Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 308

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 308
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 | ​ |
| 2023  | ​ | ​ | ​                         | ​ | 270,755 | ​ | ​ | ​ | ​            | ​ |        — | ​ | ​ | ​ | ​           | ​ | — | ​ | ​ | ​ | ​                      | ​ | 270,755 | ​ | ​ |
| Total | ​ | ​ | ​                         | ​ | 657,934 | ​ | ​ | ​ | ​            | ​ | -299,689 | ​ | ​ | ​ | ​           | ​ | — | ​ | ​ | ​ | ​                      | ​ | 358,245 | ​ | ​ |

Note 6. Retirement Savings Plan The Company has a 401(k) retirement savings plan (the Plan) covering substantially all employees. Employees are eligible for the Plan after one month of service with the Company. Participants are 100% vested in their contributions. The Company matches 100% of the first 1% and 50% of the next 5% of employee contributions. Matching contributions totaled approximately $64,000 and $60,000 for the years ended December 31, 2024 and 2023, respectively. These amounts are presented in Salaries and benefits in the consolidated statement of operations. Note 7. Related-Party Transactions As part of the July 26, 2022 Unit Purchase Agreement, AmTrust North America Inc. acquired a 30% minority interest in the Company with the option for the Company to purchase certain insurance carriers

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owned by AmTrust North America Inc. The Company also receives professional and administrative services through an expense reimbursement arrangement with AmTrust North America Inc. The Company incurred costs related to this agreement of approximately $826,000 and $1,150,000 during the years ended December 31, 2024 and 2023, respectively. These amounts are presented in Professional fees in the consolidated statement of operations and generally include services such as statutory financial reporting, IT processing, legal contracting, and insurance company compliance functions. The Company also has an exclusive management contract with AmTrust North American Inc. to produce business through four insurance carriers: 1) Park National Insurance Company, 2) Rochdale Insurance Company, 3) Sierra Specialty Insurance Company, and 4) Republic Fire & Casualty Insurance Company (the “AmTrust Insurance Companies”). All fee revenue during the years ended December 31, 2024 and 2023 were based on the net