Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 308

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 308
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, 2025: 

For the Three Months Ended September 30,2025($ in thousands)TotalNet Premiums EarnedSmall Commercial Business$(2)Specialty Risk and Extended Warranty2,962 Total AmTrust Reinsurance$2,960 For the Nine Months Ended September 30,2025($ in thousands)TotalNet Premiums EarnedSmall Commercial Business$(9)Specialty Risk and Extended Warranty4,001 Total AmTrust Reinsurance$3,992 

Net Loss and LAE — Net loss and LAE expenses incurred for the three and nine months ended September 30, 2025 were $8.9 million and $2.1 million, respectively. Net incurred losses for the three and nine months ended September 30, 2025 were impacted by adverse PPD of $6.9 million and favorable PPD of $1.0 million, respectively. 

The table below shows total PPD for the AmTrust Reinsurance Legacy business for the three and nine months ended September 30, 2025: 

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For the Three Months Ended September 30,For the Nine Months Ended September 30,($ in thousands)20252025Prior Year Loss Development adverse (favorable)($ in thousands)AmTrust Quota Share$(1,400)$(5,600)LPT/ADC Agreement3,601 (117)European Hospital Liability Quota Share4,710 4,715 Total AmTrust Prior Year Development$6,911 $(1,002)

Net incurred losses for the three and nine months ended September 30, 2025 included adverse PPD of $6.9 million and favorable PPD of $1.0 million, respectively. Total PPD was largely due to additional development recognized on European Hospital Liability business due to adjustments for certain death claims and a reduction in recoveries anticipated under the LPT/ADC Agreement, which were partially offset by favorable development on worker's compensation and other lines of business in the AmTrust Quota Share.

Commission and Other Acquisition Expenses — Commission and other acquisition expenses incurred in the three and nine months ended September 30, 2025 were $0.4 million and $0.4 million, respectively. 

General and Administrative Expenses — General and administrative expenses incurred in the three and nine months ended September 30, 2025 were $1.3 million and $1.8 million, respectively.

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Liquidity and Capital Resources  

Liquidity