Kestrel Group Ltd

The Program Services segment provides fronting services to general agents and insurance carriers to leverage Kestrel’s trusted reputation to provide access to the U.S. property and casualty insurance market and insurance paper rated “A-” (Excellent) A.M. Best rating and expansive licenses in exchange for fees. Kestrel issues the policy through exclusive use of four insurance carriers, and those carriers presently retain and reinsure the risk. The Company continues to actively pursue reinsurance mechanisms with its existing partners that would selectively deploy the Company’s underwriting capacity that it believes could facilitate and accelerate both its fee and premium revenue growth.

In the first quarter of 2026, total fee revenues from the Program Services segment were $3.1 million, which increased 286.6% over the first quarter of 2025, a combination of expanding existing and new client accounts. Premium produced(1) by client programs during the first quarter of 2026 totaled $94.2 million, a 303.6% increase over the first quarter of 2025.