Company: KG
Filing Date: 2025-08-11
Form Type: NT 10-Q
Source: 0001104659-25-076251
Chunk: 1

Company: Kestrel Group Ltd
Filing Date: 2025-08-11
Form: NT 10-Q
Chunk 1
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 be filed on or before the 
 fifth calendar day following the prescribed due date; and                                                                                |

| (c) | The accountant’s statement or other exhibit required 
 by Rule 12b-25(c) has been attached if applicable.   |

PART III – NARRATIVE

Kestrel Group Ltd (the “Company”) is unable to file, without
unreasonable effort or expense, its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (the “Quarterly Report”)
by the prescribed filing date for the reasons stated below.

On August 11, 2025, the Company's Audit Committee, after considering
and concurring with the recommendation of management and Kestrel Group LLC (“Kestrel”) independent registered public accounting
firm, Frazier & Deeter, LLC, that due to certain matters related to Kestrel’s revenue recognition for the three months ended
March 31, 2025 and 2024 and for the years ended December 31, 2024 and 2023 (the “Relevant Periods”) which are under review
by Kestrel’s independent registered public accounting firm and are expected to result in a restatement of such historical financial
statements. The Company's Audit Committee has concluded that due to the requirement to restate the financial statements for the Relevant
Periods, the financial statements for the Relevant Periods should no longer be relied upon. However, the Company currently believes that
such errors are not material with respect to the Company’s combined consolidated financial statements reflecting the combination
of the Kestrel and Maiden Holdings, Ltd. businesses. The Company anticipates filing a Form 8-K/A to file such restated historical consolidated
financial statements and the pro forma combined consolidated financial statements for the year ended December 31, 2024 and the three months
ended March 31, 2025. In accordance with Rule 12b-25 of the Securities Exchange Act of 1934, as amended, the Company expects to file the
Quarterly Report on or before August 18, 2025, which is the end of the five-calendar day extension period following the prescribed due
date.

PART IV – OTHER INFORMATION

| (1) | Name and telephone number of person to contact in regard to this notification |

| Bradford Luke Ledbetter |     |       -856 |     | 359-2400          |
| (Name)                  |     | -Area Code |     | -Telephone