Company: KG
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0002055116-25-000018
Chunk: 214

Company: Kestrel Group Ltd
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 8
Chunk 214
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 Europe, as well as business produced by Maiden LF and Maiden GF along with transactions entered into by GLS as described in Note 1. Basis of Presentation under Maiden Legacy Operations.The Company evaluates segment performance based on segment profit separately from results of our investment portfolio. Underwriting and fee income or loss is calculated as net premiums earned plus other insurance revenue less net loss and LAE, commission and other acquisition expenses. General and administrative expenses are allocated to the segments on an actual basis except salaries and benefits where management’s judgment is applied; however, general corporate expenses are not allocated to the reportable segments. In determining total assets by reportable segment, the Company identifies those assets that are attributable to a particular segment such as reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld receivable, net loan receivable from related party, intangible assets and restricted cash and investments. All remaining assets are allocated to Corporate. Kestrel’s chief operating decision maker ("CODM") is the Company's Chief Executive Officer, Luke Ledbetter for both the Program Services segment and the Legacy Reinsurance segment. The significant segment expenses as reported in the computation of underwriting results in the tables below are used by the Company's CODM in assessing segment performance on a quarterly basis and supports their decision on how to allocate resources within the Company.

 18

KESTREL GROUP LTD NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(in thousands of U.S. dollars, except share and per share data)

3. Segment Information (continued)The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net income for the three months ended June 30, 2025 and 2024, respectively: For the Three Months Ended June 30, 2025Legacy Reinsurance(1)Program ServicesTotalGross premiums written$1,096 $— $1,096 Net premiums written1,095 $— $1,095 Net premiums earned$2,422 $— $2,422 Fee revenue— 544 544 Net loss and LAE5,961 — 5,961 Commission and other acquisition expenses(394)— (394)General and administrative expenses(1,706)(768)(2,474)Underwriting and fee income (loss)$6,283 $(224)6,059 Reconciliation to net income from continuing operations