Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 101

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 101
---
 retained as treasury shares by Maiden Reinsurance atClosing | ​ | ​ | ​ | ​ | -2,237,533 | ​ | ​ |
| ​ | Common shares issued to Kestrel                                                  | ​ | ​ | ​ | ​ |  2,750,000 | ​ | ​ |
| ​ | Total numbers of shares                                                          | ​ | ​ | ​ | ​ |  7,701,963 | ​ | ​ |

Since treasury shares are not considered outstanding for share count purposes, the common shares held by Maiden Reinsurance are excluded from the average number of common shares outstanding for basic and diluted earnings per share.

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TABLE OF CONTENTS

### INFORMATION ABOUT THE COMPANIES

#### Maiden Holdings, Ltd.
Maiden Holdings, Ltd., which we refer to as Maiden, is a Bermuda-based holding company formed in 2007. Maiden creates shareholder value by actively managing and allocating assets and capital, including through ownership and management of businesses and assets primarily in the insurance and related financial services industries where Maiden can leverage deep knowledge of those markets. Maiden’s principal executive offices are located at 48 Par-La-Ville Road, Suite 1141, Hamilton HM 11, Bermuda. Maiden’s telephone number is (441) 298-4900 and its website is www.maiden.bm. The information contained on the website, or that can be accessed through the website, is not incorporated by reference in this proxy statement/ prospectus.

#### Kestrel Group LLC
Kestrel Group LLC, which we refer to as Kestrel, is a Delaware limited liability company formed in 2022. Kestrel specializes in providing services to insurance program managers, MGAs, reinsurers, and reinsurance brokers. Kestrel facilitates insurance fronting transactions utilizing its exclusive management contracts with the AmTrust Insurance Companies. These contracts enable Kestrel to offer both admitted and surplus lines, all of which have been rated “Excellent” by A.M. Best, a leading insurance industry credit rating agency, in addition to offering established and emerging products. Kestrel does not assume underwriting risks; instead, it earns a fee for granting access to insurance carriers. Kestrel 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. Kestrel’s principal executive offices are located at 8333 Douglas Avenue, Dallas, Texas, 75225