Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 50

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 50
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 — | ​ | ​ |
| Net book value per unit(1)              | ​ | ​ |                                            ​ | ​ |     — | ​ | ​ |
| Unaudited pro forma combined            | ​ | ​ |                                            ​ | ​ |     ​ | ​ | ​ |
| Basic loss per common share             | ​ | ​ |                                            ​ | $ | -8.80 | ​ | ​ |
| Diluted loss per common share           | ​ | ​ |                                            ​ | ​ | -8.80 | ​ | ​ |
| Cash dividend per common share          | ​ | ​ |                                            ​ | ​ |     — | ​ | ​ |
| Net book value per share(2)             | ​ | ​ |                                        22.40 |   |       |   | ​ |

(1) Total shareholders’ or members’ equity divided by common shares or units outstanding. (2) Pro forma total shareholders’ equity divided by pro forma Bermuda NewCo common shares outstanding.

32

TABLE OF CONTENTS

MARKET PRICE DATA AND DIVIDEND INFORMATION FOR MAIDEN SHARES The Maiden shares currently trade on Nasdaq under the ticker symbol “MHLD.” On December 27, 2024, the last trading day before the announcement of the signing of the combination agreement, the last sale price of the Maiden shares reported by Nasdaq was $1.25. On March 24, 2025, the last practicable trading day for which information is available as of the date of this proxy statement/prospectus, the last sale price of the Maiden shares reported by Nasdaq was $0.72. The following table sets forth the high and low prices per share of Maiden shares for the periods indicated. Maiden has not declared or paid dividends during the periods indicated. For current price information, Maiden shareholders are urged to consult publicly available sources.

| ​                                      
 ​                                      
 Calendar Year Ending December 31, 2025 
 First Quarter (through March 24, 2025) | ​ 
 ​ 
 ​ 
 ​ | ​ 
 ​ 
 ​ 
 ​ | Maiden Shares 
 High          
 ​             
 ​             | ​ |    ​ 
 1.65 | ​ 
 ​ | ​ 
 ​ 
 ​ | ​ 
 ​ 
 ​ | Low 
 ​   
 ​   | ​ |    ​ 
 0.67 | ​ 
 ​ | ​ 
 ​ 
 ​ 
 ​ |
|:---------------------------------------|:--|:--|:--------------|:--|-----:|:--