Company: KG
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0002055116-25-000018
Chunk: 92

Company: Kestrel Group Ltd
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 1
Chunk 92
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) Note 2. Significant Accounting Policies" included in this Form 10-Q.

 57

Results of Operations 

The following table sets forth our selected unaudited Condensed Consolidated Statement of Income data for the three and six months ended June 30, 2025 and 2024:

For the Three Months Ended June 30,For the Six Months Ended June 30,($ in thousands)2025202420252024Gross premiums written$1,096 $— $1,096 $— 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