Company: KG
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0002055116-25-000018
Chunk: 289

Company: Kestrel Group Ltd
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 8
Chunk 289
---
3 million for the three and six months ended June 30, 2025 compared to the same respective periods in 2024. Fee revenue from our Program Services segment was $0.5 million and $1.4 million for the three and six months ended June 30, 2025 compared to $0.6 million and $1.8 million for the same respective periods in 2024. Fee revenue decreased by $33.0 thousand and $0.4 million due to a reduction in permitted capacity for certain programs and lines of business.

 62

Legacy Reinsurance Segment

The following details the results for the two components of the Legacy Reinsurance segment which is comprised of Diversified Reinsurance Legacy Business and the AmTrust Reinsurance Legacy Business. The underwriting results for our Legacy Reinsurance segment for the three and six months ended June 30, 2025 were as follows:

For the Three and Six Months Ended June 30,2025Gross premiums written$1,096 Net premiums written$1,095 Net premiums earned$2,422 Net loss and LAE5,961 Commission and other acquisition expenses(394)General and administrative expenses(1,706)Underwriting loss$6,283 

Diversified Reinsurance Legacy Business: The underwriting results for Diversified Reinsurance legacy business for the three and six months ended June 30, 2025 were as follows: 

For the Three and Six Months Ended June 30,2025Gross premiums written$1,381 Net premiums written$1,380 Net premiums earned$1,390 Net loss and LAE(839)Commission and other acquisition expenses(378)General and administrative expenses(1,251)Underwriting loss$(1,078)

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

For the Three and Six Months Ended June 30,2025International$(738)GLS(321)Other run-off lines(19)Underwriting loss$(1,078)

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