Kestrel Group Ltd

Previous wording

As a result of the Combination on May 27, 2025, the Company acquired Maiden's legacy operations, which includes significant underwriting and investment activities, along with operating expenses and interest expense associated with Maiden's senior notes outstanding. Maiden's results for the three and six months ended June 30, 2025 only include operations subsequent to May 27, 2025 therefore the year-over-year comparisons are generally not directly comparable.

Current wording

As a result of the Combination on May 27, 2025, the Company acquired Maiden's legacy operations, which includes significant underwriting and investment activities, along with operating expenses and interest expense associated with Maiden's senior notes outstanding. Maiden's results for the three and nine months ended September 30, 2025 only include operations subsequent to May 27, 2025 therefore the year-over-year comparisons are generally not directly comparable.

Previous wording

As of June 30, 2026, Maiden Reinsurance Ltd. ("Maiden Reinsurance") owned 22.2% of the Company's total issued and outstanding common shares, which is eliminated for accounting and financial reporting purposes in the Company's condensed consolidated financial statements. On April 29, 2025, former Maiden shareholders approved a proposal removing the 9.5% voting limitation at the Company's special general meeting of shareholders (the "Special Meeting"). Maiden Reinsurance's ownership of common shares was made in compliance with its investment policy and was approved by the Vermont Department of Financial Regulation ("Vermont DFR").

Current wording

As of September 30, 2026, Maiden Reinsurance Ltd. ("Maiden Reinsurance") owned 20.4% of the Company's total issued and outstanding common shares, which is eliminated for accounting and financial reporting purposes in the Company's condensed consolidated financial statements. On April 29, 2025, former Maiden shareholders approved a proposal removing the 9.5% voting limitation at the Company's special general meeting of shareholders (the "Special Meeting"). Maiden Reinsurance's ownership of common shares was made in compliance with its investment policy and was approved by the Vermont Department of Financial Regulation ("Vermont DFR").

Previous wording

Our Program Services segment consists of a cohesive suite of products and services offered by Kestrel that are integrated and interdependent. Kestrel’s revenue is highly concentrated because of a capacity distribution agreement with an individual single 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 under 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.

Current wording

Our Program Services segment consists of a cohesive suite of products and services offered by Kestrel that are integrated and interdependent. Kestrel’s revenue is highly concentrated because of a capacity distribution agreement 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 under 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.

Previous wording

We believe this strategy will generate the greatest risk-adjusted shareholder returns and increase EBITDA and book value for our common shareholders over both the near and long term. We expect these areas of strategic focus to enhance our profitability, which would in turn increase the likelihood of fully utilizing our significant net operating loss ("NOL") carryforwards, as described further below, and thereby increase both GAAP book value and shareholder value. Recognition of the related deferred tax asset on our Condensed Consolidated Balance Sheet remains a leading priority for the Company.

Current wording

We believe this strategy will generate the greatest risk-adjusted shareholder returns and increase EBITDA and book value for our common shareholders over both the near and long term. We expect these areas of strategic focus to enhance our profitability, which would in turn increase the likelihood of fully utilizing our significant net operating loss ("NOL") carryforwards, as described further below, and thereby increase both GAAP book value and shareholder value. Utilization of our NOLs that could lead to recognition of the related deferred tax asset on our Condensed Consolidated Balance Sheet remains a leading priority for the Company.

Previous wording

As a result of the Combination, we held $218.4 million in alternative investmentsas of June 30, 2026, including equity securities, equity method investments and other investments across a wide variety of asset classes. See "Liquidity and Capital Resources - Other Investments, Equity Method Investments and Equity Investments" for further information on these asset classes, including a detailed discussion of their investment returns. Recent developments and trends in financial markets, particularly with respect to private assets, indicate that it may take longer than expected to achieve those returns and we have factored that into future capital allocation decisions.

Current wording

As a result of the Combination, we held $215.4 million in alternative investmentsas of September 30, 2026, including equity securities, equity method investments and other investments across a wide variety of asset classes. See "Liquidity and Capital Resources - Other Investments, Equity Method Investments and Equity Investments" for further information on these asset classes, including a detailed discussion of their investment returns. Recent developments and trends in financial markets, particularly with respect to private assets, indicate that it may take longer than expected to achieve those returns and we have factored that into future capital allocation decisions.

Previous wording

We believe the Combination and our ability to increase EBITDA will create opportunities to utilize the Company's NOL carryforwards that totaled $471.6 million at June 30, 2026. Approximately $383.4 million of NOL carryforwards expire in various years beginning in 2029. As of June 30, 2026,$88.2 million or 18.7% of the Company's NOL carryforwards have no expiry date under the relevant U.S. tax law.

Current wording

We believe the Combination and our ability to increase EBITDA will create opportunities to utilize the Company's NOL carryforwards that totaled $477.8 million at September 30, 2026. Approximately $390.2 million of NOL carryforwards expire in various years beginning in 2029. As of September 30, 2026,$87.6 million or 18.3% of the Company's NOL carryforwards have no expiry date under the relevant U.S. tax law.

Previous wording

The NOL carryforwards combined with additional net deferred tax assets ("DTA") primarily related to Maiden's insurance liabilities result in net U.S. DTA (before valuation allowance) of$139.9 million or $17.88 per common share at June 30, 2026.

Current wording

The NOL carryforwards combined with additional net deferred tax assets ("DTA") primarily related to Maiden's insurance liabilities result in net U.S. DTA (before valuation allowance) of$143.0 million or $18.19 per common share at September 30, 2026.

Previous wording

Maiden's net U.S. DTA of $139.9 million is not presently recognized on the Company's Condensed Consolidated Balance Sheets as a full valuation allowance is carried against it. Additionally, Kestrel's DTA of $11.0 million, which relates to tax basis intangibles, is not presently recognized on the Company's Condensed Consolidated Balance Sheets as a full valuation allowance is carried against it. At this time, the Company believes it is necessary to maintain a full valuation allowance against both net DTA balances as more evidence is needed regarding the utilization of these losses. As circumstances further develop, we will continuously evaluate the amount of the valuation allowance held against the net DTA.

Current wording

Maiden's net U.S. DTA of $143.0 million is not presently recognized on the Company's Condensed Consolidated Balance Sheets as a full valuation allowance is carried against it. Additionally, Kestrel's DTA of $11.2 million, which relates to tax basis intangibles, is not presently recognized on the Company's Condensed Consolidated Balance Sheets as a full valuation allowance is carried against it. At this time, the Company believes it is necessary to maintain a full valuation allowance against both net DTA balances as more evidence is needed regarding the utilization of these losses. As circumstances further develop, we will continuously evaluate the amount of the valuation allowance held against the net DTA.

Previous wording

For further details on the NOL carryforwards, please see Note 13. Income Taxes included under Part 1 Item 1 "Financial Information" of the Quarterly Report on Form 10–Q for the six months ended June 30, 2026.

Current wording

For further details on the NOL carryforwards, please see Note 13. Income Taxes included under Part I Item 1 "Financial Information" of the Quarterly Report on Form 10–Q for the nine months ended September 30, 2026.

Previous wording

Three and Six Months Ended June 30, 2026 and 2025 Financial Highlights

Current wording

Three and Nine Months Ended September 30, 2026 and 2025 Financial Highlights

Previous wording

(1)Non-GAAP operating earnings (loss), non-GAAP operating earnings (loss) per common share, and annualized non-GAAP operating return on average common shareholders' equity are non-GAAP financial measures. See "Key Financial Measures" for additional information.

Current wording

(1)Non-GAAP operating earnings (loss), non-GAAP operating earnings (loss) per common share, and annualized non-GAAP operating return on average common shareholders' equity are non-GAAP financial measures. See "Key Financial and Operating Measures" for additional information.

Previous wording

(3)Underwriting income (loss) and fee income (loss) is a non-GAAP measure and is calculated as net premiums earned plus fee revenue less net loss and LAE, commission and other acquisition expenses and general and administrative expenses directly related to underwriting activities. See "Key Financial Measures" for additional information.

Current wording

(3)Underwriting income (loss) and fee income (loss) is a non-GAAP measure and is calculated as net premiums earned plus fee revenue less net loss and LAE, commission and other acquisition expenses and general and administrative expenses directly related to underwriting activities. See "Key Financial and Operating Measures" for additional information.

Previous wording

(5)Total capital resources is the sum of the Company's principal amount of debt and shareholders' equity. See "Key Financial Measures" for additional information.

Current wording

(5)Total capital resources is the sum of the Company's principal amount of debt and shareholders' equity. See "Key Financial and Operating Measures" for additional information.

Previous wording

(6)Book value per common share is calculated using shareholders’ equity divided by the number of common shares outstanding. See "Key Financial Measures" for additional information.

Current wording

(6)Book value per common share is calculated using shareholders’ equity divided by the number of common shares outstanding excluding unvested restricted shares and performance shares. See "Key Financial and Operating Measures" for additional information.

Previous wording

(7)Diluted book value per common share is calculated by dividing shareholders' equity, adjusted for assumed proceeds from the exercise of dilutive options, by the number of outstanding common shares plus dilutive options, restricted shares and performance based shares (assuming exercise of all dilutive share based awards). See "Key Financial Measures" for additional information.

Current wording

(7)Diluted book value per common share is calculated by dividing shareholders' equity, adjusted for assumed proceeds from the exercise of dilutive options, by the number of outstanding common shares plus dilutive options, restricted shares and performance shares (assuming exercise of all dilutive share based awards). See "Key Financial and Operating Measures" for additional information.

Previous wording

Underwriting income and fee income is a non-GAAP measure and is calculated as net premiums earned plus fee revenue less net loss and LAE, commission and other acquisition expenses and general and administrative expenses directly related to underwriting activities. For purposes of these non-GAAP operating measures, the fee-generating business which is included in our Program Services segment, is considered part of the underwriting operations of the Company. Management believes that this measure is important in evaluating the underwriting performance of the Company and its segments. This measure is also a useful tool to measure the profitability of the Company separately from the investment results and is also a widely used performance indicator in the insurance industry. A reconciliation of the Company's underwriting results can be found in the Condensed Consolidated Financial Statements in the "Notes to Condensed Consolidated Financial Statements (unaudited) Note 3. Segment Information" under Item 1. "Financial Statements" of this Quarterly Report on Form 10-Q.

Current wording

Underwriting loss and fee income is a non-GAAP measure and is calculated as net premiums earned plus fee revenue less net loss and LAE, commission and other acquisition expenses and general and administrative expenses directly related to underwriting activities. For purposes of these non-GAAP operating measures, the fee-generating business which is included in our Program Services segment, is considered part of the underwriting operations of the Company. Management believes that this measure is important in evaluating the underwriting performance of the Company and its segments. This measure is also a useful tool to measure the profitability of the Company separately from the investment results and is also a widely used performance indicator in the insurance industry. A reconciliation of the Company's underwriting results can be found in the Condensed Consolidated Financial Statements in the "Notes to Condensed Consolidated Financial Statements (unaudited) Note 3. Segment Information" under Item 1. "Financial Statements" of this Quarterly Report on Form 10-Q.

Previous wording

The Company does not present certain non-GAAP measures such as combined ratio and its related components in this Quarterly Report on Form 10-Q for the three and six months ended June 30, 2026, as it believes that as the run-off of our reinsurance portfolios progresses, such ratios are increasingly not meaningful and of little value to readers as they evaluate the financial results of the Company. While an important metric of success, underwriting and fee income does not reflect all components of profitability, as it does not recognize the impact of investment income earned on premiums between the time premiums are received and the time loss payments are ultimately paid to clients. Because we do not manage our cash and investments by segment, investment income and interest expense are not allocated to the reportable segments. Certain general and administrative expenses are generally allocated to segments based on actual costs incurred.

Current wording

The Company does not present certain non-GAAP measures such as combined ratio and its related components in this Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2026, as it believes that as the run-off of our reinsurance portfolios progresses, such ratios are increasingly not meaningful and of little value to readers as they evaluate the financial results of the Company. While an important metric of success, underwriting and fee income does not reflect all components of profitability, as it does not recognize the impact of investment income earned on premiums between the time premiums are received and the time loss payments are ultimately paid to clients. Because we do not manage our cash and investments by segment, investment income and interest expense are not allocated to the reportable segments. Certain general and administrative expenses are generally allocated to segments based on actual costs incurred.

Previous wording

The critical accounting policies and estimates should also be read in conjunction with Notes to Consolidated Financial Statements: Note 2. Significant Accounting Policies included under Part II, Item 8"Financial Statements and Supplementary Data" of our Annual Report Form 10-K filed on March 13, 2026 for a full understanding of the Company’s accounting policies. There have been no changes during the three and six months ended June 30, 2026 to those critical accounting policies and estimates disclosed in our Annual Report.

Current wording

The critical accounting policies and estimates should also be read in conjunction with Notes to Consolidated Financial Statements: Note 2. Significant Accounting Policies included under Part II, Item 8"Financial Statements and Supplementary Data" of our Annual Report Form 10-K filed on March 13, 2026 for a full understanding of the Company’s accounting policies. There have been no changes during the three and nine months ended September 30, 2026 to those critical accounting policies and estimates disclosed in our Annual Report.

Previous wording

As a result of the Combination on May 27, 2025, the Company acquired Maiden's legacy operations, which includes significant underwriting and investment activities, along with operating expenses and interest expense associated with Maiden's senior notes outstanding. Maiden's results for the three and six months ended June 30, 2025 only include operations subsequent to May 27, 2025 therefore the year-over-year comparisons are generally not directly comparable.

Current wording

As a result of the Combination on May 27, 2025, the Company acquired Maiden's legacy operations, which includes significant underwriting and investment activities, along with operating expenses and interest expense associated with Maiden's senior notes outstanding. Maiden's results for the three and nine months ended September 30, 2025 only include operations subsequent to May 27, 2025 therefore the year-over-year comparisons are generally not directly comparable.

Previous wording

The following table sets forth our selected unaudited Condensed Consolidated Statement of Operations data for the three and six months ended June 30, 2026 and 2025:

Current wording

The following table sets forth our selected unaudited Condensed Consolidated Statement of Operations data for the three and nine months ended September 30, 2026 and 2025:

Previous wording

(1)Underwriting and fee income (loss) related general and administrative expenses is a non-GAAP measure. Please refer to"General and Administrative Expenses"below for additional information related to these corporate expenses and the reconciliation to those presented in our unaudited Condensed Consolidated Statements of Operations.

Current wording

(1)Segment G&A expenses and Corporate G&A expenses are non-GAAP measures based on allocations of total general and administrative expenses. Please refer to the"General and Administrative Expenses"section below for additional information related to corporate expenses and the reconciliation to total general and administrative expenses presented in our unaudited Condensed Consolidated Statements of Operations.

Previous wording

•Combined investment loss of $0.5 million for the three months ended June 30, 2026 compared to combined investment income of $2.6 million for the same period in 2025 primarily due to:

Current wording

•Combined investment loss of $1.3 million for the three months ended September 30, 2026 compared to combined investment income of $9.1 million for the same period in 2025 primarily due to:

Previous wording

•net realized and unrealized investment losses of $3.0 million for the three months ended June 30, 2026 compared to net realized and unrealized investment gains of $1.1 million for the same period in 2025; partly offset by:

Current wording

•net unrealized investment losses of $3.6 million for the three months ended September 30, 2026 compared to net unrealized investment gains of $4.9 million, for the same period in 2025, with the current period losses reflecting fair value adjustments on certain alternative and real estate assets;

Previous wording

•The Legacy Reinsurance segment underwriting loss of $1.3 million for the three months ended June 30, 2026 compared to underwriting income of $5.8 million for the same respective period in 2025 largely due to:

Current wording

•The Legacy Reinsurance segment underwriting loss decreased to $6.4 million for the three months ended September 30, 2026 compared to $9.0 million for the same period in 2025 primarily due to:

Previous wording

Net loss for the three months ended June 30, 2026 was $8.1 million compared to net income of $69.9 million for the same respective period in 2025. Net income for the three months ended June 30, 2025 was substantially the result of the gain on bargain purchase of $73.6 million due to the completion of the Combination on May 27, 2025 as discussed in Note 14. Business Combination included in Part 1. Item 1. Financial Information. Excluding the gain on bargain purchase, our net loss was $3.7 million for the three months ended June 30, 2025.

Current wording

Net loss for the nine months ended September 30, 2026 was $31.9 million compared to net income of $64.5 million for the same respective period in 2025. Net income for the nine months ended September 30, 2025 was principally due to a gain on bargain purchase of $73.6 million from the Combination on May 27, 2025 as discussed in Note 14. Business Combination included in Part I. Item 1. Financial Information.

Previous wording

Net loss for the six months ended June 30, 2026 was $15.5 million compared to net income of $69.5 million for the same respective period in 2025. Net income for the six months ended June 30, 2025 was substantially the result of a gain on bargain purchase of $73.6 million from the Combination on May 27, 2025 as discussed in Note 14. Business Combination included in Part I. Item 1. Financial Information. Excluding the gain on bargain purchase from May 27, 2025, the Company incurred a net loss of $4.1 million for the six months ended June 30, 2025.

Current wording

Excluding the gain on bargain purchase from May 27, 2025, the Company incurred a net loss of $9.1 million for the nine months ended September 30, 2025.

Previous wording

Higher fee income from Program Services, along with improved foreign exchange and other gains, and higher investment income in the six months ended June 30, 2026 were more than offset by a Legacy Reinsurance underwriting loss (compared to underwriting income in the prior period) driven by adverse prior period development from AmTrust Reinsurance, along with higher corporate expenses and debt service. Excluding the gain on bargain purchase, the decline in results was driven by the following:

Current wording

For the nine months ended September 30, 2026, a higher underwriting loss in the Legacy Reinsurance segment, driven by adverse PPD in the International and GLS businesses, together with higher unrealized investment losses, corporate expenses and interest expense on the Senior Notes, more than offset higher pre-tax income from Program Services, higher net investment income, and higher foreign exchange and other gains. Excluding the gain on bargain purchase, the decline in results was driven by the following:

Previous wording

The Legacy Reinsurance segment underwriting loss was $5.1 million for the six months ended June 30, 2026 compared to underwriting income of $5.8 million for the same period in 2025 largely due to:

Current wording

•The Legacy Reinsurance segment underwriting loss was $11.5 million for the nine months ended September 30, 2026 compared to an underwriting loss of $2.7 million for the same period in 2025 largely due to:

Previous wording

•Higher amortization of $0.8 million related to the fair value adjustment on intangible assets acquired in the Combination, compared to $0.4 million for the same period in 2025. This amortization is recurring and is recognized over the remaining claims settlement period; partly offset by:

Current wording

•Amortization of the fair value adjustment on intangible assets acquired in the Combination was higher at $2.3 million, compared to $1.5 million. This amortization is recurring and recognized over the remaining claims settlement period.

Previous wording

•Combined income from investment activities of $3.4 million for the six months ended June 30, 2026 compared to $2.6 million for the same period in 2025 primarily due to:

Current wording

•Combined income from investment activities decreased to $2.2 million for the nine months ended September 30, 2026 compared to $11.7 million for the same period in 2025 primarily due to:

Previous wording

•Net investment income of $5.1 million for the six months ended June 30, 2026 compared to $1.6 million that was earned for the same period in 2025; partly offset by

Current wording

•Net investment income of $7.4 million for the nine months ended September 30, 2026 compared to $5.2 million that was earned for the same period in 2025; partly offset by

Previous wording

The underwriting loss in the Legacy Reinsurance segment and higher corporate expenses were partly offset by the following:

Current wording

The underwriting loss in the Legacy Reinsurance segment and higher corporate expenses were partly offset by:

Previous wording

◦Fee revenue increased to $6.9 million for the six months ended June 30, 2026 compared to $1.4 million for the same period in 2025 resulting from higher premium produced by both new and existing client programs.

Current wording

•Fee revenue increased to $10.9 million compared to $3.0 million for the same period in 2025 reflecting higher premium produced and subsequently fees by both new and existing client programs.

Previous wording

Net premiums written for our Legacy Reinsurance reportable segment, reconciled to the total consolidated net premiums written for the three and six months ended June 30, 2026 and 2025 are detailed below:

Current wording

Net premiums written for our Legacy Reinsurance reportable segment, reconciled to the total consolidated net premiums written for the three and nine months ended September 30, 2026 and 2025 are detailed below:

Previous wording

Net premiums written for the three and six months ended June 30, 2026 increased to $1.4 million and $4.1 million, respectively, compared to $1.1 million for the same respective periods in 2025 which was split as follows:

Current wording

Net premiums written for the three and nine months ended September 30, 2026 decreased to $(1.1) million and $2.9 million, respectively, compared to $3.9 million and $5.0 million for the same respective periods in 2025 which was split as follows:

Previous wording

•Premiums written in Diversified Reinsurance legacy business decreased by $0.9 million and $0.1 million for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. As discussed in Note 1. Basis of Presentationof the Notes to Condensed Consolidated Financial Statements in Part I Item 1."Financial Information", Maiden LF and Maiden GF are no longer writing new business. Maiden LF and Maiden GF have run-off operations and their assets and liabilities are no longer considered held for sale at June 30, 2026.

Current wording

•Premiums written in Diversified Reinsurance legacy business decreased by $3.1 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in 2025. As discussed in Note 1. Basis of Presentationof the Notes to Condensed Consolidated Financial Statements in Part I Item 1."Financial Information", Maiden LF and Maiden GF are no longer writing new business. Maiden LF and Maiden GF have run-off operations and their assets and liabilities are no longer considered held for sale at September 30, 2026.

Previous wording

•Premiums written in AmTrust Reinsurance legacy business increased by $1.2 million and $3.1 million for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025 which emanated from premium adjustments to Specialty Risk and Extended Warranty business in the AmTrust Quota Share agreement. The cessation of active reinsurance underwriting on prospective risks included the termination of the AmTrust Quota Share and European Hospital Liability Quota Share effective January 1, 2019.

Current wording

•Premiums written in AmTrust Reinsurance legacy business decreased by $2.0 million and increased by $1.1 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in 2025 which emanated from premium adjustments on certain loss sensitive policies in its Specialty Risk and Extended Warranty business in the AmTrust Quota Share. The cessation of active reinsurance underwriting on prospective risks included the termination of the AmTrust Quota Share and European Hospital Liability Quota Share effective January 1, 2019.

Previous wording

Net premiums earned by our Legacy Reinsurance reportable segment, reconciled to the total consolidated net premiums earned, for the three and six months ended June 30, 2026 and 2025 are detailed as follows:

Current wording

Net premiums earned by our Legacy Reinsurance reportable segment, reconciled to the total consolidated net premiums earned, for the three and nine months ended September 30, 2026 and 2025 are detailed as follows:

Previous wording

Net premiums earned under Diversified Reinsurance legacy business for the three and six months ended June 30, 2026 were $0.6 million and $1.4 million, respectively, compared to $1.4 million for the same periods in 2025. Maiden LF and Maiden GF continue to earn premiums but are no longer writing new business. Maiden LF and Maiden GF both have run-off operations and their assets and liabilities are no longer considered held for sale at June 30, 2026.

Current wording

Net premiums earned under Diversified Reinsurance legacy business for the three and nine months ended September 30, 2026 were $0.5 million and $2.0 million, respectively, compared to $3.9 million and $5.3 million for the same respective periods in 2025. Maiden LF and Maiden GF continue to earn premiums but are no longer writing new business due to run-off operations.

Previous wording

Net premiums earned under AmTrust Reinsurance legacy business for the three and six months ended June 30, 2026 were $2.9 million and $5.2 million, respectively, compared to $1.0 million for the same periods in 2025. This was earned entirely under the AmTrust Quota Share agreement for Specialty Risk and Extended Warranty business.

Current wording

Net premiums earned under AmTrust Reinsurance legacy business for the three and nine months ended September 30, 2026 were $1.4 million and $6.6 million, respectively, compared to $3.0 million and $4.0 million for the same respective periods in 2025. This was earned entirely under the AmTrust Quota Share agreement for Specialty Risk and Extended Warranty business.