Company: KG
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0002055116-25-000018
Chunk: 28

Company: Kestrel Group Ltd
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 1
Chunk 28
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 and administrative expenses(1,706)(768)(2,474)Underwriting and fee income (loss)$6,283 $(224)6,059 Reconciliation to net income from continuing operationsNet investment income and net realized and unrealized investment gains2,589 Interest and amortization expenses(1,519)Change in fair value of earn out liability(2,679)Gain on bargain purchase73,590 Foreign exchange and other losses, net(5,009)Other general and administrative expenses(2,606)Income tax expense(3)Net income from continuing operations$70,422 (1) Legacy Reinsurance underwriting results only include the post-combination period of May 28, 2025 to June 30, 2025.For the Three Months Ended June 30, 2024Legacy ReinsuranceProgram ServicesTotalFee revenue$— $577 $577 General and administrative expenses— (589)(589)Fee loss$— $(12)$(12)Reconciliation to net loss from continuing operationsNet investment income 54 Other general and administrative expenses(589)Net loss from continuing operations$(547)

 19

KESTREL GROUP LTD NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(in thousands of U.S. dollars, except share and per share data)

3. Segment Information (continued)The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net income for the six months ended June 30, 2025 and 2024, respectively:For the Six Months Ended June 30, 2025Legacy Reinsurance(1)Program ServicesTotalGross premiums written$1,096 $— $1,096 Net premiums written1,095 $— $1,095 Net premiums earned$2,422 $— $2,422 Fee revenue— 1,351 1,351 Net loss and LAE5,961 — 5,961 Commission and other acquisition expenses(394)— (394)General and administrative expenses(1,706)(1,339)(3,045)Underwriting and fee income$6,283 $12 6,295 Reconciliation to net incomeNet investment income and net realized and unrealized investment gains2,623 Interest and amortization expenses(1,519)Change in fair value