Company: KG
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0002055116-25-000018
Chunk: 368

Company: Kestrel Group Ltd
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 2
Chunk 368
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— Net premiums written$1,095 $— $1,095 $— Net premiums earned$2,422 $— $2,422 $— Fee revenue544 577 1,351 1,757 Net loss and LAE5,961 — 5,961 — Commission and other acquisition expenses(394)— (394)— General and administrative expenses(1)(2,474)(589)(3,045)(1,400)Underwriting & fee income(2)6,059 (12)6,295 357 Other general and administrative expenses(1)(2,606)(589)(3,178)(1,399)Net investment income1,531 54 1,565 118 Net realized and unrealized investment gains1,058 — 1,058 — Change in fair value of earn out liability(2,679)— (2,679)— Gain on bargain purchase73,590 — 73,590 — Foreign exchange and other losses(5,009)— (5,009)— Interest and amortization expenses(1,519)— (1,519)— Income tax expense(3)— (95)— Net income (loss) from continuing operations70,422 (547)70,028 (924)Loss from discontinued operations, net of income tax(495)— (495)— Net income (loss)$69,927 $(547)$69,533 $(924)

(1)Underwriting and fee income related general and administrative expenses is a non-GAAP measure. Please refer to "General and Administrative Expenses" below for additional information related to these corporate expenses and the reconciliation to those presented in our unaudited Condensed Consolidated Statements of Income.

(2)Underwriting and fee income is a non-GAAP measure and is calculated as net premiums earned plus fee revenue less net loss and LAE, commission and other acquisition expenses and general and administrative expenses directly related to underwriting activities.

(3)The Company does not present certain non-GAAP measures such as combined ratio and its related components in its results of operation, as it believes that as the run-off of its reinsurance portfolios progresses, such ratios are increasingly not meaningful and of less value to readers as they evaluate our financial results.

Net income (loss)

As a result of the completion of the Combination Agreement on May 27, 2025, the