Kestrel第三季项目服务费收入290万美元增203%：客户项目保费1.212亿美元增132%，净亏损1640万美元、每股亏损2.09美元
专业保险平台 Kestrel Group Ltd（纳斯达克：KG）11月6日公布截至2026年9月30日的第三季度业绩。按公司官方业绩稿正文，该季总收入为480万美元，其中净承保保费收入190万美元；净亏损为1640万美元、每股亏损2.09美元；截至9月30日，每股账面价值为12.44美元，总资产为8.796亿美元，股东权益为9780万美元。
增长主要来自项目服务（Program Services）分部：该分部向项目管理人、再保险人与再保险经纪人提供前台出单服务（fronting）。该季项目服务费收入为290万美元，同比增长203%，费收入利润率71%；费总收入为410万美元，同比增长151%，公司称增长来自存量与新增客户账户；客户项目产生的保费为1.212亿美元，同比增长132%。今年前九个月，该分部费收入累计690万美元，去年同期为100万美元；费总收入1090万美元；客户项目保费累计3.25亿美元，同比增长244%。首席执行官 Luke Ledbetter 在业绩稿中表示，该分部费收入、费总收入与项目保费在2026年每个季度都环比与同比改善，公司目标是在未来一年实现约500万美元的年化运行率费用节省。
拖累业绩的是遗留再保险（Legacy Reinsurance）分部，该季承保亏损640万美元，其中多元化业务承保亏损650万美元，包含德国汽车配额分保310万美元的损失发展与一笔240万美元的 Genesis Legacy Solutions 索赔和解；AmTrust 业务则录得10万美元承保利润。投资方面，该季投资活动净亏损130万美元，其中净投资收入230万美元，被360万美元的已实现与未实现投资损失抵销，业绩稿称损失来自部分另类与房地产资产的公允价值调整。该季总管理费用为1140万美元，去年同期为1180万美元。
Kestrel Third-Quarter Program Services Fee Income Rises 203% to $2.9 Million as Premium Produced Jumps 132% to $121.2 Million; Net Loss of $16.4 Million, or $2.
Kestrel Group Ltd (Nasdaq: KG), a specialty insurance platform providing fronting services to program managers, reinsurers and reinsurance brokers, reported on November 6 its financial results for the third quarter ended September 30, 2026. According to the company's official earnings release, total revenues were $4.8 million and net premiums earned were $1.9 million. The company reported a net loss of $16.4 million, or a loss of $2.09 per share. At September 30, 2026, book value per common share was $12.44, total assets were $879.6 million and shareholders' equity was $97.8 million.
Growth came from the Program Services segment, which provides fronting services. Its fee income for the quarter was $2.9 million, up 203% year over year, at a 71% margin on fee revenue, and total fee revenues were $4.1 million, up 151%, driven by growth in both existing and new client accounts. Premium produced by client programs totaled $121.2 million, up 132% year over year. For the first nine months of 2026, segment fee income was $6.9 million, compared with $1.0 million a year earlier, total fee revenues were $10.9 million, and premium produced totaled $325.0 million, up 244%. Chief Executive Officer Luke Ledbetter said in the release that fee income, fee revenue and premium produced improved in each quarter of 2026, and that the company is targeting approximately $5 million in run-rate expense savings over the next year.
The Legacy Reinsurance segment reported an underwriting loss of $6.4 million, comprising $0.1 million of underwriting income from the AmTrust business and a $6.5 million underwriting loss from the Diversified business, which included $3.1 million of loss development on the German Auto quota share and a $2.4 million settlement of a Genesis Legacy Solutions claim. Investment activities produced a net loss of $1.3 million, consisting of net investment income of $2.3 million offset by $3.6 million of net realized and unrealized investment losses reflecting fair value adjustments on certain alternative and real estate assets. Total general and administrative expenses were $11.4 million, compared with $11.8 million a year earlier.
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来源：Kestrel Group（公司
发布：GSM·美国（发布链接）
图片来源：保险业办公楼（资料图）。（Wikimedia Commons）|An insurance office building (file photo). (Wikimedia Commons)
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