Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 246

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 246
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Co’s objects and powers) and alterations to Bermuda NewCo’s memorandum of association, including any increase or reduction of Bermuda NewCo’s authorized capital. Bermuda NewCo’s shareholders have the additional right to inspect Bermuda NewCo’s bye-laws, minutes of general meetings and audited financial statements, which must be presented to the annual general meeting of shareholders. Bermuda NewCo’s register of shareholders is also open to inspection by shareholders and to members of the public without charge. Bermuda NewCo is required to maintain a share register in Bermuda but may establish a branch register outside Bermuda. Bermuda NewCo is required to keep at its registered office a register of its directors and officers which is open for inspection by members of the public without charge. Bermuda law does not, however, provide a general right for shareholders to inspect or obtain copies of any other corporate records. Delaware law permits any shareholder to inspect or obtain copies of a corporation’s shareholder list and its other books and records for any purpose reasonably related to such person’s interest as a shareholder.

Insurance Regulations Concerning Change of Control

State insurance laws intended primarily for the protection of policyholders contain certain requirements that must be met prior to any change of control of an insurance company or insurance holding company that is domiciled, or in some cases, having such substantial business that it is deemed commercially domiciled, in that state. These requirements may include the advance filing of specific information with the state insurance commission, a public hearing on the matter, and review and approval of the change of control by the state agencies. Bermuda NewCo will have an insurance subsidiary domiciled in Vermont. Under the insurance laws in this state, “control” is presumed to exist through the ownership of 10% or more of the voting securities of an insurance company or any company that controls the insurance company. Any purchase of Bermuda NewCo shares that would result in the purchaser owning more than 10% of Bermuda NewCo’s voting securities will be presumed to result in the acquisition of control of Bermuda NewCo’s insurance subsidiaries and require prior regulatory approval.

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TABLE OF CONTENTS

CERTAIN BENEFICIAL OWNERS OF MAIDEN SHARES The following table sets forth, as of March 18, 2025 (except as otherwise noted), information with respect to the beneficial ownership of the Maiden shares issued and outstanding for: • each of Maiden’s directors and named executive officers; • Maiden’s directors and named executive officers as a group; and • each person or group of affiliated persons whom Maiden knows to beneficial