Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 249

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 249
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3 million, respectively. The net incurred losses were impacted by net favorable PPD of $0.3 million and $0.2 million for the three and nine months ended September 30, 2025, respectively.

 65

Commission and Other Acquisition Expenses — Commission and other acquisition expenses incurred in the three and nine months ended September 30, 2025 were $1.4 million and  $1.7 million, respectively. This is driven by lower premiums written and earned by Maiden LF and GF as they are not writing any new business having entered into the AmTrust Renewal Rights Agreements in 2024.

General and Administrative Expenses — General and administrative expenses incurred in the three and nine months ended September 30, 2025 were $2.4 million and $3.7 million, respectively.

 AmTrust Reinsurance Legacy Business: The underwriting results for AmTrust Reinsurance Legacy business for the three and nine months ended September 30, 2025 were as follows:

For the Three Months Ended September 30,For the Nine Months Ended September 30,($ in thousands)20252025Gross premiums written$308 $23 Net premiums written$308 $23 Net premiums earned$2,960 $3,992 Net loss and LAE(8,905)(2,105)Commission and other acquisition expenses(362)(378)General and administrative expenses(1,302)(1,762)Underwriting loss$(7,609)$(253)

The nominal written premiums for the three and nine months ended September 30, 2025 reflect the termination of the AmTrust Quota Share and the European Hospital Liability Quota Share as of January 1, 2019 which has resulted in no new business written under these contracts since 2018. 

The table below provides detail on net premiums earned in the three and nine months ended September 30, 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