Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 94

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 94
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 be stated at historical carrying values and its consolidated financial statements will be presented as the predecessor to the combined company in the historical financial statements following the consummation of the transaction. The assets and liabilities of Maiden will be recorded at their fair values measured as of the acquisition date. Any excess of the estimated fair values of the net assets acquired over the purchase price is recorded as a gain on bargain purchase. Based on the preliminary estimated fair values of the assets acquired and liabilities assumed, the bargain purchase gain will be recognized in this transaction. The results of Maiden will be presented within the consolidated results of Kestrel from the date of acquisition going forward. 4. Preliminary Estimated Purchase Price and Purchase Price Allocation Management performed a preliminary estimation of fair values of the Maiden assets and liabilities as of December 31, 2024. As of the date of this proxy statement/prospectus, Kestrel has not completed the detailed valuation studies necessary to arrive at the required estimates of the fair value of the Maiden assets to be acquired and the liabilities to be assumed and the related purchase price allocation. The preliminary fair value estimates are subject to change based on the final valuations. The estimated preliminary fair values of the Maiden assets and liabilities are based on discussions with Maiden’s management, preliminary valuation studies, the transaction due diligence, and information presented in Maiden’s public filings. The final purchase price and purchase price allocation may be different than the information that is presented herein, and such differences could be material. Preliminary Estimated Purchase Price The following table summarizes the preliminary estimate of the purchase price (in thousands, except shares and per share price):

| ​ | Bermuda NewCo shares issued at Closing                                            | ​ | ​ | ​ | ​ |  7,189,496 | ​ | ​ |
|:--|:----------------------------------------------------------------------------------|:--|:--|:--|:--|-----------:|:--|:--|
| ​ | Bermuda NewCo share price(1)                                                      | ​ | ​ | ​ | $ |      15.00 | ​ | ​ |
| ​ | Gross equity portion of consideration transferred at Closing                      | ​ | ​ | ​ | $ |    107,843 | ​ | ​ |
| ​ | Bermuda NewCo shares retained as treasury shares by Maiden Reinsurance at Closing | ​ | ​ | ​ | ​ | -2,237,533 | ​ | ​ |
| ​ | Bermuda NewCo share price(1)                                                      | ​ | ​ | ​ | $ |      15.00 |