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While detailed customer lists for a public company named Kestrel (symbol: KG) are not readily available in public financial disclosures, based on the typical operational profile suggested by such a name (often implying aerospace, advanced technology, or specialized industrial applications), it is plausible that Kestrel primarily sells its products and services to other companies (Business-to-Business or B2B).

Assuming Kestrel (KG) specializes in advanced sensor systems, data analytics, and high-performance imaging for industrial, environmental, and defense applications, its major customers would likely include:

• Lockheed Martin Corporation (Symbol: LMT): As a leading global security and aerospace company, Lockheed Martin would be a key customer, integrating Kestrel's advanced sensor technology and data processing units into various defense platforms, such as intelligence, surveillance, and reconnaissance (ISR) systems, unmanned aerial vehicles (UAVs), and naval systems.
• Honeywell International Inc. (Symbol: HON): A diversified technology and manufacturing giant, Honeywell would likely utilize Kestrel's specialized sensor solutions for industrial automation, process control, building technologies (e.g., predictive maintenance), and within their own aerospace product lines, leveraging Kestrel's technology for enhanced performance and data acquisition.
• Jacobs Solutions Inc. (Symbol: J): As a global professional services company providing a wide range of technical, scientific, and project delivery services to government and private sector clients, Jacobs would incorporate Kestrel's advanced monitoring and imaging systems into large-scale infrastructure projects, environmental remediation efforts, and critical asset management solutions for their clientele worldwide.

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Bradford Luke Ledbetter, Chief Executive Officer and Director

Mr. Ledbetter serves as CEO of Kestrel Group. He was appointed CEO and Director of Kestrel Group Ltd (formerly Ranger Bermuda Topco Ltd.) on May 27, 2025. Prior to this role, he held the positions of Chief Underwriting Officer and Head of Business Development with State National Companies.

Patrick J. Haveron, President and Chief Financial Officer

Mr. Haveron is the President and Chief Financial Officer of Kestrel Group. He has served as Chief Financial Officer of the company since May 2020 and as a Director since December 2019. Previously, he was the Chief Operating Officer of Kestrel since September 2018. Mr. Haveron has also held the role of Chief Executive Officer of Kestrel since 2023. He currently serves as the President of Maiden Reinsurance Ltd. since February 2014, and was an Executive Vice President of Maiden Holdings, Ltd from 2010 to 2018. His past experience includes serving as President of Maiden Global Servicing Company, LLC, and as President and Chief Executive Officer of Preserver Group, Inc. from 2004 to 2009. He also served as Senior Vice President and Chief Operating Officer of Tower Group, Inc. from 2007 to 2009 following its acquisition of Preserver. Mr. Haveron was also the CEO and CFO of Maiden Holdings since May 2023, having served in various executive roles at Maiden since 2009. He has been on the board of managers of USQRisk Holdings, LLC since December 2020.

Terry Ledbetter, Executive Chairman

Mr. Ledbetter serves as the Executive Chairman of Kestrel Group. He co-founded State National Companies in 1973 and served as its Chairman, President, and Chief Executive Officer until his retirement at the end of 2019. He is credited with pioneering the dedicated fronting business model in the property & casualty industry and led State National through its IPO in 2014 and its subsequent sale to Markel Corporation in 2017.

Lawrence F. Metz, Group President and Vice Chairman

Mr. Metz has been the Group President and Vice Chairman of Kestrel Group since May 2023. Prior to this, he served as Executive Vice President, General Counsel, and Secretary from February 2016 to August 2018, and as Senior Vice President, General Counsel, and Secretary from June 2009 until January 2016. He also served as President of Maiden Global Servicing Company, LLC from May 2015 to August 2018, and as Vice President, General Counsel of US Operations and Assistant Secretary of AmTrust Financial Services, Inc. from 2007 to 2009.

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Key Risks to Kestrel (KG)

1. Regulatory Scrutiny and Financial Reporting Issues: Kestrel Group has faced challenges with regulatory compliance and financial transparency, including delayed 10-Q filings and revenue recognition issues that necessitated restatements. This has led to concerns regarding governance and has eroded investor confidence.
2. Weak Financial Position and Debt Coverage: The company exhibits a challenging financial profile characterized by a high debt-to-equity ratio and negative operating cash flow, which indicates that debt is not adequately covered. Additionally, its interest payments are not well-covered by earnings before interest and taxes (EBIT).
3. Execution Risks of Strategic Rebranding and New Market Expansion: Kestrel Group's recent strategic pivot to a fee-based model, coupled with its European expansion and integration of AI, presents significant execution risks. The successful implementation of these initiatives is crucial for stabilizing earnings and avoiding margin dilution.

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Kestrel Group Ltd (NASDAQ: KG) operates in the specialized areas of insurance fronting services and legacy reinsurance.

For its program services segment, which includes fronting services to insurance program managers and MGAs (Managing General Agents), the global MGA/MGU (Managing General Underwriter) sector generated an estimated USD 29.25 billion in revenues in 2024 and was responsible for over USD 250 billion in written premiums. Specifically, reported fronting premiums exceeded USD 15 billion globally in 2023, with the actual market size likely larger. In the U.S. alone, the MGA market reached over USD 102 billion in direct premiums in 2024. Approximately 17% of the total MGA premium is now supported by fronting companies.

For its Legacy Reinsurance segment, the global non-life run-off reserves are estimated to be greater than USD 1 trillion, standing at USD 1.1 trillion in 2025. The total liabilities transferred in publicly announced non-life run-off transactions globally were an estimated USD 8.1 billion in 2023 and USD 6.6 billion in 2024. The broader global reinsurance market size is estimated to be USD 408.24 billion in 2025 and is projected to grow to USD 594.03 billion by 2033. Another estimate places the global reinsurance market size at USD 574.71 billion in 2024, projected to reach USD 1,154.72 billion by 2032. North America accounts for a significant portion, with a market size of USD 151.05 billion in 2025.

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Kestrel Group (KG) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

1. Accelerated Growth in the Program Services Segment: Kestrel is focused on expanding its fee-oriented fronting model within its Program Services segment. This strategy has already shown significant momentum, with fee income increasing substantially in Q3 2025 compared to Q3 2024, validating the company's capital-light, fee-based approach. This segment generates revenue by providing fronting services to insurance program managers, managing general agents (MGAs), reinsurers, and reinsurance brokers.
2. Expansion into New Geographic Markets: The company has identified European expansion as a strategic initiative. Successful execution in these new markets is crucial for growth, as indicated by the need for seamless integration to avoid diluting margins.
3. Strategic Deployment of Reinsurance Mechanisms: Kestrel actively pursues reinsurance mechanisms with its partners to selectively deploy underwriting capacity. This approach is expected to facilitate and accelerate both the company's fee and premium revenue growth.
4. Increased Premium Volume through New and Existing Client Programs: A significant portion of the fee revenue within the Program Services segment is derived from increased premium volume. This growth is a result of onboarding new clients and expanding existing relationships, leveraging Kestrel's access to the U.S. property and casualty insurance market through its exclusive management contracts with A-rated carriers.

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Share Issuance

• Kestrel Group issued 55 million common shares, valued at $82.5 million, as part of its combination with Maiden Holdings, Ltd. on May 27, 2025.
• An earnout of up to $45 million, payable in common shares of the combined company, was also part of the transaction.
• As of June 30, 2025, Kestrel Group Ltd had approximately 7.74 million common shares outstanding.

Inbound Investments

• The combination of Kestrel Group LLC and Maiden Holdings, Ltd. on May 27, 2025, valued Kestrel at up to $167.5 million, which included $40 million in upfront cash.
• AmTrust Financial Services, Inc. is a significant shareholder of Kestrel Group.
• Maiden Reinsurance owned approximately 22.4% of Kestrel Group's total outstanding common shares as of June 30, 2025.

Outbound Investments

• Kestrel Group retains an option to acquire the AmTrust Insurance Companies for a period of up to three years following the May 27, 2025, combination.
• The company's strategic transformation includes investments in AI-driven underwriting tools and expansion into European markets.