Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 299

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 299
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3,587 AmTrust Reinsurance Legacy Business308 — 308 Total Legacy Reinsurance Segment$3,895 $— $3,895 For the Nine Months Ended September 30,20252024Change in($ in thousands)TotalTotal$Diversified Legacy Business$4,967 $— $4,967 AmTrust Reinsurance Legacy Business23 — 23 Total Legacy Reinsurance Segment(1)$4,990 $— $4,990 

(1) Legacy Reinsurance segment results only include the post-combination period of May 28 to June 30, 2025.

Net premiums written for the three and nine months ended September 30, 2025 increased to $3.9 million and $5.0 million, respectively, which was split as follows:

•Premiums written in the Diversified Reinsurance legacy business were $3.6 million and $5.0 million for the three and nine months ended September 30, 2025, respectively. As discussed in Note 14. Assets Held for Sale of the Notes to Condensed Consolidated Financial Statements in Part I Item 1. "Financial Information", Maiden LF and Maiden GF are no longer writing new business and their non-underwriting related assets and liabilities are presented as held-for-sale in our condensed consolidated financial statements.

•Premiums written in the AmTrust Reinsurance legacy business were $0.3 million and $23.0 thousand for the three and nine months ended September 30, 2025, respectively, which emanated from premium adjustments to both the AmTrust Quota Share and European Hospital Liability Quota Share, which had been terminated effective January 1, 2019.

Please refer to the analysis below of our Diversified Reinsurance and AmTrust Reinsurance Legacy Business in the  Legacy Reinsurance segment for further details. 

Net Premiums Earned 

Net premiums earned for the three and nine months ended September 30, 2025 were $6.8 million and $9.3 million, respectively. Net premiums earned by our reportable segment, reconciled to the total consolidated net premiums earned, for the three and nine months ended September 30, 2025 and 2024 are detailed as follows:

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For the Three Months Ended September 30,20252024Change in($ in thousands)TotalTotal$Diversified Reinsurance Legacy Business$3,876 $— $3,876