Kestrel, a specialty insurance platform that provides fronting services to program managers, reinsurers, and reinsurance brokers, has reported net income of $46.7m for the full year 2025, driven by strong premium growth and a significant accounting gain tied to a bargain-purchase transaction.
For 2025, Kestrel generated total revenues of $34m, compared with $3.8m in 2024.
Gross premiums written reached $6.1bn for the year, while net premiums written totalled $6.2bn.
Meanwhile, fee income rose to $6.1m in 2025, up from $3.6m in 2024.
Kestrel also recorded $8.3m of net investment income and $7m in realised and unrealised investment gains.
The firm’s total operating expenses reached $41.2m in 2025; however, its results were significantly boosted by a $68.3mngain on bargain purchase, recorded within other expenses as a negative cost.
In Q4 2025 alone, Kestrel reported total revenue of $10.2m, up from $1.2m in the prior-year quarter.
The company also generated $3.4m of net premiums earned, $3.1m in fee revenue, and $3.3m in net investment income during the final quarter of the year.
Kestrel’s Chief Executive Officer, Luke Ledbetter, commented, “The fourth quarter saw positive progress in our Program Services segment. Since completing the merger with Maiden in May of 2025, and after working through a complicated integration, which remains ongoing, we have gained momentum in our Program Services segment while simultaneously managing the legacy Maiden business. This quarter we took a meaningful step forward. I’m encouraged by the progress we’ve made, and I’m thankful for the hard work and dedication of our team.
“As we progress through 2026, we continue to work with our valued capacity providers to match our market opportunities with their allocated underwriting capacity and are diligently exploring opportunities to expand our ability to write attractive fee-based business in a highly competitive marketplace.
“We remain committed to developing the strategic framework to facilitate future growth that will drive value for Kestrel shareholders. Our goal is innovation, client service and long-term relationships as we strive to generate a balance sheet light, fee revenue model while selectively deploying underwriting capacity to optimize returns for shareholders.”
