Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 98

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 98
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 loans (see Note 5(f) above).

(f)

Reflects a pro forma adjustment to record adjustment of $0.6 million to interest in income of equity method investments (see Note 5(g) above).

(g)

Reflects a pro forma adjustment to record lease expense of $0.3 million based on the incremental borrowing rate as of acquisition date (see Note 5(h) above).

(h)

Reflects a pro forma adjustment to record the estimated transaction costs to be incurred of $12.8 million (see Note 5(i) above).

(i)

Reflects a pro forma adjustment to record the acceleration of Kestrel’ stock compensation cost of $0.2 million, as measured at the original grant dates, due to the repurchase of Kestrel stock-based compensation awards (see Note 5(n) above).

(j)

Reflects a pro forma adjustment to record the bargain purchase gain of $153.9 million (see Note 4 above).

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(k) Bermuda NewCo does not expect to recognize current or deferred tax expense upon consummation of the transaction and therefore no income tax provision impact related to the transaction accounting adjustments is reflected. The U.S. deferred tax balances are offset by a full valuation allowance. (l) The pro forma basic and diluted number of shares presented in the unaudited pro forma condensed consolidated combined statement of operations are based upon the number of Bermuda NewCo’s shares outstanding as if the transaction occurred on January 1, 2024. The calculation of weighted average shares outstanding for pro forma basic and diluted net income per share assumes that the shares issuable in connection with the transaction have been outstanding for the entirety of the period presented. Pro forma weighted average common shares outstanding presented in the unaudited pro forma condensed consolidated combined statement of operations for the year ended December 31, 2024 — basic and diluted are calculated as follows:

| ​ | Bermuda NewCo shares issued at Closing                                           | ​ | ​ | ​ | ​ |  7,189,496 | ​ | ​ |
| ​ | Bermuda NewCo shares retained as treasury shares by Maiden Reinsurance atClosing | ​ | ​ | ​ | ​ | -2,237,533 | ​ | ​ |
| ​ | Common shares issued to Kestrel                                                  | ​ | ​ | ​ | ​ |  2,750,000 | ​ | ​ |
| ​ | Total numbers of shares                                                          | ​ | ​ | ​ |