Shareholders' Equity

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

a)Common Shares

As discussed in Note 1. Basis of Presentation, pursuant to the terms of the Combination, at the closing of the transaction on May 27, 2025, each issued and outstanding common share of Maiden, par value $0.01 per share, was automatically canceled and converted into the right to receive one-twentieth (0.05) of a common share in Kestrel Group Ltd. The equityholders of Kestrel at the closing date received 2,749,996 common shares of the Kestrel Group. Fractional shares for both Maiden and Kestrel were paid out in cash at the closing date.

The Company’s authorized share capital after the Combination consists of 42,500,000 common shares. The Company's common shares have a par value of $0.01 per share. Kestrel Group common shareholders are entitled to receive dividends. For the three and nine months ended September 30, 2025, the Company's Board of Directors did not declare any dividends to common shareholders. Holders of Kestrel Group common shares have no pre-emptive, redemption, conversion or sinking fund rights. Holders of Kestrel Group common shares are entitled to one vote per share on all matters submitted to a vote of holders of Kestrel Group common shares. Most matters to be approved by holders of Kestrel Group common shares require approval by a simple majority vote. Under the Kestrel Group bye-laws, the holders of at least a majority of the Kestrel Group common shares voting in person or by proxy at a meeting must approve any merger, amalgamation, business combination or similar transaction with another company.

At September 30, 2025, the aggregate authorized share capital of the Company is 42,500,000 shares of which 9,979,477 common shares were issued. This includes 7,741,943 common shares outstanding, and 2,237,534 treasury shares as discussed further below. The remaining 32,520,523 shares are undesignated at September 30, 2025. At September 30, 2025, there are 136,197 common shares that will be issued and outstanding upon vesting of restricted shares.

b)Common Shares issuable under Incentive Plans

On June 3, 2025, a Registration Statement on Form S-8 was filed by Kestrel Group for the purpose of registering 1,411,600 common shares, par value $0.01 per share, of the Company which include:

•206,600 common shares are issuable in respect of outstanding awards under the Maiden Holdings, Ltd. 2019 Omnibus Incentive Plan (“Legacy Plan”) and any such additional shares granted under the Legacy Plan that were forfeited, cancelled, exchanged or surrendered, including in connection with the termination or expiration of an award, that then become available under the Legacy Plan in accordance with its terms. The Legacy Plan was assigned to and assumed by the Company at the effective time of the mergers. Such aggregate number of common shares issuable under the Legacy Plan reflects the conversion required by the terms of the Combination Agreement; and

•1,205,000 common shares are issuable under the Kestrel Group Ltd 2025 Equity Incentive Plan (“Kestrel Group Plan”).

c)Treasury Shares

Treasury shares include 2,237,534 common shares owned by Maiden Reinsurance which are not treated as outstanding common shares on the Condensed Consolidated Balance Sheet at September 30, 2025.

d)AOCI

The following tables set forth financial information regarding the changes in the balances of each component of AOCI:


For the Three Months Ended September 30, 2025	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	485	$	74	$	559
Other comprehensive income (loss) before reclassifications	219		(1,694)		(1,475)
Amounts reclassified from AOCI to net income, net of tax	—		—		—
Net current period other comprehensive income (loss)	219		(1,694)		(1,475)
Ending balance	$	704	$	(1,620)	$	(916)











For the Nine Months Ended September 30, 2025	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	—	$	—	$	—
Other comprehensive income before reclassifications	704		(1,620)		(916)
Amounts reclassified from AOCI to net income, net of tax	—		—		—
Net current period other comprehensive income (loss)	704		(1,620)		(916)
Ending balance	$	704	$	(1,620)	$	(916)

- Definition

The entire disclosure for equity.

+ References

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+ Details

Kestrel Group Ltd 10-Q