Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 50

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 50
---
 is not necessarily indicative of what the actual results of operations and financial position would have been had the transaction been consummated on the dates indicated, nor is such information indicative of the future consolidated results of operations or financial position of the combined company.

The pro forma adjustments are preliminary and have been made solely for informational purposes. The actual results reported by the combined company in periods following the transaction may differ significantly from those reflected in this selected unaudited pro forma combined financial information for a number of reasons, including but not limited to changes in market conditions, cost savings from operating efficiencies, synergies and the impact of costs incurred in integrating the two companies. As a result, the selected unaudited pro forma combined financial information is not intended to represent and is not necessarily indicative of what the combined company’s financial condition and results of operations would have been had the transaction been completed on the applicable dates of this selected unaudited pro forma combined financial information. In addition, the selected unaudited pro forma combined financial information does not purport to project the future financial condition and results of operations of the combined company.

The following should be read in conjunction with the section of this proxy statement/prospectus entitled “Maiden and Kestrel Unaudited Pro Forma Condensed Combined Financial Information,” and the other financial information included in or incorporated by reference into this document.

<div align='center'>30</div>

TABLE OF CONTENTS

| ​                                                                        
 ​                                                                        | ​ 
 ​ | ​ 
 ​ | Unaudited ProForma Combined                       
 As ofDecember 31, 2024                            |   |           |   | ​ 
 ​ |
|:-------------------------------------------------------------------------|:--|:--|:--------------------------------------------------|:--|----------:|:--|:--|
| ​                                                                        | ​ | ​ | -in thousands, exceptfor earnings percommon share |   |           |   | ​ |
| Statement of Operations Data                                             | ​ | ​ | ​                                                 | ​ |         ​ | ​ | ​ |
| Total revenues                                                           | ​ | ​ | ​                                                 | $ |    43,742 | ​ | ​ |
| Total expenses                                                           | ​ | ​ | ​                                                 | $ |   112,697 | ​ | ​ |
| Net income (loss)                                                        | ​ | ​ | ​                                                 | $ |   -67,913 | ​ | ​ |
| Weighted average number of common shares outstanding – basic and diluted | ​ | ​ | ​                                                 | ​ |