Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 103

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 103
---
 the same respective periods in 2024 primarily due to inclusion of Maiden's general and administrative operating expenses subsequent to May 27, 2025.

 General and administrative expenses for the three and nine months ended September 30, 2025 and 2024 were comprised of:

For the Three Months Ended September 30,For the Nine Months Ended September 30,($ in thousands)2025202420252024General and administrative expenses – segments$4,353 $590 $7,435 $1,990 General and administrative expenses – corporate6,430 591 9,571 1,990 Total general and administrative expenses$10,783 $1,181 $17,006 $3,980 

Corporate expenses for the three and nine months ended September 30, 2025 included $1.9 million and $3.9 million for non-recurring employee separation, insurance and Combination-related costs. Excluding these non-recurring expenses, our adjusted corporate expenses for the three and nine months ended September 30, 2025 increased by $3.9 million and $3.7 million compared to the same respective periods in 2024. These increases as well as increases in our segment expenses were the result of the Combination with Maiden for the three and nine months ended September 30, 2025, respectively. 

Corporate expenses also included vesting of certain stock-based awards which were $0.5 million for the nine months ended September 30, 2025 compared to $0.0 million for the same period in 2024. 

Interest and Amortization Expenses

Total interest and amortization expenses incurred for the three and nine months ended September 30, 2025 were $4.1 million and $5.6 million, respectively, which included:

 63

•Interest expense of $4.8 million and $6.6 million on the outstanding senior notes issued by Maiden in 2016 and Maiden Holdings North America, Ltd. ("Maiden NA") in 2013 ("Senior Notes") in the three and nine months ended September 30, 2025, respectively, that were acquired upon completion of the merger; 

•Amortization expense for the fair value adjustment on the Senior Notes was $0.3 million and $0.4 million for the three and nine months ended September 30, 2025, respectively. The difference between the principal amount of the acquired Senior Notes