Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 331

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 331
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 paid. In 2025, the Vermont DFR approved an annual dividend program from Maiden Reinsurance to Maiden NA, but required prior approval of quarterly dividends before payment. To date the Vermont DFR has approved all dividend requests under this program. Subsequent to those approvals, plus the approval for the $40.0 million extraordinary dividend to provide for consideration to the Kestrel shareholders pursuant to the terms of the Combination Agreement, Maiden Reinsurance has paid total dividends of $130.0 million to Maiden NA as of September 30, 2025.

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The summarized financial information below has been presented on a combined basis for the issuer Maiden NA and the guarantor Maiden, excluding all other subsidiaries. Intercompany balances and transactions between Maiden NA and Maiden, whose information is presented above on a combined basis, were eliminated. Any investment by Maiden NA or Maiden in subsidiaries that are not issuers or guarantors is not presented in the financial information below.

 Intercompany balances with subsidiaries that are not issuers or guarantors and any related party transactions were separately disclosed below and are not included in the total assets and total liabilities presented for Maiden NA and Maiden. The net loss for Maiden Holdings was due to interest and amortization expenses on the Senior Notes as well as general and administrative expenses. The net income in Maiden NA reflects investment income earned for the respective periods.

Summarized financial information of Maiden NA and Maiden as of September 30, 2025 and for the three and nine months ended September 30, 2025 were as follows:

 Maiden NAMaiden Holdings($ in thousands)Total assets$18,088 $4,962 Total liabilities111,143 83,820 Amounts due from subsidiaries (not included in total assets above)37 5,460 Amounts due to subsidiaries (not included in total liabilities above)12,821 3,822 Related party loan payable (not included in total liabilities above)— 326,560 Total revenue for the quarter-to-date period13,047 154 Net income (loss) for the quarter-to-date period9,696 (7,792)Total revenue for year-to-date period13,061 154 Net income (loss) for year-to-date period8,571 (11,664)

With respect to the related party loan payable for Maiden above, under the conditions stipulated in the Vermont DFR approval for the Combination, Maiden Reinsurance (as the lender) is no longer permitted to