Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 238

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 238
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 both new and existing client programs. Increased premium volume accounted for $1.1 million of fee revenue for the three months ended September 30, 2025.

•combined income from investment activities totaled $9.0 million for the three months ended September 30, 2025 compared to $0.1 million for the same period in 2024 primarily due to the following:

•net investment income increased to $3.5 million for the three months ended September 30, 2025 compared to $0.1 million that was earned for the same respective period in 2024; 

•realized and unrealized investment gains of $5.5 million for the three months ended September 30, 2025 compared to investment losses of  $0.0 million for the same respective period in 2024; and

•interest in loss of equity method investments was $24.0 thousand for the three months ended September 30, 2025 compared to $0.0 million for the same respective period in 2024.

•corporate general and administrative expenses increased to $6.4 million for the three months ended September 30, 2025 compared to $0.6 million for the same period in 2024. Corporate expenses for the three months ended September 30, 2025 included $1.9 million in non-recurring expenses for employee separation, insurance and Combination-related costs. Excluding these non-recurring expenses, our adjusted corporate expenses for the three months ended September 30, 2025 increased by $3.9 million compared to the same period in 2024, which were the result of the Combination with Maiden; and

•foreign exchange and other gains of $2.9 million for the three months ended September 30, 2025, compared to foreign exchange and other losses of $0.0 million for the same period in 2024, primarily due to appreciation of the U.S dollar on the re-measurement of net loss reserves and insurance related liabilities denominated in the British pound and euro.

Results for the nine months ended September 30, 2025

Net income for the nine months ended September 30, 2025 was $64.5 million compared to net loss of $1.4 million in 2024. Net income for the nine months ended September 30, 2025 was substantially the result of the gain on bargain purchase of $73.6 million from the completion