Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 98

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 98
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 Increased premium volume accounted for $0.5 million of fee revenue for the nine months ended September 30, 2025.  

•combined income from investment activities of $11.6 million for the nine months ended September 30, 2025 compared to $0.2 million in 2024 primarily due to the following:

•net investment income increased to $5.1 million for the nine months ended September 30, 2025 compared to $0.2 million that was earned in 2024;

•realized and unrealized investment gains of $6.6 million for the nine months ended September 30, 2025 compared to losses of  $0.0 million in 2024; and

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•interest in loss of equity method investments was $24.0 thousand for the nine months ended September 30, 2025 compared to $0.0 million for the same respective period in 2024.

•corporate general and administrative expenses increased to $9.6 million for the nine months ended September 30, 2025 compared to $2.0 million in 2024. Corporate expenses for the nine months ended September 30, 2025 include $3.9 million for non-recurring employee separation, insurance and Combination-related costs. Excluding these non-recurring expenses, our adjusted corporate expenses for the nine months ended September 30, 2025 increased by $3.7 million compared to the same period in 2024, which were the result of the Combination with Maiden; and

•foreign exchange and other losses of $2.2 million for the nine months ended September 30, 2025 compared to foreign exchange and other losses of $0.0 million earned in 2024, largely due to significant weakening of the U.S dollar on the re-measurement of net loss reserves and insurance related liabilities denominated in the British pound and euro.

Net Premiums Written 

Net premiums written by our reportable segment, reconciled to the total consolidated net premiums written for the three and nine months ended September 30, 2025 and 2024 are detailed below:  

For the Three Months Ended September 30,20252024Change in($ in thousands)TotalTotal$Diversified Legacy Business$3,587 $— $3,587 AmTrust Reinsurance Legacy Business308 — 308 Total Legacy Reinsurance Segment$3,895 $— $3