Core Insights - AM Best has commented that the Credit Ratings of Palomar Holdings, Inc. and its member companies remain unchanged following the announcement of Palomar's acquisition of The Gray Casualty & Surety Company, expected to close in the first half of 2026 [1][12] Credit Ratings - Palomar has a Long-Term Issuer Credit Rating of "bbb†(Good), while its subsidiaries, PSIC, PESIC, and Palomar Re, have a Financial Strength Rating of A (Excellent) and Long-Term ICRs of "aâ€(Excellent) with a stable outlook [2] - FIA has an FSR of A- (Excellent) and a Long-Term ICR of "a-†(Excellent) with a positive outlook [2] - Gray has an FSR of A- (Excellent) and a Long-Term ICR of "a-†(Excellent), which have been placed under review with positive implications following the acquisition announcement [3] Acquisition Details - Post-acquisition, Gray will operate independently under new management and is expected to benefit from synergies with Palomar [4] - The acquisition will be funded through cash on hand and a bank loan, with expected financial leverage having a neutral impact on the ratings [4] Business Operations - Palomar writes various risks, with earthquake coverage being a significant part of its portfolio, alongside inland marine/other property, casualty, fronting, and crop businesses [5] - The group consistently reports profitable results due to diligent underwriting strategies and is expanding into the surety space, particularly through the acquisition of Gray, which has a larger footprint in the contract surety segment across the U.S. [5]

Core Viewpoint - Kestrel Group Ltd has announced its financial results for the second quarter ended June 30, 2025, highlighting its performance and operational status [1]. Company Overview - Kestrel Group Ltd specializes in providing fronting services to insurance program managers, managing general agents (MGAs), reinsurers, and reinsurance brokers [2]. - The company has exclusive management contracts with four insurance carriers, all rated A- "Excellent" by A.M. Best, allowing it to facilitate insurance transactions across all U.S. states [2]. - Kestrel Group does not assume significant underwriting risk and offers a variety of lines of business, including casualty, workers' compensation, and both catastrophe-exposed and non-catastrophe-exposed property [2].

Group 1 - Kestrel Group LLC and Maiden Holdings, Ltd. have successfully closed their combination, forming Kestrel Group Ltd, which will begin trading on Nasdaq under the ticker symbol "KG" on May 28, 2025 [1][3] - The new entity aims to create a values-driven insurance organization focused on innovation, client service, and long-term relationships, utilizing A.M. Best A- rated insurance carriers [2][4] - The combination is expected to position Kestrel Group to capitalize on favorable market opportunities and accelerate its growth plan to become a leading specialty program group nationwide [3] Group 2 - Kestrel Group specializes in providing fronting services to insurance program managers, MGAs, reinsurers, and reinsurance brokers, facilitating transactions through exclusive management contracts with four A- rated insurance carriers [4] - The company does not assume significant underwriting risk and produces various lines of business, including casualty, workers' compensation, and property insurance [4]