Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 248

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 248
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3,895 $4,990 Net premiums earned$6,836 $9,258 Net loss and LAE(10,406)(4,445)Commission and other acquisition expenses(1,718)(2,112)General and administrative expenses(3,689)(5,432)Underwriting loss$(8,977)$(2,731)

Diversified Reinsurance Legacy Business: The underwriting results for Diversified 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$3,452 $4,833 Net premiums written$3,587 $4,967 Net premiums earned$3,876 $5,266 Net loss and LAE(1,501)(2,340)Commission and other acquisition expenses(1,356)(1,734)General and administrative expenses(2,387)(3,670)Underwriting loss$(1,368)$(2,478)

Underwriting loss by business unit is detailed in the table below for Diversified Reinsurance business during the three and nine months ended September 30, 2025:

For the Three Months Ended September 30,For the Nine Months Ended September 30,($ in thousands)20252025International$(515)$(1,286)GLS(975)(1,296)Other run-off lines122 104 Underwriting loss$(1,368)$(2,478)

Premiums — As discussed in the "Overview" section, Maiden LF and Maiden GF are not writing any new business and have entered into the AmTrust Renewal Rights Agreements which cover certain programs of Maiden LF and Maiden GF's primary business written in Sweden, Norway, other Nordic countries, the United Kingdom and Ireland. Maiden LF and Maiden GF are presently the principal operating subsidiaries of the Company’s IIS platform; therefore we will continue to experience limited premium written for 2025 in the Diversified Reinsurance Legacy Business. 

Please refer to Note 14. Assets Held for Sale of the Notes to Condensed Consolidated Financial Statements under Part I Item 1. "Financial Information" for more details.

Net Loss and LAE — Net loss and LAE incurred in the three and nine months ended September 30, 2025 were $1.5 million and $2.