Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 89

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 89
---
 ​ | ​ | ​ | ​              | $ | -199,294 | ​ | ​ | ​ | ​                                | $ |  131,056 | ​ | ​ | ​ | ​ | ​ | ​    | ​ | ​ | ​ | ​                               | $ |   -67,913 | ​ | ​ | ​ | ​ | ​ | ​    | ​ | ​ |
| Basic and diluted income (loss) per share attributable to commonshareholders          | ​ | ​ | ​          | $ |  0.32 | ​ | ​ | ​ | ​      | $ |      -2.01 | ​ | ​ | ​ | ​                      | ​ |       ​ | ​ | ​ | ​ | ​              | ​ |        ​ | ​ | ​ | ​ | ​                                | ​ |        ​ | ​ | ​ | ​ | ​ | ​ | ​    | ​ | ​ | ​ | ​                               | $ |     -8.80 | ​ | ​ | ​ | ​ | ​ | 6(l) | ​ | ​ |
| Weighted average number of commonshares – basic and diluted                           | ​ | ​ | ​          | ​ | 1,000 | ​ | ​ | ​ | ​      | ​ | 99,902,695 | ​ | ​ | ​ | ​                      | ​ |       ​ | ​ | ​ | ​ | ​              | ​ |        ​ | ​ | ​ | ​ | ​                                | ​ |        ​ | ​ | ​ | ​ | ​ | ​ | ​    | ​ | ​ | ​ | ​                               | ​ | 7,701,962 | ​ | ​ | ​ | ​ | ​ | ​    | ​ | ​ |

56

TABLE OF CONTENTS

### NOTES TO THE UNAUDITED PRO FORMA CONDENSED CONSOLIDATEDCOMBINED FINANCIAL STATEMENTS

#### 1.   Description of the Transaction
On December 29, 2024, Maiden Holdings, Ltd., a Bermuda exempted company limited by shares, entered into a combination agreement with Kestrel Group, LLC, a Delaware limited liability company, the Kestrel equityholders, Ranger U.S. Newco LLC, a Delaware limited liability company, Ranger Bermuda Merger Sub Ltd, a Bermuda exempted company limited by shares and a direct wholly owned subsidiary of US NewCo, Ranger Bermuda Topco Ltd, a Bermuda exempted company limited by shares, and Ranger Merger Sub