Business Combination (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
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| Schedule of Purchase Price |
The following table summarizes the final purchase price as of May 27, 2025: | | | | | | | | | | Kestrel Group Ltd shares issued at Closing | | 7,221,621 | | | Kestrel Group Ltd share price | | $ | 23.00 | | | Gross equity portion of consideration transferred at Closing | | $ | 166,097 | | | | | | Kestrel Group Ltd shares retained as treasury shares by Maiden Reinsurance at Closing | | (2,237,534) | | | Kestrel Group Ltd share price | | $ | 23.00 | | | Equity portion of consideration transferred to Maiden Reinsurance | | $ | (51,463) | | | | | | Net equity portion of consideration transferred at Closing | | $ | 114,634 | | | Cash consideration paid to shareholders at Closing for fractional shares | | 1 | | | Portion of the Maiden awards attributable to pre-combination service | | 514 | | | Intercompany settlement | | 388 | | | Total consideration effectively transferred | | $ | 115,537 | |
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| Schedule of Purchase Price of Assets and Liabilities Assumed |
The following table summarizes final allocation of the purchase price to the assets acquired and liabilities assumed as of May 27, 2025: | | | | | | | | | | Fixed maturities, available-for-sale, at fair value | | $ | 208,855 | | | Equity securities, at fair value | | 11,144 | | | Equity method investments | | 32,326 | | Other investments | | 160,439 | | | Cash and cash equivalents | | 68,358 | | | Restricted cash and cash equivalents | | 11,449 | | | Accrued investment income | | 4,108 | | Reinsurance balances receivable, net | | 10,133 | | Reinsurance recoverable on unpaid losses | | 517,028 | | | Net loan receivable from related party | | 107,110 | | | Intangible assets | | 11,864 | | Funds withheld receivable | | 11,048 | | | Other assets | | 14,592 | | | Assets held for sale | | 20,698 | | | Reserve for loss and loss adjustment expenses | | (738,137) | | | Unearned premiums | | (23,903) | | | | | | Accrued expenses and other liabilities | | (68,453) | | | Senior notes - at fair value | | (173,669) | | | Liabilities held for sale | | (1,147) | | | Net assets | | 183,843 | | | Bargain purchase gain | | (68,306) | | | Total consideration effectively transferred | | $ | 115,537 | |
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| Schedule of Intangible Assets Acquired |
The following table presents the weighted average amortization period and other components of intangible assets acquired at May 27, 2025 and June 30, 2026. Accumulated amortization for the intangible assets was $4,188 at June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted Average Amortization Period | | May 27, 2025 | | Accumulated Amortization at June 30, 2026 | | June 30, 2026 | | | | | | Value of Business Acquired | | 5.0 years | | $ | 2,207 | | | $ | (806) | | | $ | 1,401 | | | | | | | Fair value discount on net reserves acquired | | 32.0 years | | 9,657 | | | (3,382) | | | 6,275 | | | | | | | Total Intangible Assets | | 27.3 years | | $ | 11,864 | | | $ | (4,188) | | | $ | 7,676 | | | | | |
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| Schedule of Estimated Aggregate Amortization Expense |
The following table presents the estimated aggregate amortization expense for the five succeeding fiscal years on intangible assets held at June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2026 | | 2027 | | 2028 | | 2029 | | 2030 | | | | | | Amortization expense: VOBA | | $ | 504 | | | $ | 476 | | | $ | 247 | | | $ | 102 | | | $ | 72 | | | | | | | Amortization expense: fair value discount on net reserves acquired | | 753 | | | 1,413 | | | 1,243 | | | 1,066 | | | 632 | | | | | | | Total amortization expense | | $ | 1,257 | | | $ | 1,889 | | | $ | 1,490 | | | $ | 1,168 | | | $ | 704 | | | | | |
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