Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 49

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 49
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 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.

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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)                                                        | ​ | ​ | ​                                                 | $ |     -68,955 | ​ | ​ |
| Weighted average number of common shares outstanding – basic and diluted | ​ | ​ | ​                                                 | ​ | 154,039,253 | ​ | ​ |
| Earnings (loss) per common share                                         | ​ | ​ | ​                                                 | ​ |           ​ | ​ | ​ |
| Basic and diluted                                                        | ​ | ​ | ​                                                 | $ |       -0.44 | ​ | ​ |

| ​                                                                          
 ​                                                                          | ​ 
 ​ | ​ 
 ​ | Unaudited ProForma Combined 
 As ofDecember 31, 2024      |   |           |   | ​ 
 ​ |
|:---------------------------------------------------------------------------|:--|:--|:----------------------------|:--|