Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 236

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 236
---
 $— $4,990 $— Net premiums earned$6,836 $— $9,258 $— Fee revenue1,621 700 2,972 2,457 Net loss and LAE(10,406)— (4,445)— Commission and other acquisition expenses(1,718)— (2,112)— General and administrative expenses(1)(4,353)(590)(7,435)(1,990)Underwriting & fee (loss) income(2)(8,020)110 (1,762)467 Other general and administrative expenses(1)(6,430)(591)(9,571)(1,990)Net investment income3,494 52 5,059 170 Net realized and unrealized investment gains5,494 — 6,552 — Change in fair value of earn out liability2,679 — — — Gain on bargain purchase— — 73,590 — Foreign exchange and other gains (losses)2,854 — (2,155)— Interest and amortization expenses(4,128)— (5,647)— Income tax expense(7)— (102)— Interest in loss of equity method investments(24)— (24)— Net (loss) income from continuing operations(4,088)(429)65,940 (1,353)Loss from discontinued operations, net of income tax(965)— (1,460)— Net (loss) income$(5,053)$(429)$64,480 $(1,353)

(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 (loss