Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 45

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 45
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 the issued and outstanding equity securities of each such insurance carrier at the price and on the terms and conditions set forth therein.

#### Tax Consequences of the Combination (Page105)
Bermuda NewCo, Maiden, Kestrel and the Kestrel equityholders each intend that, subject to certain limitations and qualifications described in the section of this proxy statement/prospectus titled “Tax Consequences of the Combination”, the Kestrel contribution and first merger, taken together, and the second merger will each qualify as a transaction described in Section 351 of the Code. If such treatment applies, U.S. Holders (as defined herein) of Maiden shares will generally not recognize gain or loss upon the exchange of their Maiden shares, or receipt of Bermuda NewCo common shares, in the combination (except with respect to cash received in lieu of any fractional shares). Upon consummation of the second merger, Bermuda NewCo expects to be treated as a domestic corporation for all U.S. federal tax purposes pursuant to Section 7874(b) of the Code.

For a more detailed summary of the tax consequences of the combination, see the section of this proxy statement/prospectus titled “Tax Consequences of the Combination” beginning on page 105.

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TABLE OF CONTENTS

SELECTED CONSOLIDATED HISTORICAL FINANCIAL DATA OF MAIDEN The following table sets forth certain selected historical financial data of Maiden. The selected historical consolidated statements of income data for the years ended December 31, 2024 and 2023 and the selected historical consolidated balance sheet data as of December 31, 2024 and 2023 were derived from Maiden’s audited consolidated financial statements and related notes contained in Maiden’s Annual Report on Form 10-K for the year ended December 31, 2024, which is incorporated by reference in this proxy statement/prospectus. The information set forth below is only a summary and is not necessarily indicative of the results of future operations of Maiden or the combined company, and you should read the following information together with Maiden’s audited consolidated financial statements and the notes related thereto and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in Maiden’s Annual Report on Form 10-K for the year ended December 31, 2024, which is incorporated by reference in this proxy statement/prospectus. The historical results are not necessarily indicative of the results to be expected in any future period. For more information