Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 93

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 93
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 Kestrel equityholders are expected to own approximately 64% and 36% of Bermuda NewCo, respectively, at the closing (excluding shares of Bermuda NewCo that will be owned by Maiden Reinsurance Ltd., an affiliate and wholly owned subsidiary of Maiden, and the potential contingent consideration payable to Kestrel equityholders).

Upon the completion of the transaction, (i) each outstanding option to purchase Maiden shares will be converted into an option to purchase a number of Bermuda NewCo shares equal to one-twentieth (0.05) of the Maiden shares subject to the Maiden option (rounded down to the nearest whole share), with an exercise price determined by dividing the exercise price of such Maiden option by 0.05 (rounded up to the nearest whole cent), the Bermuda NewCo option shall otherwise have substantially the same terms and conditions, including vesting schedule, as applied to such US NewCo option immediately prior to the closing of the second merger and (ii) each outstanding Maiden share that is unvested and/or subject to a risk of forfeiture will convert automatically into one-twentieth (0.05) of a Bermuda NewCo share that is unvested and/or subject to a risk of forfeiture, on substantially the same terms and conditions (including vesting schedule) as applied to such Maiden restricted share.

#### 2.   Basis of Pro Forma Presentation
The unaudited pro forma condensed consolidated combined financial statements were prepared in accordance with Article 11 of SEC Regulation S-X, as amended by the final rule, Release No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses . Release No. 33-10786 replaces the existing pro forma adjustment criteria with simplified requirements to depict the accounting for the transaction (“Transaction Accounting Adjustments”) and present the reasonably estimable synergies and other transaction effects that have occurred or are reasonably expected to occur (“Management’s Adjustments”). Management has elected not to present Management’s Adjustments and only presents

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TABLE OF CONTENTS

Transaction Accounting Adjustments in the unaudited pro forma condensed consolidated combined financial information. The adjustments presented in the unaudited pro forma condensed consolidated combined financial statements have been identified and presented to provide relevant information necessary for an understanding of the combined company after the consummation of the transaction.

The unaudited pro forma condensed consolidated combined financial statements are based on the Maiden historical consolidated financial statements and the Kestrel historical consolidated financial statements, as adjusted to give effect to the