Company: KG
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0002055116-25-000018
Chunk: 94

Company: Kestrel Group Ltd
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 1
Chunk 94
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2025 compared to adverse PPD of $0.0 million during the same period in 2024, detailed as follows:

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•Our AmTrust Reinsurance Legacy business experienced favorable PPD of $7.9 million in the second quarter of 2025.

•Our Diversified Reinsurance Legacy business experienced adverse PPD of $0.1 million in the second quarter of 2025.

•On a current accident year basis, underwriting loss for the Legacy Reinsurance segment was $1.5 million for the three months ended June 30, 2025. 

•Program Services segment produced a loss of $0.2 million for the three months ended June 30, 2025 compared to loss of $12.0 thousand  for the same period in 2024. Fee revenue decreased to $0.5 million for the three months ended June 30, 2025 compared to $0.6 million  for the same period in 2024.

•combined income from investment activities totaled $2.6 million for the three months ended June 30, 2025 compared to $0.1 million for the same period in 2024 primarily due to the following:

•net investment income increased to $1.5 million for the three months ended June 30, 2025 compared to $0.1 million that was earned for the same respective period in 2024; and

•realized and unrealized investment gains of $1.1 million for the three months ended June 30, 2025 compared to losses of  $— million for the same respective period in 2024.

•corporate general and administrative expenses increased to $2.6 million for the three months ended June 30, 2025 compared to $0.6 million for the same period in 2024. Corporate expenses increased primarily due to $1.7 million of non-recurring employee separation costs; and

•foreign exchange and other losses of $5.0 million for the three months ended June 30, 2025, compared to foreign exchange and other losses of $0.0 million for the same period in 2024, primarily 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.

Results for the six months ended June 30, 2025

Net income for the six months ended June 30, 202