Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 94

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 94
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 table sets forth our selected unaudited Condensed Consolidated Statement of Income data for the three and nine months ended September 30, 2025 and 2024:

For the Three Months Ended September 30,For the Nine Months Ended September 30,($ in thousands)2025202420252024Gross premiums written$3,760 $— $4,856 $— Net premiums written$3,895 $— $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