ADDED
Management's Discussion and Analysis of Financial Condition and Results of Operations 53 Item 4.
dollars, except share and per share data) September 30, 2025 December 31, 2024 ASSETS (Unaudited) (Audited) Investments: Fixed maturities, available-for-sale, at fair value (Amortized cost: 2025 - $ 197,941 ) $ 198,658 $ Equity securities, at fair value (Cost: 2025 - $ 11,145 ) 11,350 Equity method investments 32,518 Other investments 171,791 Total investments 414,317 Cash and cash equivalents 12,890 4,286 Restricted cash and cash equivalents 27,634 Accrued investment income 5,076 Reinsurance balances receivable, net (includes $ 7,712 from related parties in 2025).
Following completion of the Combination, the board of directors of Kestrel Group consists of seven directors, made up of four directors selected by Kestrel Intermediate Ledbetter Holdings LLC, two of whom are independent under applicable securities laws and stock exchange rules, and three directors selected by AmTrust Financial Services, Inc.
( AmTrust ), two of whom are independent under applicable securities laws and stock exchange rules.
The proposed acquirer whose application was denied by the SFSA and Maiden have now entered into an amended sale agreement for the acquisition of only Maiden GF at the previously agreed valuation, The proposed acquirer believes it will satisfactorily address the deficiencies identified by the SFSA in its June 2025 decision.
REMOVED
Management's Discussion and Analysis of Financial Condition and Results of Operations 52 Item 4.
dollars, except share and per share data) June 30, 2025 December 31, 2024 ASSETS (Unaudited) (Audited) Investments: Fixed maturities, available-for-sale, at fair value (Amortized cost: 2025 - $ 205,323 ) $ 205,801 $ Equity securities, at fair value (Cost: 2025 - $ 11,145 ) 11,191 Equity method investments 33,173 Other investments 162,105 Total investments 412,270 Cash and cash equivalents 18,951 4,286 Restricted cash and cash equivalents 14,717 Accrued investment income 4,936 Reinsurance balances receivable, net (includes $ 7,742 from related parties in 2025).
Following completion of the Combination, the board of directors of Kestrel Group consists of seven directors, made up of four directors selected by Kestrel Intermediate Ledbetter Holdings LLC, two of whom are independent under applicable securities laws and stock exchange rules, and three directors selected by AmTrust, two of whom are independent under applicable securities laws and stock exchange rules.
The proposed acquirer, whose application was denied by the SFSA, has subsequently indicated its intent to proceed with the acquisition of only Maiden GF at the previously agreed valuation and believes it will satisfactorily address the deficiencies identified by the SFSA in its June 2025 decision.
Maiden and the proposed acquirer are currently in the process of finalizing the terms of an amended sale agreement and this transaction is subject to customary regulatory approvals.