Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 250

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 250
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 ended September 30, 2025 were $8.9 million and $2.1 million, respectively. Net incurred losses for the three and nine months ended September 30, 2025 were impacted by adverse PPD of $6.9 million and favorable PPD of $1.0 million, respectively. 

The table below shows total PPD for the AmTrust Reinsurance Legacy business for the three and nine months ended September 30, 2025: 

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For the Three Months Ended September 30,For the Nine Months Ended September 30,($ in thousands)20252025Prior Year Loss Development adverse (favorable)($ in thousands)AmTrust Quota Share$(1,400)$(5,600)LPT/ADC Agreement3,601 (117)European Hospital Liability Quota Share4,710 4,715 Total AmTrust Prior Year Development$6,911 $(1,002)

Net incurred losses for the three and nine months ended September 30, 2025 included adverse PPD of $6.9 million and favorable PPD of $1.0 million, respectively. Total PPD was largely due to additional development recognized on European Hospital Liability business due to adjustments for certain death claims and a reduction in recoveries anticipated under the LPT/ADC Agreement, which were partially offset by favorable development on worker's compensation and other lines of business in the AmTrust Quota Share.

Commission and Other Acquisition Expenses — Commission and other acquisition expenses incurred in the three and nine months ended September 30, 2025 were $0.4 million and $0.4 million, respectively. 

General and Administrative Expenses — General and administrative expenses incurred in the three and nine months ended September 30, 2025 were $1.3 million and $1.8 million, respectively.

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Liquidity and Capital Resources  

Liquidity  

Kestrel Group is a holding company and transacts no business of its own. We therefore rely on cash flows in the form of dividends, advances, loans and other permitted distributions from our subsidiary companies to pay expenses and make dividend payments on our common shares. The jurisdictions in which our operating subsidiaries are licensed to write business impose regulations requiring companies to maintain or meet statutory solvency and liquidity requirements and also place restrictions on the declaration and payment of dividends and other distributions.

 As a result of the completion of the Combination on May 27, 2025, the Company has acquired significant investable assets