Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 265

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 265
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 their immediate family members are participants to determine whether such persons have a direct or indirect material interest in such relationships and transactions.

Maiden’s Code of Business Conduct and Ethics discourages all conflicts of interest and provides guidance with respect to conflicts of interest. Under this code, conflicts of interest occur when a person’s private interest interferes in any way, or even appears to interfere, with the interest of Maiden as a whole. A conflict situation can arise when an employee, officer or director takes actions or has interests that may make it difficult to perform his or her work at Maiden objectively and effectively. Conflict of interests may also arise when an employee, officer or director, or a member of his or her family, received improper personal benefits as a result of his or her position in Maiden.

Maiden has multiple processes for reporting conflicts of interests, including related person transactions. Under its Code of Business Conduct and Ethics, all employees are required to consult with their managers or follow the procedures set out in the relevant procedures of Maiden. This information is then reviewed by Maiden’s audit committee as deemed necessary, and discussed with management. Ultimately, all such transactions require approval or ratification by the audit committee.

In addition, Maiden annually distributes a questionnaire to its executive officers and members of the Maiden board requesting certain information regarding, among other things, their immediate family members, employment and beneficial ownership interests. This information is then reviewed for any conflicts of interest. At the completion of the annual audit, Maiden’s audit committee and its independent registered public accounting firm review insider and related person transactions and potential conflicts of interest with management.

Bermuda NewCo expects the Code of Business Conduct and Ethics and the practices described above to apply to Bermuda NewCo after the transaction.

Additionally, in connection with the transaction, Maiden and Kestrel have entered into, or will enter into, certain agreements, including the registration and investor rights agreements, the voting agreements and the amended and restated option agreement. For a more complete discussion, see “Related Agreements” beginning on page 135.

Pursuant to Item 18(b) of Form S-4, certain other information required by Item 18(a)(7)(iii) of Form S-4 is being incorporated by reference into this proxy statement/prospectus from Maiden’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

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<div align='center'>**PROPOSALS TO BE SUBMITTED TO THE MAID