Kestrel Group reported total Q1 revenues of $10.2 million and net premiums earned of $3.2 million. The company posted a net loss from continuing operations of $7.0 million, or $0.90 per share, and book value per common share of $15.52 as of March 31, 2026.

Program Services segment net fee income reached $1.6 million, up 286.6% from Q1 2025, while premiums produced by clients soared 303.6% to $94.2 million. This reflects expansion of existing accounts and onboarding of new program managers.

The Legacy Reinsurance segment incurred an underwriting loss of $3.3 million, including $2.4 million related to AmTrust business and $0.9 million from the Diversified portfolio. The AmTrust portion saw a $1.9 million loss on the current accident year and $0.6 million in adverse prior period development.

Investment activities generated $3.9 million of income, combining $2.6 million net investment income and $1.3 million net investment gains, alongside $2.2 million of foreign exchange and other gains. Total assets stood at $964.2 million with shareholders’ equity of $121.4 million and available NOL carryforwards of $476.3 million.