Slide 1: Investor Presentation August 2026
Investor Presentation August 2026
Slide 2: Forward Looking Statements
Forward Looking Statements Forward-Looking Statements This presentation has been prepared by Kestrel Group Ltd. ("Kestrel," the "Company" or "we") and contains forward-looking statements. All statements other than statements of historical fact contained in this presentation, including statements reg
Slide 3: Kestrel Group Ltd Q2 2026 Highlights
Kestrel Group Ltd Q2 2026 Highlights ▪ Program Services Growth is Accelerating Key Highlights ➢ Fee revenue increased to $3.7m in Q2 2026 vs. $0.5m in Q2 2025 ➢ Premium produced by client programs increased to $109.6m in Q2 2026 Q2 2026 QTD vs. $18.9m in Q2 2025, up 479.8% ➢ H1 revenue +400% Y-o-Y –
Slide 4: Program Services – Key Highlights and Messages
Program Services – Key Highlights and Messages (in millions) Fee Income Fee Revenue Premiums Produced Fee Revenue $12 $11.6 Q2 2026 YTD Q2 2026 Q2 2026 YTD Q2 2026 Q2 2026 YTD Q2 2026 $10 $2.4m $4.0m $3.7m $6.9m $109.6m $203.8m Swing to profit Up from $12K +588% +408% +480% +382% $8 (+$2.6m YoY) (20
Slide 5: Contracted Capacity Continues to Grow
Contracted Capacity Continues to Grow $700 72.7% YoY $600 Contracted Capacity (USD, mm) $500 $400 $667 $647 $300 $576 $461 $200 $346 $291 $386 $100 $0 (1) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 PF Q2 2026 Contracted Capacity QoQ % Growth Contracted Capacity(1) has increased slightly from Q1
Slide 6: Q2 2026 - Underwriting & Fee Results by Segment
Q2 2026 - Underwriting & Fee Results by Segment Underwriting and fee income in Q2 2026 declined to $1.0m vs. $5.6m in Q2 2025 as poorer Legacy Reinsurance underwriting results offset strong gains in Program Services income 6
Slide 7: Q2 2026 - Legacy Reinsurance: Non-GAAP Sub-Segment Details
Q2 2026 - Legacy Reinsurance: Non-GAAP Sub-Segment Details Unfavorable AmTrust PPD, mostly the result of FX impacted 2026 results compared to 2025 Diversified AmTrust For the Three Months Ended June 30, 2026 Reinsurance Reinsurance Total Gross premiums written $ 513 $ 922 $ 1,435 Net premiums writte
Slide 8: Q2 2026 - Legacy Reinsurance: Modest UW Loss As Wind Down Proceeds
Q2 2026 - Legacy Reinsurance: Modest UW Loss As Wind Down Proceeds AmTrust underwriting loss of $0.6m in Q2 2026 ➢ Net earned premium of $2.9m in Q2 consists of GWP of $0.9m and UPR run-off of $2.0m • GWP of $0.9m from AEL’s Commercial ATE LOB experienced a reduction in its lapse provision rates in
Slide 9: Q2 2026 - Prior Period Loss Development
Q2 2026 - Prior Period Loss Development • AmTrust adverse loss development in Q2 driven by FX movement of $2.3m ➢ FX loss on AIUL reserves analysis of $2.0m in quarter due to increase in USD to EUR rates. ➢ GL business written on AIUL translated from USD to EUR resulted in FX loss ➢ FX loss on the L
Slide 10: Q2 2026 – Investable Assets
Q2 2026 – Investable Assets Investable Assets 6/30/2026 12/31/2025 QTD Change CLO $ 27.5 m $ 62.6 m $ (35.1)m Corporate Bonds $ 8.9 $ 11.5 $ (2.6) U.S. Treasury Bonds $ 35.0 $ 43.7 $ (8.7) U.S. Agency Bonds – MBS $ 20.4 $ 21.6 $ (1.2) Non-US Government Bonds $ 52.8 $ 30.3 $ 22.5 Total Fixed Income $
Slide 11: Company Profile Information
Company Profile Information
Slide 12: Kestrel Group Profile
Kestrel Group Profile The combination of Kestrel Group and Maiden Holdings creates a platform to become a premier specialty insurance program group Kestrel Group Maiden Holdings • Fronting group formed in 2022 and led • Traditional reinsurance provider by the management team that pioneered the front
Slide 13: Kestrel Group Profile
Kestrel Group Profile Kestrel was formed in 2022 by a proven, industry-leading management team with over 40 years of insurance market expertise and with long-standing relationships throughout the ecosystem Overview Kestrel Business Model • Kestrel is the fronting group founded Managing General Agent
Slide 14: Kestrel Segments
Kestrel Segments Program Services Legacy Reinsurance • Consists of cohesive suite of fronting services • Consists of AmTrust Reinsurance and Diversified that are integrated and interdependent Reinsurance segments previously reported by Maiden prior to the Combination with Kestrel • Facilitates insur
Slide 15: Appendix - GAAP Financial Statements and Non-GAAP Reconciliations and Notes
Appendix - GAAP Financial Statements and Non-GAAP Reconciliations and Notes
Slide 16: Consolidated Balance Sheets
Consolidated Balance Sheets (2) Please refer to the Non-GAAP Financial Measures Footnotes on slide 23 for additional information on these non-GAAP financial measures. 16
Slide 17: Consolidated Statements of Income (Unaudited)
Consolidated Statements of Income (Unaudited) 17
Slide 18: Segment Information For the three months ended June 30, 2026
Segment Information For the three months ended June 30, 2026 and stub period ended June 30, 2025 (3)(4) Please refer to the Non-GAAP Financial Measures Footnotes on slide 23 for additional information on these non-GAAP financial measures. 18
Slide 19: Segment Information For the six months ended June 30, 2026
Segment Information For the six months ended June 30, 2026 and stub period ended June 30, 2025 (3)(4) Please refer to the Non-GAAP Financial Measures Footnotes on slide 23 for additional information on these non-GAAP financial measures. 19
Slide 20: Segment Information For the three and six months ended June 30, 2026
Segment Information For the three and six months ended June 30, 2026 and stub period ended June 30, 2025 Reconciliation to (net loss) income for the three months and stub period ended June 30, 2026 2025 (4) Underwriting and fee (loss) income $ 1,047 $ 5,610 Net investment income and realized and unr
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures In thousands ('000's), except per share data, Unaudited For the Three Months Ended June 30 For the Six Months Ended June 30, 2026 2025 2026 2025 (5) Non-GAAP operating (loss) income $ (6,740) $ 5,394 $ (17,352) $ 5,000 Non-GAAP basic and diluted operating (loss) earnings
Slide 22: Non-GAAP Financial Measures
Non-GAAP Financial Measures (in thousands (000's), except per share data) June 30, 2026 December 31, 2025 Investable assets: Total investments $ 363,065 $ 388,303 Cash and cash equivalents 16,062 20,044 Restricted cash and cash equivalents 10,216 9,146 Loan to related party 69,443 86,883 Funds withh
Slide 23: Non-GAAP Financial Measures Footnotes
Non-GAAP Financial Measures Footnotes (1) Premium produced is an operating metric determined by management as a byproduct of the program services fees it earns and is paid by clients. Premium produced is equal to the premium written by an MGA or capacity provider, and management believes this measur