Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 245

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 245
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 segments$4,353 $590 $7,435 $1,990 General and administrative expenses – corporate6,430 591 9,571 1,990 Total general and administrative expenses$10,783 $1,181 $17,006 $3,980 

Corporate expenses for the three and nine months ended September 30, 2025 included $1.9 million and $3.9 million for non-recurring employee separation, insurance and Combination-related costs. Excluding these non-recurring expenses, our adjusted corporate expenses for the three and nine months ended September 30, 2025 increased by $3.9 million and $3.7 million compared to the same respective periods in 2024. These increases as well as increases in our segment expenses were the result of the Combination with Maiden for the three and nine months ended September 30, 2025, respectively. 

Corporate expenses also included vesting of certain stock-based awards which were $0.5 million for the nine months ended September 30, 2025 compared to $0.0 million for the same period in 2024. 

Interest and Amortization Expenses

Total interest and amortization expenses incurred for the three and nine months ended September 30, 2025 were $4.1 million and $5.6 million, respectively, which included:

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•Interest expense of $4.8 million and $6.6 million on the outstanding senior notes issued by Maiden in 2016 and Maiden Holdings North America, Ltd. ("Maiden NA") in 2013 ("Senior Notes") in the three and nine months ended September 30, 2025, respectively, that were acquired upon completion of the merger; 

•Amortization expense for the fair value adjustment on the Senior Notes was $0.3 million and $0.4 million for the three and nine months ended September 30, 2025, respectively. The difference between the principal amount of the acquired Senior Notes and their fair market value at closing of the Combination is being amortized over those securities' remaining life; partially offset by:

•Fair value adjustment amortization of  $0.9 million and $1.3 million for the net loan receivable from related party for the three and nine months ended September 30, 2025, respectively.

Please refer to "Notes to Condensed Consolidated Financial Statements (unaudited) Note 7