Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 297

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 297
---
 | ​ | ​    | ​ | -2,485,329 | ​ | ​ |
| Cash and Cash Equivalents Balance, Beginning of Year                                 | ​ | ​ | ​    | ​ |  5,553,121 | ​ | ​ | ​ | ​    | ​ |  8,038,450 | ​ | ​ |
| Cash and Cash Equivalents Balance, End of Year                                       | ​ | ​ | ​    | $ |  4,286,280 | ​ | ​ | ​ | ​    | $ |  5,553,121 | ​ | ​ |

**See accompanying notes to these Consolidated Financial Statements F-6

TABLE OF CONTENTS

Note 1: Nature of Operations, Basis of Presentation and Pending Merger Agreement**

### Nature of Operations
Kestrel Group, LLC (the “Company”), a Delaware-based limited liability company, specializes in providing services to insurance program managers, Managing General Agents (MGAs), reinsurers, and reinsurance brokers. The Company facilitates fronting insurance transactions utilizing its exclusive management contracts with four insurance carriers. These contracts enable the Company to offer both admitted and surplus lines, all of which have been rated “Excellent” by AM Best, a leading insurance industry credit rating agency, in addition to offering established and emerging products. The Company does not assume underwriting risks; instead, it earns a fee for granting access to these carriers. The Company produces lines that insure casualty, workers’ compensation, catastrophe-exposed property, and non-catastrophe-exposed property, with diverse risk durations, sizes, and product types, all within the United States. The Company is headquartered in Dallas, TX and was established in July 2022.

#### Basis of Presentation
These consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statements include the accounts of the Kestrel Group, LLC and its wholly-owned subsidiaries, Kestrel Insurance Agency, LLC and Kestrel Service Corporation. All intercompany accounts and transactions have been eliminated in consolidation.

#### Pending Merger Agreement
**In December 2024, the Company and its equity unit holders entered into a combination agreement (“the Agreement”) with Maiden Holdings Ltd. (“Maiden”), Ranger U.S. NewCo LLC (“US NewCo”), Ranger Bermuda Merger Sub Ltd. (“Merger Sub Ltd”), Ranger Bermuda Topco Ltd. (“Bermuda NewCo”), and Ranger