paid to shareholders at Closing for fractional shares	1
Portion of the Maiden awards attributable to pre-combination service	514
Intercompany settlement	388
Total consideration effectively transferred	$	115,537

17. Business Combination (continued)

Estimated Purchase Price Allocation

The following table summarizes allocation of the most recent estimate of the purchase price to assets acquired and liabilities assumed as of May 27, 2025:


Fixed maturities, available-for-sale, at fair value	$	208,855
Equity securities, at fair value	11,144
Equity method investments	32,326
Other investments	160,439
Cash and cash equivalents	68,358
Restricted cash and cash equivalents	11,449
Accrued investment income	4,108
Reinsurance balances receivable, net	10,133
Reinsurance recoverable on unpaid losses	517,028
Net loan receivable from related party	107,110
Intangible assets	11,864
Funds withheld receivable	11,048
Other assets	14,592
Assets held for sale	20,698
Reserve for loss and loss adjustment expenses	(738,137)
Unearned premiums	(23,903)

Accrued expenses and other liabilities	(68,453)
Senior notes - at fair value	(173,669)
Liabilities held for sale	(1,147)
Net assets	183,843
Bargain purchase gain	(68,306)
Total consideration effectively transferred	$	115,537

At the closing date on May 27, 2025, the fair value of Maiden's net assets acquired were $183,843 which exceeded the consideration effectively transferred of $115,537, resulting in a bargain purchase gain of $68,306 as shown in the table above which was recognized in the consolidated statement of income of Kestrel for the year ended December 31, 2025.

As discussed in Note 11. Commitments, Contingencies and Guarantees, the former equityholders of Kestrel LLC are entitled to receive in contingent consideration up to the lesser of (x) an aggregate number of Kestrel Group common shares equal to $45,000 divided by certain volume weighted average prices of such shares, subject to the achievement of certain EBITDA milestones by the businesses that Kestrel conducted immediately prior to closing and any extensions of such businesses or related or ancillary businesses existing thereafter, subject to other terms and conditions as set forth in the combination agreement and (y) 2,750,000 common shares of Kestrel Group. On December 31, 2025, the fair value of this contingent consideration was $0 as business subject to the earn out computation continues to be re-evaluated based upon current estimates of the Kestrel business for the Performance Period, including performance of the Program Services business through December 31, 2025.

In connection with the Combination on May 27, 2025, the assets and liabilities of Maiden were recorded at fair value measured as of the acquisition date. Therefore, the net reserves for losses and LAE were remeasured at fair value, and based on discounted cash flow valuation techniques, a discount to net loss reserves was required which was recorded in intangible assets; the intangible assets acquired also consist of VOBA, as defined in Note 2. Significant Accounting Policies. The following table presents the weighted average amortization period and other components of intangible assets acquired at May 27, 2025 and December 31, 2025. Amortization expense for the intangible assets was $2,517 for the year ended December 31, 2025:


	Weighted Average Amortization Period	May 27, 2025		Accumulated Amortization at December 31, 2025		December 31, 2025
Value of Business Acquired	5.0 years	$	2,207	$	(580)	$	1,627
Fair value discount on net reserves acquired	32.0 years	9,657		(1,937)		7,720
Total Intangible Assets	27.3 years	$	11,864	$	(2,517)	$	9,347

17. Business Combination (continued)

The following table presents the estimated aggregate amortization expense for the five succeeding fiscal years on intangible assets held at December 31, 2025:


	2026		2027		2028		2029		2030
Amortization expense: VOBA	$	730	$	476	$	247	$	102	$	72
Amortization expense: fair value discount on net reserves acquired	2,198		1,413		1,243		1,066		632
Total amortization expense	$	2,928	$	1,889	$	1,490	$	1,168	$	704

Pro Forma Financial Unaudited Information

The unaudited pro forma condensed consolidated combined financial information is based on the Maiden historical consolidated financial statements and the Kestrel historical consolidated financial statements as adjusted to give effect to the transaction. The unaudited pro forma condensed consolidated combined statement of operations data for the year ended December 31, 2024 gives effect to the transaction as if it had been consummated on January 1, 2024.

The pro forma results of operations do not include any anticipated cost savings or other synergies that may result from the Maiden acquisition nor do they include any estimated costs that will be incurred to integrate Maiden operations. The pro forma results of operations include our merger and acquisition expenses of $25,900 as if they had been incurred in the first quarter of 2024.

The selected unaudited pro forma condensed consolidated combined financial information is provided for illustrative purposes only and is not necessarily indicative of what the actual results of operations and financial position would have been had the transaction been consummated on the dates indicated, nor is such information indicative of the future consolidated results of operations of the combined company.

The following table summarizes our selected unaudited financial information on a pro forma basis for the years ended December 31, 2025 and 2024:



For the Year Ended December 31,	2025		2024
Total revenues	$	50,166	$	43,742
Total expenses	79,952		111,655
Net loss	$	(29,786)	$	(67,913)

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Depreciable Fixed Assets

The Company's depreciable fixed assets of $674 are presented in Other Assets on the Consolidated Balance Sheets as of December 31, 2025 (2024: $0) detailed in the table below:


December 31,	2025
	Gross		Accumulated Depreciation		Net carrying value
Leasehold improvements	$	660	$	(110)	$	550

Furniture and equipment	167		(96)		71
Computer software	1,485		(1,475)		10
Computer hardware	158		(115)		43
Total Fixed Assets (1)	$	2,470	$	(1,796)	$	674

Statutory Requirements and Dividend Restrictions (Tables)

12 Months Ended

Dec. 31, 2025

Statutory Financial Information [Abstract]

Schedule of Statutory Capital and Surplus and Statutory Net Income (Loss) of Principal Operating Subsidiaries

The statutory capital and surplus and statutory net income (loss) of our principal operating subsidiaries in their respective jurisdictions were as follows:


	Maiden Reinsurance (a)		Maiden LF (b)		Maiden GF (b)
Statutory Capital and Surplus
December 31, 2025	$	257,960	$	7,136	$	6,182

Statutory Net Income (Loss)
For the Year Ended December 31, 2025	$	4,697	$	(1,681)	$	(1,501)

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

+ References + Details

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Issuances of Senior Notes Outstanding

The following table details the Senior Notes issuances outstanding at December 31, 2025; no Senior Notes are outstanding in 2024 as these were acquired under the Combination on May 27, 2025:


December 31, 2025	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,361		$	262,361
Less: unamortized fair value adjustment	43,627			44,332			87,959
Carrying value	$	66,373		$	108,029		$	174,402






Other details:
Original fair value adjustment at acquisition date	$	43,928		$	44,764
Maturity date	June 14, 2046			December 1, 2043
Earliest redeemable date (for cash)	June 14, 2021			December 1, 2018
Coupon rate	6.625		%	7.75		%
Effective interest rate	11.8		%	11.6		%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Elements used in Calculating Basic and Diluted Earnings Per Common Share

The following is a summary of the elements used in calculating basic and diluted earnings per common share for the years ended December 31, 2025 and 2024, respectively:


For the Year Ended December 31,	2025		2024
Numerator:
Net income (loss)	$	49,538	$	(1,291)




Amount allocated to participating common shareholders(1)	(450)		—
Income (loss) available to Kestrel common shareholders, continuing operations	49,088		(1,291)
Loss from discontinued operations, net of income tax expense	(2,813)		—


Amount of loss from discontinued operations allocated to participating common shareholders(1)	26		—
Net income (loss) attributable to Kestrel common shareholders	$	46,301	$	(1,291)
Denominator:
Weighted average number of common shares – basic and diluted(1)(2)	5,731,380		2,749,996







Basic and diluted earnings (loss) from continuing operations per share attributable to Kestrel common shareholders:	$	8.57	$	(0.47)
Basic and diluted loss from discontinued operations per share attributable to Kestrel common shareholders	(0.49)		—
Basic and diluted earnings (loss) per per share attributable to Kestrel common shareholders:	$	8.08	$	(0.47)

(1)Please refer to Note 6. Shareholders' Equity and Note 14. Share Compensation and Pension Plans in the Notes to Consolidated Financial Statements for the terms and conditions of securities that could potentially be dilutive in the future. For the years ended December 31, 2025 and 2024, there were no potentially dilutive securities.

(2)For the years ended December 31, 2025 and 2024, the number of common shares outstanding decreased as a result of the reverse stock split, therefore the computations of basic and diluted EPS was adjusted retroactively for all periods presented to reflect that change in capital structure. As discussed in Note 1. Organization, pursuant to the terms of the Combination, at the closing of the transaction on May 27, 2025, each issued and outstanding common share of Maiden, par value $0.01 per share, was automatically canceled and converted into the right to receive one-twentieth (0.05) of a common share in Kestrel Group. The equityholders of Kestrel LLC at the closing date received 2,749,996 common shares of the Kestrel Group.

Reserve for Loss and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Schedule for Reserve for Loss and LAE and Schedule of Prior Period Development Experienced

The reserve for loss and LAE comprises:


December 31,	2025
Reserve for reported loss and LAE	$	312,567
Reserve for losses incurred but not reported ("IBNR")	324,602
Reserve for loss and LAE	$	637,169

The following table represents a reconciliation of the beginning and ending gross and net loss and LAE reserves:


For the Year Ended December 31,	2025
Gross loss and LAE reserves, January 1	$	—
Less: reinsurance recoverable on unpaid losses, January 1	—
Net loss and LAE reserves, January 1	—
Net incurred losses related to:
Current year	8,844
Prior years	148
	8,992
Net paid losses related to:
Current year	(2,905)
Prior years	(58,445)
	(61,350)

Net Maiden Legacy run-off business acquired	221,109

Effect of foreign exchange rate movements	7,221
Net loss and LAE reserves, December 31	175,972
Reinsurance recoverable on unpaid losses, December 31	461,197
Gross loss and LAE reserves, December 31	$	637,169

The following table summarizes net adverse PPD for the Legacy Reinsurance segment during the year ended December 31, 2025:


For the Year Ended December 31,	2025

Prior Year Loss Development adverse (favorable)
Net adverse PPD for Diversified Reinsurance legacy business	$	800
Net favorable PPD for AmTrust Reinsurance legacy business	(652)
Net adverse PPD for Legacy Reinsurance Segment	$	148

Schedule of Prior Year Loss Development by Line of Business

The table below details prior year reserve development by line of business for the years ended December 31, 2025:


For the Year Ended December 31,	2025

Prior Year Loss Development adverse (favorable)
IIS business	$	824
GLS	262
Other run-off lines	(286)
Total Diversified Reinsurance adverse PPD	$	800

The table below shows PPD for the AmTrust Reinsurance legacy operations for the years ended December 31, 2025:



For the Year Ended December 31,	2025
Prior Year Loss Development (favorable) adverse
AmTrust Quota Share	$	(760)
European Hospital Liability Quota Share	4,412
LPT/ADC Agreement	(4,304)
Total AmTrust Reinsurance favorable PPD	$	(652)

Schedule of Incurred Losses And LAE And Cumulative Paid Losses And LAE

The following tables represent information on the Company's incurred loss and LAE and cumulative paid loss and LAE, both net of reinsurance, since 2014 for the Company's IIS business in the Legacy Reinsurance segment. The development tables below included reserves acquired from the loss portfolio transfer agreement associated with the GMAC International Insurance Services ("IIS") business as at November 30, 2010 of $98,827. For the purposes of disclosure, the reserves from the loss portfolio transfer was allocated to the original accident year.

Many pro-rata contracts are big enough that specific company development patterns are used. The ELR from the pricing of the account is typically used for the first year or more until the data suggests an alternative result is likely. Use of the ELR method transitions to the BF and then the LD method. For smaller contracts, benchmark development patterns may be used in both the pricing to establish the ELR and the reserving. The use of benchmark patterns is more prevalent in excess of loss business and the movement to experience based methods is slower.

The IIS business written by the Company's IIS team was mainly proportional treaty business, a significant portion of which is Personal Auto quota share but also comprises credit life quota share. Life and personal accident business is also written on a direct basis by Maiden LF. The IIS business team works with insurance partners, automobile manufacturers and their related credit providers and other organizations to design and implement insurance programs in both auto distribution-related and other consumer insurance products.

For the auto quota share exposure, initial underwriting year loss projections are generally based on the ELR method, derived from account pricing analyses. Payment and reporting patterns are predominantly short-tailed, and the movement away from the ELR to BF or LD methods typically happens very rapidly. Credit life reserves are primarily a function of reporting lag, typically only one or several months on average. The reserves are calculated using a FS methodology, where the frequency is a function of the average claims lag and the average per claims severity.

9. Reserve for Loss and Loss Adjustment Expenses (continued)


Diversified Reinsurance - IIS business	Incurred loss and LAE, net of reinsurance																				At December 31, 2025
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total IBNR
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2010	$	81,181	$	83,182	$	82,863	$	83,956	84,085		$	84,406	$	84,615	$	87,048	$	86,821	$	87,492	$	547
2011	49,790		50,169		50,418		50,372		50,329		50,329		50,412		50,363		50,348		50,283		85
2012	49,460		49,721		49,439		49,381		49,307		49,416		49,388		49,341		49,195		49,186		181
2013	52,378		52,978		52,796		53,199		53,128		53,237		53,202		53,141		53,194		53,068		(341)
2014	48,224		48,129		47,905		47,976		47,711		47,590		47,609		47,627		47,438		47,407		118
2015	44,200		44,702		44,339		44,378		44,224		43,937		43,951		43,842		43,860		43,851		8
2016	38,587		40,594		39,935		39,921		40,345		40,024		40,122		40,105		40,084		40,042		161
2017			36,637		37,588		36,420		35,477		35,496		35,282		35,073		34,899		34,738		181
2018					44,358		42,598		42,788		42,828		42,974		42,481		42,928		42,496		(759)
2019							37,149		39,210		38,281		38,374		38,306		38,240		38,190		135
2020									25,267		24,353		23,113		23,233		23,287		23,326		974
2021											6,584		6,584		6,584		6,584		6,626		1,809
2022													7,640		9,244		10,300		11,513		36
2023															10,077		10,077		10,179		—
2024																	17,027		17,212		—
2025																			7,583		—
Total																			$	563,192	$	3,135

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2010	$	53,877	$	55,357	$	57,093	$	58,598	$	59,740	$	60,896	$	61,982	$	63,178	$	64,130	$	65,316
2011	50,261		50,401		50,518		50,587		50,675		50,730		50,764		50,772		50,810		50,821
2012	45,452		46,035		46,153		46,167		46,255		46,356		46,325		46,338		46,364		46,353
2013	48,064		48,534		48,754		48,836		49,168		49,616		49,736		50,004		50,073		50,113
2014	44,294		45,523		45,788		45,898		46,021		46,085		46,124		46,141		46,170		46,186
2015	39,321		41,404		42,448		42,876		43,165		43,386		43,416		43,429		43,557		43,595
2016	22,373		36,498		38,384		39,158		39,808		40,345		41,225		41,504		41,530		41,556
2017			18,948		33,695		35,507		36,357		36,624		36,690		36,744		36,755		36,742
2018					21,031		38,352		40,507		41,584		42,223		42,506		43,202		43,054
2019							17,304		31,646		34,361		34,932		35,278		35,402		35,405
2020									11,838		20,243		21,356		21,860		22,163		22,303
2021											5,596		10,619		11,890		12,343		12,259
2022													1,212		11,153		13,998		16,821
2023															909		11,084		11,008
2024																	1,415		9,009
2025																			3,947
Total																			534,488

Total net reserves											$	28,704

The following tables represent information on the Company's incurred loss and LAE and cumulative paid loss and LAE, both net of reinsurance, by significant line of business since 2011 for our AmTrust Reinsurance segment. All data shown for the AmTrust Reinsurance segment in the tables that follow are from the Company’s quota share contracts with AmTrust, both the multi-year AmTrust Quota Share and European Hospital Liability Quota Share. AmTrust purchases significant reinsurance for losses above $10 million covered by the AmTrust Quota Share. The Company’s share of AmTrust’s losses net of reinsurance in the AmTrust Quota Share is generally 40%.

Additionally, for the Specialty Program portion of Covered Business only, AmTrust will be responsible for ultimate net loss otherwise recoverable from Maiden Reinsurance to the extent that the loss ratio to Maiden Reinsurance, which shall be determined on an inception to date basis from July 1, 2007 through the date of calculation, is between 81.5% and 95% ("Loss Corridor"). Above and below the Loss Corridor, Maiden Reinsurance has reinsured losses at its proportional 40% share per the AmTrust Quota Share. Effective July 31, 2019, the Loss Corridor was amended such that the maximum amount covered is $40,500, the amount calculated by Maiden Reinsurance for the Loss Corridor coverage as of March 31, 2019. As of December 31, 2025, the projected amount subject to the Loss Corridor is $135,458 which exceeds the maximum amount covered. Any further development above this amount will be subject to the coverage of the LPT/ADC Agreement if it emanates from accident years 2018 and prior. Any loss development from accident year 2019 will be retained by Maiden Reinsurance.

Recoverables from the LPT/ADC Agreement are displayed in the column "Impact of LPT/ADC" in the loss tables that follow. Amounts have been allocated to Accident Year and line of business according to the timing of the respective losses, based on the currently projected payout patterns. These allocations may shift over time as actual payments are made and payout patterns are re–estimated. Please refer to "Note 8. Reinsurance" for additional information regarding the LPT/ADC Agreement.

AmTrust Legacy Reinsurance: Workers’ Compensation

This reserve class consists of the Workers’ Compensation portion of the AmTrust Quota Share. The business is written in the U.S. by AmTrust from both their Small Commercial Business and Specialty Program business units. The Small Commercial Business unit focuses on writing smaller, niche workers' compensation exposures in generally low-hazard occupations. Workers’ Compensation business written in the Specialty Program unit is typically part of programs consisting of multiple lines of business. The business is produced by managing general agents with AmTrust regularly adding new programs and terminating or renegotiating unprofitable ones. Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. Since it is proportional exposure, and due to the size and the classes of business insured by AmTrust, this reserving class is much shorter tailed than a traditional workers compensation book, and the transition to the BF and the LD methods happens relatively quickly, within the first several years.

This line of business is covered under the LPT/ADC Agreement pursuant to which Cavello has assumed the loss reserves as of December 31, 2018 associated with the AmTrust Quota Share and therefore any adverse development will be recoverable as per terms of the agreement. Recoverables from the LPT/ADC Agreement are displayed in the column "Impact of LPT/ADC" in the loss triangle tables further below. Please refer to Note 10. Related Party Transactions for information regarding certain workers' compensation policies that were commuted to AII as of July 31, 2019.

AmTrust Legacy Reinsurance: General Liability

This reserve class consists of the General Liability portion of the AmTrust Quota Share. The business is written in the U.S. by AmTrust from both their Small Commercial Business and Specialty Program business units. The Small Commercial Business unit focuses on writing smaller niche business, typically under-served by the broader insurance market, which typically have limits of $1,000. General Liability business written in the Small Commercial Business unit grew substantially following AmTrust’s renewal rights acquisition in 2014. Specialty Program business may contain a mix of exposures from retail operations, contractors, manufacturers, and other premises.

Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. This proportional exposure is medium tailed, and the IBNR is typically derived from the use of the initial ELR, or the FS method as claim counts emerge, for the first several years following the earning of the exposure, followed by a transition to the BF and the LD methods.

AmTrust Legacy Reinsurance: Commercial Auto Liability

Commercial Auto Liability is written in the U.S. and included in the Small Commercial Business and Specialty Program business units within the AmTrust Quota Share. The Small Commercial Business unit focuses on writing smaller niche business, typically under-served by the broader insurance market, and policies typically have limits of $1,000. Auto Liability business written in the Small Commercial Business unit grew substantially following a large renewal rights acquisition completed by AmTrust in 2014. Commercial Auto Liability business written in the Specialty Program unit is typically part of programs consisting of multiple lines of business.

Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. This proportional exposure is relatively short tailed, and the transition to the BF and the LD methods happens relatively quickly, within the first several years.

9. Reserve for Loss and Loss Adjustment Expenses (continued)


Workers' Compensation	Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement)																				At December 31, 2025
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	83,039	$	83,622	$	84,710	$	83,952	$	86,117	$	86,292	$	86,415	$	86,144	$	86,220	$	86,256	$	1,807	$	5,322
2009	105,901		107,165		110,175		109,664		109,021		110,207		109,384		109,018		109,427		109,710		2,013		4,286
2010	124,073		123,968		127,215		127,381		126,621		126,516		126,308		125,420		124,677		124,857		6,018		7,853
2011	133,916		135,379		138,600		139,685		141,272		137,355		140,257		139,421		139,302		139,040		3,949		6,024
2012	172,692		181,616		192,087		188,879		192,263		187,089		189,114		187,629		186,574		186,580		5,830		8,907
2013	242,447		261,915		276,249		273,571		281,580		277,365		277,226		276,791		276,853		276,903		8,078		15,844
2014	382,260		419,748		457,363		455,521		449,374		445,258		441,185		440,175		438,487		437,994		16,267		27,270
2015	474,212		526,269		551,145		545,271		549,857		547,439		537,963		535,139		531,208		529,800		20,519		37,720
2016	528,906		568,006		627,728		603,529		579,849		568,791		559,440		555,645		550,537		550,860		25,243		43,560
2017			615,957		654,362		613,577		593,920		591,122		580,155		577,051		574,067		572,531		20,546		43,920
2018					592,566		580,528		575,765		585,009		577,485		573,040		572,609		569,756		22,369		56,163
2019							12,751		9,945		10,871		10,152		11,943		9,362		9,635		29		—
Total																			$	3,593,922	$	132,668	$	256,869

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	79,230	$	81,159	$	82,436	$	82,708	$	82,286	$	82,676	$	82,761	$	83,026	$	83,138	$	83,389
2009	98,811		100,103		101,823		102,877		103,771		104,205		104,433		104,685		105,848		106,271
2010	114,639		115,014		115,959		116,332		114,730		115,509		115,765		116,064		116,479		117,076
2011	115,966		122,579		124,315		125,843		129,408		130,413		130,958		131,877		132,524		133,070
2012	150,543		158,807		164,512		168,154		172,251		174,436		175,021		176,022		176,865		177,754
2013	199,300		216,527		227,502		234,342		248,103		252,506		255,720		257,523		259,504		261,231
2014	268,467		321,258		355,414		370,176		383,529		392,101		398,441		404,591		408,716		410,999
2015	246,616		338,642		388,640		417,736		448,867		466,869		476,769		483,387		488,574		492,459
2016	110,051		284,501		380,602		428,651		449,347		471,382		484,367		494,160		500,971		507,751
2017			111,508		274,596		448,551		485,611		507,903		520,180		528,411		535,127		539,074
2018					110,954		409,986		465,762		499,349		515,459		524,987		532,512		536,149
2019							3,907		5,821		8,070		9,024		9,717		9,189		9,298
Total																			3,374,521
	All outstanding liabilities prior to 2008, net of reinsurance																		100
Total net reserves excluding impact of LPT/ADC Agreement											219,501

Less: Impact of LPT/ADC Agreement											(256,869)
Total net reserves including impact of LPT/ADC Agreement											$	(37,368)


General Liability	Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement)																				At December 31, 2025
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	35,985	$	36,627	$	37,605	$	36,996	$	40,399	$	40,381	$	40,017	$	39,796	$	39,541	$	39,524	$	2,175	$	276
2009	34,040		34,863		35,138		35,410		36,228		35,733		35,495		35,433		35,421		35,324		33		48
2010	38,298		41,597		42,884		43,062		45,490		44,779		44,856		44,907		45,032		45,171		235		414
2011	45,303		49,338		52,746		53,499		55,607		54,683		54,288		54,495		54,410		54,389		(64)		1,000
2012	50,800		55,991		59,948		63,429		63,704		64,052		63,615		63,214		62,621		62,955		4,058		1,364
2013	68,641		79,731		89,204		92,032		95,050		96,342		96,388		97,920		98,211		98,514		527		2,776
2014	77,930		99,873		111,970		116,085		119,367		119,782		119,413		119,554		119,763		119,848		4,446		4,861
2015	95,766		122,942		139,518		154,071		154,529		154,939		155,235		155,101		158,447		159,085		3,811		9,459
2016	98,149		114,864		120,910		148,371		147,858		147,996		150,019		153,168		151,915		152,125		3,731		15,125
2017			116,158		133,533		165,268		161,354		162,856		167,257		170,669		173,853		172,741		8,400		19,609
2018					121,991		153,822		148,817		148,295		151,791		160,003		169,005		168,229		13,193		29,174
2019							5,427		6,017		5,981		3,906		3,077		3,032		3,372		437		—
Total																			$	1,111,277	$	40,982	$	84,106

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	32,765	$	34,935	$	36,699	$	34,893	$	37,253	$	37,278	$	37,473	$	37,289	$	37,304	$	37,316
2009	30,924		32,878		33,473		32,487		34,984		34,999		35,093		35,197		35,258		35,260
2010	34,125		37,317		39,214		39,888		42,509		43,076		44,041		44,246		44,438		44,761
2011	39,350		41,257		47,141		49,178		51,492		52,593		53,064		53,320		53,529		53,647
2012	40,864		45,775		53,526		56,538		55,350		57,913		58,889		58,412		57,541		58,191
2013	44,698		58,377		70,074		76,996		83,571		87,178		89,473		92,705		94,491		96,725
2014	36,026		57,678		77,259		86,101		92,861		96,521		102,290		107,865		110,741		112,949
2015	33,963		52,350		79,291		98,278		112,542		120,546		131,224		140,414		147,047		150,290
2016	6,402		21,959		45,855		67,063		88,627		101,764		114,422		129,683		137,678		140,978
2017			6,967		27,001		51,545		79,531		97,356		119,417		139,460		151,578		156,255
2018					7,907		24,618		42,792		65,947		90,841		115,496		132,240		140,069
2019							27		314		717		1,218		1,581		2,178		2,876
Total																			1,029,317
	All outstanding liabilities prior to 2008, net of reinsurance																		110
Total net reserves excluding impact of LPT/ADC Agreement											82,070

Less: Impact of LPT/ADC Agreement											(84,106)
Total net reserves including impact of LPT/ADC Agreement											$	(2,036)


Commercial Auto Liability	Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement)																				At December 31, 2025
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	35,975	$	35,521	$	35,382	$	35,542	$	37,746	$	37,854	$	37,885	$	37,880	$	37,622	$	37,622	$	2,274	$	10
2009	30,468		30,919		31,033		31,064		31,082		31,019		30,979		30,978		30,851		30,850		506		43
2010	40,523		42,146		41,996		42,070		40,637		40,631		40,608		40,556		40,556		40,555		138		1
2011	34,790		36,149		36,065		34,643		34,707		34,690		34,634		34,644		34,659		34,656		502		—
2012	48,116		46,150		45,754		45,917		45,902		45,753		45,860		45,887		45,762		45,757		(72)		8
2013	59,702		63,162		62,163		63,620		63,532		63,590		63,500		63,471		63,320		63,204		161		257
2014	73,966		82,427		89,299		92,572		94,238		93,208		93,164		93,433		92,820		92,753		431		33
2015	92,955		106,560		119,141		127,560		129,849		129,082		129,632		130,631		130,496		130,699		172		344
2016	121,828		118,210		144,077		171,504		170,275		167,480		170,221		171,563		170,554		171,484		(2,769)		3,295
2017			156,575		189,257		220,457		230,972		220,471		224,132		227,165		226,839		226,737		1,246		3,089
2018					177,150		224,780		230,200		219,800		230,516		234,717		234,527		235,698		2,636		9,322
2019							79,172		77,371		73,023		74,553		74,504		73,888		74,091		1,937		—
2020																			—		(7)		—
Total																			$	1,184,106	$	7,155	$	16,402

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	34,074	$	34,803	$	35,284	$	36,968	$	34,982	$	35,013	$	35,339	$	35,349	$	35,349	$	35,349
2009	29,829		29,842		30,204		31,194		30,337		30,340		30,341		30,342		30,342		30,343
2010	39,413		39,750		40,282		40,396		40,407		40,411		40,416		40,416		40,416		40,416
2011	32,362		33,130		33,154		33,451		33,872		34,005		34,158		34,159		34,157		34,154
2012	43,745		44,165		45,555		45,751		45,819		45,812		45,825		45,831		45,831		45,829
2013	48,122		57,349		59,600		62,331		62,562		62,968		63,070		63,079		63,101		62,937
2014	42,960		64,459		79,766		87,458		90,761		91,000		91,115		91,819		92,295		92,318
2015	39,179		62,945		86,433		107,707		118,753		121,605		125,415		128,692		130,298		130,382
2016	19,071		48,595		76,635		113,174		133,826		145,728		158,822		165,475		169,924		171,612
2017			26,863		69,657		115,623		154,600		176,863		197,857		212,952		219,869		223,830
2018					30,018		67,080		107,184		138,770		178,479		207,553		221,401		226,649
2019							9,456		22,799		34,365		49,073		59,162		66,969		69,994
2020									7		7		7		7		7		7
Total																			1,163,820
	All outstanding liabilities prior to 2008, net of reinsurance																		—
Total net reserves excluding impact of LPT/ADC Agreement											20,286

Less: Impact of LPT/ADC Agreement											(16,402)
Total net reserves including impact of LPT/ADC Agreement											$	3,884

AmTrust Legacy Reinsurance: European Hospital Liability

AmTrust entered this line of business in Italy in 2010 when it believed there were significant opportunities in what had traditionally been an under-performing market. European Hospital Liability policies are written on a claim made basis. Maiden wrote a separate annually renewable contract covering this exposure in 2011 which is not part of the AmTrust Quota Share. Currently, most exposure remains in Italy with a modest amount of exposure to other European nations. Indemnity amounts for Italian exposures are governed by the Court of Milan tables, which vary awards for insureds by the age of the injured party and the severity of the injury.

The European Hospital Liability Quota Share is a claims made exposure, and in many instances claims are eventually closed with no liability. Existing case reserves reflect an estimate of the probability of a claim closing without liability. The reserving analysis includes a projection of the percentage of claims which will close with payment, as well as an estimate of the average severity of those claims. Claims are reviewed by homogenous groupings of injury types in order to provide a credible estimate of future claim movements and severities. A provision for the impact on average severities as a result of the Milan table changes was also estimated, largely based on available industry information.

European Hospital Liability business is not covered under the LPT/ADC Agreement, therefore any adverse development in this line of business may result in significant losses. Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. As the exposure matures, the projection methodology transitions to the LD method, complemented by an analysis of the resulting implied per claim severity as discussed in the proceeding section. The underlying policies assumed are subject to deductibles on both a per claim and aggregate basis, and the LD method is applied to the net of deductible data to calculate a final estimate of reserves net of all deductibles.

9. Reserve for Loss and Loss Adjustment Expenses (continued)


European Hospital Liability	Incurred loss and LAE, net of reinsurance																				At December 31, 2025
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total IBNR
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2011	$	67,544	$	65,495	$	62,799	$	65,162	$	65,457	$	66,256	$	74,116	$	75,177	$	79,850	$	79,512	$	(529)
2012	95,952		90,855		117,416		122,479		123,454		124,978		128,419		129,467		140,911		140,249		(1,495)
2013	87,674		80,165		102,752		108,839		110,294		112,000		114,138		115,527		130,008		129,578		3,699
2014	59,755		66,488		83,838		89,313		90,403		91,814		91,616		94,647		107,724		106,474		3,664
2015	47,954		62,437		68,649		71,924		72,172		74,590		76,271		78,693		84,028		83,512		1,755
2016	46,244		53,237		69,678		72,314		70,731		72,139		71,562		72,968		74,581		76,084		445
2017			42,573		54,242		56,456		54,948		52,869		51,581		52,121		53,097		56,062		2,947
2018					46,345		32,871		33,842		33,174		35,523		35,598		35,512		38,055		1,686
2019							16,513		15,285		16,299		16,239		16,433		16,659		17,507		1,738
Total																			$	727,033	$	13,910

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2011	$	37,155	$	42,987	$	47,345	$	51,275	$	56,010	$	59,096	$	63,529	$	67,095	$	68,955	$	73,477
2012	60,871		71,774		80,117		86,482		96,924		102,190		109,403		115,571		121,618		129,717
2013	40,988		51,526		57,744		65,279		79,018		84,804		93,174		99,488		108,562		114,251
2014	25,581		36,409		40,855		48,191		60,571		63,653		74,276		81,434		89,108		93,502
2015	11,473		23,686		30,229		36,303		47,619		47,106		57,177		63,436		67,561		73,542
2016	3,723		11,059		18,324		24,374		36,177		38,886		49,292		54,159		59,061		65,350
2017			1,329		4,588		7,863		15,263		21,037		31,169		35,266		40,158		44,002
2018					957		2,355		5,611		8,074		23,021		26,046		28,201		30,504
2019							11,912		1,664		3,143		10,943		11,925		12,753		13,801
Total																			638,146
Total net reserves											$	88,887

AmTrust Reinsurance: All Other Lines Includes all lines except Workers' Compensation, General Liability, and Commercial Auto from Small Commercial Business and Specialty Program Divisions. The predominant exposures include property and auto physical damage.


All Other Lines	Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement)																				At December 31, 2025
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	29,070	$	29,576	$	29,574	$	29,519	$	24,045	$	24,016	$	24,013	$	24,013	$	23,758	$	23,758	$	(5,092)	$	—
2009	14,492		16,088		15,653		14,617		15,750		15,373		15,373		15,379		15,523		15,523		527		10
2010	16,105		17,071		17,059		15,438		15,905		15,905		15,905		15,905		15,905		15,905		52		—
2011	22,616		23,376		23,506		21,469		21,515		21,500		21,496		21,490		21,500		21,498		148		—
2012	18,673		19,850		20,260		19,578		17,969		17,811		17,819		17,775		17,743		17,730		(1,144)		(708)
2013	22,918		21,313		21,669		21,735		20,644		20,639		20,637		20,593		20,306		20,304		2,849		2,182
2014	26,021		24,958		26,278		24,929		21,496		21,491		21,493		21,481		21,340		21,339		(154)		79
2015	54,857		49,631		49,463		47,882		44,939		44,749		44,456		44,379		44,511		44,538		782		33
2016	79,654		74,948		72,384		73,602		67,060		66,943		66,791		67,162		65,839		65,748		5,106		85
2017			104,637		96,812		92,905		96,196		96,104		96,267		96,485		96,598		96,653		1,659		434
2018					96,909		103,489		101,554		101,913		102,061		101,326		103,207		103,609		239		570
2019							37,945		43,146		43,554		42,003		42,310		42,123		42,554		641		—
2020									—		—		—		—		—		—		(103)		—

Total																			$	489,159	$	5,510	$	2,685

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	29,177	$	30,833	$	30,683	$	29,234	$	24,706	$	28,850	$	28,850	$	28,850	$	28,850	$	28,850
2009	13,870		15,224		15,051		14,009		14,954		14,986		14,986		14,986		14,986		14,986
2010	16,058		16,919		16,786		15,285		15,853		15,854		15,854		15,854		15,854		15,854
2011	22,715		23,892		23,661		21,481		21,343		21,339		21,334		21,359		21,352		21,349
2012	17,946		18,205		18,685		17,559		18,071		18,077		18,077		18,084		18,083		18,872
2013	20,258		20,456		20,447		19,343		20,146		19,465		19,463		19,482		19,460		17,455
2014	20,940		22,018		26,194		21,405		21,497		21,493		21,509		21,532		21,495		21,494
2015	45,208		42,631		41,962		44,179		43,622		43,895		43,742		43,737		43,754		43,757
2016	42,795		69,805		65,452		63,234		63,450		60,008		59,967		60,682		60,628		60,641
2017			48,903		80,726		80,735		93,212		93,541		94,206		94,710		94,948		94,802
2018					56,539		86,455		98,386		101,158		102,587		102,406		102,774		103,298
2019							22,095		38,793		40,427		40,670		41,029		41,243		41,812
2020									4		103		103		103		103		103
2021											66		66		55		55		55
Total																			483,328
	All outstanding liabilities prior to 2008, net of reinsurance																		(3)
Total net reserves excluding impact of LPT/ADC Agreement											5,828

Less: Impact of LPT/ADC Agreement											(2,685)
Total net reserves including impact of LPT/ADC Agreement											$	3,143

Schedule of Reconciliation of Claims Development to Liability

The following table represents a reconciliation of the net incurred and paid loss development tables to the reserve for loss and LAE in the Consolidated Balance Sheet at December 31, 2025:


	December 31, 2025
	Total Net Reserves (including impact of ADC)		Reinsurance Recoverables on unpaid claims		Total Gross Reserves
Legacy Reinsurance - Diversified Business
IIS business	$	28,704	$	66	$	28,770
Other reconciling items excluded from loss development tables
GLS	8,537		1,327		9,864
Other run-off lines	10,548		—		10,548
Total Diversified Legacy Reinsurance	47,789		1,393		49,182
Legacy Reinsurance - AmTrust Business
Workers' Compensation(1)	(37,368)		256,869		219,501
General Liability	(2,036)		84,106		82,070
Commercial Auto Liability	3,884		16,402		20,286
European Hospital Liability	88,887		—		88,887
All Other Lines	3,143		2,685		5,828
Total	56,510		360,062		416,572
Other reconciling items excluded from loss development tables	70,984		66,951		137,935
Total AmTrust Reinsurance	127,494		427,013		554,507

US Treaty business ceded to Cavello	689		32,791		33,480

Total reserves for loss and LAE	$	175,972	$	461,197	$	637,169

(1) Remaining Workers' Compensation reserves from commutation to AmTrust executed by Maiden in July 2019 are approximately $33,620 which are treated as outstanding per the LPT/ADC Agreement with Cavello. The allocated portion of these reserves projected to be paid by Cavello in future periods results in an estimated ceded IBNR which exceeds the gross IBNR.

Schedule of Average Annual Payout of Net Loss and LAE

The following unaudited supplementary information represents the average annual percentage payout of net loss and LAE by age, net of reinsurance, for both our reportable segments at December 31, 2025:


	Average annual payout of incurred claims by age, net of reinsurance (unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Diversified Reinsurance
International	41.8	%	6.9	%	2.7	%	(0.3)	%	(0.8)	%	0.7	%	0.8	%	(0.1)	%	(0.7)	%	(0.8)	%

AmTrust Reinsurance
Workers' Compensation	19.2	%	32.5	%	18.3	%	8.9	%	5.0	%	3.4	%	2.5	%	1.7	%	1.2	%	1.3	%
General Liability	5.9	%	10.4	%	13.1	%	15.9	%	14.0	%	10.8	%	8.3	%	6.4	%	3.8	%	3.4	%
Commercial Auto Liability	11.9	%	17.6	%	18.7	%	18.2	%	14.0	%	8.6	%	5.2	%	2.3	%	1.6	%	0.9	%
European Hospital Liability	3.2	%	7.1	%	10.4	%	13.7	%	11.9	%	8.5	%	7.0	%	5.0	%	4.9	%	4.9	%
All other lines	57.0	%	32.4	%	2.7	%	4.7	%	3.6	%	(0.9)	%	1.2	%	0.1	%	(0.4)	%	(0.1)	%

Assets Held for Sale - Schedule of Assets and Liabilities Classified as Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Total assets held for sale	$ 19,495	$ 0
LIABILITIES
Total liabilities held for sale	1,122	$ 0
Discontinued Operations, Held-for-sale
ASSETS
Fixed maturities, available-for-sale, at fair value	6,497
Cash and cash equivalents	12,243
Accrued investment income	93
Other assets	662
Total assets held for sale	19,495
LIABILITIES
Accrued expenses and other liabilities	1,122
Total liabilities held for sale	$ 1,122

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2025

Reinsurance Disclosures [Abstract]

Schedule of Effect of Ceded Reinsurance on Net Premiums Written and Earned and on Net Loss and LAE

The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the year ended December 31, 2025 was as follows:


For the Year Ended December 31,	2025
Premiums written
Direct	$	6,967
Assumed	(876)
Ceded	118
Net	$	6,209
Premiums earned
Direct	$	7,333
Assumed	5,273
Ceded	67
Net	$	12,673
Loss and LAE
Gross loss and LAE	$	10,770
Loss and LAE ceded	(1,778)
Net	$	8,992

Schedule of Allowance for Expected Credit Losses on Reinsurance Recoverable

The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on reinsurance recoverable for the year ended December 31, 2025:



For the Year Ended December 31,	2025
Allowance for expected credit losses on reinsurance recoverable, beginning of period	$	—
Expected credit losses on acquired recoverables under the Combination	1,446
Increase in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized on acquired assets	294

Allowance for expected credit losses on reinsurance recoverable, end of period	$	1,740

Reinsurance - Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2019	Dec. 31, 2025	Jul. 18, 2025	Dec. 31, 2024	Dec. 31, 2018	Dec. 27, 2018
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses		$ 461,197		$ 0
Reinsurance recoverable, allowance for credit loss		1,740		$ 0
Reinsurance, excess retention, amount reinsured, per policy	$ 2,178,535
Reinsurance, amount retained, per policy	600,000
Adverse development cover					$ 155,000
Collateral by third party		362,501
Cavello
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses			$ 46,700
Additional claims estimated			$ 25,000
Maximum
Concentration Risk [Line Items]
Reinsurance recoverables on paid losses, gross		312,786
Diversified Reinsurance
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses		32,791
Reinsurance recoverable, allowance for credit loss		689
Assets and liabilities associated with reinsurance business retroceded						100.00%
AmTrust Reinsurance
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses	$ 445,000
Reinsurance recoverable, allowance for credit loss		1,048
Reinsurance recoverable on unpaid gross		$ 427,013

Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Reporting and Consolidation — These Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the U.S. ("U.S. GAAP") and include the accounts of Kestrel Group and all of its subsidiaries. These Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the period and all such adjustments are of a normal recurring nature. All significant intercompany transactions and accounts have been eliminated. Certain prior year comparatives have been reclassified to conform to the current year presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income.

Estimates — The preparation of U.S. GAAP Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. The significant estimates include, but are not limited to, reserve for loss and loss adjustment expenses ("loss and LAE"), unearned premium for AmTrust, recoverability of reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld; valuation of financial instruments and deferred tax assets; and the determination of an allowance for estimated credit losses on certain types of financial instruments which requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Other estimates include the fair value adjustment to historical loss reserves and LAE and reinsurance recoverable on unpaid losses and the value of business acquired ("VOBA"), both of which are discussed in Note 17. Business Combination.

Short-term investments - These investments are comprised of securities due to mature within one year of the date of purchase. The Company held no short-term investments as at December 31, 2025 and 2024.

Equity securities - Equity securities currently include privately held common and preferred stocks. Privately held common and preferred stocks are valued using significant inputs that are unobservable where there is little or no market activity. Unadjusted third party pricing sources or management's assumptions and internal valuation models may be used to determine their fair values. For investments without a readily determinable fair value, the measurement alternative can be elected to report the qualifying investment at cost, less impairment if any, plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer.

Other investments — The Company accounts for its other investments at fair value in accordance with Financial Accounting Standards Board ("FASB") ASC 321, Investments – Equity Securities ("ASC 321"). Other investments are comprised of the following types of investments:

•Privately held equity investments: These are direct equity investments in common and preferred stock of privately held entities. The fair values are estimated using guideline public company data to determine a price-to-book ratio trading multiple which was applied to book values shown on the quarterly financial statements as well as recent private market transactions. These investments are also comprised of investments in insurtech and other insurance focused companies. The fair value of start-up insurance entities are determined using recent private market transactions where applicable. Any changes in fair value are reported in net realized and unrealized gains (losses) and recognized in net earnings.

•Private credit funds: These are privately held equity investments in limited partnerships or common stock of entities that lend money valued using the most recently available or quarterly net asset value ("NAV") statements as provided by the external fund manager or third-party administrator. Any changes in fair value are reported in realized gains (losses) and recognized in net earnings.

•Private equity funds: These are comprised of private equity funds, private equity co-investments with sponsoring entities and investments in real estate limited partnerships and joint ventures. The fair value is estimated based on the most recently available NAV as advised by the external fund manager or third-party administrator. Any changes in fair value are reported in realized gains (losses) and recognized in net earnings.

•Investments in direct lending entities: These investments are carried at fair market value with any changes in fair value reported in realized gains (losses) during the period.

•Equity method investments: The Company elected the fair value option for certain of its equity method investments, and these investments are reported at their fair values with any changes in fair value reported in realized and unrealized gains (losses) during the period. These are included in Level 3 of the fair value hierarchy due to unobservable market data used for valuation.

The valuation of other investments is further described in Note 5. Fair Value Measurements. Due to a lag in the valuations of certain funds reported by the investment managers, the Company may record changes in valuation with up to a three-month lag. The Company regularly reviews and discusses fund performance with the investment managers or sponsors to corroborate the reasonableness of the reported NAV and to assess whether any events have occurred within the lag period that would affect the valuation of the investments.

Equity Method Investments — Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as equity method investments and accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the investee's net income or loss, net of any contributions and distributions received.

2. Significant Accounting Policies (continued)

Adjustments are based on the most recent available financial information from the investee. Changes in the carrying value of equity method investments are recorded in net income (loss) as the interest in income (loss) of equity method investments. The Company records its share of the investee’s other comprehensive income ("OCI") activity based on its proportionate share of the investee's common stock or capital, and books any OCI activity directly to the equity method investments account, with the offset recorded to the Company's accumulated other comprehensive income ("AOCI").

Fixed Maturity Investments — The Company classifies its fixed maturity investments as available-for-sale ("AFS"). The AFS portfolio is reported at fair value and any unrealized gains or losses are reported as a component of AOCI in shareholders' equity. The fair value of fixed maturity investments is generally determined from quotations received from third-party nationally recognized pricing services ("Pricing Service"), or when such prices are not available, by reference to broker or underwriter bid indications.

Purchases and sales of investments are recorded on a trade date basis. Realized gains or losses on investment sales are determined based on the first in first out cost method. Net investment income is recognized when earned and includes accrued interest and dividend income together with amortization of market premiums and discounts using the constant yield method, net of investment management fees.

For U.S. government agency mortgage-backed securities ("Agency MBS") and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any changes required due to movements in effective yields and maturities are recognized on a prospective basis through yield adjustments.

A security is potentially impaired when its fair value falls below its amortized cost. The Company evaluates AFS securities for impairment when fair value is below amortized cost on a quarterly basis. If the Company intends to sell or will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged to net income (loss) and included in net investment gains (losses). If the Company does not intend to sell or will not be required to sell the security before its anticipated recovery, an allowance for expected credit losses is established and the portion of the loss relating to credit factors is recorded in net income (loss). The non-credit impairment amount of the loss (which could be related to interest rates and/or market conditions) is recognized in other comprehensive income.

To estimate the allowance for expected credit losses for most of the AFS securities, the Company analyzes projected cash flows which are primarily driven by assumptions regarding loss severity, probability of default and projected recovery rates. The Company's determination of default and loss severity rates are based on credit rating, credit analysis and macroeconomic forecasts. Unrealized losses on securities issued or backed, either explicitly or implicitly by the U.S. government are not analyzed for credit losses. The Company has concluded that any possibility of a credit loss on these securities is highly unlikely due to the explicit U.S. government guarantee related to certain securities (e.g., Government National Mortgage Association issuances) and the implicit guarantee related to other securities that has been validated by past actions (e.g., U.S. government bailout of Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the 2008 credit crisis). Although these securities are not analyzed for credit losses, they are evaluated for impairment based on the Company's intention to sell and likely to sell requirement.

As the Company's fixed maturity investment portfolio is a large component of its consolidated assets, any impairment of fixed maturity securities could be material to the Company's financial condition and results particularly during periods of dislocation in the financial markets.

Fair Value Measurements — ASC Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820") defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. Additionally, ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of inputs:

•Level 1 — Valuations based on unadjusted quoted market prices for identical assets or liabilities that we have the ability to access. Because valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Examples of assets and liabilities utilizing Level 1 inputs include: U.S. Treasury bonds;

•Level 2 — Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severity, etc.) or can be corroborated by observable market data. Examples of assets and liabilities utilizing Level 2 inputs include: U.S. government-sponsored agency securities; non-U.S. government and supranational obligations; commercial mortgage-backed securities ("CMBS"); collateralized loan obligations ("CLO"); corporate and municipal bonds; and

•Level 3 — Valuations based on models where significant inputs are not observable. The unobservable inputs reflect our own assumptions about assumptions that market participants would use, developed on the basis of the best information available in the particular circumstances. Examples of assets and liabilities utilizing Level 3 inputs include: an investment in preference shares of a start-up insurance producer.

The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the applicable transaction.

2. Significant Accounting Policies (continued)

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in the Level 3 hierarchy. The Company uses prices and inputs that are current as at the measurement date. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause a financial instrument to be reclassified between hierarchy levels.

For investments that have quoted market prices in active markets, the Company uses the quoted market prices as fair value and includes these in the Level 1 hierarchy. The Company receives quoted market prices from a third party nationally recognized Pricing Service. When quoted market prices are unavailable, the Company utilizes the Pricing Service to determine an estimate of fair value. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered not to be representative of fair value. If quoted market prices and an estimate from the Pricing Service are unavailable, the Company produces an estimate of fair value based on dealer quotations for recent activity in positions with the same or similar characteristics to that investment being valued.

The Company determines whether the fair value estimate is in the Level 2 or Level 3 hierarchy depending on the level of observable inputs available when estimating the fair value. The Company bases its estimates of fair values for assets on the bid price as it represents what a third party market participant would be willing to pay in an orderly transaction.

ASC 825-10: Financial Instruments provides a measurement basis election for most financial instruments using a choice of either historical cost or fair value, including equity method investments, allowing reporting entities to mitigate potential mismatches that arise under the current mixed measurement attribute model. In connection with the Combination on May 27, 2025, the assets and liabilities of Maiden were recorded at their fair values measured as of the acquisition date. The Company has elected the fair value option for certain equity method investments and direct lending investments, and these investments are reported at their fair values as of December 31, 2025. Please see Note 4 (b). Investments for further details.

Cash and Cash Equivalents — The Company maintains cash accounts in several banks and brokerage institutions. Cash equivalents consist of investments in money market funds and short-term investments with an original maturity of 90 days or less and are stated at cost, which approximates fair value. Restricted cash and cash equivalents are separately reported in the Consolidated Balance Sheets. The Company maintains certain cash and investments in trust accounts used primarily as collateral for unearned premiums and loss and LAE reserves owed to insureds. The Company is required to maintain minimum balances in these restricted accounts based on pre-determined formulas. Please see "Note 4. (e) Investments" for further details.

Premiums and Related Expenses — For pro-rata contracts and excess-of-loss contracts where no deposit or minimum premium is specified in the contract, premium written is recognized based on estimates of ultimate premiums provided by the ceding companies. Initial estimates of premium written are recognized in the period in which the underlying risks are incepted. Subsequent adjustments, based on reports of actual premium by the ceding companies, or revisions in estimates, are recorded in the period in which they are determined. Reinsurance premiums assumed are generally earned on a pro-rata basis over the terms of the underlying policies or reinsurance contracts. Contracts and policies written on a "losses occurring" basis cover claims that may occur during the term of the contract or policy, which is typically twelve months. Accordingly, the premium is earned evenly over the term. Contracts which are written on a "risks attaching" basis cover claims which attach to the underlying insurance policies written during the terms of such contracts. Premiums earned on such contracts usually extend beyond the original term of the reinsurance contract, typically resulting in recognition of premiums earned over a 24-month period.

Reinsurance premiums on specialty risk and extended warranty are earned based on the estimated program coverage period. These estimates are based on the expected distribution of coverage periods by contract at inception, because a single contract may contain multiple coverage period options, and these estimates are revised based on the actual coverage period selected by the original insured. Unearned premiums represent the portion of premiums written which is applicable to the unexpired term of the contract or policy in force. These premiums can be subject to estimates based upon information received from ceding companies and any subsequent differences arising on such estimates are recorded in the period in which they are determined.

Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits. No deposit contracts are held as at December 31, 2025 and 2024.

Acquisition expenses represent the costs of writing business that vary with, and are primarily related to, the production of that business. Policy and contract acquisition expenses, including assumed commissions, are deferred and recognized as expense as the related premiums are earned. The Company considers anticipated investment income in determining the recoverability of acquisition costs and believes they are fully recoverable. A premium deficiency is recognized if the sum of anticipated loss and LAE, unamortized acquisition expenses less anticipated investment income exceed unearned premiums.

Loss and LAE — Loss and LAE represent the estimated ultimate net costs of all reported and unreported losses incurred through December 31 of the latest fiscal year. The reserve for loss and LAE is estimated using a statistical analysis of actuarial data and is not discounted for the time value of money. Although considerable variability is inherent in the estimates of reserves for loss and LAE, management believes that the reserve for loss and LAE is adequate based on known information to date. In estimating loss reserves, the Company utilizes a variety of standard actuarial methods. These estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes available. Such adjustments are included and reported in current operations as favorable or unfavorable prior period development.

2. Significant Accounting Policies (continued)

Reinsurance — Reinsurance premiums and loss and LAE ceded to other companies are accounted for on a basis consistent with those used in accounting for original policies issued and pursuant to the terms of the reinsurance contracts. The Company records premiums earned and loss and LAE incurred and ceded to other companies as reduction of premium revenue and loss and LAE, respectively. The unexpired portion of reinsurance purchased by the Company (retrocession or reinsurance premiums ceded) is included in other assets and amortized over the contract period in proportion to the amount of insurance protection provided. The ultimate amount of premiums, including adjustments, is recognized as premiums ceded and amortized over the applicable contract period to which they apply.

Premiums earned are reported net of reinsurance in the Consolidated Statements of Income. Reinsurance recoverable on unpaid losses relate to the portion of reserves and paid losses and LAE that are ceded to other companies. Reinsurance recoverable on unpaid losses are separately recorded as an asset in the Consolidated Balance Sheets. The Company remains contingently liable for all loss payments in the event of failure to collect from reinsurers.

Earn Out Liability — The fair value of the earn out consideration contingent liability is determined through a probability-weighted analysis of the expected future cash flows and other applicable valuation techniques. Any changes in the fair value of the earn out liability are charged to net income (loss) during the period. Please see details for the earn out liability in Note 11. Commitments, Contingencies and Guarantees in the Notes to the Consolidated Financial Statements in this Form 10-K.

Intangible Assets — The fair value of intangible assets includes two components acquired as a result of the Combination:

•VOBA: The value of business acquired replaced deferred acquisition costs in the fair value accounting required under ASC 805. The VOBA asset reflects the expected profit or loss embedded in the unearned premium carried at the closing date and will be amortized over the earning pattern of the unearned premium reserve. The fair value of VOBA was determined after taking into consideration certain key assumptions, including the estimated cost of capital, investment yield, loss ratio and related expenses. Please see details for the VOBA in Note 17. Business Combination in the Notes to the Consolidated Financial Statements in this Form 10-K which is recorded as part of Intangible Assets on the Consolidated Balance Sheets.

•Fair value adjustment to historical loss reserves and LAE and reinsurance recoverable on unpaid losses: The adjustment to record the estimated fair value of the reserve for loss and LAE and reinsurance recoverable on unpaid losses that were acquired under the Combination. This amount reflects a decrease to adjust to the present value of loss and LAE and reinsurance recoverable based on estimated payout patterns, partially offset by an increase in net loss and LAE to the estimated market-based risk margin. The risk margin represents the estimated cost of capital required by a market participant to assume the net loss and LAE. The fair value of the net reserve for loss and LAE was determined using certain key assumptions, including the estimated cost of capital and investment yield. This is amortized based on the claims settlement and timing of reinsurance recovery payments. Please see details for the fair value discount on reserves and recoverables in Note 17. Business Combination in the Notes to the Consolidated Financial Statements in this Form 10-K which is recorded as part of Intangible Assets on the Consolidated Balance Sheets.

Retroactive Reinsurance - Retroactive reinsurance agreements are those in which a reinsurer agrees to reimburse the ceding company for liabilities incurred as a result of past insurable loss events. The Company does not record any income or expense on recognition of the reinsurance contract's assets and liabilities at inception, except for any gains realized as a result of bargain purchase acquisitions which are recorded as part of foreign exchange and other gains (losses) immediately in income during the period in which it arises. Any subsequent remeasurement of the value of liabilities is recorded to net loss and LAE within the Consolidated Statements of Income.

For a ceded retroactive agreement, the excess of amounts ultimately collectible under the agreement over the consideration paid is recognized as a deferred gain liability which is amortized into income over the settlement period of the ceded reserves once paid losses have exceeded the minimum retention. The amount of the deferral is recalculated each period based on actual loss payments and updated estimates of ultimate losses. If the consideration paid exceeds the ultimate losses collectible under the agreement, the net loss on the retroactive reinsurance agreement is recognized within income immediately.

At the inception of a run-off retroactive reinsurance contract, if the estimated undiscounted ultimate losses payable are in excess of the premiums received, a deferred charge asset is recorded for the excess; whereas, if the premiums received are in excess of the estimated undiscounted ultimate losses payable, a deferred gain liability is recorded for the excess, such that we do not record any gain or loss at the inception of these retroactive reinsurance contracts. The premium consideration that we charge the ceding companies under retroactive reinsurance contracts may be lower than the undiscounted estimated ultimate losses payable due to the time value of money. After receiving the premium consideration in full from cedents at the inception of the contract, the premiums received are invested over an extended period of time, thereby generating investment income. The Company expects to generate profits from these retroactive reinsurance contracts when taking into account the premium received and expected investment income, less contractual obligations and expenses.

Deferred charge assets will be recorded in other assets (if and when applicable), and deferred gain liabilities are shown separately in the Consolidated Balance Sheets, and amortized over the estimated claim payment period of the related contract with the periodic amortization reflected in income as a component of net loss and LAE. The amortization of deferred charge assets and deferred gain liabilities is adjusted at each reporting period to reflect new estimates of the amount and timing of remaining loss and LAE payments. Changes in the estimated amount and timing of payments of unpaid losses may have an effect on the unamortized deferred charge assets and deferred gain liabilities and the amount of periodic amortization.

2. Significant Accounting Policies (continued)

Leases — The Company's leases are all classified as operating leases and none of them have non-lease components. For operating leases that have a lease term of more than twelve months, the Company recognized a lease liability (presented as part of accrued expenses and other liabilities) and a right-of-use asset (presented as part of other assets) in the Consolidated Balance Sheets at the present value of the remaining lease payments until expiration. As the lease contracts generally do not provide an implicit discount rate, the Company used a weighted-average discount rate of 7.2%, which represents its estimated secured incremental borrowing rate, in calculating the present value of the lease liability. The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the term of the borrowing. The Company recognizes the related leasing expense on a straight-line basis over the effective lease term in the Company's Consolidated Statements of Income.

Depreciable Fixed Assets - The Company's depreciable fixed assets consist of furniture and equipment, computer hardware and software, including renewals and betterments, which are capitalized at their original cost, while maintenance and repairs are expensed on a current basis. Depreciation on furniture and equipment, computer hardware and software is computed using the straight-line method over the estimated useful life of the asset after provision for salvage value, if any. Leasehold improvements are capitalized and depreciated over the effective lease term or useful life, whichever is shorter, to which the leasehold improvements relate as discussed in Note 11. Commitments, Contingencies and Guarantees and are shown in the table below.

Amortization of computer software and leasehold improvements and depreciation of furniture, equipment and computer hardware are included within general and administrative expenses on the consolidated statements of income. Upon retirement or other disposal of fixed assets, the cost and related accumulated depreciation are removed from the respective fixed asset accounts and any gains or losses are included in the consolidated statements of income. Depreciation and amortization expense for the year ended December 31, 2025 was $94 (2024: $0). The Company's depreciable fixed assets of $674 are presented in Other Assets on the Consolidated Balance Sheets as of December 31, 2025 (2024: $0) detailed in the table below:


December 31,	2025
	Gross		Accumulated Depreciation		Net carrying value
Leasehold improvements	$	660	$	(110)	$	550

Furniture and equipment	167		(96)		71
Computer software	1,485		(1,475)		10
Computer hardware	158		(115)		43
Total Fixed Assets (1)	$	2,470	$	(1,796)	$	674

Derivative Instruments — The Company has certain reinsurance contracts that are accounted for as derivatives. These reinsurance contracts provide indemnification to an insured or cedant as a result of a change in a variable as opposed to an identifiable insurable event. The Company considers these contracts to be part of its underwriting operations. The derivatives are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair values of the underwriting-related derivatives are determined using internally developed discounted cash flow models using appropriate discount rates. The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of these derivatives. A significant increase (decrease) in this input in isolation could result in a significantly lower (higher) fair value measurement for the derivative contract.

The fair value changes in underwriting-related derivative instruments is included in net losses incurred. The underwriting-related derivative liability is presented as part of accrued expenses and other liabilities in the Consolidated Balance Sheets and adjusted as a non-cash item in net cash flows from operating activities in the Consolidated Statement of Cash Flows.

Income Taxes — The Company accounts for income taxes using ASC Topic 740 "Income Taxes" for subsidiaries operating in taxable jurisdictions. Deferred income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. A valuation allowance is recorded if it is more likely than not that some or all of a deferred tax asset may not be realized. The Company considers future taxable income and feasible tax planning strategies in assessing the need for a valuation allowance.

In the event the Company determines that it will not be able to realize all or part of its deferred income tax assets in the future, an adjustment to the deferred income tax assets would be charged to income in the period in which such determination is made. In addition, if the Company subsequently assesses that the valuation allowance is no longer needed, a benefit would be recorded to income in the period in which such determination is made. U.S. GAAP allows for the recognition of tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities.

A liability is established for any tax benefit claimed in a tax return in excess of this threshold. Income tax related interest and penalties would be included as income tax expense. The Company has not recorded or accrued any interest or penalties during the years ended December 31, 2025 and 2024.

Share-Based Compensation Expense — Pursuant to the 2025 Equity Incentive Plan, the Company is authorized to issue restricted share awards and performance-based restricted shares, share options and other equity-based awards to its employees and directors. The Company recognizes the compensation expense for share options and restricted share grants based on the fair value of the award on the date of grant, over the requisite service vesting period. Forfeitures are accounted for if and when they occur.

2. Significant Accounting Policies (continued)

The estimated fair value of the grant is amortized ratably over its vesting period as a charge to compensation expense (as a component of general and administrative expenses) and an increase to additional paid-in capital in the Consolidated Shareholders’ Equity.

Earnings Per Share — Basic earnings per share are computed based on the weighted-average number of common shares outstanding and exclude any dilutive effects of share options, and unvested restricted shares units. Dilutive earnings per share are computed using the weighted-average number of common shares outstanding during the period adjusted for the dilutive impact of share options. The two-class method is used to determine earnings per share based on dividends declared on common shares and participating securities (i.e. distributed earnings) and participation rights of participating securities in any undistributed earnings. Each unvested restricted share granted by the Company to certain employees and directors is considered a participating security and the two-class method is used to calculate net income attributable to common shareholders per common share – basic and diluted. However, any undistributed losses are not allocated to the participating securities.

Treasury Shares — Treasury shares include common shares owned by Maiden Reinsurance which are eliminated for accounting and financial reporting purposes in the Company’s Consolidated Balance Sheet at December 31, 2025. Since treasury shares are not considered outstanding for share count purposes, the common shares held by Maiden Reinsurance are excluded from the average number of common shares outstanding for basic and diluted earnings per share.

Foreign Currency Transactions — The functional currency of the Company and many of its subsidiaries is the U.S. dollar. For these companies, monetary assets and liabilities denominated in foreign currencies are translated at year-end exchange rates, with resulting foreign exchange gains and losses recognized in the Consolidated Statements of Income. Revenues and expenses in foreign currencies are converted at average exchange rates during the year. Monetary assets and liabilities include cash and cash equivalents, reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld receivable, reserve for loss and LAE and accrued expenses and other liabilities. Accounts that are classified as non-monetary such as deferred commission and other acquisition expenses and unearned premiums are not revalued.

Assets and liabilities of foreign subsidiaries and divisions, whose functional currency is not the U.S. dollar, are translated at year-end exchange rates. Revenues and expenses of these entities are translated at average exchange rates during the year. The effects of the foreign currency translation adjustment for foreign entities are included in AOCI. The amount of the cumulative translation adjustment at December 31, 2025 was $237.

Revenue Recognition - Fee Revenue

In accordance with FASB ASC Topic 606, Revenue from Contracts with Customers, Kestrel recognizes revenue for each separately identifiable performance obligation in a contract representing a promise to transfer a distinct good or service to a customer. Revenue is measured as the amount of consideration Kestrel expects to receive in exchange for providing services to customers and is generally governed by a capacity distribution agreement as a specified percentage of the premium.

Capacity distribution fees are collected from program managers or MGAs for the placement of an effective insurance policy on behalf of the Company's customer. These agreements may also include other provisions, such as minimum fee arrangements or cancellation provisions, which may impact revenue recognition.

The establishment and maintenance of an authorized program on behalf of our customer, as well as the resulting placement of effective insurance policies, are considered a single performance obligation. The customer obtains control over the services promised by the Company at the effective date of bound insurance coverage. The Company recognizes revenue when control of the promised services is transferred to the customer in the amount that best reflects the consideration to which the Company expects to be entitled in exchange for those services.

Except for contractual arrangements with minimum annual fees, the effective date of bound insurance coverage is considered the point in time when Kestrel’s performance obligation is met. Control passes to the customer at the effective date of bound insurance coverage, at which point the customer has accepted the services.

At December 31, 2025, the amount of contract assets was $2,477 which is included in Other Assets on the Company's consolidated balance sheets (December 31, 2024 - $968). Please see Note 3. Segment Information for further details.

Discontinued Operations

Under the accounting guidance contained in Accounting Standards Codification Topic 205, a business that, upon acquisition, meets the held-for-sale criteria is not analyzed under the strategic shift test. Instead, it is reported in discontinued operations automatically based on its held-for-sale classification. The strategic shift test does not apply because the acquired businesses were not previously part of Kestrel Group, the acquiring entity, and are currently classified as held-for-sale on the acquisition date. Therefore, the consolidated results of operations for the year ended December 31, 2025 exclude non-insurance related operations of Maiden GF and Maiden LF because those businesses are not considered part of Kestrel’s continuing operations. Please refer to Note 16. Assets Held for Sale for further information on the discontinued operations related to Maiden GF and Maiden LF.

2. Significant Accounting Policies (continued)

Recently Adopted Accounting Standards

Business Combinations

Effective January 1, 2025, the Company adopted ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which requires contract assets and contract liabilities (i.e., deferred revenue) acquired in a business combination to be recognized and measured by the acquirer on the acquisition date. Generally, this guidance will result in the accounting acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the accounting acquiree. With the adoption of ASU 2021-08, the Company did not acquire any contract liabilities under Topic 606.

Improvements to Income Tax Disclosures

In December 2023, FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" an amendment of Income Taxes (Topic 740). The amendments in this ASU require the Company to provide disclosures on an annual basis that (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The amendments in this ASU also require that the Company disclose on an annual basis the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes, and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid (net of refunds received). Finally, the amendments in this ASU require that all entities disclose the income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign; and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign.

For public business entities, the amendments in this ASU are effective for annual periods beginning after December 15, 2024. The Company has adopted this ASU on December 31, 2025, however, there was no material impact on its annual tax disclosures. Please see Note 13. Income Taxes for related tax disclosures including a reconciliation of the actual income tax rate incurred for the years ended December 31, 2025 and 2024.

Recently Issued Accounting Standards Not Yet Adopted

Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, FASB issued ASU 2025-05 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this ASU affect entities that apply the practical expedient and accounting policy election when estimating expected credit losses on current accounts receivable and/or current contract assets arising from transactions under Topic 606, including those assets acquired in a transaction accounted for under Topic 805, Business Combinations. The amendments in this ASU provide as follows:

1.A practical expedient. In developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset.

2.Accounting policy election. An entity other than a public business entity that elects the practical expedient is permitted to make an accounting policy election to consider collection activity after the balance sheet date when estimating expected credit losses.

The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company does not expect significant changes to its current method of estimating expected credit losses on accounts receivable upon adoption of this ASU.

Expense Disaggregation Disclosures

In November 2024, FASB issued ASU 2024-03 "Expense Disaggregation Disclosures" an amendment of Income Statement - Reporting Comprehensive Income (Subtopic 220-40). The amendments in this ASU improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods which is generally not presented in today's income statements. In particular, all public companies must disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, and (d) intangible asset amortization that is included in each relevant expense caption.

The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this ASU should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company does not plan to early adopt ASU 2024-03 and will provide the required expense disclosures on a prospective basis. At this time, the Company anticipates that further expense information on employee compensation will be the primary requirement under this ASU.

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Investments [Abstract]

Schedule of Amortized Cost, Gross Unrealized Gains and Losses and Fair Value on Fixed Maturities

The amortized cost, gross unrealized gains and losses, and fair value of fixed maturities at December 31, 2025 are as follows:


December 31, 2025	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	43,662	$	11	$	—	$	43,673
U.S. agency bonds – mortgage-backed	20,823		795		—		21,618

Non-U.S. government bonds	27,417		—		(142)		27,275
Collateralized loan obligations	62,593		52		(21)		62,624
Corporate bonds	7,977		2		(2)		7,977


Total fixed maturity investments	$	162,472	$	860	$	(165)	$	163,167

Schedule of Contractual Maturities of Fixed Maturities

The contractual maturities of our fixed maturity investments are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



December 31, 2025	Amortized cost		Fair value
Due in one year or less	$	58,772	$	58,776
Due after one year through five years	19,776		19,638
Due after five years through ten years	508		511

	79,056		78,925
U.S. agency bonds – mortgage-backed	20,823		21,618

Collateralized loan obligations	62,593		62,624
Total fixed maturity investments	$	162,472	$	163,167

Schedule of Fixed Maturities in an Unrealized Loss Position and Aggregate Fair Value

The following table summarizes fixed maturities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:


	Less than 12 Months				12 Months or More				Total
December 31, 2025	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses



Non-U.S. government bonds	$	27,275	$	(142)	$	—	$	—	$	27,275	$	(142)
Collateralized loan obligations	36,370		(21)		—		—		36,370		(21)
Corporate bonds	7,466		(2)		—		—		7,466		(2)

Total temporarily impaired fixed maturity securities	$	71,111	$	(165)	$	—	$	—	$	71,111	$	(165)

Schedule of the Credit Ratings of Fixed Maturities

The following table summarizes the credit ratings of our fixed maturity securities as at December 31, 2025:


December 31, 2025	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	43,662	$	43,673	26.8	%
U.S. agency bonds	20,823		21,618		13.3	%
AAA	64,404		64,436		39.5	%
AA+, AA, AA-	12,474		12,463		7.6	%
A+, A, A-	20,600		20,466		12.5	%
BBB+, BBB, BBB-	509		511		0.3	%

Total fixed maturities(1)	$	162,472	$	163,167	100.0	%

December 31, 2024

Amortized cost

Fair value

% of Total
fair value

(1) Based on Standard & Poor’s ("S&P"), or equivalent, ratings

Schedule of Composition of Other Investments

The table below shows the composition of the Company's other investments as at December 31, 2025:


December 31,	2025
	Fair Value		% of Total
Privately held equity investments(1)	$	9,248	5.4	%
Private equity funds(1)	31,732		18.3	%
Private credit funds(1)	192		0.1	%
Equity method investments with fair value option elected	78,911		45.5	%

Investment in direct lending entities	53,275		30.7	%
Total other investments	$	173,358	100.0	%

(1) Private equity funds, private credit funds, and one of our privately held equity investments are measured at fair value using the NAV practical expedient. Please see Note 5. Fair Value Measurements for further details.

Schedule of Cost and Fair Values of the Equity Securities and Privately Held Securities Held Subject to Contractual Sale Restrictions

The following table provides the cost and fair values of the equity securities held at December 31, 2025:


December 31,	2025
	Cost		Fair Value
Privately held common stocks	$	5,135	$	4,838
Privately held preferred stocks	6,010		6,910

Total equity securities	$	11,145	$	11,748

All privately held securities held at December 31, 2025 are subject to contractual sale restrictions. Each of these investments are subject to agreements that restrict the transfer, sale, and indemnification of these privately held investments indefinitely. The Company must hold these shares indefinitely unless the investee's shares are registered with the SEC and qualified by state authorities, or until an exemption from such registration and qualification requirements may become available.

Fair Value

Remaining duration of restrictions

Nature of contractual sale restrictions

Circumstances that could cause a lapse in restrictions

Privately held common stocks

4,838

Indefinite

The Purchaser must hold the restricted shares indefinitely

Registration of securities with the SEC or if exemption is available

Privately held preferred stocks

6,910

Indefinite

The Purchaser must hold the restricted shares indefinitely

Registration of securities with the SEC or if exemption is available

Total equity securities subject to contractual sale restrictions

11,748

Schedule of Equity Method Investments and Carrying Value and Beneficial Ownership Percentage of Equity Method Investments

The table below shows the total value of the Company's equity method investments as of December 31, 2025 including those classified as other investments under the fair value option:


December 31,	2025
	Carrying Value		% of Total
Real estate investments valued at equity method of accounting	$	33,532	29.8	%
Real estate investments at fair value option elected	51,000		45.4	%
Other equity method investments at fair value option elected	27,911		24.8	%
Total equity method investments with fair value option (included in Other Investments)	78,911		70.2	%
Total equity method investments	$	112,443	100.0	%

The table below shows the carrying/fair values and beneficial ownership percentage of the Company's equity method investments, including those measured using the fair value option and reported in other investments, as of December 31, 2025, the summarized financial data of each equity method investment for the year ended December 31, 2024, and the Company's realized gain (loss) or interest in income (loss) of equity method investments for the year ended December 31, 2025:


	December 31, 2025				For the Year To Date September 30, 2025				For the Year Ended December 31, 2025
	Carrying Value		Beneficial Ownership		Investee Revenue(1)		Investee net income (loss)(1)		Equity in income (loss) of investee(2)(3)

Silverstone Venture 1	$	2,681	90.0	%	$	3,146	$	948	$	(328)
Silverstone Venture 2	4,594		86.8	%	225		196		364
Silverstone Venture 3	20,636		70.2	%	—		(18)		1,929
Extell Hudson Waterfront Holdings	51,000		25.0	%	1,812		440		5,000
Seiden LP & Seiden MGMT LP	33,532		99.9	%	512		(67)		24
Total equity method investments	$	112,443							$	6,989

1.The Company has included summarized financial data of its equity method investees as reported at September 30, 2025 as this period represents the most recent financial statements available at the time of filing the Company's Form 10-K for the year ended December 31, 2025.

2.Fair value adjustments have been recorded under realized and unrealized gains (losses) for those equity method investments reported at fair value. Investment results for equity method investments only include the post-combination period from May 27, 2025 to December 31, 2025.

3.Seiden LP and Seiden MGMT LP are measured using equity method accounting at December 31, 2025. The interest in income of equity method investments is recorded on its own line item on the income statement instead of through realized and unrealized gains (losses) and only includes the post-combination period from May 27, 2025 to December 31, 2025.

Schedule of Net Investment Income

Net investment income was derived from the following sources for the years ended December 31, 2025 and 2024:


For the Year Ended December 31,	2025		2024
Fixed maturities	$	3,747	$	—
Income on funds withheld	117		—
Interest income from net loan receivable from AmTrust	3,573		—
Other investments	557		—
Cash and cash equivalents	470		213
	8,464		213

Investment expenses	(121)		—
Net investment income	$	8,343	$	213

Schedule of Net Realized and Unrealized Investment Gains (Losses)

Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method. The following tables show the net realized and unrealized investment gains (losses) included in the Consolidated Statements of Income for the year ended December 31, 2025:


For the Year Ended December 31, 2025	Gross gains		Gross losses		Net
Fixed maturities	$	130	$	(121)	$	9
Equity securities	1,105		(502)		603
Other investments	12,150		(5,805)		6,345
Net realized and unrealized investment gains (losses)	$	13,385	$	(6,428)	$	6,957

Net unrealized gains recognized for equity securities held at reporting date of December 31, 2025 were as follows:


For the Year Ended December 31,	2025
Net gains recognized for equity securities	$	603
Net gains recognized for equity securities divested	—
Net unrealized gains recognized for equity securities held at reporting date	$	603

Schedule of Net Unrealized Losses Included in Accumulated Other Comprehensive Income

Net unrealized gains included in AOCI were as follows at December 31, 2025:


December 31,	2025
Net unrealized gains on fixed maturity investments	$	695
Net unrealized losses on held for sale AFS investments	(16)


Net unrealized gains, net of deferred income tax	$	679
Change, net of deferred income tax	$	679

Schedule of Fair Value of Restricted Assets

The fair values of the Company's restricted assets at December 31, 2025 include:


December 31,	2025
Restricted cash – third party agreements	$	7,767
Restricted cash – related party agreements	1,379
Total restricted cash	9,146
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2025 – $51,927)	52,350
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2025 – $102,313)	102,368

Total restricted investments	154,718
Total restricted cash and investments	$	163,864

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Taxes and Total Income Tax Expenses

Total income (loss) before income taxes and total income tax expense for the years ended December 31, 2025 and 2024 are as follows:


For the Year Ended December 31,	2025		2024
Income before income taxes – Domestic (Bermuda)	$	46,181	$	—
Income (loss) before income taxes – Foreign (U.S. and others)	3,425		(1,261)
Total income (loss) before income taxes	$	49,606	$	(1,261)

Current tax expense – Domestic (Bermuda)	$	—	$	—
Current tax (benefit) expense – Foreign (U.S. and others)	(152)		30
Total current tax (benefit) expense	(152)		30

Deferred tax expense – Domestic (Bermuda)	—		—
Deferred tax expense – Foreign (U.S. and others)	220		—
Total deferred tax expense	220		—

Total income tax expense	$	68	$	30

Schedule of Effective Income Tax Rate Reconciliation

The following table is a reconciliation of the actual income tax rate for the years ended December 31, 2025 and 2024 to the amount computed by applying the effective tax rate of 0.0% under Bermuda law to the Company's income (loss) before income taxes. Effective tax rate of 0.0% is used as the Company is out of scope for the CIT Act which imposes a statutory tax rate of 15%.


For the Year Ended December 31,	2025					2024
Income (loss) before income taxes			$	49,606				$	(1,261)
Less: income tax expense			68					30
Net income (loss)			$	49,538				$	(1,291)

Reconciliation of effective tax rate (% of income before income taxes)	Amount		Percentage			Amount		Percentage
Bermuda federal statutory tax rate	$	—	—		%	$	—	—		%
U.S. taxes at statutory rates - Federal	695		1.4		%	(265)		21.0		%

Valuation allowance in respect of U.S. taxes	(695)		(1.4)		%	265		(21.0)		%
Other jurisdictions	68		0.1		%	30		(2.4)		%
Actual tax expense/rate	$	68	0.1		%	$	30	(2.4)		%

Schedule of Income Tax Paid

The following table provides an analysis of income taxes paid disaggregated by jurisdiction, following the adoption of ASU 2023-09, at December 31, 2025 and 2024:


December 31,	2025		2024
Jurisdiction:
Federal (Bermuda)	$	—	$	—
Foreign
United States	44		—
Sweden	4		—

Total income taxes paid	$	48	$	—

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Company's deferred tax assets and liabilities at December 31, 2025 and 2024 were as follows:


December 31,	2025		2024
Deferred tax assets:
Net operating losses	$	99,350	$	75
Unearned premiums	724		—

Net unrealized gains on investments	40,631		—
Discounting of net loss and LAE reserves	6,480		—
Intangible Assets & Capitalized Start-Up Costs	8,965		—

Others	1,408		85
Deferred tax assets before valuation allowance	157,558		160
Valuation allowance	150,389		109
Deferred tax assets, net	7,169		51
Deferred tax liabilities:


Fair value adjustment for Senior Notes	6,779		—


Others	390		51
Deferred tax liabilities	7,169		51
Net deferred tax asset	$	—	$	—

Organization (Details) $ / shares in Units, $ in Thousands			12 Months Ended
Organization (Details) $ / shares in Units, $ in Thousands	May 27, 2025 USD ($) director $ / shares shares	Apr. 29, 2025	Dec. 31, 2025 USD ($) insuranceCarrier agreement entity $ / shares	Dec. 31, 2024 USD ($) $ / shares	Jun. 03, 2025 $ / shares
Subsidiary or Equity Method Investee [Line Items]
Common shares, par value (in dollars per share) \| $ / shares	$ 0.01		$ 0.01	$ 0.01	$ 0.01
Contingent consideration			$ 0
Number of directors \| director	7
Number of independent directors \| director	2
Gain on bargain purchase			$ 68,306	$ 0
Genesis Legacy Solutions \| Historic Reinsurance
Subsidiary or Equity Method Investee [Line Items]
Number of reinsurance agreements, open \| agreement			1
Number of reinsurance agreements, completing run-off \| entity			1
AmTrust Financial Services, Inc.
Subsidiary or Equity Method Investee [Line Items]
Acquire option term	3 years
Kestrel Intermediate Ledbetter Holdings, LLC
Subsidiary or Equity Method Investee [Line Items]
Number of directors selected by affiliate \| director	4
AmTrust Financial Services, Inc.
Subsidiary or Equity Method Investee [Line Items]
Number of directors selected by affiliate \| director	3
Kestrel Group, Ltd.
Subsidiary or Equity Method Investee [Line Items]
Business combination, stock conversion ratio	0.05
Upfront cash	$ 40,000
Common shares (in shares) \| shares	7,221,621
Contingent consideration	$ 45,000
Common shares issued or to be issued (in shares) \| shares	2,750,000
Gain on bargain purchase	$ 68,306
Kestrel Group, Ltd. \| Common shares
Subsidiary or Equity Method Investee [Line Items]
Common shares (in shares) \| shares	2,749,996
Kestrel Group, Ltd.
Subsidiary or Equity Method Investee [Line Items]
Number of insurance carriers \| insuranceCarrier			4
Maiden Reinsurance \| Maiden Holdings, Ltd.
Subsidiary or Equity Method Investee [Line Items]
Ownership percentage			22.40%
Shareholder voting power, percentage		9.50%

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Kestrel Group Ltd (sometimes referred to as "Kestrel Group" or "Parent Company") is a Bermuda-based holding company. Together with its subsidiaries (collectively referred to as the "Company", "we" or "Kestrel"), Kestrel Group specializes in providing fronting services to insurance program managers, managing general agents (MGAs), reinsurers, and reinsurance brokers. Kestrel Group facilitates insurance transactions utilizing its exclusive management contracts with four insurance carriers, all of which are rated A- “Excellent” by A.M. Best. These contracts enable Kestrel Group to offer both admitted and surplus lines in all U.S. states. Kestrel Group generally does not assume significant underwriting risk and produces lines of business such as casualty, workers’ compensation, catastrophe-exposed property, and non-catastrophe-exposed property, with diverse risk durations, sizes, and product types. As a result of its combination with Maiden Holdings, Ltd. ("Maiden") on May 27, 2025, Kestrel Group transitioned from Article 5 to Article 7 of Regulation S-X as promulgated by the SEC since its core business fundamentally shifted from a general commercial operation to primarily functioning as an insurance company under its recent business combination as discussed further below. This change in SEC filing status necessitated significant adjustments to how the Company presents its balance sheet, income statement and other financial statements, to align with the specific requirements of Article 7 for insurance companies. As a result, the Company's assets, liabilities, and equity accounts have been reclassified to fit the new presentation requirements under Article 7. Certain prior year comparatives have been reclassified to conform to current period presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income, except the 2024 Kestrel equity was recast to conform with the current number of common shares issued to Kestrel equityholders and revised equity structure. Please see section on Accounting Treatment for the Combination for further details on reclassifications.
Accounting Treatment for the Combination	Accounting Treatment for the Combination Maiden was the legal acquirer of Kestrel. However, as a result of the terms of the Combination, for accounting purposes, the transaction is treated as a reverse acquisition and accounted for using the acquisition method in accordance with Accounting Standards Codification ("ASC") Topic 805, Business Combinations. This determination is primarily based on the following factors: 1) the former Kestrel LLC equityholders have the ability to nominate a majority of the members of the board of directors of the combined company and 2) subsequent to consummation of the transaction, when combined with common shares held by Maiden Reinsurance, of which Luke Ledbetter (acting in his capacity as President of Maiden Reinsurance) is authorized and has the discretion to vote on behalf of Maiden Reinsurance, the former Kestrel LLC equityholders have a majority of the voting rights of the combined company. As such, Maiden is treated as the acquired company for accounting purposes. Accordingly, for financial reporting purposes, the net assets of Kestrel LLC are stated at historical carrying values and its consolidated financial statements are presented as the predecessor to the combined company in the historical financial statements following consummation of the transaction on May 27, 2025. The assets and liabilities of Maiden are recorded at their fair values measured as of the acquisition date. Any excess of the estimated fair values of the net assets acquired over the purchase price is recorded as a gain on bargain purchase. Based on final fair values of the assets acquired and liabilities assumed, a bargain purchase gain of $68,306 was recognized in this transaction. The operating results of Maiden are only presented in the consolidated results of Kestrel from the date of acquisition going forward.
Basis of Reporting and Consolidation	Basis of Reporting and Consolidation — These Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the U.S. ("U.S. GAAP") and include the accounts of Kestrel Group and all of its subsidiaries. These Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the period and all such adjustments are of a normal recurring nature. All significant intercompany transactions and accounts have been eliminated. Certain prior year comparatives have been reclassified to conform to the current year presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income.
Estimates	Estimates — The preparation of U.S. GAAP Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. The significant estimates include, but are not limited to, reserve for loss and loss adjustment expenses ("loss and LAE"), unearned premium for AmTrust, recoverability of reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld; valuation of financial instruments and deferred tax assets; and the determination of an allowance for estimated credit losses on certain types of financial instruments which requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates.
Investments	Short-term investments - These investments are comprised of securities due to mature within one year of the date of purchase. The Company held no short-term investments as at December 31, 2025 and 2024. Equity securities - Equity securities currently include privately held common and preferred stocks. Privately held common and preferred stocks are valued using significant inputs that are unobservable where there is little or no market activity. Unadjusted third party pricing sources or management's assumptions and internal valuation models may be used to determine their fair values. For investments without a readily determinable fair value, the measurement alternative can be elected to report the qualifying investment at cost, less impairment if any, plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer. Other investments — The Company accounts for its other investments at fair value in accordance with Financial Accounting Standards Board ("FASB") ASC 321, Investments – Equity Securities ("ASC 321"). Other investments are comprised of the following types of investments: •Privately held equity investments: These are direct equity investments in common and preferred stock of privately held entities. The fair values are estimated using guideline public company data to determine a price-to-book ratio trading multiple which was applied to book values shown on the quarterly financial statements as well as recent private market transactions. These investments are also comprised of investments in insurtech and other insurance focused companies. The fair value of start-up insurance entities are determined using recent private market transactions where applicable. Any changes in fair value are reported in net realized and unrealized gains (losses) and recognized in net earnings. •Private credit funds: These are privately held equity investments in limited partnerships or common stock of entities that lend money valued using the most recently available or quarterly net asset value ("NAV") statements as provided by the external fund manager or third-party administrator. Any changes in fair value are reported in realized gains (losses) and recognized in net earnings. •Private equity funds: These are comprised of private equity funds, private equity co-investments with sponsoring entities and investments in real estate limited partnerships and joint ventures. The fair value is estimated based on the most recently available NAV as advised by the external fund manager or third-party administrator. Any changes in fair value are reported in realized gains (losses) and recognized in net earnings. •Investments in direct lending entities: These investments are carried at fair market value with any changes in fair value reported in realized gains (losses) during the period. •Equity method investments: The Company elected the fair value option for certain of its equity method investments, and these investments are reported at their fair values with any changes in fair value reported in realized and unrealized gains (losses) during the period. These are included in Level 3 of the fair value hierarchy due to unobservable market data used for valuation. The valuation of other investments is further described in Note 5. Fair Value Measurements. Due to a lag in the valuations of certain funds reported by the investment managers, the Company may record changes in valuation with up to a three-month lag. The Company regularly reviews and discusses fund performance with the investment managers or sponsors to corroborate the reasonableness of the reported NAV and to assess whether any events have occurred within the lag period that would affect the valuation of the investments. Equity Method Investments — Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as equity method investments and accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the investee's net income or loss, net of any contributions and distributions received. 2. Significant Accounting Policies (continued) Adjustments are based on the most recent available financial information from the investee. Changes in the carrying value of equity method investments are recorded in net income (loss) as the interest in income (loss) of equity method investments. The Company records its share of the investee’s other comprehensive income ("OCI") activity based on its proportionate share of the investee's common stock or capital, and books any OCI activity directly to the equity method investments account, with the offset recorded to the Company's accumulated other comprehensive income ("AOCI"). Fixed Maturity Investments — The Company classifies its fixed maturity investments as available-for-sale ("AFS"). The AFS portfolio is reported at fair value and any unrealized gains or losses are reported as a component of AOCI in shareholders' equity. The fair value of fixed maturity investments is generally determined from quotations received from third-party nationally recognized pricing services ("Pricing Service"), or when such prices are not available, by reference to broker or underwriter bid indications. Purchases and sales of investments are recorded on a trade date basis. Realized gains or losses on investment sales are determined based on the first in first out cost method. Net investment income is recognized when earned and includes accrued interest and dividend income together with amortization of market premiums and discounts using the constant yield method, net of investment management fees. For U.S. government agency mortgage-backed securities ("Agency MBS") and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any changes required due to movements in effective yields and maturities are recognized on a prospective basis through yield adjustments. A security is potentially impaired when its fair value falls below its amortized cost. The Company evaluates AFS securities for impairment when fair value is below amortized cost on a quarterly basis. If the Company intends to sell or will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged to net income (loss) and included in net investment gains (losses). If the Company does not intend to sell or will not be required to sell the security before its anticipated recovery, an allowance for expected credit losses is established and the portion of the loss relating to credit factors is recorded in net income (loss). The non-credit impairment amount of the loss (which could be related to interest rates and/or market conditions) is recognized in other comprehensive income. To estimate the allowance for expected credit losses for most of the AFS securities, the Company analyzes projected cash flows which are primarily driven by assumptions regarding loss severity, probability of default and projected recovery rates. The Company's determination of default and loss severity rates are based on credit rating, credit analysis and macroeconomic forecasts. Unrealized losses on securities issued or backed, either explicitly or implicitly by the U.S. government are not analyzed for credit losses. The Company has concluded that any possibility of a credit loss on these securities is highly unlikely due to the explicit U.S. government guarantee related to certain securities (e.g., Government National Mortgage Association issuances) and the implicit guarantee related to other securities that has been validated by past actions (e.g., U.S. government bailout of Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the 2008 credit crisis). Although these securities are not analyzed for credit losses, they are evaluated for impairment based on the Company's intention to sell and likely to sell requirement. As the Company's fixed maturity investment portfolio is a large component of its consolidated assets, any impairment of fixed maturity securities could be material to the Company's financial condition and results particularly during periods of dislocation in the financial markets.
Fair Value Measurements	Fair Value Measurements — ASC Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820") defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. Additionally, ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of inputs: •Level 1 — Valuations based on unadjusted quoted market prices for identical assets or liabilities that we have the ability to access. Because valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Examples of assets and liabilities utilizing Level 1 inputs include: U.S. Treasury bonds; •Level 2 — Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severity, etc.) or can be corroborated by observable market data. Examples of assets and liabilities utilizing Level 2 inputs include: U.S. government-sponsored agency securities; non-U.S. government and supranational obligations; commercial mortgage-backed securities ("CMBS"); collateralized loan obligations ("CLO"); corporate and municipal bonds; and •Level 3 — Valuations based on models where significant inputs are not observable. The unobservable inputs reflect our own assumptions about assumptions that market participants would use, developed on the basis of the best information available in the particular circumstances. Examples of assets and liabilities utilizing Level 3 inputs include: an investment in preference shares of a start-up insurance producer. The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the applicable transaction. 2. Significant Accounting Policies (continued) To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in the Level 3 hierarchy. The Company uses prices and inputs that are current as at the measurement date. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause a financial instrument to be reclassified between hierarchy levels. For investments that have quoted market prices in active markets, the Company uses the quoted market prices as fair value and includes these in the Level 1 hierarchy. The Company receives quoted market prices from a third party nationally recognized Pricing Service. When quoted market prices are unavailable, the Company utilizes the Pricing Service to determine an estimate of fair value. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered not to be representative of fair value. If quoted market prices and an estimate from the Pricing Service are unavailable, the Company produces an estimate of fair value based on dealer quotations for recent activity in positions with the same or similar characteristics to that investment being valued. The Company determines whether the fair value estimate is in the Level 2 or Level 3 hierarchy depending on the level of observable inputs available when estimating the fair value. The Company bases its estimates of fair values for assets on the bid price as it represents what a third party market participant would be willing to pay in an orderly transaction. ASC 825-10: Financial Instruments provides a measurement basis election for most financial instruments using a choice of either historical cost or fair value, including equity method investments, allowing reporting entities to mitigate potential mismatches that arise under the current mixed measurement attribute model. In connection with the Combination on May 27, 2025, the assets and liabilities of Maiden were recorded at their fair values measured as of the acquisition date. The Company has elected the fair value option for certain equity method investments and direct lending investments, and these investments are reported at their fair values as of December 31, 2025. Please see Note 4 (b). Investments for further details. Fair Values of Financial Instruments measured at fair value ASC 825, "Disclosure About Fair Value of Financial Instruments", requires all entities to disclose the fair value of their financial instruments for both assets and liabilities recognized and not recognized within the balance sheet, and for which it is practicable to estimate fair value. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments measured at fair value held at December 31, 2025. U.S. government and U.S. agency bonds — Bonds issued by the U.S. Treasury, the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, Government National Mortgage Association, Federal National Mortgage Association and the Federal Farm Credit Banks Funding Corporation. The fair values of U.S. treasury bonds are based on quoted market prices in active markets, and are included in the Level 1 fair value hierarchy. We believe the market for U.S. treasury bonds is an actively traded market given the high level of daily trading volume. The fair values of U.S. agency bonds are determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads for these securities are observable market inputs, the fair values of U.S. agency bonds are included in the Level 2 fair value hierarchy. Non-U.S. government bonds — These securities are generally priced by independent pricing services. The Pricing Service may use current market trades for securities with similar quality, maturity and coupon. If no such trades are available, the Pricing Service typically uses analytical models which may incorporate spreads, interest rate data and market/sector news. As the significant inputs used to price non-U.S. government bonds are observable market inputs, the fair values of non-U.S. government and bonds are included in the Level 2 fair value hierarchy. Collateralized loan obligations ("CLO") - These asset backed securities are originated by a variety of financial institutions that on acquisition are rated BBB-/Baa3 or higher. These securities are priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. As the significant inputs used to price the CLO are observable market inputs, the fair values are included in the Level 2 fair value hierarchy. Commercial mortgage-backed securities ("CMBS") - These asset backed securities are originated by a variety of financial institutions that on acquisition are rated BBB-/Baa3 or higher. These securities are priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. As the significant inputs used to price the CMBS are observable market inputs, the fair values are included in the Level 2 fair value hierarchy. Corporate and municipal bonds — Bonds issued by corporations, U.S. state and municipality entities or agencies. that on acquisition are rated BBB-/Baa3 or higher. These securities are generally priced by independent pricing services. The credit spreads are sourced from broker/dealers, trade prices and new issue market. Where pricing is unavailable from pricing services, custodian pricing or non-binding quotes are obtained from broker-dealers to estimate fair values. As significant inputs used to price corporate and municipal bonds are observable market inputs, fair values are included in the Level 2 fair value hierarchy. Equity securities - Equity securities can include publicly traded common stocks, and privately held common and preferred stocks. The fair value of publicly traded common stocks is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. These investments are carried at fair value using observable market pricing data and is included in the Level 1 fair value hierarchy. Any unrealized gains or losses on the investment is recorded in net income in the reporting period in which it occurs. The privately held common and preferred stocks are valued using significant inputs that are unobservable where there is little or no market activity. Unadjusted third party pricing sources or management's assumptions and internal valuation models may be used to determine the fair values, therefore, these investments are classified as Level 3 in the fair value hierarchy. Other investments — Includes unquoted investments comprised of the following types of investments: •Privately held investments: These are direct equity investments in common and preferred shares of privately held entities. The fair values are estimated using quarterly financial statements and/or recent private market transactions and thus included under Level 3 of the fair value hierarchy due to unobservable market data used for valuation. •Private credit funds: These are privately held equity investments in common stock of entities that lend money valued using the most recently available or quarterly NAV statements as provided by the external fund manager or third-party administrator and therefore measured using the NAV as a practical expedient. •Private equity funds: These are comprised of private equity funds, private equity co-investments with sponsoring entities and investments in real estate limited partnerships and joint ventures. The fair value is estimated based on the most recently available NAV as advised by the external fund manager or third-party administrator. The fair values are therefore measured using the NAV as a practical expedient. •Investments in direct lending entities: These investments are carried at their fair market value with any changes in fair value reported in realized and unrealized gains (losses) during the period. These investments are included in Level 3 of the fair value hierarchy due to unobservable market data used for valuation. •Due to a lag in the valuations of certain funds reported by the investment managers, the Company may record changes in valuation with up to a three-month lag. The Company regularly reviews and discusses fund performance with the investment managers or sponsors to corroborate the reasonableness of the reported NAV and to assess whether any events have occurred within the lag period that would affect the valuation of the investments. 5. Fair Value Measurements (continued) •Equity method investments: The Company elected the fair value option for certain of its equity method investments, and these investments are reported at their fair values with any changes in fair value reported in realized and unrealized gains (losses) during the period. These are included in Level 3 of the fair value hierarchy due to unobservable market data used for valuation. Contingent Receivables - The Company holds a contingent receivable related to a prior private equity investment in the insurance distribution industry. Pursuant to the terms of the asset purchase agreement, the Company will receive a series of distributions. The Company uses unobservable inputs to estimate the net present value of these potential distributions and the expected proceeds are classified as a receivable and reported in Other Assets on the Consolidated Balance Sheet. Under ASC 805, the earn out consideration for this receivable is adjusted to fair value at each reporting period with any changes in fair value reported immediately in income through foreign exchange and other gains (losses) on the consolidated income statement. Derivative Instruments - The Company entered into a retroactive reinsurance contract that is accounted for as a derivative. This reinsurance contract provides indemnification to an insured or cedant as a result of a change in a variable as opposed to an identifiable insurable event. The Company considers this contract to be part of its underwriting operations. This derivative is initially valued at cost which approximates fair value. In subsequent measurement periods, the fair value of this derivative is determined using internally developed discounted cash flow models using appropriate discount rates. The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of this derivative. The fair value changes in the underwriting-related derivative instrument are included in other insurance revenue (expense), net. The derivative liability on retroactive reinsurance is presented as part of accrued expenses and other liabilities. A significant increase (decrease) in this input in isolation may result in a significantly lower (higher) fair value measurement for the derivative contract. As the significant inputs used to price the derivative are unobservable, the fair values of this contract is classified as Level 3 in the fair value hierarchy.
Cash and Cash Equivalents	Cash and Cash Equivalents — The Company maintains cash accounts in several banks and brokerage institutions. Cash equivalents consist of investments in money market funds and short-term investments with an original maturity of 90 days or less and are stated at cost, which approximates fair value. Restricted cash and cash equivalents are separately reported in the Consolidated Balance Sheets. The Company maintains certain cash and investments in trust accounts used primarily as collateral for unearned premiums and loss and LAE reserves owed to insureds. The Company is required to maintain minimum balances in these restricted accounts based on pre-determined formulas.
Premiums and Related Expenses	Premiums and Related Expenses — For pro-rata contracts and excess-of-loss contracts where no deposit or minimum premium is specified in the contract, premium written is recognized based on estimates of ultimate premiums provided by the ceding companies. Initial estimates of premium written are recognized in the period in which the underlying risks are incepted. Subsequent adjustments, based on reports of actual premium by the ceding companies, or revisions in estimates, are recorded in the period in which they are determined. Reinsurance premiums assumed are generally earned on a pro-rata basis over the terms of the underlying policies or reinsurance contracts. Contracts and policies written on a "losses occurring" basis cover claims that may occur during the term of the contract or policy, which is typically twelve months. Accordingly, the premium is earned evenly over the term. Contracts which are written on a "risks attaching" basis cover claims which attach to the underlying insurance policies written during the terms of such contracts. Premiums earned on such contracts usually extend beyond the original term of the reinsurance contract, typically resulting in recognition of premiums earned over a 24-month period. Reinsurance premiums on specialty risk and extended warranty are earned based on the estimated program coverage period. These estimates are based on the expected distribution of coverage periods by contract at inception, because a single contract may contain multiple coverage period options, and these estimates are revised based on the actual coverage period selected by the original insured. Unearned premiums represent the portion of premiums written which is applicable to the unexpired term of the contract or policy in force. These premiums can be subject to estimates based upon information received from ceding companies and any subsequent differences arising on such estimates are recorded in the period in which they are determined. Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits. No deposit contracts are held as at December 31, 2025 and 2024. Acquisition expenses represent the costs of writing business that vary with, and are primarily related to, the production of that business. Policy and contract acquisition expenses, including assumed commissions, are deferred and recognized as expense as the related premiums are earned. The Company considers anticipated investment income in determining the recoverability of acquisition costs and believes they are fully recoverable. A premium deficiency is recognized if the sum of anticipated loss and LAE, unamortized acquisition expenses less anticipated investment income exceed unearned premiums.
Loss and LAE	Loss and LAE — Loss and LAE represent the estimated ultimate net costs of all reported and unreported losses incurred through December 31 of the latest fiscal year. The reserve for loss and LAE is estimated using a statistical analysis of actuarial data and is not discounted for the time value of money. Although considerable variability is inherent in the estimates of reserves for loss and LAE, management believes that the reserve for loss and LAE is adequate based on known information to date. In estimating loss reserves, the Company utilizes a variety of standard actuarial methods. These estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes available. Such adjustments are included and reported in current operations as favorable or unfavorable prior period development.
Reinsurance and Retroactive Reinsurance	Reinsurance — Reinsurance premiums and loss and LAE ceded to other companies are accounted for on a basis consistent with those used in accounting for original policies issued and pursuant to the terms of the reinsurance contracts. The Company records premiums earned and loss and LAE incurred and ceded to other companies as reduction of premium revenue and loss and LAE, respectively. The unexpired portion of reinsurance purchased by the Company (retrocession or reinsurance premiums ceded) is included in other assets and amortized over the contract period in proportion to the amount of insurance protection provided. The ultimate amount of premiums, including adjustments, is recognized as premiums ceded and amortized over the applicable contract period to which they apply. Premiums earned are reported net of reinsurance in the Consolidated Statements of Income. Reinsurance recoverable on unpaid losses relate to the portion of reserves and paid losses and LAE that are ceded to other companies. Reinsurance recoverable on unpaid losses are separately recorded as an asset in the Consolidated Balance Sheets. The Company remains contingently liable for all loss payments in the event of failure to collect from reinsurers. Retroactive Reinsurance - Retroactive reinsurance agreements are those in which a reinsurer agrees to reimburse the ceding company for liabilities incurred as a result of past insurable loss events. The Company does not record any income or expense on recognition of the reinsurance contract's assets and liabilities at inception, except for any gains realized as a result of bargain purchase acquisitions which are recorded as part of foreign exchange and other gains (losses) immediately in income during the period in which it arises. Any subsequent remeasurement of the value of liabilities is recorded to net loss and LAE within the Consolidated Statements of Income. For a ceded retroactive agreement, the excess of amounts ultimately collectible under the agreement over the consideration paid is recognized as a deferred gain liability which is amortized into income over the settlement period of the ceded reserves once paid losses have exceeded the minimum retention. The amount of the deferral is recalculated each period based on actual loss payments and updated estimates of ultimate losses. If the consideration paid exceeds the ultimate losses collectible under the agreement, the net loss on the retroactive reinsurance agreement is recognized within income immediately. At the inception of a run-off retroactive reinsurance contract, if the estimated undiscounted ultimate losses payable are in excess of the premiums received, a deferred charge asset is recorded for the excess; whereas, if the premiums received are in excess of the estimated undiscounted ultimate losses payable, a deferred gain liability is recorded for the excess, such that we do not record any gain or loss at the inception of these retroactive reinsurance contracts. The premium consideration that we charge the ceding companies under retroactive reinsurance contracts may be lower than the undiscounted estimated ultimate losses payable due to the time value of money. After receiving the premium consideration in full from cedents at the inception of the contract, the premiums received are invested over an extended period of time, thereby generating investment income. The Company expects to generate profits from these retroactive reinsurance contracts when taking into account the premium received and expected investment income, less contractual obligations and expenses. Deferred charge assets will be recorded in other assets (if and when applicable), and deferred gain liabilities are shown separately in the Consolidated Balance Sheets, and amortized over the estimated claim payment period of the related contract with the periodic amortization reflected in income as a component of net loss and LAE. The amortization of deferred charge assets and deferred gain liabilities is adjusted at each reporting period to reflect new estimates of the amount and timing of remaining loss and LAE payments. Changes in the estimated amount and timing of payments of unpaid losses may have an effect on the unamortized deferred charge assets and deferred gain liabilities and the amount of periodic amortization.
Earn Out Liability	Earn Out Liability — The fair value of the earn out consideration contingent liability is determined through a probability-weighted analysis of the expected future cash flows and other applicable valuation techniques. Any changes in the fair value of the earn out liability are charged to net income (loss) during the period.
Intangible Assets	Intangible Assets — The fair value of intangible assets includes two components acquired as a result of the Combination: •VOBA: The value of business acquired replaced deferred acquisition costs in the fair value accounting required under ASC 805. The VOBA asset reflects the expected profit or loss embedded in the unearned premium carried at the closing date and will be amortized over the earning pattern of the unearned premium reserve. The fair value of VOBA was determined after taking into consideration certain key assumptions, including the estimated cost of capital, investment yield, loss ratio and related expenses. Please see details for the VOBA in Note 17. Business Combination in the Notes to the Consolidated Financial Statements in this Form 10-K which is recorded as part of Intangible Assets on the Consolidated Balance Sheets. •Fair value adjustment to historical loss reserves and LAE and reinsurance recoverable on unpaid losses: The adjustment to record the estimated fair value of the reserve for loss and LAE and reinsurance recoverable on unpaid losses that were acquired under the Combination. This amount reflects a decrease to adjust to the present value of loss and LAE and reinsurance recoverable based on estimated payout patterns, partially offset by an increase in net loss and LAE to the estimated market-based risk margin. The risk margin represents the estimated cost of capital required by a market participant to assume the net loss and LAE. The fair value of the net reserve for loss and LAE was determined using certain key assumptions, including the estimated cost of capital and investment yield. This is amortized based on the claims settlement and timing of reinsurance recovery payments. Please see details for the fair value discount on reserves and recoverables in Note 17. Business Combination in the Notes to the Consolidated Financial Statements in this Form 10-K which is recorded as part of Intangible Assets on the Consolidated Balance Sheets.
Leases	Leases — The Company's leases are all classified as operating leases and none of them have non-lease components. For operating leases that have a lease term of more than twelve months, the Company recognized a lease liability (presented as part of accrued expenses and other liabilities) and a right-of-use asset (presented as part of other assets) in the Consolidated Balance Sheets at the present value of the remaining lease payments until expiration. As the lease contracts generally do not provide an implicit discount rate, the Company used a weighted-average discount rate of 7.2%, which represents its estimated secured incremental borrowing rate, in calculating the present value of the lease liability. The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the term of the borrowing. The Company recognizes the related leasing expense on a straight-line basis over the effective lease term in the Company's Consolidated Statements of Income.
Depreciable Fixed Assets	Depreciable Fixed Assets - The Company's depreciable fixed assets consist of furniture and equipment, computer hardware and software, including renewals and betterments, which are capitalized at their original cost, while maintenance and repairs are expensed on a current basis. Depreciation on furniture and equipment, computer hardware and software is computed using the straight-line method over the estimated useful life of the asset after provision for salvage value, if any. Leasehold improvements are capitalized and depreciated over the effective lease term or useful life, whichever is shorter, to which the leasehold improvements relate as discussed in Note 11. Commitments, Contingencies and Guarantees and are shown in the table below. Amortization of computer software and leasehold improvements and depreciation of furniture, equipment and computer hardware are included within general and administrative expenses on the consolidated statements of income. Upon retirement or other disposal of fixed assets, the cost and related accumulated depreciation are removed from the respective fixed asset accounts and any gains or losses are included in the consolidated statements of income.
Derivative Instruments	Derivative Instruments — The Company has certain reinsurance contracts that are accounted for as derivatives. These reinsurance contracts provide indemnification to an insured or cedant as a result of a change in a variable as opposed to an identifiable insurable event. The Company considers these contracts to be part of its underwriting operations. The derivatives are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair values of the underwriting-related derivatives are determined using internally developed discounted cash flow models using appropriate discount rates. The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of these derivatives. A significant increase (decrease) in this input in isolation could result in a significantly lower (higher) fair value measurement for the derivative contract. The fair value changes in underwriting-related derivative instruments is included in net losses incurred. The underwriting-related derivative liability is presented as part of accrued expenses and other liabilities in the Consolidated Balance Sheets and adjusted as a non-cash item in net cash flows from operating activities in the Consolidated Statement of Cash Flows.
Income Taxes	Income Taxes — The Company accounts for income taxes using ASC Topic 740 "Income Taxes" for subsidiaries operating in taxable jurisdictions. Deferred income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. A valuation allowance is recorded if it is more likely than not that some or all of a deferred tax asset may not be realized. The Company considers future taxable income and feasible tax planning strategies in assessing the need for a valuation allowance. In the event the Company determines that it will not be able to realize all or part of its deferred income tax assets in the future, an adjustment to the deferred income tax assets would be charged to income in the period in which such determination is made. In addition, if the Company subsequently assesses that the valuation allowance is no longer needed, a benefit would be recorded to income in the period in which such determination is made. U.S. GAAP allows for the recognition of tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A liability is established for any tax benefit claimed in a tax return in excess of this threshold. Income tax related interest and penalties would be included as income tax expense. The Company has not recorded or accrued any interest or penalties during the years ended December 31, 2025 and 2024.
Share-Based Compensation Expense	Share-Based Compensation Expense — Pursuant to the 2025 Equity Incentive Plan, the Company is authorized to issue restricted share awards and performance-based restricted shares, share options and other equity-based awards to its employees and directors. The Company recognizes the compensation expense for share options and restricted share grants based on the fair value of the award on the date of grant, over the requisite service vesting period. Forfeitures are accounted for if and when they occur. 2. Significant Accounting Policies (continued) The estimated fair value of the grant is amortized ratably over its vesting period as a charge to compensation expense (as a component of general and administrative expenses) and an increase to additional paid-in capital in the Consolidated Shareholders’ Equity.
Earnings Per Share	Earnings Per Share — Basic earnings per share are computed based on the weighted-average number of common shares outstanding and exclude any dilutive effects of share options, and unvested restricted shares units. Dilutive earnings per share are computed using the weighted-average number of common shares outstanding during the period adjusted for the dilutive impact of share options. The two-class method is used to determine earnings per share based on dividends declared on common shares and participating securities (i.e. distributed earnings) and participation rights of participating securities in any undistributed earnings. Each unvested restricted share granted by the Company to certain employees and directors is considered a participating security and the two-class method is used to calculate net income attributable to common shareholders per common share – basic and diluted. However, any undistributed losses are not allocated to the participating securities.
Treasury Shares	Treasury Shares — Treasury shares include common shares owned by Maiden Reinsurance which are eliminated for accounting and financial reporting purposes in the Company’s Consolidated Balance Sheet at December 31, 2025. Since treasury shares are not considered outstanding for share count purposes, the common shares held by Maiden Reinsurance are excluded from the average number of common shares outstanding for basic and diluted earnings per share.
Foreign Currency Transactions	Foreign Currency Transactions — The functional currency of the Company and many of its subsidiaries is the U.S. dollar. For these companies, monetary assets and liabilities denominated in foreign currencies are translated at year-end exchange rates, with resulting foreign exchange gains and losses recognized in the Consolidated Statements of Income. Revenues and expenses in foreign currencies are converted at average exchange rates during the year. Monetary assets and liabilities include cash and cash equivalents, reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld receivable, reserve for loss and LAE and accrued expenses and other liabilities. Accounts that are classified as non-monetary such as deferred commission and other acquisition expenses and unearned premiums are not revalued. Assets and liabilities of foreign subsidiaries and divisions, whose functional currency is not the U.S. dollar, are translated at year-end exchange rates. Revenues and expenses of these entities are translated at average exchange rates during the year. The effects of the foreign currency translation adjustment for foreign entities are included in AOCI.
Revenue Recognition - Fee Revenue	Revenue Recognition - Fee Revenue In accordance with FASB ASC Topic 606, Revenue from Contracts with Customers, Kestrel recognizes revenue for each separately identifiable performance obligation in a contract representing a promise to transfer a distinct good or service to a customer. Revenue is measured as the amount of consideration Kestrel expects to receive in exchange for providing services to customers and is generally governed by a capacity distribution agreement as a specified percentage of the premium. Capacity distribution fees are collected from program managers or MGAs for the placement of an effective insurance policy on behalf of the Company's customer. These agreements may also include other provisions, such as minimum fee arrangements or cancellation provisions, which may impact revenue recognition. The establishment and maintenance of an authorized program on behalf of our customer, as well as the resulting placement of effective insurance policies, are considered a single performance obligation. The customer obtains control over the services promised by the Company at the effective date of bound insurance coverage. The Company recognizes revenue when control of the promised services is transferred to the customer in the amount that best reflects the consideration to which the Company expects to be entitled in exchange for those services. Except for contractual arrangements with minimum annual fees, the effective date of bound insurance coverage is considered the point in time when Kestrel’s performance obligation is met. Control passes to the customer at the effective date of bound insurance coverage, at which point the customer has accepted the services. At December 31, 2025, the amount of contract assets was $2,477 which is included in Other Assets on the Company's consolidated balance sheets (December 31, 2024 - $968).
Discontinued Operations	Discontinued Operations Under the accounting guidance contained in Accounting Standards Codification Topic 205, a business that, upon acquisition, meets the held-for-sale criteria is not analyzed under the strategic shift test. Instead, it is reported in discontinued operations automatically based on its held-for-sale classification. The strategic shift test does not apply because the acquired businesses were not previously part of Kestrel Group, the acquiring entity, and are currently classified as held-for-sale on the acquisition date. Therefore, the consolidated results of operations for the year ended December 31, 2025 exclude non-insurance related operations of Maiden GF and Maiden LF because those businesses are not considered part of Kestrel’s continuing operations. Please refer to Note 16. Assets Held for Sale for further information on the discontinued operations related to Maiden GF and Maiden LF.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted	Recently Adopted Accounting Standards Business Combinations Effective January 1, 2025, the Company adopted ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which requires contract assets and contract liabilities (i.e., deferred revenue) acquired in a business combination to be recognized and measured by the acquirer on the acquisition date. Generally, this guidance will result in the accounting acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the accounting acquiree. With the adoption of ASU 2021-08, the Company did not acquire any contract liabilities under Topic 606. Improvements to Income Tax Disclosures In December 2023, FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" an amendment of Income Taxes (Topic 740). The amendments in this ASU require the Company to provide disclosures on an annual basis that (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The amendments in this ASU also require that the Company disclose on an annual basis the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes, and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid (net of refunds received). Finally, the amendments in this ASU require that all entities disclose the income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign; and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. For public business entities, the amendments in this ASU are effective for annual periods beginning after December 15, 2024. The Company has adopted this ASU on December 31, 2025, however, there was no material impact on its annual tax disclosures. Please see Note 13. Income Taxes for related tax disclosures including a reconciliation of the actual income tax rate incurred for the years ended December 31, 2025 and 2024. Recently Issued Accounting Standards Not Yet Adopted Measurement of Credit Losses for Accounts Receivable and Contract Assets In July 2025, FASB issued ASU 2025-05 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this ASU affect entities that apply the practical expedient and accounting policy election when estimating expected credit losses on current accounts receivable and/or current contract assets arising from transactions under Topic 606, including those assets acquired in a transaction accounted for under Topic 805, Business Combinations. The amendments in this ASU provide as follows: 1.A practical expedient. In developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. 2.Accounting policy election. An entity other than a public business entity that elects the practical expedient is permitted to make an accounting policy election to consider collection activity after the balance sheet date when estimating expected credit losses. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company does not expect significant changes to its current method of estimating expected credit losses on accounts receivable upon adoption of this ASU. Expense Disaggregation Disclosures In November 2024, FASB issued ASU 2024-03 "Expense Disaggregation Disclosures" an amendment of Income Statement - Reporting Comprehensive Income (Subtopic 220-40). The amendments in this ASU improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods which is generally not presented in today's income statements. In particular, all public companies must disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, and (d) intangible asset amortization that is included in each relevant expense caption. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this ASU should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company does not plan to early adopt ASU 2024-03 and will provide the required expense disclosures on a prospective basis. At this time, the Company anticipates that further expense information on employee compensation will be the primary requirement under this ASU.

Related Party Transactions - Narrative (Details) $ in Thousands															3 Months Ended		12 Months Ended
	May 27, 2025 director shares	Feb. 19, 2025	Jul. 01, 2022 USD ($)	Jul. 01, 2022 EUR (€)	Mar. 16, 2020	Jul. 31, 2019 USD ($)	Dec. 31, 2018	Jan. 01, 2018	Jul. 01, 2016	Jul. 01, 2013	Jan. 01, 2012 EUR (€)	Apr. 01, 2011 EUR (€)	Jun. 11, 2008	Jul. 01, 2007	Sep. 30, 2025	Mar. 31, 2023	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($)	Jan. 01, 2025 USD ($)	Jul. 26, 2022	Jul. 01, 2022 EUR (€)	Jul. 01, 2018
Related Party Transaction [Line Items]
Number of independent directors \| director	2
General and administrative expenses																	$ 29,062	$ 5,108
Number of directors \| director	7
Net loan receivable from related party																	86,883	0
Accrued interest receivable																	731
Increase in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized on acquired assets																	1,446
Investment income																	$ 8,464	213
Effective yield																	6.00%
Interest income from net loan receivable from AmTrust
Related Party Transaction [Line Items]
Investment income																	$ 3,573	0
AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Percent of ceded underwriting risk in exchange for ceding fee	100.00%
Post-Termination Endorsement, Minimum Excess Funding Requirement \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Related party transaction, obligation threshold																	$ 500,000
KILH \| Kestrel Group, Ltd.
Related Party Transaction [Line Items]
Ownership percentage																	18.20%
AmTrust Financial Services, Inc. \| Kestrel Group, Ltd.
Related Party Transaction [Line Items]
Ownership percentage																	7.80%
AmTrust Financial Services, Inc. \| Kestrel Group, Ltd. \| Investment Ownership, 25 Percent
Related Party Transaction [Line Items]
Number of non-independent director \| director	1
Maiden Reinsurance \| AR Loan Agreement
Related Party Transaction [Line Items]
Debt Instrument, principal amount																			$ 152,377
Kestrel Group, Ltd. \| Barry Zyskind
Related Party Transaction [Line Items]
Stock owned by shareholder (in shares) \| shares																	318,714
Ownership percentage																	3.20%
Kestrel Group, Ltd. \| George Karfunkel, less than 5% ownership
Related Party Transaction [Line Items]
Stock owned by shareholder (in shares) \| shares																	80,000
Ownership percentage																	0.80%
Kestrel Group, Ltd. \| Leah Karfunkel
Related Party Transaction [Line Items]
Stock owned by shareholder (in shares) \| shares																	339,630
Ownership percentage																	3.40%
Kestrel Group, Ltd. \| AmTrust North America Inc
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage																				30.00%
AmTrust Financial Services, Inc. \| Barry Zyskind
Related Party Transaction [Line Items]
Stock owned by shareholder (in shares) \| shares																	1,095,184
Ownership percentage																	11.00%
AmTrust Financial Services, Inc. \| George Karfunkel, less than 5% ownership
Related Party Transaction [Line Items]
Stock owned by shareholder (in shares) \| shares																	856,470
Ownership percentage																	8.60%
AmTrust Financial Services, Inc. \| Leah Karfunkel
Related Party Transaction [Line Items]
Stock owned by shareholder (in shares) \| shares																	1,116,100
Ownership percentage																	11.20%
Common shares \| Kestrel Group, Ltd. \| KILH
Related Party Transaction [Line Items]
Stock owned by shareholder (in shares) \| shares																	1,811,764
Common shares \| Kestrel Group, Ltd. \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Stock owned by shareholder (in shares) \| shares																	776,470
Kestrel Group, Ltd.
Related Party Transaction [Line Items]
Common shares (in shares) \| shares	7,221,621
Kestrel Group, Ltd. \| Common shares
Related Party Transaction [Line Items]
Common shares (in shares) \| shares	2,749,996
AmTrust North America Inc
Related Party Transaction [Line Items]
General and administrative expenses																	$ 465	826
AmTrust North America Inc \| Kestrel Group
Related Party Transaction [Line Items]
Acquisition option term																	3 years
Kestrel Intermediate Ledbetter Holdings, LLC
Related Party Transaction [Line Items]
Number of directors selected by affiliate \| director	4
AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Number of directors selected by affiliate \| director	3
Net loan receivable from related party																	$ 86,883
Accrued interest receivable																	1,310
Increase in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized on acquired assets																	0
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment
Related Party Transaction [Line Items]
Percent of premiums written, net of cost of unaffiliated inuring reinsurance from related party														40.00%
Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party						40.00%								40.00%
Commission rate, percent of ceded written premiums													34.375%	31.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Minimum
Related Party Transaction [Line Items]
Commission rate, adjustment criteria, loss ratio floor										81.50%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Maximum
Related Party Transaction [Line Items]
Commission rate, adjustment criteria, loss ratio ceiling										95.00%
AmTrust Financial Services, Inc. \| European Hospital Liability Quota Share
Related Party Transaction [Line Items]
Commission rate, percent of ceded written premiums												5.00%
Premiums and losses related to policies, percentage									32.50%			40.00%
Maximum limit of liability attaching (in EUR) \| €											€ 10,000,000	€ 5,000,000
Percent basis currency equivalent of maximum limit of liability attaching												100.00%
Future premiums and losses related to policies, percentage									20.00%
Collaborative arrangement, payment of commuted reserves			$ 31,291	€ 29,401,000
Collaborative arrangement, reserves expected to be commuted			27,625																		€ 25,956,000
AmTrust Financial Services, Inc. \| European Hospital Liability Quota Share \| AmTrust Reinsurance
Related Party Transaction [Line Items]
Collaborative arrangement, reserves expected to be commuted, exit cost			$ 3,666	€ 3,444,000
AmTrust Financial Services, Inc. \| Asset Management Agreement
Related Party Transaction [Line Items]
Quarterly brokerage fee, above portfolio threshold, percent of average holdings								0.02125%
Cancellation notice period								30 days
AmTrust Financial Services, Inc. \| Asset Management Agreement \| Investment Management Fee
Related Party Transaction [Line Items]
Expenses from related party transactions																	91
AmTrust Financial Services, Inc. \| Post-Termination Endorsement, Maximum Loss Corridor \| AmTrust Quota Share Reinsurance Segment
Related Party Transaction [Line Items]
Related party transaction amount (returned)						$ 40,500											$ 135,458
AmTrust Financial Services, Inc. \| AmTrust Quota Shares Reinsurance Agreement, Partial Termination Amendment and Commutation \| AmTrust Quota Share Reinsurance Segment
Related Party Transaction [Line Items]
Percent of ceding commission payable, period increase							5.00%
AmTrust Financial Services, Inc. \| Post-Termination Endorsement \| AmTrust Quota Share Reinsurance Segment
Related Party Transaction [Line Items]
Related party transaction, percentage of required funding on obligations						105.00%
AmTrust Financial Services, Inc. \| Post-Termination Endorsement \| AmTrust Quota Share Reinsurance Segment \| Maximum
Related Party Transaction [Line Items]
Related party transaction, percentage of required funding on obligations						110.00%
AmTrust Financial Services, Inc. \| Post-Termination Endorsement, Minimum Excess Funding Requirement \| AmTrust Quota Share Reinsurance Segment
Related Party Transaction [Line Items]
Related party transaction amount (returned)						$ 54,000
AmTrust Financial Services, Inc. \| Post-Termination Endorsement No. 2 \| AmTrust Quota Share Reinsurance Segment
Related Party Transaction [Line Items]
Related party transaction, percentage of required funding on obligations					110.00%										105.00%	107.50%
AmTrust Financial Services, Inc. \| Post-Termination Endorsement No. 1 \| European Hospital Liability Quota Share
Related Party Transaction [Line Items]
Related party transaction, percentage of required funding on obligations		105.00%				120.00%
AmTrust Financial Services, Inc. \| Post-Termination Endorsement No. 1 \| European Hospital Liability Quota Share \| Maximum
Related Party Transaction [Line Items]
Solvency ratio					100.00%
Collateral on exposure					100.00%
AmTrust Financial Services, Inc. \| Premium Repayment Loan Agreement
Related Party Transaction [Line Items]
Principal repayment																		$ 24,259
AmTrust Financial Services, Inc. \| Maiden Reinsurance \| Premium Repayment Loan Agreement
Related Party Transaction [Line Items]
Debt instrument, basis spread on variable rate																	1.50%
AEL \| AmTrust Quota Share Reinsurance Segment
Related Party Transaction [Line Items]
Percentage ceded																						20.00%
AEL \| AmTrust European Hospital Liability Quota Share Agreement
Related Party Transaction [Line Items]
Collateral held by related party																	$ 97,876
Accrued interest on collateral held by related party																	$ 668
KILH \| AmTrust Financial Services, Inc. \| Kestrel Group, Ltd. \| Investment Ownership, 25 Percent
Related Party Transaction [Line Items]
Ownership percentage	25.00%
Number of non-independent director \| director	2
KILH \| AmTrust Financial Services, Inc. \| Kestrel Group, Ltd. \| Investment Ownership, 5 Percent
Related Party Transaction [Line Items]
Ownership percentage	5.00%
Number of independent directors \| director	2
KILH \| AmTrust Financial Services, Inc. \| Kestrel Group, Ltd. \| Investment Ownership, At Merger Closing
Related Party Transaction [Line Items]
Ownership percentage	25.00%
AmTrust Financial Services, Inc. \| Founding shareholders
Related Party Transaction [Line Items]
Controlling interest, ownership percentage	55.20%

Investments - Schedule of Carrying Value and Beneficial Ownership Percentage of Equity Method Investments (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Carrying Value		$ 112,443
Interest in income from equity method investments		24	$ 0
Realized and unrealized gains (losses)		6,989
Silverstone Venture 1
Schedule of Equity Method Investments [Line Items]
Carrying Value		$ 2,681
Beneficial Ownership		90.00%
Investee Revenue	$ 3,146
Interest in income from equity method investments	948
Realized and unrealized gains (losses)		$ (328)
Silverstone Venture 2
Schedule of Equity Method Investments [Line Items]
Carrying Value		$ 4,594
Beneficial Ownership		86.80%
Investee Revenue	225
Interest in income from equity method investments	196
Realized and unrealized gains (losses)		$ 364
Silverstone Venture 3
Schedule of Equity Method Investments [Line Items]
Carrying Value		$ 20,636
Beneficial Ownership		70.20%
Investee Revenue	0
Interest in income from equity method investments	(18)
Realized and unrealized gains (losses)		$ 1,929
Extell Hudson Waterfront Holdings
Schedule of Equity Method Investments [Line Items]
Carrying Value		$ 51,000
Beneficial Ownership		25.00%
Investee Revenue	1,812
Interest in income from equity method investments	440
Realized and unrealized gains (losses)		$ 5,000
Seiden LP & Seiden MGMT LP
Schedule of Equity Method Investments [Line Items]
Carrying Value		$ 33,532
Beneficial Ownership		99.90%
Investee Revenue	512
Interest in income from equity method investments	$ (67)
Realized and unrealized gains (losses)		$ 24

Investments - Schedule of Fair Value of Restricted Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Restricted Cash and Investments Items [Line Items]
Total restricted cash	$ 9,146	$ 0
Total restricted investments	154,718
Total restricted cash and investments	163,864
Third party agreements
Restricted Cash and Investments Items [Line Items]
Total restricted cash	7,767
Restricted investments	52,350
Amortized cost	51,927
Related party agreements
Restricted Cash and Investments Items [Line Items]
Total restricted cash	1,379
Restricted investments	102,368
Amortized cost	$ 102,313

Assets Held for Sale

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

Sale of Swedish Subsidiaries and Related IIS Operations

As discussed in Note 1. Organization, on November 29, 2024, Maiden entered into an agreement to sell its Swedish subsidiaries, Maiden LF and Maiden GF to a group of international insurance and reinsurance companies headquartered in the United Kingdom. Maiden LF and Maiden GF were the principal operating subsidiaries of the Company’s IIS platform. The transaction was subject to customary regulatory approvals. In June 2025, the SFSA declined to approve the sale of Maiden GF and Maiden LF. The proposed acquirer whose application was denied by the SFSA and Maiden have now entered into an amended sale agreement for the acquisition of Maiden GF only at the previously agreed valuation. The proposed acquirer believes it will satisfactorily address the deficiencies identified by the SFSA in its June 2025 decision. This amended transaction remains subject to customary regulatory approval.

The sale continues to be an all-cash transaction and pursuant to the proposed terms of the agreement, certain existing staff of Maiden GF will transition to the proposed acquirer. In the wake of the decision of the SFSA, management continues to evaluate strategic alternatives for that business, including a possible sale to a different third-party or a possible run-off and liquidation of the entity. Maiden LF and Maiden GF are not writing any new business and any non-insurance related assets and liabilities are represented as held-for-sale in the Company's consolidated financial statements.

Pursuant to the terms of proposed sales agreement, it is presently intended that any remaining historic business upon closing will be fully retroceded to Maiden Reinsurance thus there will be continuing involvement regarding the historical insurance operations. This transaction therefore meets the relevant held-for-sale criteria at December 31, 2025 and accordingly, any non-insurance related assets and liabilities related to the sale consideration are classified as held-for-sale in the Consolidated Balance Sheets as at December 31, 2025. The held-for-sale assets and liabilities and discontinued operations in the tables further below do not include any insurance related balances.

Under the accounting guidance in ASC Topic 205, a business that, upon acquisition, meets the held-for-sale criteria is not analyzed under the strategic shift test. Instead, it is reported in discontinued operations automatically based on its held-for-sale classification. The strategic shift test does not apply because the acquired businesses were not previously part of Kestrel Group who represents the acquiring entity and therefore these operations are classified as held-for-sale on the acquisition date. As the consolidated statements of income of Maiden included operations for Maiden GF and Maiden LF during the periods presented, adjustments to exclude the discontinued non-insurance activities of Maiden GF and Maiden LF were made as at December 31, 2025. All underwriting related balances are excluded from held-for-sale assets and liabilities which amounted to net insurance liabilities of $5,125 as at December 31, 2025.

The Company estimated the fair value of the net assets held-for-sale to be based on the estimated selling price less costs to sell and these assets are classified as Level 2 within the fair value hierarchy as of December 31, 2025. The assets and liabilities classified as held for sale on the Company's Consolidated Balance Sheet as at December 31, 2025 include the following:


	2025
ASSETS
Fixed maturities, available-for-sale, at fair value	$	6,497
Cash and cash equivalents	12,243

Accrued investment income	93




Other assets	662
Total assets held for sale	$	19,495
LIABILITIES


Accrued expenses and other liabilities	$	1,122
Total liabilities held for sale	$	1,122

The following table summarizes the major classes of items constituting the results from discontinued operations for the year ended December 31, 2025 presented in the Consolidated Statements of Income:



For the Year Ended December 31,	2025




Net investment income		$	212


General and administrative expenses		(2,858)
Foreign exchange and other losses		(167)



Net loss from discontinued operations		$	(2,813)

Commitments, Contingencies and Guarantees - Schedule of Total Unfunded Commitments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Total unfunded commitments on other investments
Gain Contingencies [Line Items]
Fair Value	$ 11,164
% of Total	44.90%
Total unfunded commitments on equity method investments
Gain Contingencies [Line Items]
Fair Value	$ 13,676
% of Total	55.10%
Total unfunded commitments on alternative investments
Gain Contingencies [Line Items]
Fair Value	$ 24,840
% of Total	100.00%

Commitments, Contingencies and Guarantees (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Scheduled of Maturity of Operating Lease Liabilities

At December 31, 2025, the scheduled maturity of the Company's operating lease liabilities is as follows:



For the Year Ended December 31,	Total
2026	$	363
2027	366
2028	277
2029	284
2030	305
Thereafter	1,144
Discount for present value	(685)
Total discounted operating lease liabilities	$	2,054

Schedule of Total Unfunded Commitments

The table below shows total unfunded commitments by type of investment as at December 31, 2025:


December 31,	2025
	Fair Value		% of Total




Total unfunded commitments on other investments	$	11,164	44.9	%



Total unfunded commitments on equity method investments	13,676		55.1	%

Total unfunded commitments on alternative investments	$	24,840	100.0	%

Investments - Schedule of Net Realized and Unrealized Investment Gains (Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Gain (Loss) on Securities [Line Items]
Equity securities, gross gains	$ 1,105
Equity securities, gross losses	(502)
Equity securities, net	603
Net realized and unrealized gains (losses) on investment, gross gains	13,385
Net realized and unrealized gains (losses) on investment, gross losses	(6,428)
Net realized and unrealized investment gains (losses)	6,957	$ 0
Net gains recognized for equity securities	603
Net gains recognized for equity securities divested	0
Net unrealized gains recognized for equity securities held at reporting date	603
Fixed maturities
Gain (Loss) on Securities [Line Items]
Fixed maturities, gross gains	130
Fixed maturities, gross losses	(121)
Fixed maturities, net	9
Other investments
Gain (Loss) on Securities [Line Items]
Other investments, gross gain	12,150
Other investments, gross loss	(5,805)
Other investments, net	$ 6,345

Segment Information - Schedule of Reconciliation of Reportable Segments Underwriting Results to Consolidated Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
Gross premiums written	$ 6,091	$ 0
Net premiums written	6,209	0
Net premiums earned	12,673	0
Fee revenue	6,076	3,634
Net loss and LAE	(8,992)	0
Commission and other acquisition expenses	(3,131)	0
General and administrative expenses	(14,107)	(2,554)
Underwriting loss and fee income	(7,481)	1,080
Reconciliation to net income
Net investment income and net realized and unrealized investment gains	15,300	213
Interest and amortization expenses	(9,865)	0
Gain on bargain purchase	68,306	0
Foreign exchange and other losses, net	(1,723)	0
Other general and administrative expenses	(14,955)	(2,554)
Income tax expense	(68)	(30)
Interest in income from equity method investments	24	0
Net income (loss) from continuing operations	49,538	(1,291)
Operating Segments \| Legacy Reinsurance
Income Statement [Abstract]
Gross premiums written	6,091
Net premiums written	6,209
Net premiums earned	12,673
Fee revenue	0	0
Net loss and LAE	(8,992)
Commission and other acquisition expenses	(3,131)
General and administrative expenses	(10,861)	0
Underwriting loss and fee income	(10,311)	0
Operating Segments \| Program Services
Income Statement [Abstract]
Gross premiums written	0
Net premiums written	0
Net premiums earned	0
Fee revenue	6,076	3,634
Net loss and LAE	0
Commission and other acquisition expenses	0
General and administrative expenses	(3,246)	(2,554)
Underwriting loss and fee income	$ 2,830	$ 1,080

Reserve for Loss and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Reserve for Loss and Loss Adjustment Expenses

General

The Company uses both historical experience and industry-wide loss development factors to provide a reasonable basis for estimating future losses. In the future, certain events may be beyond the control of management, such as changes in law, judicial interpretations of law, and rates of inflation, which may favorably or unfavorably impact the ultimate settlement of the Company’s loss and LAE reserves.

The anticipated effect of inflation is implicitly considered when estimating liabilities for loss and LAE. While anticipated changes in claim costs due to inflation are considered in estimating the ultimate claim costs, changes in the average severity of claims are caused by a number of factors that vary with the individual type of policy written. Ultimate losses are projected based on historical trends adjusted for implemented changes in underwriting standards, claims handling, policy provisions, and general economic trends. Those anticipated trends are monitored based on actual development and are modified if necessary.

The reserving process begins with the collection and analysis of paid losses and incurred claims data for each of the Company's contracts. While reserves are mostly reviewed on a contract by contract basis, paid loss and incurred claims data is also aggregated into reserving segments. The segmental data is disaggregated by reserving class and further disaggregated by either accident year (i.e. the year in which the loss event occurred) or by underwriting year (i.e. the inception year in which the contract generating the premium and losses incepted). In cases where the Company uses underwriting year information, reserves are subsequently allocated to the respective accident year. The reserve for loss and LAE comprises:


December 31,	2025
Reserve for reported loss and LAE	$	312,567
Reserve for losses incurred but not reported ("IBNR")	324,602
Reserve for loss and LAE	$	637,169

The following table represents a reconciliation of the beginning and ending gross and net loss and LAE reserves:


For the Year Ended December 31,	2025
Gross loss and LAE reserves, January 1	$	—
Less: reinsurance recoverable on unpaid losses, January 1	—
Net loss and LAE reserves, January 1	—
Net incurred losses related to:
Current year	8,844
Prior years	148
	8,992
Net paid losses related to:
Current year	(2,905)
Prior years	(58,445)
	(61,350)

Net Maiden Legacy run-off business acquired	221,109

Effect of foreign exchange rate movements	7,221
Net loss and LAE reserves, December 31	175,972
Reinsurance recoverable on unpaid losses, December 31	461,197
Gross loss and LAE reserves, December 31	$	637,169

Actuarial Methods Used to Estimate Loss and LAE Reserves

The Company utilizes a variety of standard actuarial methods in its analysis of loss reserves. The selections from these various methods are based on the loss development characteristics of the specific line of business and significant actuarial judgment. The actuarial methods utilized include:

The Expected Loss Ratio ("ELR") method is a technique that is multiplicative and applies an expected loss ratio to premium earned to yield the estimated ultimate losses. The ELR assumption is generally derived from pricing information and historical experience of the business. This method is frequently used for the purpose of stability in the early valuations of an underwriting year with large and uncertain loss development factors. The ELR technique does not take into account actual loss emergence for the underwriting year being projected. As an underwriting year matures and actual loss experience becomes more credible, other methods may be applied in determining the estimated ultimate losses.

9. Reserve for Loss and Loss Adjustment Expenses (continued)

The Loss Development ("LD") method is a reserving method in which ultimate losses are estimated by applying a loss development factor to actual reported (or paid) loss experience. This method fully utilizes actual experience. Multiplication of underwriting year actual reported (or paid) losses by its respective development factor produces the estimated ultimate losses. The LD method is based upon the assumption that the relative change in a given underwriting year’s losses from one evaluation point to the next is similar to the relative change in prior underwriting years’ losses at similar evaluation points. In addition, this method is based on the assumption that the reserving and payment patterns as well as the claim handling procedures have not changed substantially over time. In the case where changes to the payment patterns or the claim handling procedures are identified, historical losses are adjusted to the current basis, and development factors are selected based on the relative change of the adjusted losses (the Berquist Sherman method is one example of this approach). When a company has a sufficiently reliable loss development history, a development pattern based on the company’s historical indications may be used to develop losses to ultimate values.

The Bornhuetter-Ferguson ("BF") reserving technique is used for long-tailed or lower frequency, more volatile lines. It is also useful in situations where the reported loss experience is relatively immature and/or lacks sufficient credibility for the application of methods that are more heavily reliant on emerged experience. The BF method is an additive IBNR method that combines the ELR and LD techniques by splitting the expected loss into two pieces - expected reported (or paid) losses and expected unreported (or unpaid) losses. Expected unreported (unpaid) losses, estimated by the use of loss development factors, are added to the current actual reported (or paid) losses to produce an estimate of ultimate losses by underwriting year. The BF method introduces an element of stability that moderates the impact of inconsistent changes in paid and reported losses.

The average frequency and severity ("FS") reserving technique is used for lines where claim count is available, and the estimate of loss development factors is more difficult due to volatility in historical data. The available data for such lines is usually more volatile in the estimation of future losses using the LD and BF reserving methods. The FS method uses historical data to estimate the average number of ultimate claims (frequency) and the average costs of closed claims (severity). The estimate of ultimate losses by underwriting year is the result of the multiplication of the ultimate number of claims and the average cost of a claim.

With the guidance of the methods above, actuarial judgment is applied in the determination of ultimate losses. In general, the Company’s segments have varying levels of seasoning with which the Company has direct experience and as a result, differing methods are utilized to estimate loss and LAE reserves in each segment.

For the Diversified Reinsurance legacy business, the Company utilizes the ELR approach at the onset of reserving an account, the BF method for business with less but maturing loss experience, and as the experience matures the LD method. For proportional or pro-rata business, the Company typically relies heavily on the actual historical contract experience to estimate reserving parameters such as loss development factors, whereas for excess of loss business there will be more usage of industry and/or Company benchmark assumptions.

Maiden Reinsurance underwrote the AmTrust Reinsurance legacy business from July 1, 2007 until January 30, 2019, when Maiden Reinsurance and AII agreed to terminate the remaining business subject to the AmTrust Quota Share on a run-off basis effective as of January 1, 2019, and Maiden Reinsurance, AEL and AIU DAC agreed to terminate the European Hospital Liability Quota Share on a run-off basis effective as of January 1, 2019. A large proportion of the exposure in the underlying book of business has significant seasoning, and allows for a significant amount of credibility in using parameters derived from historical experience to calculate reserve estimates. Some segments of the book are a result of recent acquisitions or newer markets for AmTrust. These segments require a greater level of assumptions and professional judgment in deriving ultimate losses, which inherently implies a wider range of reasonable estimates. As a result, the Company has tended to rely on a weighted approach which primarily employs the LD method for aspects of the segment with ample historical data, while also considering the ELR or the BF method for exposures with more limited or volatile historical data. The FS method is also considered for segments of the AmTrust Reinsurance book of business for which claim count information is available. Additional data detailing items such as class of business, state, claim counts, frequency and severity is available, further enhancing the reserve analysis.

Prior Year Development

Prior period development ("PPD") arises from changes to loss estimates recognized in the current year that relate to loss reserves established in previous calendar years. The favorable or unfavorable PPD reflects changes in management's best estimate of the ultimate losses under the relevant reinsurance policies after considerable review of changes in actuarial assessments. The following table summarizes net adverse PPD for the Legacy Reinsurance segment during the year ended December 31, 2025:


For the Year Ended December 31,	2025

Prior Year Loss Development adverse (favorable)
Net adverse PPD for Diversified Reinsurance legacy business	$	800
Net favorable PPD for AmTrust Reinsurance legacy business	(652)
Net adverse PPD for Legacy Reinsurance Segment	$	148

Net adverse PPD of $148 for the year ended December 31, 2025 was driven by net adverse PPD of $800 for Diversified Reinsurance legacy business partly offset by favorable PPD of $652 for AmTrust Reinsurance legacy business.

9. Reserve for Loss and Loss Adjustment Expenses (continued)

Legacy Reinsurance Segment: Diversified Business

The table below details prior year reserve development by line of business for the years ended December 31, 2025:


For the Year Ended December 31,	2025

Prior Year Loss Development adverse (favorable)
IIS business	$	824
GLS	262
Other run-off lines	(286)
Total Diversified Reinsurance adverse PPD	$	800

In the Diversified Reinsurance legacy business, net adverse PPD was $800 for the year ended December 31, 2025. The net adverse PPD was primarily due to incurred losses of $1,002 associated with the final settlement and commutation of an IIS reinsurance contract. Excluding this charge, there was favorable PPD of $202 for the year ended December 31, 2025 due to other run-off lines of business.

Legacy Reinsurance Segment: AmTrust Business

The table below shows PPD for the AmTrust Reinsurance legacy operations for the years ended December 31, 2025:



For the Year Ended December 31,	2025
Prior Year Loss Development (favorable) adverse
AmTrust Quota Share	$	(760)
European Hospital Liability Quota Share	4,412
LPT/ADC Agreement	(4,304)
Total AmTrust Reinsurance favorable PPD	$	(652)

In the AmTrust Reinsurance segment, net favorable PPD was $652 in the year ended December 31, 2025. This was comprised of an increase of $4,304 in loss recoveries anticipated under the LPT/ADC Agreement with Cavello, favorable development $760 experienced in the AmTrust Quota Share primarily from Workers’ Compensation and other lines of business; largely offset by additional adverse development of $4,412 recognized on European Hospital Liability business regarding claims adjustments for certain death claims.

a)Claims Development

The following is a summary of the Company's incurred and paid loss development by accident year, net of reinsurance, from the last ten calendar years including the total reserve for losses, IBNR, plus development on reported loss and LAE for specific lines of business in our reportable Legacy Reinsurance segment which includes Diversified Reinsurance legacy business and AmTrust Reinsurance legacy business, as of December 31, 2025. Information prior to 2025 has been included as unaudited supplementary information. The incurred and paid amounts have been translated from the local currency to U.S. dollars using the December 31, 2025 spot rate for all years presented in the table below in order to isolate changes in foreign exchange rates from loss development. As a reinsurer of primarily quota share contracts, claim counts are available on a very limited basis. Therefore claim counts have not been provided in the tables below as it is impractical to do so.

Diversified Reinsurance Legacy business has incurred and paid losses that are analyzed by following lines of business: (1) International; (2) GLS and (3) Other run-off lines. Loss development tables have not been presented for GLS and other run-off lines as loss development tables are not required for currently insignificant categories, therefore the GLS contracts and other run-off lines have been aggregated into two separate categories and included in the reconciliation disclosure only.

AmTrust Reinsurance Legacy business has incurred and paid losses that are analyzed by the following lines of business: (1) Workers’ Compensation; (2) Commercial Auto Liability; (3) General Liability; (4) European Hospital Liability; and (5) All Other Lines. There are a number of factors to consider when evaluating the information in these tables:

•In Diversified Reinsurance Legacy business, contracts in the International business are written on both an accident year and underwriting year basis, some are multi-line and the majority of the premium is associated with proportional contracts. Many proportional treaty reinsurance contracts are submitted using quarterly bordereau reporting by underwriting year. However, the remaining losses can generally only be allocated to accident years based on estimated premium earning and loss reporting patterns. Further estimates are required to allocate losses to line of business. Multi-line accounts are generally analyzed on an individual basis by line of business, but are booked in the Company’s records to a contract, rather than to each individual line of business within a contract. For the purpose of this disclosure allocations are made to the various lines of business. Management’s assumptions and allocation procedures for these tables may produce results that differ from the actual loss emergence reported by line of business each quarter;

9. Reserve for Loss and Loss Adjustment Expenses (continued)

•The AmTrust Reinsurance Legacy business consists primarily of two contracts, the European Hospital Liability Quota Share and the AmTrust Quota Share which is a much larger quota share that includes all other covered business. There is also a small amount of excess of loss business that has not been written since 2009 which is included as a reconciling item. Maiden Reinsurance receives several cession statements and uses these to report premiums in three categories which include Small Business Commercial, Specialty Program and Specialty Risk and Extended Warranty. The tables provided include allocations of IBNR reserves to line of business by accident year;

•Management’s assumptions and allocation procedures for these tables may produce results that differ from the actual loss emergence reported by line of business each quarter; and

•For both lines of business, the premium and exposure for prior accident years is often reported to us in subsequent periods, as reporting lags exist from an insurer to a reinsurer. This leads to increases in the provision for loss and LAE in prior years, but does not reduce expected income (and in many cases can result in additional income).

Diversified Legacy Reinsurance: GLS Business

GLS provides a full range of legacy services to small insurance companies, particularly those in run-off or with blocks of reserves that are no longer core to those companies' operations. GLS works with clients to develop and implement finality solutions including acquiring entire companies that enable our clients to meet their capital and risk management objectives. Having completed the capital commitment made to GLS in November 2020, Maiden did not commit any additional capital to new opportunities and continues to run-off the remaining accounts underwritten by GLS, with one reinsurance agreement remaining open and one entity currently completing its run-off. For additional information on GLS, please see Note 1. Organization.

Loss development tables have not been presented for GLS as the loss reserves and paid claims for each individual contract is currently insignificant, therefore the loss reserves for both remaining GLS contracts have been aggregated into a separate category and included in the reconciliation disclosure only. For GLS exposure, loss reserves are calculated primarily from utilizing the LD or FS methods. As the exposure being reinsured is typically retroactive in nature and covers more mature portfolios, the ELR or BF approach is not highly relied upon.

As of December 31, 2025, GLS and its subsidiaries hold insurance liabilities assumed primarily through two remaining retroactive reinsurance contracts which included total loss reserves of $9,864 and a loss recoverable of $1,327. Losses incurred for the year ended December 31, 2025 include paid losses of $7,402 and total loss reserves include IBNR reserves of $7,990 at December 31, 2025. Also, please see "Note 5. Fair Value Measurements" for the derivative liability of $3,984 on a reinsurance contract written by GLS which has been included in accrued expenses and other liabilities. The fair value of this derivative instrument is determined using a discounted cash flow model in which the Company examines current market conditions, historical results as well as contract specific information that may impact future cash flows to assess the reasonableness of inputs used in the valuation model.

Diversified Legacy Reinsurance: IIS Business

9. Reserve for Loss and Loss Adjustment Expenses (continued)


Diversified Reinsurance - IIS business	Incurred loss and LAE, net of reinsurance																				At December 31, 2025
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total IBNR
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2010	$	81,181	$	83,182	$	82,863	$	83,956	84,085		$	84,406	$	84,615	$	87,048	$	86,821	$	87,492	$	547
2011	49,790		50,169		50,418		50,372		50,329		50,329		50,412		50,363		50,348		50,283		85
2012	49,460		49,721		49,439		49,381		49,307		49,416		49,388		49,341		49,195		49,186		181
2013	52,378		52,978		52,796		53,199		53,128		53,237		53,202		53,141		53,194		53,068		(341)
2014	48,224		48,129		47,905		47,976		47,711		47,590		47,609		47,627		47,438		47,407		118
2015	44,200		44,702		44,339		44,378		44,224		43,937		43,951		43,842		43,860		43,851		8
2016	38,587		40,594		39,935		39,921		40,345		40,024		40,122		40,105		40,084		40,042		161
2017			36,637		37,588		36,420		35,477		35,496		35,282		35,073		34,899		34,738		181
2018					44,358		42,598		42,788		42,828		42,974		42,481		42,928		42,496		(759)
2019							37,149		39,210		38,281		38,374		38,306		38,240		38,190		135
2020									25,267		24,353		23,113		23,233		23,287		23,326		974
2021											6,584		6,584		6,584		6,584		6,626		1,809
2022													7,640		9,244		10,300		11,513		36
2023															10,077		10,077		10,179		—
2024																	17,027		17,212		—
2025																			7,583		—
Total																			$	563,192	$	3,135

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2010	$	53,877	$	55,357	$	57,093	$	58,598	$	59,740	$	60,896	$	61,982	$	63,178	$	64,130	$	65,316
2011	50,261		50,401		50,518		50,587		50,675		50,730		50,764		50,772		50,810		50,821
2012	45,452		46,035		46,153		46,167		46,255		46,356		46,325		46,338		46,364		46,353
2013	48,064		48,534		48,754		48,836		49,168		49,616		49,736		50,004		50,073		50,113
2014	44,294		45,523		45,788		45,898		46,021		46,085		46,124		46,141		46,170		46,186
2015	39,321		41,404		42,448		42,876		43,165		43,386		43,416		43,429		43,557		43,595
2016	22,373		36,498		38,384		39,158		39,808		40,345		41,225		41,504		41,530		41,556
2017			18,948		33,695		35,507		36,357		36,624		36,690		36,744		36,755		36,742
2018					21,031		38,352		40,507		41,584		42,223		42,506		43,202		43,054
2019							17,304		31,646		34,361		34,932		35,278		35,402		35,405
2020									11,838		20,243		21,356		21,860		22,163		22,303
2021											5,596		10,619		11,890		12,343		12,259
2022													1,212		11,153		13,998		16,821
2023															909		11,084		11,008
2024																	1,415		9,009
2025																			3,947
Total																			534,488

Total net reserves											$	28,704

9. Reserve for Loss and Loss Adjustment Expenses (continued)

AmTrust Legacy Reinsurance: Workers’ Compensation

AmTrust Legacy Reinsurance: General Liability

AmTrust Legacy Reinsurance: Commercial Auto Liability

Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. This proportional exposure is relatively short tailed, and the transition to the BF and the LD methods happens relatively quickly, within the first several years.

9. Reserve for Loss and Loss Adjustment Expenses (continued)


Workers' Compensation	Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement)																				At December 31, 2025
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	83,039	$	83,622	$	84,710	$	83,952	$	86,117	$	86,292	$	86,415	$	86,144	$	86,220	$	86,256	$	1,807	$	5,322
2009	105,901		107,165		110,175		109,664		109,021		110,207		109,384		109,018		109,427		109,710		2,013		4,286
2010	124,073		123,968		127,215		127,381		126,621		126,516		126,308		125,420		124,677		124,857		6,018		7,853
2011	133,916		135,379		138,600		139,685		141,272		137,355		140,257		139,421		139,302		139,040		3,949		6,024
2012	172,692		181,616		192,087		188,879		192,263		187,089		189,114		187,629		186,574		186,580		5,830		8,907
2013	242,447		261,915		276,249		273,571		281,580		277,365		277,226		276,791		276,853		276,903		8,078		15,844
2014	382,260		419,748		457,363		455,521		449,374		445,258		441,185		440,175		438,487		437,994		16,267		27,270
2015	474,212		526,269		551,145		545,271		549,857		547,439		537,963		535,139		531,208		529,800		20,519		37,720
2016	528,906		568,006		627,728		603,529		579,849		568,791		559,440		555,645		550,537		550,860		25,243		43,560
2017			615,957		654,362		613,577		593,920		591,122		580,155		577,051		574,067		572,531		20,546		43,920
2018					592,566		580,528		575,765		585,009		577,485		573,040		572,609		569,756		22,369		56,163
2019							12,751		9,945		10,871		10,152		11,943		9,362		9,635		29		—
Total																			$	3,593,922	$	132,668	$	256,869

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	79,230	$	81,159	$	82,436	$	82,708	$	82,286	$	82,676	$	82,761	$	83,026	$	83,138	$	83,389
2009	98,811		100,103		101,823		102,877		103,771		104,205		104,433		104,685		105,848		106,271
2010	114,639		115,014		115,959		116,332		114,730		115,509		115,765		116,064		116,479		117,076
2011	115,966		122,579		124,315		125,843		129,408		130,413		130,958		131,877		132,524		133,070
2012	150,543		158,807		164,512		168,154		172,251		174,436		175,021		176,022		176,865		177,754
2013	199,300		216,527		227,502		234,342		248,103		252,506		255,720		257,523		259,504		261,231
2014	268,467		321,258		355,414		370,176		383,529		392,101		398,441		404,591		408,716		410,999
2015	246,616		338,642		388,640		417,736		448,867		466,869		476,769		483,387		488,574		492,459
2016	110,051		284,501		380,602		428,651		449,347		471,382		484,367		494,160		500,971		507,751
2017			111,508		274,596		448,551		485,611		507,903		520,180		528,411		535,127		539,074
2018					110,954		409,986		465,762		499,349		515,459		524,987		532,512		536,149
2019							3,907		5,821		8,070		9,024		9,717		9,189		9,298
Total																			3,374,521
	All outstanding liabilities prior to 2008, net of reinsurance																		100
Total net reserves excluding impact of LPT/ADC Agreement											219,501

Less: Impact of LPT/ADC Agreement											(256,869)
Total net reserves including impact of LPT/ADC Agreement											$	(37,368)

9. Reserve for Loss and Loss Adjustment Expenses (continued)


General Liability	Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement)																				At December 31, 2025
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	35,985	$	36,627	$	37,605	$	36,996	$	40,399	$	40,381	$	40,017	$	39,796	$	39,541	$	39,524	$	2,175	$	276
2009	34,040		34,863		35,138		35,410		36,228		35,733		35,495		35,433		35,421		35,324		33		48
2010	38,298		41,597		42,884		43,062		45,490		44,779		44,856		44,907		45,032		45,171		235		414
2011	45,303		49,338		52,746		53,499		55,607		54,683		54,288		54,495		54,410		54,389		(64)		1,000
2012	50,800		55,991		59,948		63,429		63,704		64,052		63,615		63,214		62,621		62,955		4,058		1,364
2013	68,641		79,731		89,204		92,032		95,050		96,342		96,388		97,920		98,211		98,514		527		2,776
2014	77,930		99,873		111,970		116,085		119,367		119,782		119,413		119,554		119,763		119,848		4,446		4,861
2015	95,766		122,942		139,518		154,071		154,529		154,939		155,235		155,101		158,447		159,085		3,811		9,459
2016	98,149		114,864		120,910		148,371		147,858		147,996		150,019		153,168		151,915		152,125		3,731		15,125
2017			116,158		133,533		165,268		161,354		162,856		167,257		170,669		173,853		172,741		8,400		19,609
2018					121,991		153,822		148,817		148,295		151,791		160,003		169,005		168,229		13,193		29,174
2019							5,427		6,017		5,981		3,906		3,077		3,032		3,372		437		—
Total																			$	1,111,277	$	40,982	$	84,106

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	32,765	$	34,935	$	36,699	$	34,893	$	37,253	$	37,278	$	37,473	$	37,289	$	37,304	$	37,316
2009	30,924		32,878		33,473		32,487		34,984		34,999		35,093		35,197		35,258		35,260
2010	34,125		37,317		39,214		39,888		42,509		43,076		44,041		44,246		44,438		44,761
2011	39,350		41,257		47,141		49,178		51,492		52,593		53,064		53,320		53,529		53,647
2012	40,864		45,775		53,526		56,538		55,350		57,913		58,889		58,412		57,541		58,191
2013	44,698		58,377		70,074		76,996		83,571		87,178		89,473		92,705		94,491		96,725
2014	36,026		57,678		77,259		86,101		92,861		96,521		102,290		107,865		110,741		112,949
2015	33,963		52,350		79,291		98,278		112,542		120,546		131,224		140,414		147,047		150,290
2016	6,402		21,959		45,855		67,063		88,627		101,764		114,422		129,683		137,678		140,978
2017			6,967		27,001		51,545		79,531		97,356		119,417		139,460		151,578		156,255
2018					7,907		24,618		42,792		65,947		90,841		115,496		132,240		140,069
2019							27		314		717		1,218		1,581		2,178		2,876
Total																			1,029,317
	All outstanding liabilities prior to 2008, net of reinsurance																		110
Total net reserves excluding impact of LPT/ADC Agreement											82,070

Less: Impact of LPT/ADC Agreement											(84,106)
Total net reserves including impact of LPT/ADC Agreement											$	(2,036)

9. Reserve for Loss and Loss Adjustment Expenses (continued)


Commercial Auto Liability	Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement)																				At December 31, 2025
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	35,975	$	35,521	$	35,382	$	35,542	$	37,746	$	37,854	$	37,885	$	37,880	$	37,622	$	37,622	$	2,274	$	10
2009	30,468		30,919		31,033		31,064		31,082		31,019		30,979		30,978		30,851		30,850		506		43
2010	40,523		42,146		41,996		42,070		40,637		40,631		40,608		40,556		40,556		40,555		138		1
2011	34,790		36,149		36,065		34,643		34,707		34,690		34,634		34,644		34,659		34,656		502		—
2012	48,116		46,150		45,754		45,917		45,902		45,753		45,860		45,887		45,762		45,757		(72)		8
2013	59,702		63,162		62,163		63,620		63,532		63,590		63,500		63,471		63,320		63,204		161		257
2014	73,966		82,427		89,299		92,572		94,238		93,208		93,164		93,433		92,820		92,753		431		33
2015	92,955		106,560		119,141		127,560		129,849		129,082		129,632		130,631		130,496		130,699		172		344
2016	121,828		118,210		144,077		171,504		170,275		167,480		170,221		171,563		170,554		171,484		(2,769)		3,295
2017			156,575		189,257		220,457		230,972		220,471		224,132		227,165		226,839		226,737		1,246		3,089
2018					177,150		224,780		230,200		219,800		230,516		234,717		234,527		235,698		2,636		9,322
2019							79,172		77,371		73,023		74,553		74,504		73,888		74,091		1,937		—
2020																			—		(7)		—
Total																			$	1,184,106	$	7,155	$	16,402

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	34,074	$	34,803	$	35,284	$	36,968	$	34,982	$	35,013	$	35,339	$	35,349	$	35,349	$	35,349
2009	29,829		29,842		30,204		31,194		30,337		30,340		30,341		30,342		30,342		30,343
2010	39,413		39,750		40,282		40,396		40,407		40,411		40,416		40,416		40,416		40,416
2011	32,362		33,130		33,154		33,451		33,872		34,005		34,158		34,159		34,157		34,154
2012	43,745		44,165		45,555		45,751		45,819		45,812		45,825		45,831		45,831		45,829
2013	48,122		57,349		59,600		62,331		62,562		62,968		63,070		63,079		63,101		62,937
2014	42,960		64,459		79,766		87,458		90,761		91,000		91,115		91,819		92,295		92,318
2015	39,179		62,945		86,433		107,707		118,753		121,605		125,415		128,692		130,298		130,382
2016	19,071		48,595		76,635		113,174		133,826		145,728		158,822		165,475		169,924		171,612
2017			26,863		69,657		115,623		154,600		176,863		197,857		212,952		219,869		223,830
2018					30,018		67,080		107,184		138,770		178,479		207,553		221,401		226,649
2019							9,456		22,799		34,365		49,073		59,162		66,969		69,994
2020									7		7		7		7		7		7
Total																			1,163,820
	All outstanding liabilities prior to 2008, net of reinsurance																		—
Total net reserves excluding impact of LPT/ADC Agreement											20,286

Less: Impact of LPT/ADC Agreement											(16,402)
Total net reserves including impact of LPT/ADC Agreement											$	3,884

9. Reserve for Loss and Loss Adjustment Expenses (continued)

AmTrust Legacy Reinsurance: European Hospital Liability

9. Reserve for Loss and Loss Adjustment Expenses (continued)


European Hospital Liability	Incurred loss and LAE, net of reinsurance																				At December 31, 2025
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total IBNR
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2011	$	67,544	$	65,495	$	62,799	$	65,162	$	65,457	$	66,256	$	74,116	$	75,177	$	79,850	$	79,512	$	(529)
2012	95,952		90,855		117,416		122,479		123,454		124,978		128,419		129,467		140,911		140,249		(1,495)
2013	87,674		80,165		102,752		108,839		110,294		112,000		114,138		115,527		130,008		129,578		3,699
2014	59,755		66,488		83,838		89,313		90,403		91,814		91,616		94,647		107,724		106,474		3,664
2015	47,954		62,437		68,649		71,924		72,172		74,590		76,271		78,693		84,028		83,512		1,755
2016	46,244		53,237		69,678		72,314		70,731		72,139		71,562		72,968		74,581		76,084		445
2017			42,573		54,242		56,456		54,948		52,869		51,581		52,121		53,097		56,062		2,947
2018					46,345		32,871		33,842		33,174		35,523		35,598		35,512		38,055		1,686
2019							16,513		15,285		16,299		16,239		16,433		16,659		17,507		1,738
Total																			$	727,033	$	13,910

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2011	$	37,155	$	42,987	$	47,345	$	51,275	$	56,010	$	59,096	$	63,529	$	67,095	$	68,955	$	73,477
2012	60,871		71,774		80,117		86,482		96,924		102,190		109,403		115,571		121,618		129,717
2013	40,988		51,526		57,744		65,279		79,018		84,804		93,174		99,488		108,562		114,251
2014	25,581		36,409		40,855		48,191		60,571		63,653		74,276		81,434		89,108		93,502
2015	11,473		23,686		30,229		36,303		47,619		47,106		57,177		63,436		67,561		73,542
2016	3,723		11,059		18,324		24,374		36,177		38,886		49,292		54,159		59,061		65,350
2017			1,329		4,588		7,863		15,263		21,037		31,169		35,266		40,158		44,002
2018					957		2,355		5,611		8,074		23,021		26,046		28,201		30,504
2019							11,912		1,664		3,143		10,943		11,925		12,753		13,801
Total																			638,146
Total net reserves											$	88,887

9. Reserve for Loss and Loss Adjustment Expenses (continued)


All Other Lines	Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement)																				At December 31, 2025
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	29,070	$	29,576	$	29,574	$	29,519	$	24,045	$	24,016	$	24,013	$	24,013	$	23,758	$	23,758	$	(5,092)	$	—
2009	14,492		16,088		15,653		14,617		15,750		15,373		15,373		15,379		15,523		15,523		527		10
2010	16,105		17,071		17,059		15,438		15,905		15,905		15,905		15,905		15,905		15,905		52		—
2011	22,616		23,376		23,506		21,469		21,515		21,500		21,496		21,490		21,500		21,498		148		—
2012	18,673		19,850		20,260		19,578		17,969		17,811		17,819		17,775		17,743		17,730		(1,144)		(708)
2013	22,918		21,313		21,669		21,735		20,644		20,639		20,637		20,593		20,306		20,304		2,849		2,182
2014	26,021		24,958		26,278		24,929		21,496		21,491		21,493		21,481		21,340		21,339		(154)		79
2015	54,857		49,631		49,463		47,882		44,939		44,749		44,456		44,379		44,511		44,538		782		33
2016	79,654		74,948		72,384		73,602		67,060		66,943		66,791		67,162		65,839		65,748		5,106		85
2017			104,637		96,812		92,905		96,196		96,104		96,267		96,485		96,598		96,653		1,659		434
2018					96,909		103,489		101,554		101,913		102,061		101,326		103,207		103,609		239		570
2019							37,945		43,146		43,554		42,003		42,310		42,123		42,554		641		—
2020									—		—		—		—		—		—		(103)		—

Total																			$	489,159	$	5,510	$	2,685

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	29,177	$	30,833	$	30,683	$	29,234	$	24,706	$	28,850	$	28,850	$	28,850	$	28,850	$	28,850
2009	13,870		15,224		15,051		14,009		14,954		14,986		14,986		14,986		14,986		14,986
2010	16,058		16,919		16,786		15,285		15,853		15,854		15,854		15,854		15,854		15,854
2011	22,715		23,892		23,661		21,481		21,343		21,339		21,334		21,359		21,352		21,349
2012	17,946		18,205		18,685		17,559		18,071		18,077		18,077		18,084		18,083		18,872
2013	20,258		20,456		20,447		19,343		20,146		19,465		19,463		19,482		19,460		17,455
2014	20,940		22,018		26,194		21,405		21,497		21,493		21,509		21,532		21,495		21,494
2015	45,208		42,631		41,962		44,179		43,622		43,895		43,742		43,737		43,754		43,757
2016	42,795		69,805		65,452		63,234		63,450		60,008		59,967		60,682		60,628		60,641
2017			48,903		80,726		80,735		93,212		93,541		94,206		94,710		94,948		94,802
2018					56,539		86,455		98,386		101,158		102,587		102,406		102,774		103,298
2019							22,095		38,793		40,427		40,670		41,029		41,243		41,812
2020									4		103		103		103		103		103
2021											66		66		55		55		55
Total																			483,328
	All outstanding liabilities prior to 2008, net of reinsurance																		(3)
Total net reserves excluding impact of LPT/ADC Agreement											5,828

Less: Impact of LPT/ADC Agreement											(2,685)
Total net reserves including impact of LPT/ADC Agreement											$	3,143

9. Reserve for Loss and Loss Adjustment Expenses (continued)

Reconciliation of Loss Development Tables to Consolidated Balance Sheet

The following table represents a reconciliation of the net incurred and paid loss development tables to the reserve for loss and LAE in the Consolidated Balance Sheet at December 31, 2025:


	December 31, 2025
	Total Net Reserves (including impact of ADC)		Reinsurance Recoverables on unpaid claims		Total Gross Reserves
Legacy Reinsurance - Diversified Business
IIS business	$	28,704	$	66	$	28,770
Other reconciling items excluded from loss development tables
GLS	8,537		1,327		9,864
Other run-off lines	10,548		—		10,548
Total Diversified Legacy Reinsurance	47,789		1,393		49,182
Legacy Reinsurance - AmTrust Business
Workers' Compensation(1)	(37,368)		256,869		219,501
General Liability	(2,036)		84,106		82,070
Commercial Auto Liability	3,884		16,402		20,286
European Hospital Liability	88,887		—		88,887
All Other Lines	3,143		2,685		5,828
Total	56,510		360,062		416,572
Other reconciling items excluded from loss development tables	70,984		66,951		137,935
Total AmTrust Reinsurance	127,494		427,013		554,507

US Treaty business ceded to Cavello	689		32,791		33,480

Total reserves for loss and LAE	$	175,972	$	461,197	$	637,169

b)Claims duration disclosure


	Average annual payout of incurred claims by age, net of reinsurance (unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Diversified Reinsurance
International	41.8	%	6.9	%	2.7	%	(0.3)	%	(0.8)	%	0.7	%	0.8	%	(0.1)	%	(0.7)	%	(0.8)	%

AmTrust Reinsurance
Workers' Compensation	19.2	%	32.5	%	18.3	%	8.9	%	5.0	%	3.4	%	2.5	%	1.7	%	1.2	%	1.3	%
General Liability	5.9	%	10.4	%	13.1	%	15.9	%	14.0	%	10.8	%	8.3	%	6.4	%	3.8	%	3.4	%
Commercial Auto Liability	11.9	%	17.6	%	18.7	%	18.2	%	14.0	%	8.6	%	5.2	%	2.3	%	1.6	%	0.9	%
European Hospital Liability	3.2	%	7.1	%	10.4	%	13.7	%	11.9	%	8.5	%	7.0	%	5.0	%	4.9	%	4.9	%
All other lines	57.0	%	32.4	%	2.7	%	4.7	%	3.6	%	(0.9)	%	1.2	%	0.1	%	(0.4)	%	(0.1)	%

The average annual payout of incurred claims by age, net of reinsurance, is calculated using the amount of claims paid in each development year and is compared with the estimated incurred claims as of the most recent period presented.

Assets Held for Sale (Tables)

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets and Liabilities Classified as Held for Sale

The assets and liabilities classified as held for sale on the Company's Consolidated Balance Sheet as at December 31, 2025 include the following:


	2025
ASSETS
Fixed maturities, available-for-sale, at fair value	$	6,497
Cash and cash equivalents	12,243

Accrued investment income	93




Other assets	662
Total assets held for sale	$	19,495
LIABILITIES


Accrued expenses and other liabilities	$	1,122
Total liabilities held for sale	$	1,122



For the Year Ended December 31,	2025




Net investment income		$	212


General and administrative expenses		(2,858)
Foreign exchange and other losses		(167)



Net loss from discontinued operations		$	(2,813)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Investments - Schedule of Cost and Fair Values of the Equity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 11,145
Fair Value	11,748	$ 0
Privately held common stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost	5,135
Fair Value	4,838
Privately held preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost	6,010
Fair Value	$ 6,910

Investments - Schedule of Amortized Cost, Gross Unrealized Gains and Losses and Fair Value on Fixed Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Investments [Line Items]
Original or amortized cost	$ 162,472
Gross unrealized gains	860
Gross unrealized losses	(165)
Fixed maturities	163,167	$ 0
U.S. treasury bonds
Schedule of Investments [Line Items]
Original or amortized cost	43,662
Gross unrealized gains	11
Gross unrealized losses	0
Fixed maturities	43,673
U.S. agency bonds – mortgage-backed
Schedule of Investments [Line Items]
Original or amortized cost	20,823
Gross unrealized gains	795
Gross unrealized losses	0
Fixed maturities	21,618
Non-U.S. government bonds
Schedule of Investments [Line Items]
Original or amortized cost	27,417
Gross unrealized gains	0
Gross unrealized losses	(142)
Fixed maturities	27,275
Collateralized loan obligations
Schedule of Investments [Line Items]
Original or amortized cost	62,593
Gross unrealized gains	52
Gross unrealized losses	(21)
Fixed maturities	62,624
Corporate bonds
Schedule of Investments [Line Items]
Original or amortized cost	7,977
Gross unrealized gains	2
Gross unrealized losses	(2)
Fixed maturities	$ 7,977

Share Compensation and Pension Plans - Schedule of All Share Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
Number of Share Options
Options replaced (in shares) \| shares	4,275
Outstanding, ending balance (in shares) \| shares	4,275
Total exercisable (in shares) \| shares	4,275
Weighted Average Exercise Price
Options replaced (in dollars per share)	$ 161.98
Outstanding, ending balance (in dollars per share)	161.98
Total exercisable (in dollars per share)	$ 161.98
Weighted Average Remaining Contractual Term / Aggregate Intrinsic Value
Outstanding, Weighted Average Remaining Contractual Term	1 year 9 months 29 days
Total exercisable, Weighted Average Remaining Contractual Term	1 year 9 months 29 days
Outstanding, Aggregate Intrinsic Value \| $	$ 0
Total exercisable, Aggregate Intrinsic Value \| $	$ 0
Minimum
Weighted Average Exercise Price
Outstanding, ending balance (in dollars per share)	$ 64.80
Total exercisable (in dollars per share)	64.80
Maximum
Weighted Average Exercise Price
Outstanding, ending balance (in dollars per share)	262.40
Total exercisable (in dollars per share)	$ 262.40

Investments - Schedule of the Credit Ratings of Fixed Maturities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 162,472
Fair value	$ 163,167
% of Total fair value	100.00%
AAA
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 64,404
Fair value	$ 64,436
% of Total fair value	39.50%
AA+, AA, AA-
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 12,474
Fair value	$ 12,463
% of Total fair value	7.60%
A+, A, A-
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 20,600
Fair value	$ 20,466
% of Total fair value	12.50%
BBB+, BBB, BBB-
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 509
Fair value	$ 511
% of Total fair value	0.30%
U.S. treasury bonds
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 43,662
Fair value	$ 43,673
% of Total fair value	26.80%
U.S. agency bonds
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 20,823
Fair value	$ 21,618
% of Total fair value	13.30%

Segment Information - Schedule of Gross and Net Premiums (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ 6,091	$ 0
Net premiums written	6,209	0
Net premiums earned	12,673	$ 0
North America
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	(195)
Net premiums written	(80)
Net premiums earned	(80)
Other (predominantly Europe)
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	6,286
Net premiums written	6,289
Net premiums earned	$ 12,753

- Definition

Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

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+ Details

Reinsurance

12 Months Ended

Dec. 31, 2025

Reinsurance Disclosures [Abstract]

Reinsurance

The Company uses reinsurance and retrocessional agreements ("ceded reinsurance") to mitigate volatility, reduce its exposure to certain risks and provide capital support. Ceded reinsurance provides for the recovery of a portion of loss and LAE under certain circumstances without relieving the Company of its obligations to the policyholders. The Company remains liable to the extent that any of its reinsurers or retrocessionaires fails to meet their obligations. Loss and LAE incurred and premiums earned are reported after deduction for ceded reinsurance. In the event that one or more of our reinsurers or retrocessionaires are unable to meet their obligations under these agreements, the Company would not realize the full value of the reinsurance recoverable balances.

The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the year ended December 31, 2025 was as follows:


For the Year Ended December 31,	2025
Premiums written
Direct	$	6,967
Assumed	(876)
Ceded	118
Net	$	6,209
Premiums earned
Direct	$	7,333
Assumed	5,273
Ceded	67
Net	$	12,673
Loss and LAE
Gross loss and LAE	$	10,770
Loss and LAE ceded	(1,778)
Net	$	8,992

The Company's reinsurance recoverable on unpaid losses balance as at December 31, 2025 was $461,197 presented in the Consolidated Balance Sheets. As of December 31, 2025, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $1,740. The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on reinsurance recoverable for the year ended December 31, 2025:



For the Year Ended December 31,	2025
Allowance for expected credit losses on reinsurance recoverable, beginning of period	$	—
Expected credit losses on acquired recoverables under the Combination	1,446
Increase in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized on acquired assets	294

Allowance for expected credit losses on reinsurance recoverable, end of period	$	1,740

On December 27, 2018, Cavello Bay Reinsurance Limited ("Cavello") and Maiden Reinsurance entered into a retrocession agreement pursuant to which certain assets and liabilities associated with the U.S. treaty reinsurance business held by Maiden Reinsurance were 100.0% retroceded to Cavello in exchange for a ceding commission. The reinsurance recoverable on unpaid losses due from Cavello for this retrocession agreement was $32,791 at December 31, 2025. The recoverable due from Cavello is net of an allowance for expected credit losses of $689 at December 31, 2025.

On July 31, 2019, Maiden Reinsurance and Cavello entered into a Loss Portfolio Transfer and Adverse Development Cover Agreement ("LPT/ADC Agreement"), pursuant to which Cavello assumed the loss reserves as of December 31, 2018 associated with the AmTrust Quota Share in excess of a $2,178,535 retention up to $600,000, in exchange for a retrocession premium of $445,000. The $2,178,535 retention is subject to adjustment for paid losses subsequent to December 31, 2018. The LPT/ADC Agreement provides Maiden Reinsurance with $155,000 in adverse development cover over its carried AmTrust Quota Share loss reserves at December 31, 2018. The LPT/ADC Agreement meets the criteria for risk transfer and is thus accounted for as retroactive reinsurance. As of December 31, 2025, the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement was $427,013. The reinsurance recoverable due under the LPT/ADC Agreement is net of an allowance for expected credit losses of $1,048 as at December 31, 2025.

Cavello provided collateral in the form of a letter of credit in the amount of $445,000 to AmTrust under the LPT/ADC Agreement and is subject to additional collateral funding requirements as explained in Note 10. Related Party Transactions. As of December 31, 2025, the amount of collateral required was $362,501.

8. Reinsurance (continued)

Under the terms of the LPT/ADC Agreement, the covered losses associated with the Commutation and Release Agreement with AmTrust are eligible to be covered but recoverable only when such losses are paid or settled by AII or its affiliates, provided such losses and other related amounts shall not exceed $312,786. Cavello's parent company, Enstar Group Limited ("Enstar"), has credit ratings of BBB+ from both Standard & Poor's and Fitch Ratings at December 31, 2025. On February 13, 2026, S&P Global Ratings affirmed the BBB+ issuer credit rating on Enstar, and affirmed the A issuer credit and financial strength ratings on its operating subsidiary, Cavello.

On July 18, 2025, the Company received correspondence from Cavello disputing the dates of loss assigned by Maiden Reinsurance’s cedant in the underlying reinsurance contract to a significant number of claims regarding certain coverage. In that correspondence, Cavello asserts that $46,700 in identified claims and approximately $25,000 in potential additional claims would fall outside the applicable coverage and reserves all of its rights under the applicable agreements if these matters are not resolved. This correspondence and the asserted amounts resulted from an audit requested by Cavello in December 2024 pursuant to its rights under the LPT/ADC Agreement. The Company is continuing to discuss and exchange information with Cavello on these matters and believes the terms of the LPT/ADC Agreement support both the Company’s position on the dates of loss and the current reinsurance recoverable Maiden Reinsurance has recognized for these claims. At this time, the Company cannot predict the outcome of these issues.

Related Party Transactions - Schedule of Quota Share Arrangements with AmTrust (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Net premiums earned	$ 12,673	$ 0
Net loss and loss adjustment expenses	(8,992)	0
Commission and other acquisition expenses	(3,131)	$ 0
Quota Share Reinsurance Agreements \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Gross and net premiums written	(1,235)
Net premiums earned	4,908
Net loss and loss adjustment expenses	(9,452)
Commission and other acquisition expenses	$ (116)

- Definition

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

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+ Details

- Definition

Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2025	Mar. 06, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-42668
Entity Registrant Name	Kestrel Group Ltd
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-1833921
Entity Address, Address Line One	11 Bermudiana Road, Suite 1141
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM 08
Entity Address, Country	BM
City Area Code	441
Local Phone Number	298-4900
Title of 12(b) Security	Common Shares, par value $0.01 per share
Trading Symbol	KG
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 113.9
Entity Common Stock, Shares Outstanding		7,741,943
Documents Incorporated by Reference	Items 10, 11, 12, 13 and 14 of Part III of this Form 10-K will be incorporated by reference from the proxy statement for the registrant's annual meeting of shareholders or a Form 10-K/A to be filed with the Securities and Exchange Commission.
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0002055116

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating losses	$ 99,350	$ 75
Unearned premiums	724	0
Net unrealized gains on investments	40,631	0
Discounting of net loss and LAE reserves	6,480	0
Intangible Assets & Capitalized Start-Up Costs	8,965	0
Others	1,408	85
Deferred tax assets before valuation allowance	157,558	160
Valuation allowance	150,389	109
Deferred tax assets, net	7,169	51
Deferred tax liabilities:
Fair value adjustment for Senior Notes	6,779	0
Others	390	51
Deferred tax liabilities	7,169	51
Net deferred tax asset	$ 0	$ 0

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Commitments, Contingencies and Guarantees

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Guarantees

a) Concentrations of Credit Risk

At December 31, 2025, the Company’s assets where significant concentrations of credit risk may exist include investments, cash and cash equivalents, net loan receivable from related party, reinsurance balances receivable, reinsurance recoverable on unpaid losses and funds withheld receivable. Please refer to Note 8. Reinsurance for additional information regarding the Company's credit risk exposure on its reinsurance counterparties including the impact of the LPT/ADC Agreement effective January 1, 2019. The Company requires its reinsurers to have adequate financial strength.

As discussed in Note 3. Segment Information, the Company's Program Services segment consists of a cohesive suite of fronting services that are integrated and interdependent. For the years ended December 31, 2025 and 2024, this revenue stream is highly concentrated due to capacity distribution agreements with an individual customer.

The Company evaluates the financial condition of its reinsurers, program managers and MGAs and monitors its concentration of credit risk on an ongoing basis. Provisions are made for amounts considered potentially uncollectible. Reinsurance receivable and recoverable balances, net loan receivable from related party, and the funds withheld receivable are reviewed for expected credit losses on a quarterly basis and are presented net of an allowance for expected credit losses. Letters of credit are provided by its reinsurers for material amounts recoverable as discussed in "Note 8. Reinsurance".

The Company manages the concentration of credit risk in its investment portfolio through issuer and sector exposure limitations. The Company believes it bears minimal credit risk in its cash on deposit. The Company also monitors the credit risk related to the net loan receivable from related party, reinsurance balances receivable and funds withheld receivable, within which the largest balances are due from AmTrust. AmTrust has a financial strength/credit rating of A- (Excellent) from A.M. Best at December 31, 2025.

To mitigate credit risk, the Company generally has a contractual right of offset thereby allowing claims to be settled net of any premiums or loan receivable. The Company believes these balances as at December 31, 2025 will be fully collectible.

Please refer to Note 8. Reinsurance for additional information on the Company's credit loss allowance as at December 31, 2025 regarding reinsurance recoverable on unpaid losses that were recorded under Topic 326.

b) Concentrations of Revenue

During the year ended December 31, 2025, net premiums earned from AmTrust reinsurance agreements accounted for $4,908 or 38.7% of total net premiums earned.

During the year ended December 31, 2025, fee revenue from the Company's largest program services client accounted for $4,381 or 72.1% of total fee revenue earned (2024: $3,390 or 93.3%). This Program Services client is a large, diversified capacity provider and the Company's relationship with this client presently includes more than ten separate sub-programs (nine of which produced revenue for the year ended December 31, 2025. Fee revenue from the Company's second largest program services client accounted for $1,291 or 21.2% of total fee revenue earned (2024: $0).

c) Brokers

The Company formerly marketed its Diversified Reinsurance legacy business through third-party intermediaries as well as directly through its own marketing efforts. The majority of Diversified Reinsurance legacy business was marketed directly through our own internal efforts with no significant reliance on brokers for the year ended December 31, 2025.

d) Letters of Credit

At December 31, 2025, the Company had standby letters of credit outstanding of $37,118 (2024: $0) for collateral purposes in the Legacy Reinsurance Segment. These are secured by cash and fixed maturities with a fair value of $41,824 at December 31, 2025 (2024: $0). The standby letters of credit are principally used to support the reinsurance obligations of the operating subsidiaries and are subject to certain covenants, including the requirement to maintain sufficient collateral to cover all of the obligations in the Legacy Reinsurance Segment. Such obligations include contingent reimbursement obligations for outstanding letters of credit and related fees payable. In the event of default, the credit providers may exercise certain remedies, including the exercise of control over the pledged collateral and the termination of the availability of the standby credit facility to any or all of the operating subsidiaries. At December 31, 2025, the operating subsidiaries were in compliance with all standby letter of credit covenants.

e) Employment Agreements

The Company has entered into employment agreements with certain individuals. The employment agreements provide for executive benefits and severance payments under certain circumstances.

f) Operating Lease Commitments

The Company leases office spaces and equipment under various operating leases expiring in various years through 2034. The Company's leases are currently classified as operating leases and none of them have non-lease components. For operating leases with an original lease term of more than twelve months, and whose lease payments are above a certain threshold, the Company recognizes a lease liability and a right-of-use asset in the Consolidated Balance Sheets at the present value of the remaining lease payments until expiration. The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the term of the borrowing.

11. Commitments, Contingencies and Guarantees (continued)

The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company's weighted-average remaining lease term is 8.2 years at December 31, 2025.

Kestrel’s principal executive offices were located at 8333 Douglas Avenue, Suite 1360 in Dallas, Texas through January 31, 2026. The Dallas office was leased through Ledbetter Interests, Ltd., an entity affiliated with Terry Ledbetter, the Company's Executive Chairman, pursuant to a Lease Agreement dated October 23, 2019. Kestrel Service Corporation, Kestrel’s wholly owned subsidiary, reimbursed Terry Ledbetter via an expense reimbursement provision under his employment agreement for the use of this leased office space. This Lease Agreement expired January 31, 2026 and was not renewed. This lease did not meet the minimum threshold for lease liability recognition and therefore its rent payments were expensed as incurred.

Kestrel also leases office space for the corporate office in Austin, Texas, through Kestrel Service Corporation, that expires in December 2027. The Austin office is the principal executive office effective February 1, 2026. Lease payments have an escalating fee schedule, which range from a 3% to 4% increase each year. Termination of the lease is generally prohibited unless there is a violation under the lease agreement.

The Company leases office space in a building in New York City which Maiden has leased since April 2024; this created a right-of-use asset and lease liability upon completion of leasehold improvements for the ten-year operating lease. This lease comprises a majority of the lease liabilty and right-of-use asset on the Consolidated Balance Sheet at December 31, 2025.

As the lease contracts generally do not provide an implicit discount rate, the Company used the weighted-average discount rate of 7.2%, representing its secured incremental borrowing rate, in calculating the present value of the lease liability at lease inception. At December 31, 2025, the Company's future lease obligations of $2,054 (2024: $244) were calculated based on the present value of future annual rental commitments excluding taxes, insurance and other operating costs for non-cancellable operating leases discounted using its secured incremental borrowing rate. This amount has been recognized on the Consolidated Balance Sheets as a lease liability under accrued expenses and other liabilities with an equivalent amount for the right-of-use asset presented as part of other assets. At December 31, 2025, the Company's right-of-use lease asset of $2,029 (December 31, 2024: $223).

Under Topic 842, Leases, the Company continues to recognize the related leasing expense on a straight-line basis over the lease term on the Consolidated Statements of Income. The Company's total lease expense for the year ended December 31, 2025 was $397 (2024: $236) recognized in general and administrative expenses consistent using the prior accounting treatment under Topic 840. At December 31, 2025, the scheduled maturity of the Company's operating lease liabilities is as follows:



For the Year Ended December 31,	Total
2026	$	363
2027	366
2028	277
2029	284
2030	305
Thereafter	1,144
Discount for present value	(685)
Total discounted operating lease liabilities	$	2,054

g) Investment Commitments and Related Financial Guarantees

The Company's total unfunded commitments on other investments and equity method investments was $24,840 at December 31, 2025. The table below shows total unfunded commitments by type of investment as at December 31, 2025:


December 31,	2025
	Fair Value		% of Total




Total unfunded commitments on other investments	$	11,164	44.9	%



Total unfunded commitments on equity method investments	13,676		55.1	%

Total unfunded commitments on alternative investments	$	24,840	100.0	%

Certain of the Company's investments in limited partnerships are related to real estate joint ventures with interests in multi-property projects with varying strategies ranging from the development of properties to the ownership of income-producing properties. In certain of these joint ventures, the Company has provided certain indemnities, guarantees and commitments to certain parties such that it may be required to make payments now or in the future.

11. Commitments, Contingencies and Guarantees (continued)

Any loss for which the Company could be liable would be contingent on the default of a loan by the real estate joint venture entity for which the Company provided a financial guarantee to a lender. While the Company has committed to aggregate limits as to the amount of guarantees it will provide as part of its limited partnerships, guarantees are only provided on an individual transaction basis and are subject to the terms and conditions of each transaction mutually agreed by the parties involved. The Company is not bound to such guarantees without its express authorization.

As discussed above, at December 31, 2025, guarantees of $73,170 were provided to lenders by the Company on behalf of real estate joint ventures, however, the likelihood of the Company incurring any losses pertaining to project level financing guarantees was determined to be remote. Therefore, no liability has been accrued under ASC 450-20.

Other Contingent Commitments

As a result of the Combination Agreement, the former equityholders of Kestrel LLC remain entitled to receive contingent consideration up to the lesser of (x) an aggregate number of Kestrel Group common shares equal to $45,000 divided by certain volume weighted average prices of such shares, subject to the achievement of certain EBITDA milestones by the businesses that Kestrel conducted immediately prior to closing and any extensions of such businesses or related or ancillary businesses existing thereafter, subject to other terms and conditions as set forth in the combination agreement and (y) 2,750,000 common shares of Kestrel Group. On December 31, 2025, the fair value of this contingent consideration was $0.

At December 31, 2025, the Company holds a contingent receivable in the insurance distribution industry. Pursuant to the terms of the asset purchase agreement, the Company will receive a series of distributions. The Company currently estimates that the net present value of these potential distributions is $9,955 which was classified as a receivable and reported in Other Assets on the Consolidated Balance Sheet at December 31, 2025. Under ASC 805, the earn out consideration for this receivable is adjusted to fair value at each reporting period with any changes in fair value reported immediately in net income.

h) Other Collateral

In the ordinary course of business, the Company enters into reinsurance agreements that may include terms which could require the Company to collateralize certain of its obligations as further discussed in Note 8. Reinsurance and Note 10. Related Party Transactions.

i) Deposit Insurance

The Company maintains cash and cash equivalents balances at financial institutions in the U.S., Bermuda and other international jurisdictions. In the U.S., the Federal Deposit Insurance Corporation secures accounts up to $250. In certain other international jurisdictions, there exist similar protections. Management monitors balances in excess of insured limits and believes they do not represent a significant credit risk to the Company.

j) Legal Proceedings

Except as noted below, the Company is not a party to any material legal proceedings. The Company may become involved in various claims and legal proceedings, including arbitrations, that arise in the normal course of its business. These legal proceedings generally relate to claims asserted by or against the Company in the ordinary course of its insurance or reinsurance operations. Based on the Company's opinion, the eventual outcome of these legal proceedings are not likely to have a material adverse effect on its financial condition or results of operations.

A putative class action complaint was filed against Maiden Holdings, Arturo M. Raschbaum, Karen L. Schmitt, and John M. Marshaleck in the United States District Court for the District of New Jersey on February 11, 2019. On February 19, 2020, the Court appointed lead plaintiffs, and on May 1, 2020, lead plaintiffs filed an amended class action complaint (the “Amended Complaint”). The Amended Complaint asserts violations of Section 10(b) of the Exchange Act and Rule 10b-5 (and Section 20(a) for control person liability) arising in large part from allegations that Maiden failed to take adequate loss reserves in connection with reinsurance provided to AmTrust. Plaintiffs further claim that certain of Maiden Holdings’ representations concerning its business, underwriting and financial statements were rendered false by the allegedly inadequate loss reserves, that these misrepresentations inflated the price of Maiden Holdings' common stock, and that when the truth about the misrepresentations was revealed, the Maiden’s stock price fell, causing Plaintiffs to incur losses. On September 11, 2020, a motion to dismiss was filed on behalf of all Defendants. On August 6, 2021, the Court issued an order denying, in part, Defendants’ motion to dismiss, ordering Plaintiffs to file a shorter amended complaint no later than August 20, 2021, and permitting discovery to proceed on a limited basis.

On February 7, 2023, the District Court denied Plaintiffs’ motion for reconsideration of the District Court’s decision denying Plaintiffs’ objection to the Magistrate Judge’s December 2021 ruling on discovery. On May 26, 2023, the Company filed a Renewed Motion to Dismiss the Second Amended Complaint or, in the Alternative, for Summary Judgment. On December 19, 2023, the U.S. District Court for the District of New Jersey granted summary judgment on plaintiffs’ claim for securities fraud under Section 10(b) of the Securities Exchange Act to Maiden Holdings, Ltd. and individual defendants Arturo Raschbaum, Karen Schmitt, and John Marshaleck. The Court held that the factual record failed to support, as a matter of law, plaintiffs’ allegations that the defendants had made false statements regarding the Maiden’s loss reserves. The Court also dismissed plaintiffs’ claims that the individual defendants were liable as control persons under Section 20(a) of the Securities Exchange Act for any such alleged false statements. Plaintiffs appealed to the United States Court of Appeals for the Third Circuit.

11. Commitments, Contingencies and Guarantees (continued)

On August 20, 2025, the United States Court of Appeals for the Third Circuit vacated the U.S. District Court for the District of New Jersey’s order granting summary judgment to Maiden and individual defendants Arturo Raschbaum, Karen Schmitt, and John Marshaleck. The Third Circuit disagreed with the District Court’s holding that the current case record required judgment for Maiden, as a matter of law, on the issue of whether Maiden’s loss reserves were misleading. The Court explained further that it was not issuing a ruling on the element of scienter. The Third Circuit therefore vacated the opinion of the District Court and remanded the case to the District Court with instructions to permit plaintiffs to pursue discovery with respect to their claims for securities fraud under Section 10(b) of the Securities Exchange Act. The Third Circuit denied defendants' petition for rehearing on September 16, 2025. Discovery is now proceeding in the action. Maiden believes it has procedural and substantive defenses to the asserted claims, and it intends to oppose and defend against these claims.

On December 26, 2024, WUSO Holding Corporation and 683 Capital Partners filed a lawsuit against Maiden NA and Maiden Holdings in the Supreme Court of the State of New York, County of New York, captioned WUSO Holding Corporation and 683 Capital Partners, LP v. Maiden Holdings North America, Ltd. and Maiden Holdings, Ltd., Index No. 659861/2024. The complaint alleges that Maiden’s sale of Maiden Reinsurance North America, Inc., which closed approximately six years before the date of the complaint, breached a sole provision of Maiden’s indenture governing its 7.75% 2013 Senior Notes. Plaintiffs allege that principal and interest payable under the 7.75% 2013 Senior Notes are due currently, rather than upon the stated maturity date of the 2013 Senior Notes. On June 17, 2025, the Supreme Court of the State of New York, County of New York, considered and granted Maiden’s motion to dismiss the complaint in its entirety. On August 6, 2025, plaintiffs filed a notice of appeal, triggering a six month deadline to perfect their appeal in the First Judicial Department of the New York Appellate Division. Plaintiffs subsequently requested extensions to perfect their appeal, which the court granted, and the current deadline is April 8, 2026. To the extent that plaintiffs do perfect and pursue their appeal of this decision, Maiden will oppose any such action.

In addition to filing the notice of appeal, on August 12, 2025, plaintiffs filed a separate complaint against Maiden in the Supreme Court of the State of New York, County of New York. In the new complaint, plaintiffs allege that they have standing and authorization to bring suit, contending that they satisfied the no-action clause in the indenture because, on June 10, 2025, they requested, on behalf of holders of at least 25% of the outstanding 2013 Senior Notes, that the indenture trustee commence a related action, accompanied by an offer to indemnify, and the indenture trustee did not institute such proceedings within 60 days of the request. On October 6, 2025, Maiden filed a motion to dismiss which is now fully briefed. Oral argument has not yet been scheduled and we cannot predict when the Court will issue a decision on the motion. Maiden believes it has substantial procedural and substantive defenses to the asserted claims, and it intends to vigorously defend against these claims.

We believe all of the above claims are without merit and we intend to vigorously defend ourselves. It is possible that additional lawsuits will be filed against the Company, its subsidiaries and its respective officers due to the diminution in value of our securities as a result of our operating results and financial condition. It is currently uncertain as to the effect of such litigation on our business, operating results and financial condition.

Arbitration Proceedings

On November 26, 2025, the Company reported that a subsidiary of GLS, pursuant to the terms of the underlying reinsurance contract, demanded and participated in an arbitration with one of its ceding companies. Under the subject reinsurance agreement, GLS provides the ceding company in question with (i) reinsurance premium protection (“RPP”) coverage with aggregate limits of approximately $25,000, and (ii) adverse development coverage (“ADC”) with remaining aggregate limits of $25,500.

GLS is asserting that the cedant has committed multiple breaches of the reinsurance agreement, along with other material misrepresentations. Based on these assertions, GLS is seeking full rescission of the reinsurance agreement and related relief, including the ability to recoup losses previously paid, and has denied payment of certain invoices for contractual performance pending the outcome of this arbitration. GLS has previously paid net losses of $10,805 related to the RPP coverage. GLS has not paid any losses subject to the ADC coverage of the reinsurance agreement in question. As of December 31, 2025, GLS has liabilities of $3,984 subject to the RPP coverage and $7,500 in reserves for the ADC coverage. GLS received premiums totaling $9,734 and $9,800 for the RPP and ADC coverages, respectively.

GLS is vigorously pursuing its claims for rescission and recovery of amounts previously paid. The matter is currently proceeding in arbitration, and an arbitration hearing has now been completed with a decision likely in the first quarter of 2026. The cedant disputes GLS assertions, denying that it breached the agreement, and seeks to continue the contract in full force.

The outcome of the arbitration is inherently uncertain. If GLS is successful, it may be entitled to recover up to $10,000 in losses previously paid and may be relieved of its remaining obligations under the reinsurance agreement in addition to other requested relief. If GLS is unsuccessful, GLS may be required to continue performing under the contract, including potentially paying additional amounts under the RPP coverage, subject to a cap, and being liable for additional amounts under the ADC coverage. The Company's subsidiary Maiden Reinsurance Ltd. has provided a parental guarantee to guarantee the performance and obligations of GLS as finally determined in connection with the arbitration.

At this time, the Company cannot reasonably estimate the amount or range of any gain or loss that may result from this matter. Accordingly, no accrual or gain contingency has been recorded in the Company’s reserves and other liabilities. An adverse outcome could be material to the Company’s results of operations or cash flows for a particular period.

Reserve for Loss and Loss Adjustment Expenses - Schedule of PPD Experienced (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Segment Reporting Information [Line Items]
Net adverse PPD for Legacy Reinsurance Segment	$ 148
Net adverse PPD for Diversified Reinsurance legacy business
Segment Reporting Information [Line Items]
Net adverse PPD for Legacy Reinsurance Segment	800
Net favorable PPD for AmTrust Reinsurance legacy business
Segment Reporting Information [Line Items]
Net adverse PPD for Legacy Reinsurance Segment	$ (652)

Segment Information - Schedule of Reconciliation to Consolidated Total Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	$ 724	$ 0
Reinsurance recoverable on unpaid losses	461,197	0
Net loan receivable from related party	86,883	0
Intangible assets	9,347	0
Cash and cash equivalents and investments	163,864
Funds withheld receivable	10,956	0
Other assets	17,631	1,224
Assets held for sale	19,495	0
Total assets	$ 1,009,955	5,510
Maximum
Segment Reporting, Asset Reconciling Item [Line Items]
Policy inception, grace period	60 days
Minimum
Segment Reporting, Asset Reconciling Item [Line Items]
Policy inception, grace period	30 days
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	$ 724
Reinsurance recoverable on unpaid losses	461,197
Net loan receivable from related party	86,883
Intangible assets	9,347
Cash and cash equivalents and investments	166,932	4,286
Funds withheld receivable	10,956
Other assets	2,704	968
Total assets	738,743	5,254
Operating Segments \| Legacy Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	724
Reinsurance recoverable on unpaid losses	461,197
Net loan receivable from related party	86,883
Intangible assets	9,347
Cash and cash equivalents and investments	163,767	0
Funds withheld receivable	10,956
Other assets	227	0
Total assets	733,101	0
Operating Segments \| Program Services
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	0
Reinsurance recoverable on unpaid losses	0
Net loan receivable from related party	0
Intangible assets	0
Cash and cash equivalents and investments	3,165	4,286
Funds withheld receivable	0
Other assets	2,477	968
Total assets	5,642	5,254
Corporate assets
Segment Reporting, Asset Reconciling Item [Line Items]
Assets held for sale	19,495
Total assets	$ 251,717	$ 256

Statutory Requirements and Dividend Restrictions

12 Months Ended

Dec. 31, 2025

Statutory Financial Information [Abstract]

Statutory Requirements and Dividend Restrictions

The Company's insurance and reinsurance operations are subject to insurance and/or reinsurance laws and regulations in the jurisdictions in which they operate. These regulations include certain liquidity and solvency requirements whereby restrictions are imposed on the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval of the insurance regulatory authorities. Our insurance and reinsurance operations were acquired under the Legacy Reinsurance Segment on May 27, 2025 and therefore related operations prior to Combination are excluded in the consolidated financial statements. The statutory capital and surplus and statutory net income (loss) of our principal operating subsidiaries in their respective jurisdictions were as follows:


	Maiden Reinsurance (a)		Maiden LF (b)		Maiden GF (b)
Statutory Capital and Surplus
December 31, 2025	$	257,960	$	7,136	$	6,182

Statutory Net Income (Loss)
For the Year Ended December 31, 2025	$	4,697	$	(1,681)	$	(1,501)

a) United States of America

Under Vermont statutory regulations, no captive insurance company may pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the Commissioner of the Vermont DFR. Approval of an ongoing plan for dividend payments or other distributions shall be conditioned upon the retention, at the time of each payment, of capital or surplus in excess of amounts specified by, or determined in accordance with formulas approved by, the Commissioner of the Vermont DFR. Notwithstanding the provisions of 11B Vermont Statutes Annotated chapter 13, a captive insurance company may make such distributions as are in conformity with its purposes and approved by the Commissioner of the Vermont DFR.

In May 2025, the Vermont DFR approved: 1) an annual dividend program to be paid by Maiden Reinsurance to Maiden NA, which requires prior approval by the Vermont DFR prior to payment of dividends under the program; and 2) an extraordinary dividend of $40,000 and this dividend formed the basis for the consideration received by the Company's shareholders pursuant to the terms of the Combination. To date, the Vermont DFR has approved all dividend requests under the current program. Under the approved dividend program, Maiden Reinsurance paid total dividends of $28,750 to Maiden NA in the year ended December 31, 2025. During the year ended December 31, 2025, Maiden NA did not pay any dividends to Maiden Holdings.

Maiden Reinsurance is also required to maintain minimum levels of solvency and liquidity as determined by Vermont law, and to comply with Risk-Based Capital ("RBC") requirements and licensing rules as specified by the National Association of Insurance Commissioners ("NAIC"). RBC is used to evaluate the adequacy of capital and surplus maintained by Maiden Reinsurance in relation to risks associated with: (i) asset risk; (ii) insurance risk; (iii) interest rate risk and (iv) business risk. At December 31, 2025, Maiden Reinsurance's statutory capital and surplus exceeded the amount required to be maintained of $55,043 as of that date.

Under the conditions stipulated in the Vermont DFR approval for the Combination, Maiden Reinsurance (as the lender) is no longer permitted to include the corresponding related party loan receivable from Maiden Holdings (and related accrued interest) as an admitted asset for statutory capital and reporting purposes. As a result, Maiden Reinsurance's surplus as regards policyholders and ratio of risk-based capital to total adjusted capital was significantly reduced, which remains sufficient to not only support the dividends related to the Combination and recurring annual dividends (which require prior approval by the Vermont DFR) but our ability to selectively underwrite business in support of our Program Services segment in the future.

b) Sweden

The Company has two Swedish domiciled insurance subsidiaries in Sweden, Maiden LF and Maiden GF, both regulated by the Swedish Finansinspektionen ("Swedish FSA"). See Note 1. Organization and Note 16. Assets Held for Sale for further information on the Company's plans to divest of both Maiden LF and Maiden GF.

Maiden LF was required to maintain a minimum level of statutory capital and surplus of $4,698 at December 31, 2025 which was met by Maiden LF throughout the respective year. Maiden LF's statutory assets were $11,994 at December 31, 2025 and its statutory capital and surplus was $7,136 at December 31, 2025. Maiden LF is subject to statutory and regulatory restrictions under the Swedish FSA that limit the maximum amount of annual dividends or distributions paid by Maiden LF to Maiden Holdings. Maiden LF is not allowed to pay dividends or distributions without the permission of the Swedish FSA. No dividends were paid during the year ended December 31, 2025.

Maiden GF was required to maintain a minimum level of statutory capital and surplus of $3,171 at December 31, 2025 which was met by Maiden GF throughout the respective year. Maiden GF's statutory assets were $11,425 at December 31, 2025 and its statutory capital and surplus was $6,182 at December 31, 2025. Maiden GF is subject to statutory and regulatory restrictions under the Swedish FSA that limit the maximum amount of annual dividends or distributions paid by Maiden GF to Maiden Holdings. Maiden GF is not allowed to pay dividends or distributions without the permission of the Swedish FSA. No dividends were paid during the year ended December 31, 2025.

Share Compensation and Pension Plans (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of All Share Option Activity

This table shows all share options outstanding under the Legacy Plan for the year ended December 31, 2025:


	Number of Share Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value		Range of Option Exercise Prices (Low to High)











































Options replaced under Legacy Plan	4,275	$	161.98


Outstanding, December 31, 2025	4,275	161.98		1.83 years	$	—	$64.80	$262.40
Total exercisable, December 31, 2025	4,275	161.98		1.83 years	—		$64.80	$262.40

Schedule of Restricted Share Awards

The following table shows the activity for the Company's restricted share awards for the year ended December 31, 2025:


	Non-Performance-Based Restricted Shares				Discretionary Performance-Based Restricted Shares
		Number of Restricted Shares	Weighted Average Grant-Date Fair Value			Number of Restricted Shares	Weighted Average Grant-Date Fair Value









































Awards replaced under Legacy Plan		51,209	$	23.00		—	—
Awards granted		104,268	27.81			—	—
Awards vested		(7,860)	23.00			—	—
Awards forfeited		(11,420)	23.00			—	—
Non-vested at December 31, 2025		136,197	26.68			—	—

Business Combination - Schedule of Intangible Assets Acquired (Details) - Kestrel Group, Ltd. - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	May 27, 2025
Weighted Average Amortization Period
Weighted Average Amortization Period	27 years 3 months 18 days
Identifiable Intangible Asset, Excluding Goodwill [Abstract]
Intangible assets	$ 9,347	$ 11,864
Accumulated Amortization at December 31, 2025
Accumulated Amortization	$ (2,517)
Value of Business Acquired
Weighted Average Amortization Period
Weighted Average Amortization Period	5 years
Identifiable Intangible Asset, Excluding Goodwill [Abstract]
Intangible assets	$ 1,627	2,207
Accumulated Amortization at December 31, 2025
Accumulated Amortization	$ (580)
Fair value discount on net reserves acquired
Weighted Average Amortization Period
Weighted Average Amortization Period	32 years
Identifiable Intangible Asset, Excluding Goodwill [Abstract]
Intangible assets	$ 7,720	$ 9,657
Accumulated Amortization at December 31, 2025
Accumulated Amortization	$ (1,937)

Business Combination - Schedule of Purchase Price (Details) - Kestrel Group, Ltd. $ / shares in Units, $ in Thousands	May 27, 2025 USD ($) $ / shares shares
Business Combination [Line Items]
Kestrel Group Ltd shares issued at Closing (in shares) \| shares	7,221,621
Kestrel Group Ltd share price (in dollars per share) \| $ / shares	$ 23.00
Gross equity portion of consideration transferred at Closing	$ 166,097
Kestrel Group Ltd shares retained as treasury shares by Maiden Reinsurance at Closing (in shares) \| shares	(2,237,534)
Kestrel Group Ltd share price (in dollars per share) \| $ / shares	$ 23.00
Equity portion of consideration transferred to Maiden Reinsurance	$ (51,463)
Net equity portion of consideration transferred at Closing	114,634
Cash consideration paid to shareholders at Closing for fractional shares	1
Portion of the Maiden awards attributable to pre-combination service	514
Intercompany settlement	388
Total consideration effectively transferred	$ 115,537

Business Combination (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Purchase Price

The following table summarizes the final purchase price as of May 27, 2025:


Kestrel Group Ltd shares issued at Closing	7,221,621
Kestrel Group Ltd share price	$	23.00
Gross equity portion of consideration transferred at Closing	$	166,097

Kestrel Group Ltd shares retained as treasury shares by Maiden Reinsurance at Closing	(2,237,534)
Kestrel Group Ltd share price	$	23.00
Equity portion of consideration transferred to Maiden Reinsurance	$	(51,463)

Net equity portion of consideration transferred at Closing	$	114,634
Cash consideration paid to shareholders at Closing for fractional shares	1
Portion of the Maiden awards attributable to pre-combination service	514
Intercompany settlement	388
Total consideration effectively transferred	$	115,537

Schedule of Purchase Price of Assets and Liabilities Assumed

The following table summarizes allocation of the most recent estimate of the purchase price to assets acquired and liabilities assumed as of May 27, 2025:


Fixed maturities, available-for-sale, at fair value	$	208,855
Equity securities, at fair value	11,144
Equity method investments	32,326
Other investments	160,439
Cash and cash equivalents	68,358
Restricted cash and cash equivalents	11,449
Accrued investment income	4,108
Reinsurance balances receivable, net	10,133
Reinsurance recoverable on unpaid losses	517,028
Net loan receivable from related party	107,110
Intangible assets	11,864
Funds withheld receivable	11,048
Other assets	14,592
Assets held for sale	20,698
Reserve for loss and loss adjustment expenses	(738,137)
Unearned premiums	(23,903)

Accrued expenses and other liabilities	(68,453)
Senior notes - at fair value	(173,669)
Liabilities held for sale	(1,147)
Net assets	183,843
Bargain purchase gain	(68,306)
Total consideration effectively transferred	$	115,537

Schedule of Intangible Assets Acquired

The following table presents the weighted average amortization period and other components of intangible assets acquired at May 27, 2025 and December 31, 2025. Amortization expense for the intangible assets was $2,517 for the year ended December 31, 2025:


	Weighted Average Amortization Period	May 27, 2025		Accumulated Amortization at December 31, 2025		December 31, 2025
Value of Business Acquired	5.0 years	$	2,207	$	(580)	$	1,627
Fair value discount on net reserves acquired	32.0 years	9,657		(1,937)		7,720
Total Intangible Assets	27.3 years	$	11,864	$	(2,517)	$	9,347

Schedule of Estimated Aggregate Amortization Expense

The following table presents the estimated aggregate amortization expense for the five succeeding fiscal years on intangible assets held at December 31, 2025:


	2026		2027		2028		2029		2030
Amortization expense: VOBA	$	730	$	476	$	247	$	102	$	72
Amortization expense: fair value discount on net reserves acquired	2,198		1,413		1,243		1,066		632
Total amortization expense	$	2,928	$	1,889	$	1,490	$	1,168	$	704

Selected Financial Information, Pro Forma

The following table summarizes our selected unaudited financial information on a pro forma basis for the years ended December 31, 2025 and 2024:



For the Year Ended December 31,	2025		2024
Total revenues	$	50,166	$	43,742
Total expenses	79,952		111,655
Net loss	$	(29,786)	$	(67,913)

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Commitments, Contingencies and Guarantees - Narrative (Details) - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
	Nov. 26, 2025	Dec. 31, 2025	Dec. 31, 2024	Aug. 12, 2025	May 27, 2025	Apr. 30, 2024
Loss Contingencies [Line Items]
Net premiums earned		$ 12,673	$ 0
Letters of credit outstanding		$ 37,118	0
Operating lease, weighted average remaining lease term		8 years 2 months 12 days
Lessee, operating lease, term of contract						10 years
Operating lease, weighted average discount rate		7.20%
Operating lease, liability		$ 2,054	$ 244
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]		Accrued expenses and other liabilities (includes $16,443 and $0 from related parties in 2025 and 2024, respectively)	Accrued expenses and other liabilities (includes $16,443 and $0 from related parties in 2025 and 2024, respectively)
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Other assets	Other assets
Operating lease, right-of-use asset		$ 2,029	$ 223
Leasing expense		397	236
Guarantees provided to lenders on behalf of real estate joint venture		73,170
Contingent consideration		0
Percentage of outstanding debt holders in lawsuit (at least)				25.00%
Reverse for loss and loss adjustment expenses		637,169	0
Underwriting-related derivative liability		3,984
Estimated recovery from third party	10,000
GLS to RPP
Loss Contingencies [Line Items]
Loss contingency, coverage with aggregate limits	$ 25,000
Loss contingency, loss in period	10,805
Reverse for loss and loss adjustment expenses		3,984
Proceeds from insurance premiums collected		9,734
GLS to ADC
Loss Contingencies [Line Items]
Loss contingency, coverage with aggregate limits	$ 25,500
Underwriting-related derivative liability		$ 7,500
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Reverse for loss and loss adjustment expenses
Proceeds from insurance premiums collected		$ 9,800
2013 Senior Notes \| Senior Notes
Loss Contingencies [Line Items]
Coupon rate		7.75%
Asset Purchase Agreement
Loss Contingencies [Line Items]
Net present value of total distributions		$ 9,955
Kestrel Group, Ltd.
Loss Contingencies [Line Items]
Contingent consideration					$ 45,000
Common shares issued or to be issued (in shares)					2,750
Other Investments And Equity Method Investments
Loss Contingencies [Line Items]
Fair Value		$ 24,840
Investment, Type [Extensible Enumeration]		Other Investments And Equity Method Investments
Minimum
Loss Contingencies [Line Items]
Lease payments to escalating fee, percentage		3.00%
Maximum
Loss Contingencies [Line Items]
Lease payments to escalating fee, percentage		4.00%
Letter of Credit
Loss Contingencies [Line Items]
Collateral		$ 41,824	$ 0
Gross Premiums Written \| Segment Concentration Risk \| AmTrust Reinsurance
Loss Contingencies [Line Items]
Concentration risk, percentage		38.70%
Gross Premiums Written \| Segment Concentration Risk \| AUM Reinsurance Segment
Loss Contingencies [Line Items]
Concentration risk, percentage		72.10%	93.30%
Gross Premiums Written \| Segment Concentration Risk \| Summit Reinsurance Segment
Loss Contingencies [Line Items]
Concentration risk, percentage		21.20%
AmTrust Financial Services, Inc. \| Quota Share Reinsurance Agreements
Loss Contingencies [Line Items]
Net premiums earned		$ 4,908
AUM Financial Services, Inc. \| Quota Share Reinsurance Agreements
Loss Contingencies [Line Items]
Net premiums earned		4,381	$ 3,390
Summit Financial Services, Inc. \| Quota Share Reinsurance Agreements
Loss Contingencies [Line Items]
Net premiums earned		$ 1,291	$ 0

Earnings per Common Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings per Common Share

The following is a summary of the elements used in calculating basic and diluted earnings per common share for the years ended December 31, 2025 and 2024, respectively:


For the Year Ended December 31,	2025		2024
Numerator:
Net income (loss)	$	49,538	$	(1,291)




Amount allocated to participating common shareholders(1)	(450)		—
Income (loss) available to Kestrel common shareholders, continuing operations	49,088		(1,291)
Loss from discontinued operations, net of income tax expense	(2,813)		—


Amount of loss from discontinued operations allocated to participating common shareholders(1)	26		—
Net income (loss) attributable to Kestrel common shareholders	$	46,301	$	(1,291)
Denominator:
Weighted average number of common shares – basic and diluted(1)(2)	5,731,380		2,749,996







Basic and diluted earnings (loss) from continuing operations per share attributable to Kestrel common shareholders:	$	8.57	$	(0.47)
Basic and diluted loss from discontinued operations per share attributable to Kestrel common shareholders	(0.49)		—
Basic and diluted earnings (loss) per per share attributable to Kestrel common shareholders:	$	8.08	$	(0.47)

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Reportable Segments Underwriting Results to Consolidated Net Income

The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net income from continuing operations for the years ended December 31, 2025 and 2024, respectively:


For the Year Ended December 31, 2025	Legacy Reinsurance(1)		Program Services		Total
Gross premiums written	$	6,091	$	—	$	6,091
Net premiums written	$	6,209	$	—	$	6,209
Net premiums earned	$	12,673	$	—	$	12,673
Fee revenue	—		6,076		6,076
Net loss and LAE	(8,992)		—		(8,992)
Commission and other acquisition expenses	(3,131)		—		(3,131)
General and administrative expenses	(10,861)		(3,246)		(14,107)
Underwriting loss and fee income	$	(10,311)	$	2,830	(7,481)
Reconciliation to net income
Net investment income and net realized and unrealized investment gains					15,300

Interest and amortization expenses					(9,865)

Gain on bargain purchase					68,306
Foreign exchange and other losses, net					(1,723)
Other general and administrative expenses					(14,955)
Income tax expense					(68)
Interest in income from equity method investments					24
Net income from continuing operations					$	49,538

(1) Legacy Reinsurance underwriting results only include the post-combination period from May 27, 2025 to December 31, 2025.


For the Year Ended December 31, 2024	Legacy Reinsurance		Program Services		Total



Fee revenue	$	—	$	3,634	$	3,634


General and administrative expenses	—		(2,554)		(2,554)
Fee income	$	—	$	1,080	1,080
Reconciliation to net loss from continuing operations
Net investment income					213





Other general and administrative expenses					(2,554)
Income tax expense					(30)

Net loss from continuing operations					$	(1,291)

Schedule of Reconciliation to Consolidated Total Assets

The following tables summarize the financial position of our reportable segments including the reconciliation to the Company's consolidated total assets at December 31, 2025 and 2024:


December 31, 2025	Legacy Reinsurance		Program Services		Total
Reinsurance balances receivable, net	$	724	$	—	$	724
Reinsurance recoverable on unpaid losses	461,197		—		461,197

Net loan receivable from related party	86,883		—		86,883
Intangible assets	9,347		—		9,347
Cash and cash equivalents and investments(1)	163,767		3,165		166,932
Funds withheld receivable	10,956		—		10,956
Other assets(2)	227		2,477		2,704
Total assets - reportable segments	733,101		5,642		738,743
Corporate assets	—		—		251,717
Assets held for sale	—		—		19,495
Total Assets	$	733,101	$	5,642	$	1,009,955

December 31, 2024	Legacy Reinsurance		Program Services		Total





Cash and cash equivalents and investments(1)	$	—	$	4,286	$	4,286

Other assets(2)	—		968		968
Total assets - reportable segments	—		5,254		5,254
Corporate assets	—		—		256

Total Assets	$	—	$	5,254	$	5,510

1.Cash and investments for the Legacy Reinsurance segment are restricted as discussed in Note 4(e). The Company is required to provide collateral for its reinsurance liabilities under various legacy reinsurance agreements and utilizes trust accounts to collateralize business with reinsurance counterparties. The assets in trust as collateral are primarily cash and highly rated fixed maturities.

2.Other assets for the Program Services segment are entirely comprised of Program fee receivables related to written premiums that are still unpaid at the reporting date. Unpaid amounts are generally paid 30-60 days after inception of the policy unless the program allows for premiums to be paid on installments. Other assets also include fees due from Programs for contractual arrangements with minimum annual fees.

Schedule of Gross and Net Premiums Written and Net Premiums Earned by Geographic Location

The following table shows an analysis of gross and net premiums written and net premiums earned by geographic location for the year ended December 31, 2025. In the case of reinsurance business assumed from AmTrust, the table refers to the location of the relevant AmTrust subsidiaries.


For the Year Ended December 31,	2025
Gross premiums written – North America	$	(195)
Gross premiums written – Other (predominantly Europe)	6,286
Gross premiums written – Total(1)	$	6,091
Net premiums written – North America	$	(80)
Net premiums written – Other (predominantly Europe)	6,289
Net premiums written – Total(1)	$	6,209
Net premiums earned – North America	$	(80)
Net premiums earned – Other (predominantly Europe)	12,753
Net premiums earned – Total(1)	$	12,673

(1) Legacy Reinsurance segment results only include the post-combination period from May 27, 2025 to December 31, 2025.

Schedule of Net Premiums by Major Line of Business

The following table sets forth financial information relating to net premiums written by major line of business and reportable segment for the year ended December 31, 2025:


For the Year Ended December 31,	2025
	Total		% of Total





Legacy Segment - Diversified Reinsurance	$	7,444	119.9	%




Legacy Segment - AmTrust Reinsurance	(1,235)		(19.9)	%

Total Net Premiums Written(1)	$	6,209	100.0	%

(1) Legacy Reinsurance segment results only include the post-combination period from May 27, 2025 to December 31, 2025.

The following table sets forth financial information relating to net premiums earned by major line of business and reportable segment for the year ended December 31, 2025:


For the Year Ended December 31,	2025
	Total		% of Total





Legacy Segment - Diversified Reinsurance	$	7,765	61.3	%




Legacy Segment - AmTrust Reinsurance	4,908		38.7	%

Total Net Premiums Earned(1)	$	12,673	100.0	%

(1) Legacy Reinsurance segment results only include the post-combination period from May 27, 2025 to December 31, 2025.

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	$ 0	$ 0
Income tax expense	68,000	30,000
Net deferred tax asset	0	0
(Decrease) increase in valuation allowance	150,280,000	(61,000)
Net operating loss carryforwards expire	388,724,000	0
Net operating loss carryforwards, with no expiry date, amount	$ 84,370,000	$ 358,000
Net operating loss carryforwards, with no expiry date, percentage	17.80%	100.00%
United States
Operating Loss Carryforwards [Line Items]
Federal tax rate	1.40%	21.00%
Operating Loss carryforwards	$ 473,094,000	$ 358,000

Investments

12 Months Ended

Dec. 31, 2025

Schedule of Investments [Abstract]

Investments

As discussed in Note 2. Significant Accounting Policies, the Company holds: (i) AFS portfolios of fixed maturity securities, carried at fair value; (ii) other investments carried at fair value; (iii) equity method investments using equity method accounting; and (iv) funds held - directly managed. These investment assets were acquired on May 27, 2025 in connection with the Combination and therefore there no such assets were held in 2024.

a) Fixed Maturities

The amortized cost, gross unrealized gains and losses, and fair value of fixed maturities at December 31, 2025 are as follows:


December 31, 2025	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	43,662	$	11	$	—	$	43,673
U.S. agency bonds – mortgage-backed	20,823		795		—		21,618

Non-U.S. government bonds	27,417		—		(142)		27,275
Collateralized loan obligations	62,593		52		(21)		62,624
Corporate bonds	7,977		2		(2)		7,977


Total fixed maturity investments	$	162,472	$	860	$	(165)	$	163,167

December 31, 2024

Original or
amortized cost

Gross
unrealized gains

Gross
unrealized losses

Fair value

The Company separately presents the accrued interest receivable on its AFS fixed maturity investments on the Consolidated Balance Sheets under accrued investment income. The amount of accrued interest receivable on AFS securities was $731 at December 31, 2025. The Company has elected the practical expedient under Topic 326 to exclude accrued interest from both the fair value and the amortized cost basis of the AFS fixed maturity securities for the purposes of identifying and measuring any impairments under the allowance for expected credit losses standard. Write-offs of accrued interest receivable balances are recognized in net investment gains and losses in the reporting period in which they are deemed uncollectible. There was no write-off recognized on the accrued interest receivable during the year ended December 31, 2025.



December 31, 2025	Amortized cost		Fair value
Due in one year or less	$	58,772	$	58,776
Due after one year through five years	19,776		19,638
Due after five years through ten years	508		511

	79,056		78,925
U.S. agency bonds – mortgage-backed	20,823		21,618

Collateralized loan obligations	62,593		62,624
Total fixed maturity investments	$	162,472	$	163,167


	Less than 12 Months				12 Months or More				Total
December 31, 2025	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses



Non-U.S. government bonds	$	27,275	$	(142)	$	—	$	—	$	27,275	$	(142)
Collateralized loan obligations	36,370		(21)		—		—		36,370		(21)
Corporate bonds	7,466		(2)		—		—		7,466		(2)

Total temporarily impaired fixed maturity securities	$	71,111	$	(165)	$	—	$	—	$	71,111	$	(165)

At December 31, 2025, there were 16 securities in an unrealized loss position with a fair value of $71,111 and unrealized losses of $165, all of which have been in an unrealized loss position for less than twelve months.

4. Investments (continued)

Allowance for Expected Credit Losses & Non-Credit Related Impairment Costs

The Company evaluates AFS securities for impairment when fair value is below amortized cost on a quarterly basis. If the Company intends to sell or will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged to net income (loss) and included in net investment gains (losses). If the Company does not intend to sell or will not be required to sell the security before its anticipated recovery, an allowance for expected credit losses is established and the portion of the loss relating to credit factors is recorded in net income (loss). The non-credit impairment amount of the loss (which could be related to interest rates and/or market conditions) is recognized in OCI.

Based on the Company's analysis at December 31, 2025, unrealized losses on the Company’s AFS fixed maturity securities were due to non-credit factors and were expected to be recovered as the related securities approach maturity. At December 31, 2025, the Company did not intend to sell the securities in an unrealized loss position and it is not more likely than not that the Company will be required to sell these securities before the anticipated recovery of their amortized costs. Therefore, there was no allowance recorded for expected credit losses on AFS securities for the year ended December 31, 2025.

The following table summarizes the credit ratings of our fixed maturity securities as at December 31, 2025:


December 31, 2025	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	43,662	$	43,673	26.8	%
U.S. agency bonds	20,823		21,618		13.3	%
AAA	64,404		64,436		39.5	%
AA+, AA, AA-	12,474		12,463		7.6	%
A+, A, A-	20,600		20,466		12.5	%
BBB+, BBB, BBB-	509		511		0.3	%

Total fixed maturities(1)	$	162,472	$	163,167	100.0	%

December 31, 2024

Amortized cost

Fair value

% of Total
fair value

(1) Based on Standard & Poor’s ("S&P"), or equivalent, ratings

b) Other Investments, Equity Securities and Equity Method Investments

Certain of the Company's other investments and equity method investments are subject to restrictions on redemptions and sales that are determined by the governing documents, which could limit our ability to liquidate those investments. These restrictions may include lock-ups, redemption gates, restricted share classes, restrictions on the frequency of redemption and notice periods. A gate is the ability to deny or delay a redemption request. Certain other investments and equity method investments may not have any restrictions governing their sale, but there is no active market and no assurance that the Company will be able to execute a sale in a timely manner. In addition, even if certain other investments and equity method investments are not eligible for redemption or sales are restricted, we may still receive income distributions from those investments.

The collateralized investments in direct lending entities of $53,275 at December 31, 2025 are carried at fair market value. ASC 825-10: Financial Instruments provides a measurement basis election for most financial instruments using a choice of either historical cost or fair value, including other investments, allowing reporting entities to mitigate potential mismatches that arise under the current mixed measurement attribute model. The Company has elected the fair value option for its investments in direct lending entities, and these investments are reported at fair value as of December 31, 2025. Please see Note 5(d). Fair Value Measurements for additional information regarding this investment.

4. Investments (continued)

Other investments

The table below shows the composition of the Company's other investments as at December 31, 2025:


December 31,	2025
	Fair Value		% of Total
Privately held equity investments(1)	$	9,248	5.4	%
Private equity funds(1)	31,732		18.3	%
Private credit funds(1)	192		0.1	%
Equity method investments with fair value option elected	78,911		45.5	%

Investment in direct lending entities	53,275		30.7	%
Total other investments	$	173,358	100.0	%

Equity Securities

Equity securities include privately held equity investments in common and preferred stocks. The Company's privately held equity investments in common and preferred stocks are direct investments in companies that the Company believes offer attractive risk adjusted returns or offer other strategic advantages. Each investment may have its own unique terms and conditions and there may be restrictions on disposals. There is no active market for these investments.

The following table provides the cost and fair values of the equity securities held at December 31, 2025:


December 31,	2025
	Cost		Fair Value
Privately held common stocks	$	5,135	$	4,838
Privately held preferred stocks	6,010		6,910

Total equity securities	$	11,145	$	11,748

Fair Value

Remaining duration of restrictions

Nature of contractual sale restrictions

Circumstances that could cause a lapse in restrictions

Privately held common stocks

4,838

Indefinite

The Purchaser must hold the restricted shares indefinitely

Registration of securities with the SEC or if exemption is available

Privately held preferred stocks

6,910

Indefinite

The Purchaser must hold the restricted shares indefinitely

Registration of securities with the SEC or if exemption is available

Total equity securities subject to contractual sale restrictions

11,748

Equity Method Investments

The equity method investments include real estate investments accounted for under the equity method and other equity investments measured at fair value. The equity method investments include limited partnerships which are variable interests issued by variable interest entities ("VIEs"). The Company is not the primary beneficiary of these VIEs as it does not have the power to direct the activities that are most significant to the economic performance of these VIEs. The Company is deemed to have limited influence over the operating and financial policies of the investee and accordingly, these investments are reported under the equity method of accounting. In applying the equity method of accounting, the investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the investee's net income or loss. Generally, the maximum exposure to loss on these interests is limited to the amount of commitment made by the Company as more fully described in Note 11. Commitments, Contingencies and Guarantees in these consolidated financial statements.

4. Investments (continued)

The table below shows the total value of the Company's equity method investments as of December 31, 2025 including those classified as other investments under the fair value option:


December 31,	2025
	Carrying Value		% of Total
Real estate investments valued at equity method of accounting	$	33,532	29.8	%
Real estate investments at fair value option elected	51,000		45.4	%
Other equity method investments at fair value option elected	27,911		24.8	%
Total equity method investments with fair value option (included in Other Investments)	78,911		70.2	%
Total equity method investments	$	112,443	100.0	%


	December 31, 2025				For the Year To Date September 30, 2025				For the Year Ended December 31, 2025
	Carrying Value		Beneficial Ownership		Investee Revenue(1)		Investee net income (loss)(1)		Equity in income (loss) of investee(2)(3)

Silverstone Venture 1	$	2,681	90.0	%	$	3,146	$	948	$	(328)
Silverstone Venture 2	4,594		86.8	%	225		196		364
Silverstone Venture 3	20,636		70.2	%	—		(18)		1,929
Extell Hudson Waterfront Holdings	51,000		25.0	%	1,812		440		5,000
Seiden LP & Seiden MGMT LP	33,532		99.9	%	512		(67)		24
Total equity method investments	$	112,443							$	6,989

c) Net Investment Income

Net investment income was derived from the following sources for the years ended December 31, 2025 and 2024:


For the Year Ended December 31,	2025		2024
Fixed maturities	$	3,747	$	—
Income on funds withheld	117		—
Interest income from net loan receivable from AmTrust	3,573		—
Other investments	557		—
Cash and cash equivalents	470		213
	8,464		213

Investment expenses	(121)		—
Net investment income	$	8,343	$	213

4. Investments (continued)

d) Net Realized and Unrealized Investment Gains (Losses)


For the Year Ended December 31, 2025	Gross gains		Gross losses		Net
Fixed maturities	$	130	$	(121)	$	9
Equity securities	1,105		(502)		603
Other investments	12,150		(5,805)		6,345
Net realized and unrealized investment gains (losses)	$	13,385	$	(6,428)	$	6,957

For the Year Ended December 31, 2024

Gross gains

Gross losses

Net

Realized and unrealized investment gains and losses from equity securities detailed in the table above include realized gains from sales and distributions of equity securities and unrealized gains and losses coming from fair value changes. Net unrealized gains recognized for equity securities held at reporting date of December 31, 2025 were as follows:


For the Year Ended December 31,	2025
Net gains recognized for equity securities	$	603
Net gains recognized for equity securities divested	—
Net unrealized gains recognized for equity securities held at reporting date	$	603

Proceeds from sales of AFS fixed maturity investments were $62,788 for the year ended December 31, 2025. Net unrealized gains included in AOCI were as follows at December 31, 2025:


December 31,	2025
Net unrealized gains on fixed maturity investments	$	695
Net unrealized losses on held for sale AFS investments	(16)


Net unrealized gains, net of deferred income tax	$	679
Change, net of deferred income tax	$	679

e) Restricted Cash and Cash Equivalents and Investments

The Company is required to provide collateral for its reinsurance liabilities under various reinsurance agreements and utilizes trust accounts to collateralize business with reinsurance counterparties. The assets in trust as collateral are primarily cash and highly rated fixed maturities. The fair values of the Company's restricted assets at December 31, 2025 include:


December 31,	2025
Restricted cash – third party agreements	$	7,767
Restricted cash – related party agreements	1,379
Total restricted cash	9,146
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2025 – $51,927)	52,350
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2025 – $102,313)	102,368

Total restricted investments	154,718
Total restricted cash and investments	$	163,864

Investments - Schedule of Net Unrealized Losses Included in Accumulated Other Comprehensive Income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Schedule of Investments [Abstract]
Net unrealized gains on fixed maturity investments	$ 695
Net unrealized losses on held for sale AFS investments	(16)
Net unrealized gains, net of deferred income tax	679
Change, net of deferred income tax	$ 679

Reserve for Loss and Loss Adjustment Expenses - Narrative (Details)				12 Months Ended
	Jul. 31, 2019 USD ($)	Jul. 01, 2013	Jul. 01, 2007	Dec. 31, 2025 USD ($) agreement entity contract	Dec. 31, 2024 USD ($)	Nov. 30, 2010 USD ($)
Segment Reporting Information [Line Items]
Net adverse PPD reinsurance				$ 148,000
Adverse PPD reinsurance				1,002,000
Favorable PPD reinsurance				$ 202,000
Number of short duration insurance contracts \| contract				2
Reverse for loss and loss adjustment expenses				$ 637,169,000	$ 0
Reinsurance recoverable on unpaid losses				461,197,000	$ 0
Paid losses				61,350,000
Reserve for losses incurred but not reported ("IBNR")				324,602,000
Underwriting-related derivative liability				3,984,000
Short-duration insurance contracts, liability for unpaid claims and allocated claim adjustment expense, net				175,972,000
Typical insurance limit				$ 1,000,000
Genesis Legacy Solutions \| Historic Reinsurance
Segment Reporting Information [Line Items]
Number of reinsurance agreements, open \| agreement				1
Number of reinsurance agreements, completing run-off \| entity				1
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment
Segment Reporting Information [Line Items]
Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party	40.00%		40.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Post-Termination Endorsement, Maximum Loss Corridor
Segment Reporting Information [Line Items]
Related party transaction amount (returned)	$ 40,500,000			$ 135,458,000
Minimum \| AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment
Segment Reporting Information [Line Items]
Commission rate, adjustment criteria, loss ratio floor		81.50%
Maximum \| AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment
Segment Reporting Information [Line Items]
Commission rate, adjustment criteria, loss ratio ceiling		95.00%
Significant Unobservable Inputs (Level 3)
Segment Reporting Information [Line Items]
Underwriting-related derivative liability				3,984,000
Significant Unobservable Inputs (Level 3) \| Discounted cash flows
Segment Reporting Information [Line Items]
Underwriting-related derivative liability				3,984,000
Diversified Reinsurance
Segment Reporting Information [Line Items]
Net adverse PPD reinsurance				800,000
Reverse for loss and loss adjustment expenses				33,480,000
Reinsurance recoverable on unpaid losses				32,791,000
Short-duration insurance contracts, liability for unpaid claims and allocated claim adjustment expense, net				689,000		$ 98,827,000
Diversified Reinsurance \| GLS
Segment Reporting Information [Line Items]
Net adverse PPD reinsurance				$ 262,000
Number of remaining retroactive reinsurance contracts \| agreement				2
Reverse for loss and loss adjustment expenses				$ 9,864,000
Reinsurance recoverable on unpaid losses				1,327,000
Paid losses				7,402,000
Reserve for losses incurred but not reported ("IBNR")				7,990,000
Short-duration insurance contracts, liability for unpaid claims and allocated claim adjustment expense, net				8,537,000
AmTrust Reinsurance
Segment Reporting Information [Line Items]
Net adverse PPD reinsurance				(652,000)
Reinsurance recoverable on unpaid losses	$ 445,000,000
Purchase significant reinsurance for losses above				$ 10,000,000
Percent share of losses net of reinsurance				40.00%
AmTrust Reinsurance \| AmTrust Quota Share
Segment Reporting Information [Line Items]
Net adverse PPD reinsurance				$ (760,000)
AmTrust Reinsurance \| European Hospital Liability Quota Share
Segment Reporting Information [Line Items]
Net adverse PPD reinsurance				4,412,000
AmTrust Reinsurance \| LPT/ADC Agreement
Segment Reporting Information [Line Items]
Net adverse PPD reinsurance				$ (4,304,000)

Reserve for Loss and Loss Adjustment Expenses - Schedule of Incurred losses and LAE, Net of Reinsurance and Cumulative Paid Losses and LAE, Net of Reinsurance (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Nov. 30, 2010
Claims Development [Line Items]
Impact of LPT/ADC	$ 461,197	$ 0
Reserve for loss and LAE	637,169	0
Total net reserves including impact of LPT/ADC Agreement	175,972
Diversified Reinsurance
Claims Development [Line Items]
Impact of LPT/ADC	32,791
Reserve for loss and LAE	33,480
Total net reserves including impact of LPT/ADC Agreement	689											$ 98,827
AmTrust Reinsurance
Claims Development [Line Items]
Impact of LPT/ADC								$ 445,000
International \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	563,192
Total IBNR	3,135
Impact of LPT/ADC	66
Cumulative paid loss and LAE, net of reinsurance	534,488
Reserve for loss and LAE	28,770
Total net reserves including impact of LPT/ADC Agreement	28,704
International \| 2010 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	87,492	86,821	$ 87,048	$ 84,615	$ 84,406	$ 84,085	$ 83,956		$ 82,863	$ 83,182	$ 81,181
Total IBNR	547
Cumulative paid loss and LAE, net of reinsurance	65,316	64,130	63,178	61,982	60,896	59,740	58,598		57,093	55,357	53,877
International \| 2011 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	50,283	50,348	50,363	50,412	50,329	50,329	50,372		50,418	50,169	49,790
Total IBNR	85
Cumulative paid loss and LAE, net of reinsurance	50,821	50,810	50,772	50,764	50,730	50,675	50,587		50,518	50,401	50,261
International \| 2012 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	49,186	49,195	49,341	49,388	49,416	49,307	49,381		49,439	49,721	49,460
Total IBNR	181
Cumulative paid loss and LAE, net of reinsurance	46,353	46,364	46,338	46,325	46,356	46,255	46,167		46,153	46,035	45,452
International \| 2013 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	53,068	53,194	53,141	53,202	53,237	53,128	53,199		52,796	52,978	52,378
Total IBNR	(341)
Cumulative paid loss and LAE, net of reinsurance	50,113	50,073	50,004	49,736	49,616	49,168	48,836		48,754	48,534	48,064
International \| 2014 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	47,407	47,438	47,627	47,609	47,590	47,711	47,976		47,905	48,129	48,224
Total IBNR	118
Cumulative paid loss and LAE, net of reinsurance	46,186	46,170	46,141	46,124	46,085	46,021	45,898		45,788	45,523	44,294
International \| 2015 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	43,851	43,860	43,842	43,951	43,937	44,224	44,378		44,339	44,702	44,200
Total IBNR	8
Cumulative paid loss and LAE, net of reinsurance	43,595	43,557	43,429	43,416	43,386	43,165	42,876		42,448	41,404	39,321
International \| 2016 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	40,042	40,084	40,105	40,122	40,024	40,345	39,921		39,935	40,594	38,587
Total IBNR	161
Cumulative paid loss and LAE, net of reinsurance	41,556	41,530	41,504	41,225	40,345	39,808	39,158		38,384	36,498	22,373
International \| 2017 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	34,738	34,899	35,073	35,282	35,496	35,477	36,420		37,588	36,637
Total IBNR	181
Cumulative paid loss and LAE, net of reinsurance	36,742	36,755	36,744	36,690	36,624	36,357	35,507		33,695	18,948
International \| 2018 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	42,496	42,928	42,481	42,974	42,828	42,788	42,598		44,358
Total IBNR	(759)
Cumulative paid loss and LAE, net of reinsurance	43,054	43,202	42,506	42,223	41,584	40,507	38,352		21,031
International \| 2019 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	38,190	38,240	38,306	38,374	38,281	39,210	37,149
Total IBNR	135
Cumulative paid loss and LAE, net of reinsurance	35,405	35,402	35,278	34,932	34,361	31,646	17,304
International \| 2020 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	23,326	23,287	23,233	23,113	24,353	25,267
Total IBNR	974
Cumulative paid loss and LAE, net of reinsurance	22,303	22,163	21,860	21,356	20,243	11,838
International \| 2021 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	6,626	6,584	6,584	6,584	6,584
Total IBNR	1,809
Cumulative paid loss and LAE, net of reinsurance	12,259	12,343	11,890	10,619	5,596
International \| 2022 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	11,513	10,300	9,244	7,640
Total IBNR	36
Cumulative paid loss and LAE, net of reinsurance	16,821	13,998	11,153	1,212
International \| 2023 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	10,179	10,077	10,077
Total IBNR	0
Cumulative paid loss and LAE, net of reinsurance	11,008	11,084	909
International \| 2024 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	17,212	17,027
Total IBNR	0
Cumulative paid loss and LAE, net of reinsurance	9,009	1,415
International \| 2025 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	7,583
Total IBNR	0
Cumulative paid loss and LAE, net of reinsurance	3,947
Workers' Compensation \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	3,593,922
Total IBNR	132,668
Impact of LPT/ADC	256,869
Cumulative paid loss and LAE, net of reinsurance	3,374,521
All outstanding liabilities prior to 2008, net of reinsurance	100
Reserve for loss and LAE	219,501
Total net reserves including impact of LPT/ADC Agreement	(37,368)							$ 33,620
Workers' Compensation \| 2008 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	86,256	86,220	86,144	86,415	86,292	86,117	83,952		84,710	83,622	83,039
Total IBNR	1,807
Impact of LPT/ADC	5,322
Cumulative paid loss and LAE, net of reinsurance	83,389	83,138	83,026	82,761	82,676	82,286	82,708		82,436	81,159	79,230
Workers' Compensation \| 2009 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	109,710	109,427	109,018	109,384	110,207	109,021	109,664		110,175	107,165	105,901
Total IBNR	2,013
Impact of LPT/ADC	4,286
Cumulative paid loss and LAE, net of reinsurance	106,271	105,848	104,685	104,433	104,205	103,771	102,877		101,823	100,103	98,811
Workers' Compensation \| 2010 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	124,857	124,677	125,420	126,308	126,516	126,621	127,381		127,215	123,968	124,073
Total IBNR	6,018
Impact of LPT/ADC	7,853
Cumulative paid loss and LAE, net of reinsurance	117,076	116,479	116,064	115,765	115,509	114,730	116,332		115,959	115,014	114,639
Workers' Compensation \| 2011 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	139,040	139,302	139,421	140,257	137,355	141,272	139,685		138,600	135,379	133,916
Total IBNR	3,949
Impact of LPT/ADC	6,024
Cumulative paid loss and LAE, net of reinsurance	133,070	132,524	131,877	130,958	130,413	129,408	125,843		124,315	122,579	115,966
Workers' Compensation \| 2012 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	186,580	186,574	187,629	189,114	187,089	192,263	188,879		192,087	181,616	172,692
Total IBNR	5,830
Impact of LPT/ADC	8,907
Cumulative paid loss and LAE, net of reinsurance	177,754	176,865	176,022	175,021	174,436	172,251	168,154		164,512	158,807	150,543
Workers' Compensation \| 2013 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	276,903	276,853	276,791	277,226	277,365	281,580	273,571		276,249	261,915	242,447
Total IBNR	8,078
Impact of LPT/ADC	15,844
Cumulative paid loss and LAE, net of reinsurance	261,231	259,504	257,523	255,720	252,506	248,103	234,342		227,502	216,527	199,300
Workers' Compensation \| 2014 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	437,994	438,487	440,175	441,185	445,258	449,374	455,521		457,363	419,748	382,260
Total IBNR	16,267
Impact of LPT/ADC	27,270
Cumulative paid loss and LAE, net of reinsurance	410,999	408,716	404,591	398,441	392,101	383,529	370,176		355,414	321,258	268,467
Workers' Compensation \| 2015 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	529,800	531,208	535,139	537,963	547,439	549,857	545,271		551,145	526,269	474,212
Total IBNR	20,519
Impact of LPT/ADC	37,720
Cumulative paid loss and LAE, net of reinsurance	492,459	488,574	483,387	476,769	466,869	448,867	417,736		388,640	338,642	246,616
Workers' Compensation \| 2016 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	550,860	550,537	555,645	559,440	568,791	579,849	603,529		627,728	568,006	528,906
Total IBNR	25,243
Impact of LPT/ADC	43,560
Cumulative paid loss and LAE, net of reinsurance	507,751	500,971	494,160	484,367	471,382	449,347	428,651		380,602	284,501	110,051
Workers' Compensation \| 2017 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	572,531	574,067	577,051	580,155	591,122	593,920	613,577		654,362	615,957
Total IBNR	20,546
Impact of LPT/ADC	43,920
Cumulative paid loss and LAE, net of reinsurance	539,074	535,127	528,411	520,180	507,903	485,611	448,551		274,596	111,508
Workers' Compensation \| 2018 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	569,756	572,609	573,040	577,485	585,009	575,765	580,528		592,566
Total IBNR	22,369
Impact of LPT/ADC	56,163
Cumulative paid loss and LAE, net of reinsurance	536,149	532,512	524,987	515,459	499,349	465,762	409,986		110,954
Workers' Compensation \| 2019 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	9,635	9,362	11,943	10,152	10,871	9,945	12,751
Total IBNR	29
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	9,298	9,189	9,717	9,024	8,070	5,821	3,907
General Liability \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	1,111,277
Total IBNR	40,982
Impact of LPT/ADC	84,106
Cumulative paid loss and LAE, net of reinsurance	1,029,317
All outstanding liabilities prior to 2008, net of reinsurance	110
Reserve for loss and LAE	82,070
Total net reserves including impact of LPT/ADC Agreement	(2,036)
General Liability \| 2008 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	39,524	39,541	39,796	40,017	40,381	40,399	36,996		37,605	36,627	35,985
Total IBNR	2,175
Impact of LPT/ADC	276
Cumulative paid loss and LAE, net of reinsurance	37,316	37,304	37,289	37,473	37,278	37,253	34,893		36,699	34,935	32,765
General Liability \| 2009 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	35,324	35,421	35,433	35,495	35,733	36,228	35,410		35,138	34,863	34,040
Total IBNR	33
Impact of LPT/ADC	48
Cumulative paid loss and LAE, net of reinsurance	35,260	35,258	35,197	35,093	34,999	34,984	32,487		33,473	32,878	30,924
General Liability \| 2010 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	45,171	45,032	44,907	44,856	44,779	45,490	43,062		42,884	41,597	38,298
Total IBNR	235
Impact of LPT/ADC	414
Cumulative paid loss and LAE, net of reinsurance	44,761	44,438	44,246	44,041	43,076	42,509	39,888		39,214	37,317	34,125
General Liability \| 2011 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	54,389	54,410	54,495	54,288	54,683	55,607	53,499		52,746	49,338	45,303
Total IBNR	(64)
Impact of LPT/ADC	1,000
Cumulative paid loss and LAE, net of reinsurance	53,647	53,529	53,320	53,064	52,593	51,492	49,178		47,141	41,257	39,350
General Liability \| 2012 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	62,955	62,621	63,214	63,615	64,052	63,704	63,429		59,948	55,991	50,800
Total IBNR	4,058
Impact of LPT/ADC	1,364
Cumulative paid loss and LAE, net of reinsurance	58,191	57,541	58,412	58,889	57,913	55,350	56,538		53,526	45,775	40,864
General Liability \| 2013 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	98,514	98,211	97,920	96,388	96,342	95,050	92,032		89,204	79,731	68,641
Total IBNR	527
Impact of LPT/ADC	2,776
Cumulative paid loss and LAE, net of reinsurance	96,725	94,491	92,705	89,473	87,178	83,571	76,996		70,074	58,377	44,698
General Liability \| 2014 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	119,848	119,763	119,554	119,413	119,782	119,367	116,085		111,970	99,873	77,930
Total IBNR	4,446
Impact of LPT/ADC	4,861
Cumulative paid loss and LAE, net of reinsurance	112,949	110,741	107,865	102,290	96,521	92,861	86,101		77,259	57,678	36,026
General Liability \| 2015 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	159,085	158,447	155,101	155,235	154,939	154,529	154,071		139,518	122,942	95,766
Total IBNR	3,811
Impact of LPT/ADC	9,459
Cumulative paid loss and LAE, net of reinsurance	150,290	147,047	140,414	131,224	120,546	112,542	98,278		79,291	52,350	33,963
General Liability \| 2016 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	152,125	151,915	153,168	150,019	147,996	147,858	148,371		120,910	114,864	98,149
Total IBNR	3,731
Impact of LPT/ADC	15,125
Cumulative paid loss and LAE, net of reinsurance	140,978	137,678	129,683	114,422	101,764	88,627	67,063		45,855	21,959	6,402
General Liability \| 2017 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	172,741	173,853	170,669	167,257	162,856	161,354	165,268		133,533	116,158
Total IBNR	8,400
Impact of LPT/ADC	19,609
Cumulative paid loss and LAE, net of reinsurance	156,255	151,578	139,460	119,417	97,356	79,531	51,545		27,001	6,967
General Liability \| 2018 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	168,229	169,005	160,003	151,791	148,295	148,817	153,822		121,991
Total IBNR	13,193
Impact of LPT/ADC	29,174
Cumulative paid loss and LAE, net of reinsurance	140,069	132,240	115,496	90,841	65,947	42,792	24,618		7,907
General Liability \| 2019 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	3,372	3,032	3,077	3,906	5,981	6,017	5,427
Total IBNR	437
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	2,876	2,178	1,581	1,218	717	314	27
Commercial Auto Liability \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	1,184,106
Total IBNR	7,155
Impact of LPT/ADC	16,402
Cumulative paid loss and LAE, net of reinsurance	1,163,820
All outstanding liabilities prior to 2008, net of reinsurance	0
Reserve for loss and LAE	20,286
Total net reserves including impact of LPT/ADC Agreement	3,884
Commercial Auto Liability \| 2008 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	37,622	37,622	37,880	37,885	37,854	37,746	35,542		35,382	35,521	35,975
Total IBNR	2,274
Impact of LPT/ADC	10
Cumulative paid loss and LAE, net of reinsurance	35,349	35,349	35,349	35,339	35,013	34,982	36,968		35,284	34,803	34,074
Commercial Auto Liability \| 2009 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	30,850	30,851	30,978	30,979	31,019	31,082	31,064		31,033	30,919	30,468
Total IBNR	506
Impact of LPT/ADC	43
Cumulative paid loss and LAE, net of reinsurance	30,343	30,342	30,342	30,341	30,340	30,337	31,194		30,204	29,842	29,829
Commercial Auto Liability \| 2010 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	40,555	40,556	40,556	40,608	40,631	40,637	42,070		41,996	42,146	40,523
Total IBNR	138
Impact of LPT/ADC	1
Cumulative paid loss and LAE, net of reinsurance	40,416	40,416	40,416	40,416	40,411	40,407	40,396		40,282	39,750	39,413
Commercial Auto Liability \| 2011 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	34,656	34,659	34,644	34,634	34,690	34,707	34,643		36,065	36,149	34,790
Total IBNR	502
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	34,154	34,157	34,159	34,158	34,005	33,872	33,451		33,154	33,130	32,362
Commercial Auto Liability \| 2012 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	45,757	45,762	45,887	45,860	45,753	45,902	45,917		45,754	46,150	48,116
Total IBNR	(72)
Impact of LPT/ADC	8
Cumulative paid loss and LAE, net of reinsurance	45,829	45,831	45,831	45,825	45,812	45,819	45,751		45,555	44,165	43,745
Commercial Auto Liability \| 2013 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	63,204	63,320	63,471	63,500	63,590	63,532	63,620		62,163	63,162	59,702
Total IBNR	161
Impact of LPT/ADC	257
Cumulative paid loss and LAE, net of reinsurance	62,937	63,101	63,079	63,070	62,968	62,562	62,331		59,600	57,349	48,122
Commercial Auto Liability \| 2014 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	92,753	92,820	93,433	93,164	93,208	94,238	92,572		89,299	82,427	73,966
Total IBNR	431
Impact of LPT/ADC	33
Cumulative paid loss and LAE, net of reinsurance	92,318	92,295	91,819	91,115	91,000	90,761	87,458		79,766	64,459	42,960
Commercial Auto Liability \| 2015 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	130,699	130,496	130,631	129,632	129,082	129,849	127,560		119,141	106,560	92,955
Total IBNR	172
Impact of LPT/ADC	344
Cumulative paid loss and LAE, net of reinsurance	130,382	130,298	128,692	125,415	121,605	118,753	107,707		86,433	62,945	39,179
Commercial Auto Liability \| 2016 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	171,484	170,554	171,563	170,221	167,480	170,275	171,504		144,077	118,210	121,828
Total IBNR	(2,769)
Impact of LPT/ADC	3,295
Cumulative paid loss and LAE, net of reinsurance	171,612	169,924	165,475	158,822	145,728	133,826	113,174		76,635	48,595	19,071
Commercial Auto Liability \| 2017 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	226,737	226,839	227,165	224,132	220,471	230,972	220,457		189,257	156,575
Total IBNR	1,246
Impact of LPT/ADC	3,089
Cumulative paid loss and LAE, net of reinsurance	223,830	219,869	212,952	197,857	176,863	154,600	115,623		69,657	26,863
Commercial Auto Liability \| 2018 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	235,698	234,527	234,717	230,516	219,800	230,200	224,780		177,150
Total IBNR	2,636
Impact of LPT/ADC	9,322
Cumulative paid loss and LAE, net of reinsurance	226,649	221,401	207,553	178,479	138,770	107,184	67,080		30,018
Commercial Auto Liability \| 2019 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	74,091	73,888	74,504	74,553	73,023	77,371	79,172
Total IBNR	1,937
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	69,994	66,969	59,162	49,073	34,365	22,799	9,456
Commercial Auto Liability \| 2020 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	0
Total IBNR	(7)
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	7	7	7	7	7	7
European Hospital Liability \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	727,033
Total IBNR	13,910
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	638,146
Reserve for loss and LAE	88,887
Total net reserves including impact of LPT/ADC Agreement	88,887
European Hospital Liability \| 2011 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	79,512	79,850	75,177	74,116	66,256	65,457	65,162		62,799	65,495	67,544
Total IBNR	(529)
Cumulative paid loss and LAE, net of reinsurance	73,477	68,955	67,095	63,529	59,096	56,010	51,275		47,345	42,987	37,155
European Hospital Liability \| 2012 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	140,249	140,911	129,467	128,419	124,978	123,454	122,479		117,416	90,855	95,952
Total IBNR	(1,495)
Cumulative paid loss and LAE, net of reinsurance	129,717	121,618	115,571	109,403	102,190	96,924	86,482		80,117	71,774	60,871
European Hospital Liability \| 2013 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	129,578	130,008	115,527	114,138	112,000	110,294	108,839		102,752	80,165	87,674
Total IBNR	3,699
Cumulative paid loss and LAE, net of reinsurance	114,251	108,562	99,488	93,174	84,804	79,018	65,279		57,744	51,526	40,988
European Hospital Liability \| 2014 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	106,474	107,724	94,647	91,616	91,814	90,403	89,313		83,838	66,488	59,755
Total IBNR	3,664
Cumulative paid loss and LAE, net of reinsurance	93,502	89,108	81,434	74,276	63,653	60,571	48,191		40,855	36,409	25,581
European Hospital Liability \| 2015 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	83,512	84,028	78,693	76,271	74,590	72,172	71,924		68,649	62,437	47,954
Total IBNR	1,755
Cumulative paid loss and LAE, net of reinsurance	73,542	67,561	63,436	57,177	47,106	47,619	36,303		30,229	23,686	11,473
European Hospital Liability \| 2016 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	76,084	74,581	72,968	71,562	72,139	70,731	72,314		69,678	53,237	46,244
Total IBNR	445
Cumulative paid loss and LAE, net of reinsurance	65,350	59,061	54,159	49,292	38,886	36,177	24,374		18,324	11,059	3,723
European Hospital Liability \| 2017 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	56,062	53,097	52,121	51,581	52,869	54,948	56,456		54,242	42,573
Total IBNR	2,947
Cumulative paid loss and LAE, net of reinsurance	44,002	40,158	35,266	31,169	21,037	15,263	7,863		4,588	1,329
European Hospital Liability \| 2018 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	38,055	35,512	35,598	35,523	33,174	33,842	32,871		46,345
Total IBNR	1,686
Cumulative paid loss and LAE, net of reinsurance	30,504	28,201	26,046	23,021	8,074	5,611	2,355		957
European Hospital Liability \| 2019 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	17,507	16,659	16,433	16,239	16,299	15,285	16,513
Total IBNR	1,738
Cumulative paid loss and LAE, net of reinsurance	13,801	12,753	11,925	10,943	3,143	1,664	11,912
All other lines \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	489,159
Total IBNR	5,510
Impact of LPT/ADC	2,685
Cumulative paid loss and LAE, net of reinsurance	483,328
All outstanding liabilities prior to 2008, net of reinsurance	(3)
Reserve for loss and LAE	5,828
Total net reserves including impact of LPT/ADC Agreement	3,143
All other lines \| 2008 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	23,758	23,758	24,013	24,013	24,016	24,045	29,519		29,574	29,576	29,070
Total IBNR	(5,092)
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	28,850	28,850	28,850	28,850	28,850	24,706	29,234		30,683	30,833	29,177
All other lines \| 2009 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	15,523	15,523	15,379	15,373	15,373	15,750	14,617		15,653	16,088	14,492
Total IBNR	527
Impact of LPT/ADC	10
Cumulative paid loss and LAE, net of reinsurance	14,986	14,986	14,986	14,986	14,986	14,954	14,009		15,051	15,224	13,870
All other lines \| 2010 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	15,905	15,905	15,905	15,905	15,905	15,905	15,438		17,059	17,071	16,105
Total IBNR	52
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	15,854	15,854	15,854	15,854	15,854	15,853	15,285		16,786	16,919	16,058
All other lines \| 2011 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	21,498	21,500	21,490	21,496	21,500	21,515	21,469		23,506	23,376	22,616
Total IBNR	148
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	21,349	21,352	21,359	21,334	21,339	21,343	21,481		23,661	23,892	22,715
All other lines \| 2012 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	17,730	17,743	17,775	17,819	17,811	17,969	19,578		20,260	19,850	18,673
Total IBNR	(1,144)
Impact of LPT/ADC	(708)
Cumulative paid loss and LAE, net of reinsurance	18,872	18,083	18,084	18,077	18,077	18,071	17,559		18,685	18,205	17,946
All other lines \| 2013 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	20,304	20,306	20,593	20,637	20,639	20,644	21,735		21,669	21,313	22,918
Total IBNR	2,849
Impact of LPT/ADC	2,182
Cumulative paid loss and LAE, net of reinsurance	17,455	19,460	19,482	19,463	19,465	20,146	19,343		20,447	20,456	20,258
All other lines \| 2014 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	21,339	21,340	21,481	21,493	21,491	21,496	24,929		26,278	24,958	26,021
Total IBNR	(154)
Impact of LPT/ADC	79
Cumulative paid loss and LAE, net of reinsurance	21,494	21,495	21,532	21,509	21,493	21,497	21,405		26,194	22,018	20,940
All other lines \| 2015 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	44,538	44,511	44,379	44,456	44,749	44,939	47,882		49,463	49,631	54,857
Total IBNR	782
Impact of LPT/ADC	33
Cumulative paid loss and LAE, net of reinsurance	43,757	43,754	43,737	43,742	43,895	43,622	44,179		41,962	42,631	45,208
All other lines \| 2016 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	65,748	65,839	67,162	66,791	66,943	67,060	73,602		72,384	74,948	79,654
Total IBNR	5,106
Impact of LPT/ADC	85
Cumulative paid loss and LAE, net of reinsurance	60,641	60,628	60,682	59,967	60,008	63,450	63,234		65,452	69,805	$ 42,795
All other lines \| 2017 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	96,653	96,598	96,485	96,267	96,104	96,196	92,905		96,812	104,637
Total IBNR	1,659
Impact of LPT/ADC	434
Cumulative paid loss and LAE, net of reinsurance	94,802	94,948	94,710	94,206	93,541	93,212	80,735		80,726	$ 48,903
All other lines \| 2018 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	103,609	103,207	101,326	102,061	101,913	101,554	103,489		96,909
Total IBNR	239
Impact of LPT/ADC	570
Cumulative paid loss and LAE, net of reinsurance	103,298	102,774	102,406	102,587	101,158	98,386	86,455		$ 56,539
All other lines \| 2019 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	42,554	42,123	42,310	42,003	43,554	43,146	37,945
Total IBNR	641
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	41,812	41,243	41,029	40,670	40,427	38,793	$ 22,095
All other lines \| 2020 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	0	0	0	0	0	0
Total IBNR	(103)
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	103	103	103	103	103	$ 4
All other lines \| 2021 \| AmTrust Reinsurance
Claims Development [Line Items]
Cumulative paid loss and LAE, net of reinsurance	$ 55	$ 55	$ 55	$ 66	$ 66

Segment Information - Schedule of Net Premiums by Major Line of Business (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 6,209	$ 0
% of Total Net premiums written	100.00%
Net premiums earned	$ 12,673	$ 0
% of Total Net premiums earned	100.00%
Operating Segments \| Diversified Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 7,444
% of Total Net premiums written	119.90%
Net premiums earned	$ 7,765
% of Total Net premiums earned	61.30%
Operating Segments \| AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (1,235)
% of Total Net premiums written	(19.90%)
Net premiums earned	$ 4,908
% of Total Net premiums earned	38.70%

- Definition

Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

+ References

+ Details

Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 163,167	$ 0
Equity securities	11,748	$ 0
Contingent receivable	9,955
Other investments	173,358
Total Assets measured at Fair Value	$ 358,228
As a percentage of total assets	35.40%
Underwriting-related derivative liability	$ 3,984
U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	43,673
U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	21,618
Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	27,275
Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	62,624
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	7,977
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0
Contingent receivable	0
Other investments	0
Total Assets measured at Fair Value	$ 43,673
As a percentage of total assets	4.30%
Underwriting-related derivative liability	$ 0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	43,673
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	4,838
Contingent receivable	0
Other investments	0
Total Assets measured at Fair Value	$ 124,332
As a percentage of total assets	12.30%
Underwriting-related derivative liability	$ 0
Significant Other Observable Inputs (Level 2) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0
Significant Other Observable Inputs (Level 2) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	21,618
Significant Other Observable Inputs (Level 2) \| Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	27,275
Significant Other Observable Inputs (Level 2) \| Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	62,624
Significant Other Observable Inputs (Level 2) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	7,977
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	6,910
Contingent receivable	9,955
Other investments	135,018
Total Assets measured at Fair Value	$ 151,883
As a percentage of total assets	15.00%
Underwriting-related derivative liability	$ 3,984
Significant Unobservable Inputs (Level 3) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0
Significant Unobservable Inputs (Level 3) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0
Significant Unobservable Inputs (Level 3) \| Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0
Significant Unobservable Inputs (Level 3) \| Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0
Significant Unobservable Inputs (Level 3) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0
Fair Value Based on NAV Practical Expedient
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	38,340
Total Assets measured at Fair Value	$ 38,340
As a percentage of total assets	3.80%
Underwriting-related derivative liability	$ 0

Investments - Narrative (Details)	12 Months Ended
Investments - Narrative (Details)	Dec. 31, 2025 USD ($) security	Dec. 31, 2024 USD ($)
Debt Securities, Available-for-sale [Line Items]
Accrued interest receivable	$ 731,000
Write off on the accrued interest receivable	$ 0
Number of securities in an unrealized loss position \| security	16
Fair value of unrealized loss positions	$ 71,111,000
Unrealized losses of unrealized loss positions	165,000
Allowance for expected credit losses	0
Total other investments	173,358,000	$ 0
Proceeds from sales of fixed maturities	62,788,000	$ 0
Investment in direct lending entities
Debt Securities, Available-for-sale [Line Items]
Total other investments	$ 53,275,000

Business Combination - Pro Forma (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Business Combination, Pro Forma Information [Abstract]
Total revenues		$ 50,166	$ 43,742
Total expenses	$ 25,900	79,952	111,655
Net loss		$ (29,786)	$ (67,913)

Investments - Schedule of Contractual Maturities of Fixed Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Amortized cost
Due in one year or less	$ 58,772
Due after one year through five years	19,776
Due after five years through ten years	508
Total securities with single maturities, amortized cost	79,056
Original or amortized cost	162,472
Fair value
Due in one year or less	58,776
Due after one year through five years	19,638
Due after five years through ten years	511
Total before securities with single maturities, fair value	78,925
Fixed maturities, fair value	163,167	$ 0
U.S. agency bonds – mortgage-backed
Amortized cost
Amortized cost of securities without single maturities	20,823
Original or amortized cost	20,823
Fair value
Fair value of securities without single maturities	21,618
Fixed maturities, fair value	21,618
Collateralized loan obligations
Amortized cost
Amortized cost of securities without single maturities	62,593
Original or amortized cost	62,593
Fair value
Fair value of securities without single maturities	62,624
Fixed maturities, fair value	$ 62,624

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	New York, New York

Investments - Schedule of Composition of Other Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Investments [Line Items]
Total other investments	$ 173,358	$ 0
% of Total	100.00%
Privately held equity investments
Schedule of Investments [Line Items]
Total other investments	$ 9,248
% of Total	5.40%
Private equity funds
Schedule of Investments [Line Items]
Total other investments	$ 31,732
% of Total	18.30%
Private credit funds
Schedule of Investments [Line Items]
Total other investments	$ 192
% of Total	0.10%
Equity method investments with fair value option elected
Schedule of Investments [Line Items]
Total other investments	$ 78,911
% of Total	45.50%
Investment in direct lending entities
Schedule of Investments [Line Items]
Total other investments	$ 53,275
% of Total	30.70%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measurements - Schedule of Reconciliation of Other Investments Measured at Fair value on a Recurring Basis Using Level 3 Inputs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	$ 0
Acquired Level 3 financial assets	147,143
Purchases	5,496
Sales	(1,239)
Net realized and unrealized gains recognized in the statement of income	$ 5,321
Fair value recurring basis unobservable input reconciliation asset gain loss statement of other comprehensive income extensible list not disclosed flag	gains
Transfers out of Level 3 into Level 2	$ (4,838)
Total Level 3 investments - end of period	$ 151,883

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fixed maturities, available-for-sale, at fair value, amortized cost	$ 162,472
Equity securities, at fair value, cost	11,145
Reinsurance balances receivable, net	724	$ 0
Reinsurance balances receivable, net, allowance for expected credit losses	14
Allowance for expected credit losses, receivables	1,740
Reverse for loss and loss adjustment expenses	637,169	0
Unearned premiums	17,406	0
Accrued expenses and other liabilities	$ 51,572	$ 904
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, issued (in shares)	9,979,477	2,749,996
Common shares, outstanding (in shares)	7,741,943	2,749,996
Treasury shares, at cost (in shares)	2,237,534
Affiliated Entity
Reinsurance balances receivable, net	$ 2
Allowance for expected credit losses, receivables	2
Reverse for loss and loss adjustment expenses	554,507
Unearned premiums	17,227
Accrued expenses and other liabilities	$ 16,443	$ 0

Long-Term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt

Senior Notes

At December 31, 2025, Kestrel had outstanding publicly-traded senior notes which were issued in 2016 ("2016 Senior Notes") by its now wholly owned subsidiary Maiden and outstanding publicly-traded senior notes which were issued in 2013 ("2013 Senior Notes") by its now wholly owned subsidiary, Maiden Holdings North America, Ltd. ("Maiden NA"). These are collectively referred to as the Company's outstanding senior notes ("Senior Notes"). The Senior Notes are unsecured and unsubordinated obligations of the Company.

On May 27, 2025 in connection with the Combination, (i) Maiden, as issuer, the Company, as guarantor, and Wilmington Trust, National Association, as trustee, entered into a second supplemental indenture (the “Second Supplemental Indenture”) to that certain indenture dated as of June 14, 2016, providing that the Company will fully and unconditionally guarantee Maiden’s 6.625% Senior Notes due 2046 and (ii) Maiden NA, as issuer, the Company, as guarantor, and Wilmington Trust Company, as trustee, entered into a fourth supplemental indenture (together with the Second Supplemental Indenture, the “Supplemental Indentures”) to that certain indenture dated as of June 24, 2011, providing that the Company will fully and unconditionally guarantee MHNA’s 7.75% Senior Notes due 2043.

The following table details the Senior Notes issuances outstanding at December 31, 2025; no Senior Notes are outstanding in 2024 as these were acquired under the Combination on May 27, 2025:


December 31, 2025	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,361		$	262,361
Less: unamortized fair value adjustment	43,627			44,332			87,959
Carrying value	$	66,373		$	108,029		$	174,402






Other details:
Original fair value adjustment at acquisition date	$	43,928		$	44,764
Maturity date	June 14, 2046			December 1, 2043
Earliest redeemable date (for cash)	June 14, 2021			December 1, 2018
Coupon rate	6.625		%	7.75		%
Effective interest rate	11.8		%	11.6		%

Total interest and amortization expense incurred on the Senior Notes for the year ended December 31, 2025 was $12,071, of which $1,342 was accrued as interest payable at both December 31, 2025. Under the Combination, the Senior Notes were acquired at their respective fair market values on May 27, 2025, therefore the difference between the principal amount of the acquired debt and the fair market value of the acquired debt is being amortized over the remaining life of the Senior Notes up to par value. The amortization for the fair value adjustment was $733 for the year ended December 31, 2025.

Under the terms of the 2013 Senior Notes, the 2013 Senior Notes can be redeemed, in whole or in part, at Maiden NA's option at any time and from time to time, until maturity at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued but unpaid interest on the principal amount being redeemed to, but not including, the redemption date. Maiden NA is required to give at least thirty days and not more than sixty days' notice prior to the redemption date. Please refer to Note 11. Commitments, Contingencies and Guarantees for ongoing litigation regarding the 2013 Senior Notes.

Under the terms of the 2016 Senior Notes, the 2016 Senior Notes can be redeemed, in whole or in part, at Maiden Holdings' option at any time and from time to time, until maturity at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued but unpaid interest on the principal amount being redeemed to, but not including, the redemption date. Maiden Holdings is required to give at least thirty days and not more than sixty days notice prior to the redemption date.

Statutory Requirements and Dividend Restrictions - Narrative (Details)		12 Months Ended
	May 27, 2025 USD ($)	Dec. 31, 2025 USD ($) subsidiary	Dec. 31, 2024 USD ($)
Kestrel Group, Ltd.
Statutory Accounting Practices [Line Items]
Extraordinary dividend	$ 40,000,000
Maiden Reinsurance
Statutory Accounting Practices [Line Items]
Statutory capital and surplus		$ 257,960,000
Maiden LF
Statutory Accounting Practices [Line Items]
Statutory capital and surplus		7,136,000
Maiden GF
Statutory Accounting Practices [Line Items]
Statutory capital and surplus		6,182,000
U.S. taxes at statutory rates - Federal \| Maiden Reinsurance
Statutory Accounting Practices [Line Items]
Dividends		28,750,000
Minimum solvency margin		$ 55,043,000
Sweden
Statutory Accounting Practices [Line Items]
Number of subsidiaries, domiciled insurance \| subsidiary		2
Sweden \| Maiden LF
Statutory Accounting Practices [Line Items]
Dividends		$ 0	$ 0
Minimum solvency margin		4,698,000
Statutory assets		11,994,000
Sweden \| Maiden GF
Statutory Accounting Practices [Line Items]
Dividends		0
Minimum solvency margin		3,171,000
Statutory assets		$ 11,425,000

Shareholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 4,606
Other comprehensive income before reclassifications	916
Amounts reclassified from AOCI to net income, net of tax	0
Net current period other comprehensive income	916	$ 0
Ending balance	128,284	4,606
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0
Ending balance	916	0
Change in net unrealized gains on investment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0
Other comprehensive income before reclassifications	679
Amounts reclassified from AOCI to net income, net of tax	0
Net current period other comprehensive income	679
Ending balance	679	0
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0
Other comprehensive income before reclassifications	237
Amounts reclassified from AOCI to net income, net of tax	0
Net current period other comprehensive income	237
Ending balance	$ 237	$ 0

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
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-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Paragraph 1
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Reinsurance - Schedule of Allowance for Expected Credit Losses on Reinsurance Recoverable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses on reinsurance recoverable, beginning of period	$ 0
Expected credit losses on acquired recoverables under the Combination	1,446
Increase in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized on acquired assets	294
Allowance for expected credit losses on reinsurance recoverable, end of period	$ 1,740

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

a) Fair Values of Financial Instruments measured at fair value

ASC 825, "Disclosure About Fair Value of Financial Instruments", requires all entities to disclose the fair value of their financial instruments for both assets and liabilities recognized and not recognized within the balance sheet, and for which it is practicable to estimate fair value. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments measured at fair value held at December 31, 2025.

U.S. government and U.S. agency bonds — Bonds issued by the U.S. Treasury, the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, Government National Mortgage Association, Federal National Mortgage Association and the Federal Farm Credit Banks Funding Corporation. The fair values of U.S. treasury bonds are based on quoted market prices in active markets, and are included in the Level 1 fair value hierarchy. We believe the market for U.S. treasury bonds is an actively traded market given the high level of daily trading volume. The fair values of U.S. agency bonds are determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads for these securities are observable market inputs, the fair values of U.S. agency bonds are included in the Level 2 fair value hierarchy.

Non-U.S. government bonds — These securities are generally priced by independent pricing services. The Pricing Service may use current market trades for securities with similar quality, maturity and coupon. If no such trades are available, the Pricing Service typically uses analytical models which may incorporate spreads, interest rate data and market/sector news. As the significant inputs used to price non-U.S. government bonds are observable market inputs, the fair values of non-U.S. government and bonds are included in the Level 2 fair value hierarchy.

Collateralized loan obligations ("CLO") - These asset backed securities are originated by a variety of financial institutions that on acquisition are rated BBB-/Baa3 or higher. These securities are priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. As the significant inputs used to price the CLO are observable market inputs, the fair values are included in the Level 2 fair value hierarchy.

Commercial mortgage-backed securities ("CMBS") - These asset backed securities are originated by a variety of financial institutions that on acquisition are rated BBB-/Baa3 or higher. These securities are priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. As the significant inputs used to price the CMBS are observable market inputs, the fair values are included in the Level 2 fair value hierarchy.

Corporate and municipal bonds — Bonds issued by corporations, U.S. state and municipality entities or agencies. that on acquisition are rated BBB-/Baa3 or higher. These securities are generally priced by independent pricing services. The credit spreads are sourced from broker/dealers, trade prices and new issue market. Where pricing is unavailable from pricing services, custodian pricing or non-binding quotes are obtained from broker-dealers to estimate fair values. As significant inputs used to price corporate and municipal bonds are observable market inputs, fair values are included in the Level 2 fair value hierarchy.

Equity securities - Equity securities can include publicly traded common stocks, and privately held common and preferred stocks. The fair value of publicly traded common stocks is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. These investments are carried at fair value using observable market pricing data and is included in the Level 1 fair value hierarchy. Any unrealized gains or losses on the investment is recorded in net income in the reporting period in which it occurs. The privately held common and preferred stocks are valued using significant inputs that are unobservable where there is little or no market activity. Unadjusted third party pricing sources or management's assumptions and internal valuation models may be used to determine the fair values, therefore, these investments are classified as Level 3 in the fair value hierarchy.

Other investments — Includes unquoted investments comprised of the following types of investments:

•Privately held investments: These are direct equity investments in common and preferred shares of privately held entities. The fair values are estimated using quarterly financial statements and/or recent private market transactions and thus included under Level 3 of the fair value hierarchy due to unobservable market data used for valuation.

•Private credit funds: These are privately held equity investments in common stock of entities that lend money valued using the most recently available or quarterly NAV statements as provided by the external fund manager or third-party administrator and therefore measured using the NAV as a practical expedient.

•Private equity funds: These are comprised of private equity funds, private equity co-investments with sponsoring entities and investments in real estate limited partnerships and joint ventures. The fair value is estimated based on the most recently available NAV as advised by the external fund manager or third-party administrator. The fair values are therefore measured using the NAV as a practical expedient.

•Investments in direct lending entities: These investments are carried at their fair market value with any changes in fair value reported in realized and unrealized gains (losses) during the period. These investments are included in Level 3 of the fair value hierarchy due to unobservable market data used for valuation.

•Due to a lag in the valuations of certain funds reported by the investment managers, the Company may record changes in valuation with up to a three-month lag. The Company regularly reviews and discusses fund performance with the investment managers or sponsors to corroborate the reasonableness of the reported NAV and to assess whether any events have occurred within the lag period that would affect the valuation of the investments.

5. Fair Value Measurements (continued)

Contingent Receivables - The Company holds a contingent receivable related to a prior private equity investment in the insurance distribution industry. Pursuant to the terms of the asset purchase agreement, the Company will receive a series of distributions. The Company uses unobservable inputs to estimate the net present value of these potential distributions and the expected proceeds are classified as a receivable and reported in Other Assets on the Consolidated Balance Sheet. Under ASC 805, the earn out consideration for this receivable is adjusted to fair value at each reporting period with any changes in fair value reported immediately in income through foreign exchange and other gains (losses) on the consolidated income statement.

Derivative Instruments - The Company entered into a retroactive reinsurance contract that is accounted for as a derivative. This reinsurance contract provides indemnification to an insured or cedant as a result of a change in a variable as opposed to an identifiable insurable event. The Company considers this contract to be part of its underwriting operations. This derivative is initially valued at cost which approximates fair value. In subsequent measurement periods, the fair value of this derivative is determined using internally developed discounted cash flow models using appropriate discount rates. The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of this derivative.

The fair value changes in the underwriting-related derivative instrument are included in other insurance revenue (expense), net. The derivative liability on retroactive reinsurance is presented as part of accrued expenses and other liabilities. A significant increase (decrease) in this input in isolation may result in a significantly lower (higher) fair value measurement for the derivative contract. As the significant inputs used to price the derivative are unobservable, the fair values of this contract is classified as Level 3 in the fair value hierarchy.

b) Fair Value Hierarchy

The Company’s estimates of fair value for its financial assets and financial liabilities are based on the framework established in ASC 820. The framework is based on the inputs used in valuation and gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuation methodology whenever available. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active trading markets and the lowest priority to unobservable inputs that reflect significant market assumptions.

At December 31, 2025, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:


December 31, 2025	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value Based on NAV Practical Expedient			Total Fair Value
Fixed maturities
U.S. treasury bonds	$	43,673		$	—		$	—		$	—		$	43,673
U.S. agency bonds – mortgage-backed	—			21,618			—			—			21,618

Non-U.S. government bonds	—			27,275			—			—			27,275
Collateralized loan obligations	—			62,624			—			—			62,624
Corporate bonds	—			7,977			—			—			7,977

Equity securities	—			4,838			6,910			—			11,748
Contingent receivable	—			—			9,955			—			9,955
Other investments	—			—			135,018			38,340			173,358
Total Assets measured at Fair Value	$	43,673		$	124,332		$	151,883		$	38,340		$	358,228
As a percentage of total assets	4.3		%	12.3		%	15.0		%	3.8		%	35.4		%
Liabilities
Underwriting-related derivative liability	$	—		$	—		$	3,984		$	—		$	3,984

December 31, 2024

Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)

Significant
Other
Observable
Inputs
(Level 2)

Significant

Unobservable

Inputs

(Level 3)(1)

Fair Value Based on NAV Practical Expedient

Total Fair
Value

The Company utilizes the Pricing Service to assist in determining the fair value of its investments; however, management is ultimately responsible for all fair values presented in the Company’s financial statements. This includes responsibility for monitoring the fair value process, ensuring objective and reliable valuation practices, and pricing of assets and liabilities and use of pricing sources. The Company analyzes and reviews the information and prices received from the Pricing Service to ensure that the prices provided represent a reasonable estimate of fair value.

5. Fair Value Measurements (continued)

The Pricing Service was utilized to estimate fair value measurements for 100.0% of our fixed maturity investments at December 31, 2025. The Pricing Service utilizes market quotations for fixed maturity securities that have quoted market prices in active markets. Since fixed maturities other than U.S. treasury bonds generally do not trade actively on a daily basis, the Pricing Service prepares estimates of fair value measurements using relevant market data, benchmark curves, sector groupings and matrix pricing and these have been classified as Level 2 within the fair value hierarchy.

At December 31, 2025, no securities in our fixed maturity investment portfolio were priced using a non-binding quotation from a broker and/or custodian as opposed to the Pricing Service. At December 31, 2025, the Company did not adjust any pricing provided to it based on the review performed by its investment managers. There were no transfers to or from Level 3 during the year ended December 31, 2025.

c) Level 3 Financial Instruments

At December 31, 2025, the Company holds Level 3 financial instruments which include total investments of $141,928, a contingent receivable of $9,955 which is included in other assets, and an underwriting-related derivative liability of $3,984 on a reinsurance contract written by GLS which is included in accrued expenses and other liabilities.

The Level 3 investments include collateralized investments in direct lending entities of $53,275 at December 31, 2025 which are carried at fair market value using significant unobservable inputs. These direct loans are illiquid, require long-term capital commitments and significant judgment was used in determining its valuation using discounted cash flows. However, collateral is held in excess of the fair value of this investment. Due to significant unobservable inputs required in its valuation, investments in direct lending entities are classified as Level 3 in the fair value hierarchy.

The fair values for privately held equity investments of $9,742 are estimated using quarterly unaudited capital and financial statements provided by the investee, option pricing models or market comparable transactions, where applicable. Any changes to the financial information provided by the investee or unobservable inputs could result in a significantly higher or lower valuation at the reporting date. Due to significant unobservable inputs in these valuations, the Company classifies the fair values as Level 3 in the fair value hierarchy.

The Company has elected the fair value option for certain of its equity method investments at the acquisition date. Their fair value of $78,911 are presented in other investments and estimated using quarterly unaudited capital and financial statements provided by the investee, discounted cash flows and option pricing models, where applicable. Any changes to the financial information provided by the investee or unobservable inputs could result in a significantly higher or lower valuation at the reporting date. Due to significant unobservable inputs in valuations, the Company classifies the fair values as Level 3 within the fair value hierarchy.

The Company holds a contingent receivable related to a prior private equity investment in the insurance distribution industry where the Company will receive a series of distributions under terms of the asset purchase agreement. The net present value of these potential distributions is $9,955 which was reported in Other Assets on the Consolidated Balance Sheet at December 31, 2025. Under ASC 805, the earn out consideration for this receivable is adjusted to fair value using discounted cash flows at each reporting period with any changes in fair value reported immediately in net income. Due to significant unobservable inputs in its valuation, the Company classifies the fair value of this contingent receivable as Level 3 within the fair value hierarchy.

The fair value of underwriting-related derivative instruments of $3,984 is determined using a discounted cash flow model in which the Company examines current market conditions, historical results as well as contract specific information that may impact future cash flows in order to assess the reasonableness of inputs used in the valuation model. Due to significant unobservable inputs in these valuations, the Company classifies the fair values as Level 3 within the fair value hierarchy.

The following table shows the reconciliation of beginning and ending balances for financial assets measured at fair value on a recurring basis using Level 3 inputs for the year ended December 31, 2025. The Company includes any related interest and dividend income in net investment income and thus are excluded from the reconciliation in the table below:


For the Year Ended December 31,	2025
Balance - beginning of period		$	—
Acquired Level 3 financial assets		147,143
Purchases		5,496
Sales		(1,239)
Net realized and unrealized gains recognized in the statement of income		5,321
Transfers out of Level 3 into Level 2		(4,838)
Total Level 3 investments - end of period		$	151,883

5. Fair Value Measurements (continued)

The following table provides a summary of quantitative information regarding the significant unobservable inputs used in determining the fair value of other investments measured at fair value on a recurring basis under the Level 3 classification at December 31, 2025:


Financial Instrument	Fair Value		Valuation Technique	Significant Unobservable Valuation Inputs	Range of Unobservable Inputs (Low/High/Weighted Average)						Impact of Increases in Inputs

Private equity investments - preferred shares	4,578		Market comparable companies & Option Pricing Models	Value Change - Market/Industry Factors	(3.0)%		5.0%		(0.3)%		Higher fair value
Private equity investments - preferred shares	2,332			Value Change - Company Performance	10.0%		10.0%		10.0%		Higher fair value
				Term to Exit	3.0 years		3.0 years		3.0 years		Lower fair value
				Equity Volatility	40.0%		65.0%		56.6%		Lower fair value
Private equity investments - preferred shares	1,559		Market comparable companies & Option Pricing Models	Value Change - Market/Industry Factors	(3.0)%		7.5%		1.7%		Higher fair value
Private equity investments - preferred shares	1,273			Value Change - Company Performance	10.0%		10.0%		10.0%		Higher fair value
				Term to Exit	2.5 years		3.0 years		2.7 years		Lower fair value
				Equity Volatility	65.0%		92.5%		80.1%		Lower fair value
Investment in direct lending entities	53,275		Discounted cash flows	Discount rate	22.0%		22.0%		22.0%		Lower fair value
	—		Discounted cash flows	Discount Rate	10.0%		25.0%		18.0%		Lower fair value
Silverstone Ventures	27,911			Term to Exit	3.0 years		9.0 years		3.6 years		Lower fair value

Extell Hudson Waterfront Holdings			Discounted cash flows & option pricing models	Discount Rate	6.8%		6.8%		6.8%		Lower fair value
				Exit Cap Rate	5.5%		5.5%		5.5%		Lower fair value
	51,000			Equity Volatility	37.4%		37.4%		37.4%		Lower fair value
				Term to Exit	5.7 years		5.7 years		5.7 years		Lower fair value
				Discount for Lack of Marketability - OPM	15.0%		18.0%		16.5%		Lower fair value
				Discount for Lack of Marketability	10.0%		10.0%		10.0%		Lower fair value
Total Level 3 Investments	$	141,928
Contingent Receivable	$	9,955	Discounted cash flows & Option pricing models	EBITDA & Commission Discount Rate	9.2	%	9.2	%	9.2	%	Lower fair value
				EBITDA & Commission Equity Volatility Rate	25.0	%	25.0	%	25.0	%	Lower fair value

Underwriting-related derivative liability	$	3,984	Discounted cash flows	Duration matched discount rates	5.5%		5.5%		5.5%		Lower fair value

5. Fair Value Measurements (continued)

d) Financial Instruments Disclosed, But Not Carried, at Fair Value

The fair value of financial instruments accounting guidance also applies to financial instruments disclosed, but not carried at fair value, except for certain financial instruments related to insurance contracts.

At December 31, 2025, the carrying values of cash equivalents (including restricted amounts), accrued investment income, reinsurance balances receivable and certain other assets and liabilities approximate fair values due to their inherent short duration. As these financial instruments are not actively traded, the fair values of these financial instruments are classified as Level 2 in the fair value hierarchy.

At December 31, 2025, the carrying value of the net loan receivable from related party approximates fair value. The fair value of this loan is primarily determined by estimating expected future cash flows and discounting them using current interest rates for similar loans with similar credit risk. As the net loan receivable from related party is not actively traded, its fair value is classified as Level 3 in the fair value hierarchy.

The fair values of the Company's outstanding Senior Notes for the respective periods (as defined in Note 7. Long-Term Debt) are based on indicative market pricing obtained from a third-party pricing service which uses observable market inputs, and therefore the fair values of these liabilities are classified as Level 2 in the fair value hierarchy. The following table presents the respective carrying values and fair values for the Company's outstanding Senior Notes as at December 31, 2025:


December 31,	2025
	Carrying Value		Fair Value

2016 Senior Notes - MHLA – 6.625%	$	110,000	$	57,200
2013 Senior Notes - MHNC – 7.75%	152,361		96,292
Total Senior Notes	$	262,361	$	153,492

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 6A
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 6A
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Earnings per Common Share (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	May 27, 2025 $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Jun. 03, 2025 $ / shares
Numerator:
Net income (loss)			$ (1,291)
Amount allocated to participating common shareholders, basic		$ (450)	0
Amount allocated to participating common shareholders, diluted		450	0
Income (loss) available to Kestrel common shareholders, continuing operations, basic		49,088	(1,291)
Income (loss) available to Kestrel common shareholders, continuing operations, diluted		49,088	(1,291)
Loss from discontinued operations, net of income tax expense		(2,813)	0
Amount of loss from discontinued operations allocated to participating common shareholders, basic		26	0
Amount of loss from discontinued operations allocated to participating common shareholders, diluted		26	0
Net income (loss) attributable to Kestrel common shareholders, basic		46,301	(1,291)
Net income (loss) attributable to Kestrel common shareholders, diluted		$ 46,301	$ (1,291)
Denominator:
Weighted average number of common shares - basic (in shares) \| shares		5,731,380	2,749,996
Weighted average number of common shares - diluted (in shares) \| shares		5,731,380	2,749,996
Basic earnings (loss) from continuing operations per share attributable to Kestrel common shareholders (in dollars per share) \| $ / shares		$ 8.57	$ (0.47)
Diluted earnings (loss) from continuing operations per share attributable to Kestrel common shareholders (in dollars per share) \| $ / shares		8.57	(0.47)
Basic loss from discontinued operations per share attributable to Kestrel common shareholders (in dollars per share) \| $ / shares		(0.49)	0
Diluted loss from discontinued operations per share attributable to Kestrel common shareholders (in dollars per share) \| $ / shares		(0.49)	0
Basic earnings (loss) per share available to Kestrel common shareholders (in dollars per share) \| $ / shares		8.08	(0.47)
Diluted earnings (loss) per share available to Kestrel common shareholders (in dollars per share) \| $ / shares		$ 8.08	$ (0.47)
Potentially dilutive securities (in shares) \| shares		0	0
Common shares, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Kestrel Group, Ltd.
Denominator:
Business combination, stock conversion ratio	0.05
Common shares (in shares) \| shares	7,221,621
Kestrel Group, Ltd. \| Common shares
Denominator:
Common shares (in shares) \| shares	2,749,996

Share Compensation and Pension Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share Compensation and Pension Plans

2025 Equity Incentive Plan

On June 3, 2025, a Registration Statement on Form S-8 was filed by the Company for the purpose of registering 1,411,600 common shares, par value $0.01 per share, of the Company which include:

•206,600 common shares are issuable in respect of outstanding awards under the Maiden Holdings, Ltd. 2019 Omnibus Incentive Plan (“Legacy Plan”) and any such additional shares granted under the Legacy Plan that were forfeited, cancelled, exchanged or surrendered, including in connection with the termination or expiration of an award, that then become available under the Legacy Plan in accordance with its terms. The Legacy Plan was assigned to and assumed by the Company at the effective time of the Combination. Such aggregate number of common shares issuable under the Legacy Plan reflects the conversion required by the terms of the Combination; and

•1,205,000 common shares are issuable under the Kestrel Group Ltd 2025 Equity Incentive Plan (“Kestrel Group Plan”). The Kestrel Group Plan is administered by the Compensation Committee of the Board of Directors (the "Compensation Committee").

Share Options

Exercise prices of options are established at or above the fair market value of the Company’s common shares at the date of grant. Under the Legacy Plan, unless otherwise determined by the Committee and provided in an award agreement, 25% of the options became exercisable on the first anniversary of the grant date, with an additional 6.25% of the options vesting each quarter thereafter based on the grantee’s continued employment over a four-year period, and expire ten years after grant date. The fair value of each option grant is separately estimated for each vesting date. The fair value of each option is amortized into compensation expense on a straight-line basis between the grant date for the award and each vesting date. The Company has estimated the fair value of all share option awards on the date of the grant by applying the Black-Scholes-Merton multiple-option pricing valuation model. The application of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of compensation expense.

This table shows all share options outstanding under the Legacy Plan for the year ended December 31, 2025:


	Number of Share Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value		Range of Option Exercise Prices (Low to High)











































Options replaced under Legacy Plan	4,275	$	161.98


Outstanding, December 31, 2025	4,275	161.98		1.83 years	$	—	$64.80	$262.40
Total exercisable, December 31, 2025	4,275	161.98		1.83 years	—		$64.80	$262.40

As the Legacy Plan was assumed by the Company on May 27, 2025, the weighted average grant date fair value was $23.00 for all options outstanding at December 31, 2025. All outstanding options as at December 31, 2025 were fully vested. There were zero share options exercised or granted during the year ended December 31, 2025.

Restricted Shares

The fair value of each restricted share is determined based on the market value of the Company's common shares on the date of grant. The total estimated fair value is amortized as an expense on a straight-line basis over the requisite service period as determined by the Committee, which ranges between two to three years for employees and one year for directors.

Non-Performance-Based ("NPB") Restricted Shares

On or around June 1 each year, the Company intends to grant $65 worth of compensation to each non-employee director in the form of either restricted shares or restricted share units that will vest on the first anniversary of the grant date.

As the Legacy Plan was assumed by the Company on May 27, 2025, there were a total of 51,209 restricted shares that were replaced by awards under the Kestrel Group Plan, of which 7,860 restricted shares vested and 11,420 restricted shares were forfeited during the year ended December 31, 2025.

For the year ended December 31, 2025, the Company issued a total of 104,268 (2024 - 0) restricted shares to non-employee directors as well as employees for compensation related to their services. The restricted shares for non-employee directors were issued on September 5, 2025 pursuant to the Kestrel Group Plan and vest in full on September 5, 2026. The restricted shares that were issued to employees on September 5, 2025 will vest one-third annually over three years of service. The total fair value of NPB Restricted Shares that vested during the year ended December 31, 2025 was $181 (2024 - $0). There were no restricted shares issued as compensation by Kestrel LLC prior to the Combination on May 27, 2025.

14. Share Compensation and Pension Plans (continued)

The following table shows the activity for the Company's restricted share awards for the year ended December 31, 2025:


	Non-Performance-Based Restricted Shares				Discretionary Performance-Based Restricted Shares
		Number of Restricted Shares	Weighted Average Grant-Date Fair Value			Number of Restricted Shares	Weighted Average Grant-Date Fair Value









































Awards replaced under Legacy Plan		51,209	$	23.00		—	—
Awards granted		104,268	27.81			—	—
Awards vested		(7,860)	23.00			—	—
Awards forfeited		(11,420)	23.00			—	—
Non-vested at December 31, 2025		136,197	26.68			—	—

Total unrecognized compensation cost of $2,634 related to restricted shares at December 31, 2025, which will be recognized during the next 2.41 years. Total share-based expense for the year ended December 31, 2025 was $888 (2024 - $60).

Pension Plans

The Company provides pension benefits to eligible employees principally through its sponsorship of various defined contribution plans which vary by subsidiary. The Company’s total expenses for its defined contribution pension plans for the year ended December 31, 2025 was $266 (2024 - $64).

Investments - Schedule of Equity Method Investments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 112,443
% of Total	100.00%
Real estate investments valued at equity method of accounting
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 33,532
% of Total	29.80%
Real estate investments at fair value option elected
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 51,000
% of Total	45.40%
Other equity method investments at fair value option elected
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 27,911
% of Total	24.80%
Total equity method investments with fair value option (included in Other Investments)
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 78,911
% of Total	70.20%

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Quota Share Arrangements with AmTrust

The table below shows the effect of both of these quota share arrangements with AmTrust on the Company's Consolidated Income Statements for the year ended December 31, 2025:


For the Year Ended December 31,	2025
Gross and net premiums written	$	(1,235)
Net premiums earned	4,908

Net loss and loss adjustment expenses	(9,452)
Commission and other acquisition expenses	(116)

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of Changes in Common Shares Outstanding

The following table shows the summary of changes in the Company's common shares outstanding for the years ended December 31, 2025 and 2024:


For the Year Ended December 31,	2025	2024
Outstanding shares – January 1	2,749,996	2,749,996
Issuance of common shares due to the Combination	7,221,621	—
Issuance of common shares due to vested restricted shares	7,860	—


Common shares held by Maiden Reinsurance	(2,237,534)	—
Outstanding shares – December 31(1)	7,741,943	2,749,996

(1) Outstanding shares at December 31, 2025 exclude 2,237,534 common shares issued to Maiden Reinsurance.

Schedule of Accumulated Other Comprehensive Income (Loss)


For the Year Ended December 31, 2025	Change in net unrealized gains on investment		Foreign currency translation adjustments		Total
Beginning balance	$	—	$	—	$	—
Other comprehensive income before reclassifications	679		237		916
Amounts reclassified from AOCI to net income, net of tax	—		—		—
Net current period other comprehensive income	679		237		916


Ending balance, Kestrel shareholders	$	679	$	237	$	916

Long-Term Debt - Narrative (Details) - Senior Notes $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Interest and amortization expenses	$ 12,071
Accrued interest	1,342
Amortization expense, debt issuance costs	$ 733
2016 Senior Notes
Debt Instrument [Line Items]
Coupon rate	6.625%
Redemption price percentage	100.00%
2016 Senior Notes \| Minimum
Debt Instrument [Line Items]
Prior notice to be given before redemption date	30 days
2016 Senior Notes \| Maximum
Debt Instrument [Line Items]
Prior notice to be given before redemption date	60 days
2013 Senior Notes
Debt Instrument [Line Items]
Coupon rate	7.75%
Redemption price percentage	100.00%
2013 Senior Notes \| Minimum
Debt Instrument [Line Items]
Prior notice to be given before redemption date	30 days
2013 Senior Notes \| Maximum
Debt Instrument [Line Items]
Prior notice to be given before redemption date	60 days

Investments - Schedule of Privately Held Securities Held Subject to Contractual Sale Restrictions (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Total equity securities subject to contractual sale restrictions	$ 11,748
Privately held common stocks
Debt and Equity Securities, FV-NI [Line Items]
Total equity securities subject to contractual sale restrictions	4,838
Privately held preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Total equity securities subject to contractual sale restrictions	$ 6,910

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Reserve for Loss and Loss Adjustment Expenses - Schedule for Reserve for Loss and LAE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Insurance [Abstract]
Reserve for reported loss and LAE	$ 312,567
Reserve for losses incurred but not reported ("IBNR")	324,602
Reserve for loss and LAE	637,169	$ 0
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross loss and LAE reserves, January 1	0
Less: reinsurance recoverable on unpaid losses, January 1	0
Net loss and LAE reserves, January 1	0
Net incurred losses related to Current year	8,844
Net incurred losses related to Prior year	148
Net	8,992	0
Net paid losses related to Current year	(2,905)
Net paid losses related to Prior years	(58,445)
Net paid losses	(61,350)
Net Maiden Legacy run-off business acquired	221,109
Effect of foreign exchange rate movements	7,221
Net loss and LAE reserves, December 31	175,972	0
Reinsurance recoverable on unpaid losses, December 31	461,197	0
Gross loss and LAE reserves, December 31	$ 637,169	$ 0

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

As a result of the Company's recently completed Combination, Kestrel has two reportable segments: Program Services segment and Legacy Reinsurance segment. Our Program Services reportable segment consists of a cohesive suite of fronting services that are integrated and interdependent. This revenue stream is highly concentrated due to capacity distribution agreements with an individual customer. Capacity distribution fees are collected from program managers or MGAs for providing support services and granting contractual access to our insurance carrier network and are considered a single performance obligation. Support services provided for these insurance and reinsurance brokerage arrangements include compliance and regulatory reporting and administrative support which culminate in the placement of bound insurance coverage. Kestrel considers these arrangements a single revenue stream.

Our Legacy Reinsurance reportable segment consists of the AmTrust Reinsurance and Diversified Reinsurance segments previously reported by Maiden prior to the Combination with Kestrel. The AmTrust portion of this reportable segment includes all business ceded to Maiden Reinsurance by AmTrust, primarily the quota share reinsurance agreement (“AmTrust Quota Share”) between Maiden Reinsurance and AmTrust’s wholly owned subsidiary, AmTrust International Insurance, Ltd. (“AII”) and the European hospital liability quota share reinsurance contract ("European Hospital Liability Quota Share") with AmTrust’s wholly owned subsidiaries, AmTrust Europe Limited ("AEL") and AmTrust International Underwriters DAC ("AIU DAC"), which are both in run-off effective January 1, 2019. Please refer to "Note 10. Related Party Transactions" for additional information regarding these agreements. The Diversified Reinsurance portion of this reportable segment consists of a run-off portfolio of predominantly third-party property and casualty reinsurance business focusing on regional and specialty property and casualty insurance companies located primarily in Europe, including business produced by Maiden LF and Maiden GF and transactions entered into by GLS as described in Note 1. Organization under Maiden Legacy Operations.

The Company evaluates segment performance based on segment profit separately from results of our investment portfolio. Underwriting and fee income or loss is calculated as net premiums earned plus fee revenue less net loss and LAE, commission and other acquisition expenses. General and administrative expenses are allocated to the segments on an actual basis except salaries and benefits where management’s judgment is applied; however, general corporate expenses are not allocated to the reportable segments. In determining total assets by reportable segment, the Company identifies those assets that are attributable to a particular segment such as reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld receivable, net loan receivable from related party, intangible assets and restricted cash and investments. All remaining assets are allocated to Corporate.

Kestrel’s chief operating decision maker ("CODM") is the Company's Chief Executive Officer, for both the Program Services segment and the Legacy Reinsurance segment. The significant segment expenses as reported in the computation of underwriting results in the tables below are used by the Company's CODM in assessing segment performance on a quarterly basis and support their decision on how to allocate resources within the Company.

3. Segment Information (continued)


For the Year Ended December 31, 2025	Legacy Reinsurance(1)		Program Services		Total
Gross premiums written	$	6,091	$	—	$	6,091
Net premiums written	$	6,209	$	—	$	6,209
Net premiums earned	$	12,673	$	—	$	12,673
Fee revenue	—		6,076		6,076
Net loss and LAE	(8,992)		—		(8,992)
Commission and other acquisition expenses	(3,131)		—		(3,131)
General and administrative expenses	(10,861)		(3,246)		(14,107)
Underwriting loss and fee income	$	(10,311)	$	2,830	(7,481)
Reconciliation to net income
Net investment income and net realized and unrealized investment gains					15,300

Interest and amortization expenses					(9,865)

Gain on bargain purchase					68,306
Foreign exchange and other losses, net					(1,723)
Other general and administrative expenses					(14,955)
Income tax expense					(68)
Interest in income from equity method investments					24
Net income from continuing operations					$	49,538

(1) Legacy Reinsurance underwriting results only include the post-combination period from May 27, 2025 to December 31, 2025.


For the Year Ended December 31, 2024	Legacy Reinsurance		Program Services		Total



Fee revenue	$	—	$	3,634	$	3,634


General and administrative expenses	—		(2,554)		(2,554)
Fee income	$	—	$	1,080	1,080
Reconciliation to net loss from continuing operations
Net investment income					213





Other general and administrative expenses					(2,554)
Income tax expense					(30)

Net loss from continuing operations					$	(1,291)

3. Segment Information (continued)

The following tables summarize the financial position of our reportable segments including the reconciliation to the Company's consolidated total assets at December 31, 2025 and 2024:


December 31, 2025	Legacy Reinsurance		Program Services		Total
Reinsurance balances receivable, net	$	724	$	—	$	724
Reinsurance recoverable on unpaid losses	461,197		—		461,197

Net loan receivable from related party	86,883		—		86,883
Intangible assets	9,347		—		9,347
Cash and cash equivalents and investments(1)	163,767		3,165		166,932
Funds withheld receivable	10,956		—		10,956
Other assets(2)	227		2,477		2,704
Total assets - reportable segments	733,101		5,642		738,743
Corporate assets	—		—		251,717
Assets held for sale	—		—		19,495
Total Assets	$	733,101	$	5,642	$	1,009,955

December 31, 2024	Legacy Reinsurance		Program Services		Total





Cash and cash equivalents and investments(1)	$	—	$	4,286	$	4,286

Other assets(2)	—		968		968
Total assets - reportable segments	—		5,254		5,254
Corporate assets	—		—		256

Total Assets	$	—	$	5,254	$	5,510


For the Year Ended December 31,	2025
Gross premiums written – North America	$	(195)
Gross premiums written – Other (predominantly Europe)	6,286
Gross premiums written – Total(1)	$	6,091
Net premiums written – North America	$	(80)
Net premiums written – Other (predominantly Europe)	6,289
Net premiums written – Total(1)	$	6,209
Net premiums earned – North America	$	(80)
Net premiums earned – Other (predominantly Europe)	12,753
Net premiums earned – Total(1)	$	12,673

(1) Legacy Reinsurance segment results only include the post-combination period from May 27, 2025 to December 31, 2025.

3. Segment Information (continued)

The following table sets forth financial information relating to net premiums written by major line of business and reportable segment for the year ended December 31, 2025:


For the Year Ended December 31,	2025
	Total		% of Total





Legacy Segment - Diversified Reinsurance	$	7,444	119.9	%




Legacy Segment - AmTrust Reinsurance	(1,235)		(19.9)	%

Total Net Premiums Written(1)	$	6,209	100.0	%

(1) Legacy Reinsurance segment results only include the post-combination period from May 27, 2025 to December 31, 2025.

The following table sets forth financial information relating to net premiums earned by major line of business and reportable segment for the year ended December 31, 2025:


For the Year Ended December 31,	2025
	Total		% of Total





Legacy Segment - Diversified Reinsurance	$	7,765	61.3	%




Legacy Segment - AmTrust Reinsurance	4,908		38.7	%

Total Net Premiums Earned(1)	$	12,673	100.0	%

(1) Legacy Reinsurance segment results only include the post-combination period from May 27, 2025 to December 31, 2025.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common shares	Additional paid-in capital	Accumulated other comprehensive income	Retained earnings (accumulated deficit)	Treasury shares
Beginning balance at Dec. 31, 2023		$ 27	$ 10,047		$ (4,237)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense			60
Net income (loss)	$ (1,291)				(1,291)
Ending balance at Dec. 31, 2024	4,606	27	10,107	$ 0	(5,528)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued on Combination Agreement		73	166,539
Share-based compensation expense			888
Change in net unrealized gains on investment	679			679
Foreign currency translation adjustment				237
Net income (loss)	46,725				46,725
Distributions to shareholders					(40,000)
Shares issued to Maiden Reinsurance						(51,463)
Ending balance at Dec. 31, 2025	$ 128,284	$ 100	$ 177,534	$ 916	$ 1,197	$ (51,463)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

Commitments, Contingencies and Guarantees - Scheduled Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
2026	$ 363
2027	366
2028	277
2029	284
2030	305
Thereafter	1,144
Discount for present value	(685)
Total discounted operating lease liabilities	$ 2,054	$ 244

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 46,725	$ (1,291)
Other comprehensive gain
Net unrealized holdings gains on fixed maturity investments arising during the year	695	0
Net unrealized gains on held for sale AFS investments	(16)	0
Foreign currency translation adjustment	237	0
Other comprehensive gain, before tax	916	0
Income tax expense related to components of other comprehensive gain	0	0
Other comprehensive gain, after tax	916	0
Comprehensive income (loss)	$ 47,641	$ (1,291)

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	May 27, 2025 $ / shares shares	Dec. 31, 2025 period $ / shares shares	Jun. 03, 2025 $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 shares
Class of Stock [Line Items]
Common shares, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	42,500,000	42,500,000
Number of votes per share \| period		1
Common shares, issued (in shares)		9,979,477		2,749,996
Common shares, outstanding (in shares)		7,741,943		2,749,996	2,749,996
Treasury shares (in shares)		2,237,534
Common shares remain for future issuance (in shares)		32,520,523
Common shares issuable under incentive plans (in shares)			1,411,600
2025 Equity Incentive Plan
Class of Stock [Line Items]
Common shares issuable under incentive plans (in shares)			1,205,000
2019 Omnibus Incentive Plan
Class of Stock [Line Items]
Common shares issuable under incentive plans (in shares)			206,600
Maiden Reinsurance
Class of Stock [Line Items]
Treasury shares (in shares)		2,237,534
Restricted Shares
Class of Stock [Line Items]
Issued and outstanding upon vesting of restricted shares (in shares)		136,197
Common shares \| Kestrel Group LLC
Class of Stock [Line Items]
Members' equity \| $				$ 10,134
Kestrel Group, Ltd.
Class of Stock [Line Items]
Business combination, stock conversion ratio	0.05
Common shares (in shares)	7,221,621
Kestrel Group, Ltd. \| Common shares
Class of Stock [Line Items]
Common shares (in shares)	2,749,996

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments:
Fixed maturities, available-for-sale, at fair value (Amortized cost: 2025 - $162,472)	$ 163,167	$ 0
Equity securities, at fair value (Cost: 2025 - $11,145)	11,748	0
Equity method investments	33,532	0
Other investments	173,358	0
Total investments	381,805	0
Cash and cash equivalents	7,801	4,286
Restricted cash and cash equivalents	9,146	0
Accrued investment income	4,970	0
Reinsurance balances receivable, net (includes $2 from related parties in 2025. Allowance for expected credit losses: 2025 - $14)	724	0
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2025 - $1,740)	461,197	0
Net loan receivable from related party	86,883	0
Intangible assets	9,347	0
Funds withheld receivable (Allowance for expected credit losses: 2025 - $2)	10,956	0
Other assets	17,631	1,224
Assets held for sale	19,495	0
Total assets	1,009,955	5,510
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $554,507 from related parties in 2025)	637,169	0
Unearned premiums (includes $17,227 from related parties in 2025)	17,406	0
Accrued expenses and other liabilities (includes $16,443 and $0 from related parties in 2025 and 2024, respectively)	51,572	904
Senior notes - principal amount	262,361	0
Less: unamortized fair value adjustment	87,959	0
Senior notes, net	174,402	0
Liabilities held for sale	1,122	0
Total liabilities	881,671	904
Commitments and Contingencies
EQUITY
Common shares ($0.01 par value; shares issued 2025 - 9,979,477; 2024 - 2,749,996; shares outstanding 2025 - 7,741,943; 2024 - 2,749,996)	100	27
Additional paid-in capital	177,534	10,107
Accumulated other comprehensive income	916	0
Retained earnings (accumulated deficit)	1,197	(5,528)
Treasury shares, at cost (2025 - 2,237,534 shares)	(51,463)	0
Total shareholders’ equity	128,284	4,606
Total liabilities and equity	$ 1,009,955	$ 5,510

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company employs a comprehensive, cross-departmental approach to continuously assess, identify, and manage potential cybersecurity risks. Our cybersecurity risk management program involves collaboration between our employees, the information technology (“IT”) team, our Chief Information Security Officer (“CISO”), and our Enterprise Risk Management Committee, as overseen by the Board of Directors, primarily through its Audit Committee. The Company’s cybersecurity policies, standards, processes, and practices are integrated into the Company’s overall risk management program and we regularly consider cybersecurity risks in the context of material risks to the Company. Our cybersecurity risk management program categorizes cybersecurity risks into five areas: identify, protect, detect, respond, and recover. We regularly assess the cybersecurity threat landscape, employing a layered cybersecurity strategy that emphasizes prevention, detection, and mitigation through a variety of technical and operational measures. As a part of our cybersecurity risk management program, our information security program is tailored to address identified risks, while aligning with pertinent business requirements. We foster a shared responsibility for the Company’s cybersecurity with all our employees, conducting periodic phishing simulation campaigns and providing regular, mandatory security awareness training to enhance awareness and readiness against cyber threats. Certain roles require additional role-based, specialized cybersecurity training. To protect our data and information systems, we maintain Company-wide cybersecurity policies and procedures regarding encryption requirements, malware protection, remote access, multifactor authentication, confidential and privacy information, and internet, social media, email, and wireless device usage. The CISO and IT team review and update such policies and procedures to adapt to evolving cybersecurity landscapes, industry best practices, and regulatory and statutory updates. Our CISO conducts thorough reviews of these updates at least annually to ensure their continued relevance and effectiveness in safeguarding the Company’s assets and business interests. We continually seek to improve our cybersecurity posture, encompassing end-user training, layered defenses, critical asset identification and protection, enhanced monitoring and alerting, and engagement with third-party experts as needed to evaluate the efficacy of our security measures. We engage reputable third-party tools and products to assist in the monitoring, protection, detection, and potential remediation of cybersecurity threats and incidents. We also regularly evaluate cybersecurity risks associated with our use of third-party service providers, conducting an annual review of hosted applications and assessing their cybersecurity preparedness.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company employs a comprehensive, cross-departmental approach to continuously assess, identify, and manage potential cybersecurity risks. Our cybersecurity risk management program involves collaboration between our employees, the information technology (“IT”) team, our Chief Information Security Officer (“CISO”), and our Enterprise Risk Management Committee, as overseen by the Board of Directors, primarily through its Audit Committee. The Company’s cybersecurity policies, standards, processes, and practices are integrated into the Company’s overall risk management program and we regularly consider cybersecurity risks in the context of material risks to the Company.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Company employs a comprehensive, cross-departmental approach to continuously assess, identify, and manage potential cybersecurity risks. Our cybersecurity risk management program involves collaboration between our employees, the information technology (“IT”) team, our Chief Information Security Officer (“CISO”), and our Enterprise Risk Management Committee, as overseen by the Board of Directors, primarily through its Audit Committee. The Company’s cybersecurity policies, standards, processes, and practices are integrated into the Company’s overall risk management program and we regularly consider cybersecurity risks in the context of material risks to the Company.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CISO is primarily responsible for the assessment and management of the Company’s material cybersecurity risks and the related cybersecurity risk management policies and procedures. Our CISO oversees our cybersecurity risk management and information security programs and provides quarterly status reports to the Audit Committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CISO is primarily responsible for the assessment and management of the Company’s material cybersecurity risks and the related cybersecurity risk management policies and procedures. Our CISO oversees our cybersecurity risk management and information security programs and provides quarterly status reports to the Audit Committee. Our CISO possesses over 25 years of experience in various technology and cybersecurity operations, holds the Certified Chief Information Security Officer (CCISO) certification from EC-Council and certifications from ISC2, Information Systems Security Management Professional (ISSMP), Certified Information Systems Security Professional (CISSP), Certified Cloud Security Professional (CCSP), Certified in Governance, Risk and Compliance (CGRC) as well as ISACA certifications of Certified Information Security Manager (CISM) and Certified in Risk and Information Systems Control (CRISC). Other key members of management assist our CISO in the oversight of cybersecurity risk management. We have established an incident response team which is composed of individuals from our various IT and managerial functions and consults with members of internal departments, as needed to perform an impact analysis of security incidents which may have a material effect on the Company, The Audit Committee has responsibility for oversight of information and cybersecurity risks and assessment of cyber threats and defenses, and it oversees management to ensure that the processes designed, implemented, and maintained with respect to such risks are functioning as intended and adapted when necessary to respond to changes in our strategy, as well as emerging risks. Given the importance of information security and cybersecurity to our stakeholders, our Enterprise Risk Management Committee and our Audit Committee review quarterly reports from our CISO regarding the Company’s cybersecurity strategies for mitigating known risks, newly identified risks, existing projects, and key performance insights and engage in discussions with management based on such reports and other recent developments.
Cybersecurity Risk Role of Management [Text Block]	Our CISO is primarily responsible for the assessment and management of the Company’s material cybersecurity risks and the related cybersecurity risk management policies and procedures. Our CISO oversees our cybersecurity risk management and information security programs and provides quarterly status reports to the Audit Committee. Our CISO possesses over 25 years of experience in various technology and cybersecurity operations, holds the Certified Chief Information Security Officer (CCISO) certification from EC-Council and certifications from ISC2, Information Systems Security Management Professional (ISSMP), Certified Information Systems Security Professional (CISSP), Certified Cloud Security Professional (CCSP), Certified in Governance, Risk and Compliance (CGRC) as well as ISACA certifications of Certified Information Security Manager (CISM) and Certified in Risk and Information Systems Control (CRISC). Other key members of management assist our CISO in the oversight of cybersecurity risk management. We have established an incident response team which is composed of individuals from our various IT and managerial functions and consults with members of internal departments, as needed to perform an impact analysis of security incidents which may have a material effect on the Company, The Audit Committee has responsibility for oversight of information and cybersecurity risks and assessment of cyber threats and defenses, and it oversees management to ensure that the processes designed, implemented, and maintained with respect to such risks are functioning as intended and adapted when necessary to respond to changes in our strategy, as well as emerging risks. Given the importance of information security and cybersecurity to our stakeholders, our Enterprise Risk Management Committee and our Audit Committee review quarterly reports from our CISO regarding the Company’s cybersecurity strategies for mitigating known risks, newly identified risks, existing projects, and key performance insights and engage in discussions with management based on such reports and other recent developments.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our CISO is primarily responsible for the assessment and management of the Company’s material cybersecurity risks and the related cybersecurity risk management policies and procedures. Our CISO oversees our cybersecurity risk management and information security programs and provides quarterly status reports to the Audit Committee.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO possesses over 25 years of experience in various technology and cybersecurity operations, holds the Certified Chief Information Security Officer (CCISO) certification from EC-Council and certifications from ISC2, Information Systems Security Management Professional (ISSMP), Certified Information Systems Security Professional (CISSP), Certified Cloud Security Professional (CCSP), Certified in Governance, Risk and Compliance (CGRC) as well as ISACA certifications of Certified Information Security Manager (CISM) and Certified in Risk and Information Systems Control (CRISC).
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Audit Committee has responsibility for oversight of information and cybersecurity risks and assessment of cyber threats and defenses, and it oversees management to ensure that the processes designed, implemented, and maintained with respect to such risks are functioning as intended and adapted when necessary to respond to changes in our strategy, as well as emerging risks. Given the importance of information security and cybersecurity to our stakeholders, our Enterprise Risk Management Committee and our Audit Committee review quarterly reports from our CISO regarding the Company’s cybersecurity strategies for mitigating known risks, newly identified risks, existing projects, and key performance insights and engage in discussions with management based on such reports and other recent developments.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

Kestrel Intermediate Ledbetter Holdings, LLC ("KILH") was the controlling shareholder of Kestrel. In addition, Terry Ledbetter, the Company's Executive Chairman of the Board of Directors and Luke Ledbetter, the Company's Chief Executive Officer were the founding shareholders of KILH.

The Founding Shareholders of Maiden were Michael Karfunkel, George Karfunkel and Barry Zyskind. Leah Karfunkel (wife of the late Michael Karfunkel) and George Karfunkel are directors of AmTrust, and Barry Zyskind is the chief executive officer and chairman of AmTrust. Leah Karfunkel, George Karfunkel and Barry Zyskind own or control approximately 55.2% of the ownership interests of Evergreen Parent, L.P., the ultimate parent of AmTrust.

The following describes transactions that have transpired between and among the Company (including Maiden), KILH and AmTrust.

KILH and AmTrust were Kestrel equityholders, and received Common Shares at closing of the Combination in proportion to its equity interest in Kestrel prior to the closing. Barry Zyskind, George Karfunkel and Leah Karfunkel were individually shareholders of Maiden prior to closing of the Combination, and received common shares at the closing of the Combination in proportion to their respective equity interests in Maiden prior to the closing.

In connection with the Combination, the Kestrel equityholders at the closing date received 2,749,996 common shares of the combined company. The proportionate interest in these shares include 1,811,764 Common Shares issued to KILH for the benefit of Terry Ledbetter and Luke Ledbetter, constituting 18.2% of the Company's issued Common Shares at December 31, 2025, and 776,470 Common Shares issued to AmTrust, constituting 7.8% of the Company's issued Common Shares at December 31, 2025.

Barry Zyskind is the beneficial owner of 318,714 Common Shares, constituting 3.2% of the Common Shares outstanding. George Karfunkel is the beneficial owner of 80,000 Common Shares, constituting 0.8% of the Common Shares outstanding. Leah Karfunkel is the beneficial owner of 339,630 Common Shares, constituting 3.4% of the Common Shares outstanding.

By reason of his position as the chairman and chief executive officer of AmTrust and his equity interest in AmTrust, Barry Zyskind may be deemed to beneficially own the Common Shares owned by AmTrust. By reason of their membership on the board of directors of AmTrust and their equity interests in AmTrust, each of George Karfunkel and Leah Karfunkel may be also be deemed to beneficially own the Common Shares owned by AmTrust. Therefore, including the 776,470 Common Shares owned by AmTrust, Barry Zyskind beneficially owns 1,095,184 Common Shares, constituting 11.0% of the Common Shares outstanding; George Karfunkel beneficially owns 856,470 Common Shares, constituting 8.6% of the Common Shares outstanding; and Leah Karfunkel beneficially owns 1,116,100 Common Shares, constituting 11.2% of the Common Shares outstanding. Each of Barry Zyskind, George Karfunkel and Leah Karfunkel disclaim beneficial ownership of the Common Shares owned by AmTrust to the extent permitted by law.

As discussed above, AmTrust holds approximately 7.8% of the issued and outstanding Kestrel Group common shares and has the right to nominate (a) one non-independent director to the Kestrel Group board of directors for so long as AmTrust and its affiliates own at least 25% of the shares of Kestrel Group issued to them at the closing of the Combination, and (b) two independent directors to the Kestrel Group board of directors for so long as AmTrust and its affiliates own at least 5% of the shares of Kestrel Group and at least 25% of the shares of Kestrel Group issued to them at the closing of the Combination. Kestrel Group writes its business on a fronting basis initially through the AmTrust Insurance Companies, and will cede up to 100% of underwriting risk in exchange for a fee based on gross premiums written. In addition, AmTrust provides additional services in relation to the AmTrust Insurance Companies pursuant to a management agreement with Kestrel Insurance Agency, including compliance, data reporting, data flow and information technology systems. As a result, Kestrel Group on its strategic partnership with AmTrust as a related party.

KILH holds approximately 18.2% of issued and outstanding Kestrel Group common shares and holds the right to nominate (a) two non-independent directors to the Kestrel Group board of directors for so long as KILH and its affiliates own at least 25% of the shares of Kestrel Group issued to them at the closing of the Combination, and (b) two independent directors to the Kestrel Group board of directors for so long as KILH and its affiliates own at least 5% of the shares of Kestrel Group and at least 25% of the shares of Kestrel Group issued to them at the closing of the Combination.

Management Agreement with AmTrust

As part of the July 26, 2022 Unit Purchase Agreement, AmTrust North America Inc. acquired a 30% minority interest in Kestrel LLC with the option for Kestrel LLC to purchase certain insurance carriers owned by AmTrust North America Inc. Kestrel LLC also receives professional and administrative services through an expense reimbursement arrangement under the management agreement referenced below with AmTrust North America Inc. Kestrel LLC incurred costs related to this agreement of $465 for the year ended December 31, 2025 compared to $826 in 2024. These amounts are presented in general and administrative fees in the consolidated statement of operations and include professional services such as statutory financial reporting, IT processing, legal contracting, and insurance company compliance functions.

Kestrel LLC also has an exclusive management contract with AmTrust North America Inc. to produce business through its use of A.M. Best A- FSC XV insurance carriers, including Sierra Specialty Insurance Company, Rochdale Insurance Company, Park National Insurance Company, and Republic Fire and Casualty Insurance Company, all subsidiaries of AmTrust. In connection with the Combination Agreement, Kestrel will have the option to acquire these insurers from AmTrust for a period of up to three years after the closing date. All fee revenue earned during the years ended December 31, 2025 and 2024 were based on the net premiums associated with this agreement.

10. Related Party Transactions (continued)

Board of Directors of the Company

Following completion of the Combination, the board of directors of Kestrel Group consists of seven directors, made up of four directors selected by KILH, two of whom are independent under applicable securities laws and stock exchange rules, and three directors selected by AmTrust, two of whom are independent under applicable securities laws and stock exchange rules. Please also refer to Note. 11. Commitments for details of the related party lease agreement with Terry Ledbetter, who is the Company's Executive Chairman, which is effective until January 31, 2026.

The following describes the legacy reinsurance transactions that have transpired between the Company and AmTrust:

AmTrust Quota Share

Effective July 1, 2007, the Company and AmTrust entered into a master agreement, as amended ("Master Agreement"), by which they caused Maiden Reinsurance and AII to enter into the AmTrust Quota Share by which AII retroceded to Maiden Reinsurance an amount equal to 40% of the premium written by subsidiaries of AmTrust, net of the cost of unaffiliated inuring reinsurance and 40% of losses. The Master Agreement further provided that AII receive a ceding commission of 31% of ceded written premiums.

On June 11, 2008, Maiden Reinsurance and AII amended the AmTrust Quota Share to add Retail Commercial Package Business to the Covered Business (as defined in the AmTrust Quota Share). AII receives a ceding commission of 34.375% on Retail Commercial Package Business. On July 1, 2016, the agreement was renewed through June 30, 2019. Effective July 1, 2018, the amount AEL ceded to Maiden Reinsurance was reduced to 20%.

Effective July 1, 2013, for the Specialty Program portion of Covered Business only, AII was responsible for ultimate net loss otherwise recoverable from Maiden Reinsurance to the extent that the loss ratio to Maiden Reinsurance, which shall be determined on an inception to date basis from July 1, 2007 through the date of calculation, is between 81.5% and 95%. Above and below the Loss Corridor, Maiden Reinsurance continued to reinsure losses at its proportional 40% share of the AmTrust Quota Share. Effective July 31, 2019, the Loss Corridor was amended such that the maximum amount covered is $40,500, the amount calculated by Maiden Reinsurance for the Loss Corridor coverage as of March 31, 2019. Any development above this maximum amount will be subject to the coverage of the LPT/ADC Agreement.

Effective January 1, 2019, Maiden Reinsurance and AII entered into a partial termination amendment ("Partial Termination Amendment") which amended the AmTrust Quota Share. The Partial Termination Amendment provided for the cut-off of the ongoing and unearned premium of AmTrust’s Small Commercial Business and U.S. Specialty Risk and Extended Warranty ("Terminated Business") as of December 31, 2018. Under the Partial Termination Amendment, the ceding commission payable by Maiden Reinsurance for its remaining in-force business immediately prior to January 1, 2019 increased by five percentage points with respect to in-force remaining business (excluding Terminated Business) and related unearned premium as of January 1, 2019. Subsequently, on January 30, 2019, Maiden Reinsurance and AII agreed to terminate the remaining business subject to the AmTrust Quota Share on a run-off basis effective as of January 1, 2019.

Effective July 31, 2019, Maiden Reinsurance and AII entered into a Commutation and Release Agreement which provided for AII to assume all reserves ceded by AII to Maiden Reinsurance with respect to its proportional 40% share of the ultimate net loss under the AmTrust Quota Share related to the commuted business including: (a) all losses incurred in Accident Year 2017 and Accident Year 2018 under California workers' compensation policies and as defined in the AmTrust Quota Share ("Commuted California Business"); and (b) all losses incurred in Accident Year 2018 under New York workers' compensation policies ("Commuted New York Business"), and together with the Commuted California Business ("Commuted Business") in exchange for the release and full discharge of Maiden Reinsurance's obligations to AII with respect to the Commuted Business. The Commuted Business excludes any business classified by AII as Specialty Program or Specialty Risk business.

AII and Maiden Reinsurance also agreed that as of July 31, 2019, the AmTrust Quota Share was deemed amended as applicable so that the Commuted Business is no longer included as part of Covered Business under the AmTrust Quota Share.

On January 30, 2019, in connection with the termination of the reinsurance agreement described above, the Company and AmTrust entered into a second amendment to the Master Agreement between the parties, originally entered into on July 3, 2007, to remove the provisions requiring AmTrust to reinsure business with the Company.

European Hospital Liability Quota Share

Effective April 1, 2011, Maiden Reinsurance entered into the European Hospital Liability Quota Share with AEL and AIU DAC. Pursuant to the terms of the European Hospital Liability Quota Share, Maiden Reinsurance assumed 40% of the premiums and losses related to policies classified as European Hospital Liability, including associated liability coverages and policies covering physician defense costs, written or renewed on or after April 1, 2011. The European Hospital Liability Quota Share also covers policies written or renewed on or before March 31, 2011, but only with respect to losses that occur, accrue or arise on or after April 1, 2011. The maximum limit of liability attaching shall be €5,000 (€10,000 effective January 1, 2012) or currency equivalent (on a 100% basis) per original claim for any one original policy. Maiden Reinsurance paid a ceding commission of 5% on contracts assumed under the European Hospital Liability Quota Share.

Effective July 1, 2016, the European Hospital Liability Quota Share was amended such that Maiden Reinsurance assumes from AEL 32.5% of the premiums and losses of all policies written or renewed on or after July 1, 2016 until June 30, 2017 and 20% of all policies written or renewed on or after July 1, 2017. Thereafter, on January 30, 2019, Maiden Reinsurance, AEL and AIU DAC agreed to terminate the European Hospital Liability Quota Share on a run-off basis effective as of January 1, 2019.

10. Related Party Transactions (continued)

Effective July 1, 2022, Maiden Reinsurance and AIU DAC entered into an agreement ("Commutation Agreement") which provided for AIU DAC to assume all reserves ceded by AIU DAC to Maiden Reinsurance with respect to AIU DAC’s French Medical Malpractice exposures for underwriting years 2012 through 2018 reinsured by Maiden Reinsurance under the European Hospital Liability Quota Share. In accordance with the Commutation Agreement, Maiden Reinsurance paid $31,291 (€29,401) to AIU DAC, which is the sum of net ceded reserves of $27,625 (€25,956) and an agreed exit cost of $3,666 (€3,444). As a result of the Commutation Agreement, Maiden Reinsurance reduced its exposure to AmTrust's Hospital Liability business, but still has exposure to Italian medical malpractice liabilities under the European Hospital Liability Quota Share.

The table below shows the effect of both of these quota share arrangements with AmTrust on the Company's Consolidated Income Statements for the year ended December 31, 2025:


For the Year Ended December 31,	2025
Gross and net premiums written	$	(1,235)
Net premiums earned	4,908

Net loss and loss adjustment expenses	(9,452)
Commission and other acquisition expenses	(116)

Collateral provided to AmTrust

Pursuant to the terms of the LPT/ADC Agreement, Maiden Reinsurance, Cavello and AmTrust and certain of its affiliated companies entered into a Master Collateral Agreement (“MCA”) to define and enable the operation of collateral provided under the AmTrust Quota Share. Under the MCA, Cavello provided letters of credit on behalf of Maiden Reinsurance to AmTrust in an amount representing Cavello's obligations under the LPT/ADC Agreement. Because these letters of credit replaced other collateral previously provided directly by Maiden Reinsurance to AmTrust, the MCA coordinates the collateral protection that will be provided to AmTrust to ensure that no gaps in collateral funding occur by operation of the LPT/ADC Agreement and related MCA.

As a result of entering into both the LPT/ADC Agreement and the MCA, certain post-termination endorsements (“PTEs”) to the AmTrust Quota Share between AII and Maiden Reinsurance were required. Effective July 31, 2019, the PTEs: i) enable the operation of both the LPT/ADC Agreement and MCA by making provision for certain forms of collateral, including letters of credit provided by Cavello on Maiden Reinsurance’s behalf, and further defines the permitted use and return of collateral; and ii) increase the required funding percentage for Maiden Reinsurance under the collateral arrangements between the parties to 105% of its obligations, subject to a minimum excess funding requirement of $54,000, as may be mutually amended by the parties from time to time. Under certain defined conditions, Maiden Reinsurance may be required to increase this funding percentage to 110%.

Effective March 16, 2020, Maiden Reinsurance discontinued as a Bermuda company and completed its re-domestication to the State of Vermont. Bermuda is a Solvency II equivalent jurisdiction and the State of Vermont is not such a jurisdiction; therefore, the collateral provided under the respective agreements with AmTrust subsidiaries was strengthened to reflect the impact of the re-domestication concurrent with the date of Maiden Reinsurance’s re-domestication to Vermont. Maiden Reinsurance and AmTrust agreed to: 1) amend the AmTrust Quota Share pursuant to Post Termination Endorsement No. 2 effective March 16, 2020; and 2) amend the European Hospital Liability Quota Share pursuant to Post Termination Endorsement No. 1 effective March 16, 2020.

Pursuant to the terms of Post Termination Endorsement No. 2 to the AmTrust Quota Share, Maiden Reinsurance strengthened the collateral protection provided by Maiden Reinsurance to AII by increasing the required funding percentage for Maiden Reinsurance under the collateral arrangements between the parties to 110% of its obligations, subject to a minimum excess funding requirement of $54,000, as may be mutually amended by the parties from time to time. Post Termination Endorsement No. 2 also sets forth conditions by which the funding percentage will be reduced and the sequence of how collateral will be utilized as obligations as defined under the AmTrust Quota Share are satisfied. Pursuant to the terms of Post Termination Endorsement No. 2, the funding percentage was reduced to 107.5% during the first quarter of 2023.

Pursuant to the terms of Post Termination Endorsement No. 3 to the AmTrust Quota Share, AmTrust has agreed to eliminate the minimum excess funding requirement of $54,000 in the AmTrust Quota Share between All and Maiden. Collateral on the AmTrust Quota Share is solely tied to a contractually agreed percentage and was reduced from a level of 107.5% to 105% during the third quarter of 2025 when its obligations declined below the $500,000 threshold. The terms of Post Termination Endorsement No. 3 was effective upon the execution and delivery of the AR Loan Agreement and the Premium Repayment Loan Agreement approved by the Vermont DFR on February 7, 2025.

Pursuant to the terms of Post Termination Endorsement No. 1 to the European Hospital Liability Quota Share, Maiden Reinsurance strengthened the collateral protection provided by Maiden Reinsurance to AEL and AIU DAC by increasing the required funding percentage for Maiden Reinsurance under the collateral arrangements between the parties to the greater of 120% of the Exposure (as defined therein) and the amount of security required to offset the increase in the Solvency Capital Requirement (“SCR”) that results from the changes in the SCR which arise out of Maiden Reinsurance's re-domestication as compared to the SCR calculation if Maiden Reinsurance had remained domesticated in a Solvency II equivalent jurisdiction with a solvency ratio above 100% and provided collateral equivalent to 100% of the Exposure.

10. Related Party Transactions (continued)

Pursuant to the terms of Post Termination Endorsement No. 2 to the European Hospital Liability Quota Share, AmTrust has also agreed to reduce the collateral funding percentage on the European Hospital Liability Quota Share from 120% to 105%, on the effective date of this endorsement, which was approved by the Vermont DFR on February 19, 2025.

On December 31, 2024, Maiden Reinsurance and AmTrust entered into a Loan Agreement (the “Premium Repayment Loan Agreement”) by which Maiden Reinsurance will repay AII the principal amount of $24,259 representing settlement of a dispute over cessions of uncollectible ceded premiums written made by AII to Maiden Reinsurance, payable by Maiden Reinsurance in quarterly installments through the maturity date of December 31, 2032. This settlement is netted against the loan receivable from related party on the Consolidated Balance Sheets at December 31, 2025. AmTrust may offset any amount payable against any amount due and unpaid by Maiden Reinsurance, under any agreement between AmTrust or its affiliate and Maiden Reinsurance or its affiliate, including without limitation, the European Hospital Liability Quota Share, dated April 1, 2011, as amended. Interest is payable at a rate equivalent to the Fed Funds rate plus 150 basis points per annum under the terms of Premium Repayment Loan Agreement.

a) AmTrust Quota Share

To provide AmTrust's U.S. insurance subsidiaries with credit for reinsurance on their statutory financial statements, AII, as the direct reinsurer of AmTrust's insurance subsidiaries, established trust accounts ("Trust Accounts") for their benefit. Maiden Reinsurance has provided appropriate collateral to secure its proportional share under the AmTrust Quota Share of AII's obligations to the AmTrust subsidiaries to whom AII is required to provide collateral which can include: (a) assets loaned by Maiden Reinsurance to AII for deposit into the Trust Accounts, pursuant to a loan agreement between those parties; (b) assets transferred by Maiden Reinsurance for deposit into the Trust Accounts; or (c) a letter of credit obtained by Maiden Reinsurance and delivered to an AmTrust subsidiary on AII's behalf. Maiden Reinsurance may provide any or a combination of these forms of collateral, provided that the aggregate value thereof equals Maiden Reinsurance's proportionate share of its obligations under the AmTrust Quota Share. The collateral requirements under the AmTrust Quota Share with AII are satisfied as follows:

•On January 1, 2025, Maiden Reinsurance and AmTrust amended the terms of the loan agreement provided by Maiden Reinsurance to AII. Under the revised terms, an Amended and Restated Loan Agreement was entered into effective January 1, 2025 (the “AR Loan Agreement”), by which the principal amount of the collateral loan will be repaid (subject to funding of collateral requirements) on or before the revised maturity date of January 1, 2033 pursuant to a repayment schedule set forth in the AR Loan Agreement. The principal amount shall equal (a) $152,377 minus (b) the amount of payments and any prepayments made by or on behalf of AmTrust from time to time. Interest is payable at a rate equivalent to the Federal Funds Effective Rate ("Fed Funds") plus 150 basis points per annum under the terms of the AR Loan Agreement.

•AmTrust may offset any amount payable against any amount due and unpaid by Maiden Reinsurance, under any agreement between AmTrust or its affiliate and Maiden Reinsurance or its affiliate, including without limitation, the AmTrust Quota Share and European Hospital Liability Quota Share dated April 1, 2011, as amended, between Maiden Reinsurance and AmTrust, any other reinsurance agreements between AmTrust or its affiliates and Maiden Reinsurance or its affiliates and the Premium Repayment Loan Agreement dated December 31, 2024 with respect to the settlement of certain ceded premium balances of $24,259 entered into between AII and Maiden Reinsurance.

•The outstanding balances under the AR Loan Agreement and Premium Repayment Loan Agreement are presented on a net basis. The outstanding net loan receivable was $86,883 at December 31, 2025. There was no allowance for expected credit losses recognized on the loan receivable at December 31, 2025. Net interest income on the net loan receivable was $3,573 for the year ended December 31, 2025, with an effective yield of 6.0%.

•The Company separately presents accrued interest on its net loan receivable on the Consolidated Balance Sheet under accrued investment income. The amount of accrued interest receivable on the net loan was $1,310 at December 31, 2025. The Company has elected the practical expedient under Topic 326 to exclude accrued interest for the purposes of identifying and measuring any impairments under the allowance for expected credit losses standard.

b) European Hospital Liability Quota Share

Collateral was provided to both AEL and AIU DAC for the European Hospital Liability Quota Share. For AEL, the collateral held in reinsurance trust accounts at December 31, 2025 was $97,876 and accrued interest was $668.

Asset Management Agreement

Effective July 1, 2007, the Company entered into an asset management agreement with AII Insurance Management Limited ("AIIM"), a wholly owned subsidiary of AmTrust, pursuant to which AIIM agreed to provide investment management services to the Company. Effective January 1, 2018, AIIM provides investment management services for a quarterly fee of 0.02125% of the average value of the account. The agreement may be terminated upon 30 days written notice by either party. The Company recorded $91 of investment management fees for the year ended December 31, 2025 under this agreement.

On September 9, 2020, Maiden Reinsurance, AmTrust and AIIM entered into a novation agreement, effective July 1, 2020, which provided for the novation of the asset management agreement, dated January 1, 2018 between Maiden Reinsurance and AIIM, and the release by Maiden Reinsurance of AIIM's obligations under the asset management agreement. The novation mandates that AmTrust is to be bound by the terms of the asset management agreement in place of AIIM and AmTrust agrees to perform any and all past, present and future obligations of AIIM under the asset management agreement.

10. Related Party Transactions (continued)

On November 13, 2020, Maiden LF, Maiden GF, AmTrust and AIIM entered into a novation agreement, effective July 1, 2020, which provided for the novation of the asset management agreement, dated January 1, 2018 between Maiden LF, Maiden GF and AIIM, and the release by Maiden LF and Maiden GF of AIIM's obligations under the asset management agreement. The novation mandates that AmTrust is to be bound by the terms of the asset management agreement in place of AIIM and AmTrust agrees to perform any and all past, present and future obligations of AIIM under the asset management agreement.

Renewal Rights Transaction - IIS Business

On May 3, 2024, Maiden LF and Maiden GF entered into a Renewal Rights and Asset Purchase Agreement with AmTrust Nordic AB, a Swedish unit of AmTrust, which is expected to cover certain programs of Maiden LF and Maiden GF's primary business written in Sweden, Norway and other Nordic countries.

On June 20, 2024, Maiden LF and Maiden GF entered into a Renewal Rights and Asset Purchase Agreement with AmTrust Europe Limited ("AEL") and AmTrust International Underwriters DAC ("AIU DAC"), both wholly owned subsidiaries of AmTrust, which is expected to cover certain programs of Maiden LF and Maiden GF's primary business written in the United Kingdom and Ireland.

Under these agreements (collectively referred to as the "AmTrust Renewal Rights" agreement), those AmTrust subsidiaries in collaboration with existing Maiden LF and Maiden GF distribution partners, will offer renewals to select policyholders in exchange for a fee at standard market terms for business successfully renewed. All programs written by Maiden LF and GF, including those covered by the agreements as described above, are in the process of being cancelled in accordance with either their contractual terms or as applicable, the requirements of these agreements. At December 31, 2025, Maiden LF and Maiden GF substantially completed all the main contractual obligations as per the AmTrust Renewal Rights agreements.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Income Taxes - Schedule of Income (Loss) Before Income Taxes and Total Income Tax Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income before income taxes – Domestic (Bermuda)	$ 46,181	$ 0
Income (loss) before income taxes – Foreign (U.S. and others)	3,425	(1,261)
Total income (loss) before income taxes	49,606	(1,261)
Current tax expense – Domestic (Bermuda)	0	0
Current tax (benefit) expense – Foreign (U.S. and others)	(152)	30
Total current tax (benefit) expense	(152)	30
Deferred tax expense – Domestic (Bermuda)	0	0
Deferred tax expense – Foreign (U.S. and others)	220	0
Total deferred tax expense	220	0
Total income tax expense	$ 68	$ 30

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenues
Gross premiums written	$ 6,091	$ 0
Net premiums written	6,209	0
Change in unearned premiums	6,464	0
Net premiums earned	12,673	0
Fee revenue, net	6,076	3,634
Net investment income	8,343	213
Net realized and unrealized investment gains	6,957	0
Total revenues	34,049	3,847
Expenses
Net loss and loss adjustment expenses	8,992	0
Commission and other acquisition expenses	3,131	0
General and administrative expenses	29,062	5,108
Interest and amortization expenses	9,865	0
Gain on bargain purchase	(68,306)	0
Foreign exchange and other losses	1,723	0
Total expenses	(15,533)	5,108
Income (loss) before income taxes and interest in income of equity method investments	49,582	(1,261)
Income tax expense	68	30
Interest in income of equity method investments	24	0
Net income (loss) from continuing operations	49,538	(1,291)
Loss from discontinued operations, net of income tax expense	(2,813)	0
Net income (loss)	$ 46,725	$ (1,291)
Basic earnings (loss) from continuing operations per share attributable to Kestrel common shareholders (in dollars per share)	$ 8.57	$ (0.47)
Diluted earnings (loss) from continuing operations per share attributable to Kestrel common shareholders (in dollars per share)	8.57	(0.47)
Basic loss from discontinued operations per share attributable to Kestrel common shareholders (in dollars per share)	(0.49)	0
Diluted loss from discontinued operations per share attributable to Kestrel common shareholders (in dollars per share)	(0.49)	0
Basic earnings (loss) per share available to Kestrel common shareholders (in dollars per share)	8.08	(0.47)
Diluted earnings (loss) per share available to Kestrel common shareholders (in dollars per share)	$ 8.08	$ (0.47)
Weighted average number of common shares - basic (in shares)	5,731,380	2,749,996
Weighted average number of common shares - diluted (in shares)	5,731,380	2,749,996

Reinsurance - Schedule of Effect of Ceded Reinsurance on Net Premiums Written and Earned and on Net Loss and LAE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Premiums written
Direct	$ 6,967
Assumed	(876)
Ceded	118
Net premiums written	6,209	$ 0
Premiums earned
Direct	7,333
Assumed	5,273
Ceded	67
Net premiums earned	12,673	0
Loss and LAE
Gross loss and LAE	10,770
Loss and LAE ceded	(1,778)
Net	$ 8,992	$ 0

Reserve for Loss and Loss Adjustment Expenses - Schedule of PPD for the AmTrust Reinsurance Legacy Operations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Segment Reporting Information [Line Items]
Total AmTrust Reinsurance favorable PPD	$ (148)
AmTrust Reinsurance
Segment Reporting Information [Line Items]
Total AmTrust Reinsurance favorable PPD	652
AmTrust Quota Share \| AmTrust Reinsurance
Segment Reporting Information [Line Items]
Total AmTrust Reinsurance favorable PPD	760
European Hospital Liability Quota Share \| AmTrust Reinsurance
Segment Reporting Information [Line Items]
Total AmTrust Reinsurance favorable PPD	(4,412)
LPT/ADC Agreement \| AmTrust Reinsurance
Segment Reporting Information [Line Items]
Total AmTrust Reinsurance favorable PPD	$ 4,304

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

At December 31, 2025, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:


December 31, 2025	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value Based on NAV Practical Expedient			Total Fair Value
Fixed maturities
U.S. treasury bonds	$	43,673		$	—		$	—		$	—		$	43,673
U.S. agency bonds – mortgage-backed	—			21,618			—			—			21,618

Non-U.S. government bonds	—			27,275			—			—			27,275
Collateralized loan obligations	—			62,624			—			—			62,624
Corporate bonds	—			7,977			—			—			7,977

Equity securities	—			4,838			6,910			—			11,748
Contingent receivable	—			—			9,955			—			9,955
Other investments	—			—			135,018			38,340			173,358
Total Assets measured at Fair Value	$	43,673		$	124,332		$	151,883		$	38,340		$	358,228
As a percentage of total assets	4.3		%	12.3		%	15.0		%	3.8		%	35.4		%
Liabilities
Underwriting-related derivative liability	$	—		$	—		$	3,984		$	—		$	3,984

Schedule of Reconciliation of Other Investments Measured at Fair Value on A Recurring Basis Using Level 3 Inputs


For the Year Ended December 31,	2025
Balance - beginning of period		$	—
Acquired Level 3 financial assets		147,143
Purchases		5,496
Sales		(1,239)
Net realized and unrealized gains recognized in the statement of income		5,321
Transfers out of Level 3 into Level 2		(4,838)
Total Level 3 investments - end of period		$	151,883

Schedule of Significant Unobservable Inputs for Determining Fair Value of Other Investments


Financial Instrument	Fair Value		Valuation Technique	Significant Unobservable Valuation Inputs	Range of Unobservable Inputs (Low/High/Weighted Average)						Impact of Increases in Inputs

Private equity investments - preferred shares	4,578		Market comparable companies & Option Pricing Models	Value Change - Market/Industry Factors	(3.0)%		5.0%		(0.3)%		Higher fair value
Private equity investments - preferred shares	2,332			Value Change - Company Performance	10.0%		10.0%		10.0%		Higher fair value
				Term to Exit	3.0 years		3.0 years		3.0 years		Lower fair value
				Equity Volatility	40.0%		65.0%		56.6%		Lower fair value
Private equity investments - preferred shares	1,559		Market comparable companies & Option Pricing Models	Value Change - Market/Industry Factors	(3.0)%		7.5%		1.7%		Higher fair value
Private equity investments - preferred shares	1,273			Value Change - Company Performance	10.0%		10.0%		10.0%		Higher fair value
				Term to Exit	2.5 years		3.0 years		2.7 years		Lower fair value
				Equity Volatility	65.0%		92.5%		80.1%		Lower fair value
Investment in direct lending entities	53,275		Discounted cash flows	Discount rate	22.0%		22.0%		22.0%		Lower fair value
	—		Discounted cash flows	Discount Rate	10.0%		25.0%		18.0%		Lower fair value
Silverstone Ventures	27,911			Term to Exit	3.0 years		9.0 years		3.6 years		Lower fair value

Extell Hudson Waterfront Holdings			Discounted cash flows & option pricing models	Discount Rate	6.8%		6.8%		6.8%		Lower fair value
				Exit Cap Rate	5.5%		5.5%		5.5%		Lower fair value
	51,000			Equity Volatility	37.4%		37.4%		37.4%		Lower fair value
				Term to Exit	5.7 years		5.7 years		5.7 years		Lower fair value
				Discount for Lack of Marketability - OPM	15.0%		18.0%		16.5%		Lower fair value
				Discount for Lack of Marketability	10.0%		10.0%		10.0%		Lower fair value
Total Level 3 Investments	$	141,928
Contingent Receivable	$	9,955	Discounted cash flows & Option pricing models	EBITDA & Commission Discount Rate	9.2	%	9.2	%	9.2	%	Lower fair value
				EBITDA & Commission Equity Volatility Rate	25.0	%	25.0	%	25.0	%	Lower fair value

Underwriting-related derivative liability	$	3,984	Discounted cash flows	Duration matched discount rates	5.5%		5.5%		5.5%		Lower fair value

Schedule of Carrying Value and Fair Value of Senior Notes

The following table presents the respective carrying values and fair values for the Company's outstanding Senior Notes as at December 31, 2025:


December 31,	2025
	Carrying Value		Fair Value

2016 Senior Notes - MHLA – 6.625%	$	110,000	$	57,200
2013 Senior Notes - MHNC – 7.75%	152,361		96,292
Total Senior Notes	$	262,361	$	153,492

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Fair Value Measurements - Schedule of Carrying Value and Fair Value of Senior Notes (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Level 2 \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Senior Notes	$ 262,361
Level 2 \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Senior Notes	$ 153,492
2016 Senior Notes - MHLA – 6.625% \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	6.625%
2016 Senior Notes - MHLA – 6.625% \| Senior Notes \| Level 2 \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Senior Notes	$ 110,000
2016 Senior Notes - MHLA – 6.625% \| Senior Notes \| Level 2 \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Senior Notes	$ 57,200
2013 Senior Notes - MHNC – 7.75% \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	7.75%
2013 Senior Notes - MHNC – 7.75% \| Senior Notes \| Level 2 \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Senior Notes	$ 152,361
2013 Senior Notes - MHNC – 7.75% \| Senior Notes \| Level 2 \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Senior Notes	$ 96,292

- Definition

Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.

+ References + Details

Investments - Schedule of Fixed Maturities in an Unrealized Loss Position and Aggregate Fair Value (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Fair value
Less than 12 Months	$ 71,111
12 Months or More	0
Total	71,111
Unrealized losses
Less than 12 Months	(165)
12 Months or More	0
Total	(165)
Non-U.S. government bonds
Fair value
Less than 12 Months	27,275
12 Months or More	0
Total	27,275
Unrealized losses
Less than 12 Months	(142)
12 Months or More	0
Total	(142)
Collateralized loan obligations
Fair value
Less than 12 Months	36,370
12 Months or More	0
Total	36,370
Unrealized losses
Less than 12 Months	(21)
12 Months or More	0
Total	(21)
Corporate bonds
Fair value
Less than 12 Months	7,466
12 Months or More	0
Total	7,466
Unrealized losses
Less than 12 Months	(2)
12 Months or More	0
Total	$ (2)

Assets Held for Sale - Schedule of Income Statement Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net loss from discontinued operations	$ (2,813)	$ 0
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net investment income	212
General and administrative expenses	(2,858)
Foreign exchange and other losses	(167)
Net loss from discontinued operations	$ (2,813)

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Fair Value Measurements- Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($) security	Dec. 31, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, number of securities priced for fair value \| security	0
Contingent receivable	$ 9,955
Underwriting-related derivative liability	3,984
Other investments	173,358	$ 0
Equity securities	11,748	$ 0
Asset Purchase Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net present value of total distributions	9,955
Investment in direct lending entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	53,275
Total unfunded commitments on equity method investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	78,911
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Level 3 Investments	141,928
Contingent receivable	9,955
Underwriting-related derivative liability	3,984
Equity securities	6,910
Significant Unobservable Inputs (Level 3) \| Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Underwriting-related derivative liability	3,984
Privately held equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 9,742
Fair Value \| Fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets valued by third party, percentage	100.00%

Business Combination - Schedule of Estimated Aggregate Amortization Expense (Details) - Kestrel Group, Ltd. $ in Thousands	Dec. 31, 2025 USD ($)
Intangible Asset, Acquired, Finite-Lived [Line Items]
2026	$ 2,928
2027	1,889
2028	1,490
2029	1,168
2030	704
Amortization expense: VOBA
Intangible Asset, Acquired, Finite-Lived [Line Items]
2026	730
2027	476
2028	247
2029	102
2030	72
Amortization expense: fair value discount on net reserves acquired
Intangible Asset, Acquired, Finite-Lived [Line Items]
2026	2,198
2027	1,413
2028	1,243
2029	1,066
2030	$ 632

Reserve for Loss and Loss Adjustment Expenses - Schedule of Reconciliation of loss development to reserve for loss and LAE (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Jul. 31, 2019	Nov. 30, 2010
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	$ 175,972
Reinsurance recoverable on unpaid losses	461,197	$ 0
Total Gross Reserves	637,169	$ 0
Diversified Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	689			$ 98,827
Reinsurance recoverable on unpaid losses	32,791
Total Gross Reserves	33,480
AmTrust Reinsurance
US Treaty business ceded to Cavello
Reinsurance recoverable on unpaid losses			$ 445,000
Operating Segments
US Treaty business ceded to Cavello
Reinsurance recoverable on unpaid losses	461,197
Operating Segments \| Diversified Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	47,789
Reinsurance recoverable on unpaid losses	1,393
Total Gross Reserves	49,182
Operating Segments \| AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	127,494
Reinsurance recoverable on unpaid losses	427,013
Total Gross Reserves	554,507
IIS business \| Diversified Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	28,704
Reinsurance recoverable on unpaid losses	66
Total Gross Reserves	28,770
GLS \| Diversified Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	8,537
Reinsurance recoverable on unpaid losses	1,327
Total Gross Reserves	9,864
Workers' Compensation \| AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	(37,368)		$ 33,620
Reinsurance recoverable on unpaid losses	256,869
Total Gross Reserves	219,501
General Liability \| AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	(2,036)
Reinsurance recoverable on unpaid losses	84,106
Total Gross Reserves	82,070
Commercial Auto Liability \| AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	3,884
Reinsurance recoverable on unpaid losses	16,402
Total Gross Reserves	20,286
European Hospital Liability \| AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	88,887
Reinsurance recoverable on unpaid losses	0
Total Gross Reserves	88,887
All other lines \| AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	3,143
Reinsurance recoverable on unpaid losses	2,685
Total Gross Reserves	5,828
Total \| AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	56,510
Reinsurance recoverable on unpaid losses	360,062
Total Gross Reserves	416,572
Other reconciling items excluded from loss development tables \| Diversified Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	10,548
Reinsurance recoverable on unpaid losses	0
Total Gross Reserves	10,548
Other reconciling items excluded from loss development tables \| AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	70,984
Reinsurance recoverable on unpaid losses	66,951
Total Gross Reserves	$ 137,935

Share Compensation and Pension Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Jun. 03, 2025	May 27, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under the plan (in shares)			1,411,600
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Weighted average grant date fair value (in dollars per share)	$ 23.00
Exercised (in shares)	0	0
Awards replaced (in shares)	51,209
Share-based expense	$ 888	$ 60
Defined contribution plans expense	$ 266	$ 64
Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service period (in years)	4 years
Expiration period (in years)	10 years
Share Options \| Vesting on First Anniversary of Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Share Options \| Vesting on Each Quarter Following First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	6.25%
RSUs \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year
RSUs \| Minimum \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	2 years
RSUs \| Maximum \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Non-Performance-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year
Compensation value issued to directors, in form of equity or cash	$ 65
Awards vested (in shares)	(7,860)
Awards forfeited (in shares)	(11,420)
Awards granted (in shares)	104,268	0
Fair value of units vested	$ 181	$ 0
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 2,634
Period of recognition	2 years 4 months 28 days
2019 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under the plan (in shares)			206,600
2025 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under the plan (in shares)			1,205,000

Income Taxes - Schedule of Income Tax Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal (Bermuda)	$ 0	$ 0
Foreign
Total income taxes paid	48	0
United States
Foreign
Total Foreign	44	0
Sweden
Foreign
Total Foreign	$ 4	$ 0

Business Combination - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	May 27, 2025	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Business Combination [Line Items]
Contingent consideration			$ 0
Common stock, shares authorized (in shares)	42,500,000		42,500,000
Gain on bargain purchase			$ 68,306	$ 0
Merger and acquisition expenses, pro forma		$ 25,900	$ 79,952	$ 111,655
Kestrel Group, Ltd.
Business Combination [Line Items]
Upfront cash	$ 40,000
Common shares (in shares)	7,221,621
Contingent consideration	$ 45,000
Common shares issued or to be issued (in shares)	2,750,000
Net assets	$ 183,843
Total consideration effectively transferred	115,537
Gain on bargain purchase	$ 68,306
Kestrel Group, Ltd. \| Common shares
Business Combination [Line Items]
Common shares (in shares)	2,749,996

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Bermuda enacted the Corporate Income Tax Act 2023 on December 27, 2023 (the “CIT Act”). Entities subject to tax under the CIT Act are the Bermuda constituent entities of multi-national groups. A multi-national group is defined under the CIT Act as a group with entities in more than one jurisdiction with consolidated revenues of at least €750 million for two of the four previous fiscal years. If Bermuda constituent entities of a multi-national group are subject to tax under the CIT Act, such tax is charged at a rate of 15% of the net income of such constituent entities (as determined in accordance with the CIT Act, including after adjusting for any relevant foreign tax credits applicable to the Bermuda constituent entities). No tax is chargeable under the CIT Act until tax years starting on or after January 1, 2025. The Company's consolidated revenues do not presently meet the minimum amounts for taxation under the CIT Act. Should the Company become eligible to be taxed under the CIT Act, there would be an adverse effect on the Company's results of operation.

Pillar Two addresses the Base Erosion and Profit Shifting ("BEPS") risk of profit shifting to entities in low tax jurisdictions by introducing a global minimum tax and a proposed tax on base eroding payments, which would operate through a denial of a deduction or imposition of source-based taxation (including withholding tax) on certain payments. In December 2021, the OECD issued Pillar Two model rules for domestic implementation of the global minimum tax and shortly thereafter the European Commission proposed a Directive to implement the Pillar Two rules into EU law, which required EU member states to transpose the rules into their national laws by December 31, 2023 with certain measures initially being effective from January 1, 2024. In 2023, a number of jurisdictions (including Sweden and the UK) passed legislation to implement the OECD/G20's model rules into domestic law with effect from January 1, 2024. The proposals, in particular in relation to Pillar Two, are broad in scope and include a number of exemptions which are available to the Company therefore no impact on our results of operation are expected at this time.

The Company has Net Operating Loss carry-forwards ("NOL"), other Deferred Tax Assets (“DTA”) and Deferred Tax Liabilities (“DTL”) that are not presently recognized as a net DTA because a full valuation allowance is currently carried against them. Our U.S. subsidiaries are subject to federal, state and local corporate income taxes and other taxes applicable to U.S. corporations. Should our U.S. subsidiaries pay a dividend outside the U.S. group, withholding taxes will apply. Tax years 2022 to 2024 are subject to examination in the U.S by the Internal Revenue Service.

The Company has subsidiary operations in various other locations around the world, including Canada, Ireland, Sweden and the United Kingdom, that are subject to relevant taxes in those jurisdictions. These subsidiaries are not under examination but generally remain subject to examination in all applicable jurisdictions for tax years from 2021 through 2025. Deferred income taxes have not been accrued with respect to certain undistributed earnings of foreign subsidiaries as it is the intention that such earnings will remain reinvested or will not be taxable. If the earnings were to be distributed, as dividends or otherwise, such amounts may be subject to withholding tax in the country of the paying entity. Currently, however, no withholding taxes have been accrued.

There were no unrecognized tax benefits at December 31, 2025 and 2024. Total income (loss) before income taxes and total income tax expense for the years ended December 31, 2025 and 2024 are as follows:


For the Year Ended December 31,	2025		2024
Income before income taxes – Domestic (Bermuda)	$	46,181	$	—
Income (loss) before income taxes – Foreign (U.S. and others)	3,425		(1,261)
Total income (loss) before income taxes	$	49,606	$	(1,261)

Current tax expense – Domestic (Bermuda)	$	—	$	—
Current tax (benefit) expense – Foreign (U.S. and others)	(152)		30
Total current tax (benefit) expense	(152)		30

Deferred tax expense – Domestic (Bermuda)	—		—
Deferred tax expense – Foreign (U.S. and others)	220		—
Total deferred tax expense	220		—

Total income tax expense	$	68	$	30

The Company recognized an income tax expense of $68 for the year ended December 31, 2025 compared to an income tax expense of $30 recognized for 2024. The income tax expense for 2025 was incurred on the operating results of our international subsidiaries from continuing operations. These international operations were acquired under the Combination on May 27, 2025.

13. Income Taxes (continued)


For the Year Ended December 31,	2025					2024
Income (loss) before income taxes			$	49,606				$	(1,261)
Less: income tax expense			68					30
Net income (loss)			$	49,538				$	(1,291)

Reconciliation of effective tax rate (% of income before income taxes)	Amount		Percentage			Amount		Percentage
Bermuda federal statutory tax rate	$	—	—		%	$	—	—		%
U.S. taxes at statutory rates - Federal	695		1.4		%	(265)		21.0		%

Valuation allowance in respect of U.S. taxes	(695)		(1.4)		%	265		(21.0)		%
Other jurisdictions	68		0.1		%	30		(2.4)		%
Actual tax expense/rate	$	68	0.1		%	$	30	(2.4)		%

The following table provides an analysis of income taxes paid disaggregated by jurisdiction, following the adoption of ASU 2023-09, at December 31, 2025 and 2024:


December 31,	2025		2024
Jurisdiction:
Federal (Bermuda)	$	—	$	—
Foreign
United States	44		—
Sweden	4		—

Total income taxes paid	$	48	$	—

Deferred income taxes reflect the tax impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. The significant components of the Company's deferred tax assets and liabilities at December 31, 2025 and 2024 were as follows:


December 31,	2025		2024
Deferred tax assets:
Net operating losses	$	99,350	$	75
Unearned premiums	724		—

Net unrealized gains on investments	40,631		—
Discounting of net loss and LAE reserves	6,480		—
Intangible Assets & Capitalized Start-Up Costs	8,965		—

Others	1,408		85
Deferred tax assets before valuation allowance	157,558		160
Valuation allowance	150,389		109
Deferred tax assets, net	7,169		51
Deferred tax liabilities:


Fair value adjustment for Senior Notes	6,779		—


Others	390		51
Deferred tax liabilities	7,169		51
Net deferred tax asset	$	—	$	—

13. Income Taxes (continued)

The net deferred tax asset at December 31, 2025 was $0 (2024 - $0). A valuation allowance has been established against the net U.S. and International deferred tax assets which is primarily attributable to net operating losses and capital losses in the respective regions. At this time, the Company believes it is necessary to establish a valuation allowance against the U.S. and International net deferred tax assets as more evidence is needed for the utilization of these losses. During 2025, the Company recorded an increase in the valuation allowance of $150,280 (2024 - decrease of $61). The change in valuation allowance for the year ended December 31, 2025 is primarily from acquired operations under the Combination on May 27, 2025 as further described in Note 17. Business Combination.

At December 31, 2025, the Company has available net operating loss carry-forwards of $473,094 (2024: $358) for income tax purposes. Approximately $388,724 (2024: $0) of the net operating loss carryforwards expire in various years beginning in 2029. As of December 31, 2025, approximately $84,370 or 17.8% of the Company's NOL carryforwards have no expiry date under the relevant U.S. tax law (December 31, 2024 - $358 or 100.0%).

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
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+ Details