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Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Kestrel Group
Kestrel Group (KG) investor relations material
Kestrel Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Completed a transformative business combination with Maiden Holdings on May 27, 2025, creating a capital-light, fee-based insurance platform with Program Services and Legacy Reinsurance segments.
Reported total revenues of $17.4 million and net premiums earned of $6.8 million for Q3 2025.
Net loss for Q3 2025 was $5.1 million, with book value per common share at $18.57 as of September 30, 2025.
Strategic focus is on growing fee income from Program Services and managing the run-off of legacy reinsurance portfolios.
The combination resulted in a $73.6 million bargain purchase gain, significantly increasing shareholders' equity and book value per share.
Financial highlights
Net loss from continuing operations was $4.1 million for Q3 2025, compared to $0.4 million in Q3 2024; net income for the nine months ended September 30, 2025 was $64.5 million, driven by the bargain purchase gain.
Fee revenue from Program Services increased to $1.6 million for Q3 2025, with $1.1 million from increased premium volume.
Net investment income was $3.5 million for Q3 2025, with realized and unrealized investment gains of $5.5 million.
Book value per common share increased to $18.57 at September 30, 2025, up from $1.67 at December 31, 2024.
General and administrative expenses were $10.8 million, including $1.9 million in one-time costs.
Outlook and guidance
Strategic focus is on growing fee income in Program Services and managing the run-off of legacy reinsurance and alternative asset portfolios.
No new commitments to alternative investments are planned; the company aims to dispose of legacy alternative assets to improve liquidity.
Management expects general and administrative expenses to trend lower in future quarters due to cost management and the non-recurring nature of recent expenses.
The company expects to utilize significant NOL carryforwards ($446.6 million) to enhance future shareholder value.
The company continues to pursue reinsurance mechanisms to accelerate fee and premium revenue growth.
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Next Kestrel Group earnings date
Q4 202518 Feb, 2026
Kestrel Group
Next Kestrel Group earnings date
Q4 202518 Feb, 2026
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