Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 95

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 95
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20,815 | ​ | ​ |
| ​ | Reserve for loss and loss adjustment expenses(1)    | ​ | ​ | ​ | ​ | -786,880 | ​ | ​ |
| ​ | Unearned premiums                                   | ​ | ​ | ​ | ​ |  -29,793 | ​ | ​ |
| ​ | Liability for securities purchased                  | ​ | ​ | ​ | ​ |   -6,480 | ​ | ​ |
| ​ | Accrued expenses and other liabilities              | ​ | ​ | ​ | ​ |  -86,833 | ​ | ​ |
| ​ | Senior notes – principal amount                     | ​ | ​ | ​ | ​ | -177,010 | ​ | ​ |
| ​ | Liabilities held for sale                           | ​ | ​ | ​ | ​ |     -883 | ​ | ​ |
| ​ | Net assets                                          | ​ | ​ | ​ | ​ |  228,963 | ​ | ​ |
| ​ | Bargain purchase gain                               | ​ | ​ | ​ | ​ | -153,910 | ​ | ​ |
| ​ | Total consideration effectively transferred         | ​ | ​ | ​ | $ |   75,053 | ​ | ​ |

(1) Includes the net fair value adjustment of $6.8 million to net loss and loss adjustment expenses as of closing, which was made up of a $79.8 million decrease to the reinsurance recoverable on unpaid losses and an $86.6 million decrease to the reserve for loss and loss adjustment expenses. 5. Adjustments to Unaudited Pro Forma Condensed Consolidated Combined Balance Sheet The pro forma adjustments, based on preliminary estimates that could change materially as additional information is obtained, are as follows: Pro forma notes (A) Derived from the audited consolidated balance sheet of Kestrel as of December 31, 2024. (B) Derived from the audited consolidated balance sheet of Maiden as of December 31, 2024.

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(C) The historical audited consolidated financial statements of Maiden are inclusive of Maiden GF and Maiden LF. The discontinued operations adjustments are presented to exclude Maiden GF and Maiden LF’s results of operations. Pro forma Transaction Accounting Adjustments (a) Reflects the pro forma adjustment of $6.8 million to historical amounts to record the estimated fair value of reserve for loss and loss adjustment expenses, which reflects a decrease related to the present value of the net