Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 104

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 104
---
 purposes of determining whether a quorum is established.

Under the rules that govern brokers who have record ownership of shares that are held in “street name” for their clients, the beneficial owners of the shares, brokers have discretion to vote these shares on routine matters but not on non-routine matters. The matters being voted on at the Maiden special meeting are all considered non-routine matters under Nasdaq rules. Accordingly, brokers will not have discretionary voting authority to vote your shares on any matter at the Maiden special meeting. A broker non-vote occurs

<div align='center'>67</div>

TABLE OF CONTENTS

when brokers do not have discretionary voting authority and have not received instructions from the beneficial owners of the shares on a particular non-routine matter. A broker will not be permitted to vote on any of the proposals to be considered at the Maiden special meeting without instruction from the beneficial owner of Maiden shares held by that broker. Broker non-votes will have no effect on the outcome of the proposals to be considered at the Maiden special meeting. Broker non-votes, if any, will be counted for purposes of determining whether a quorum exists at the Maiden special meeting. If you hold Maiden shares through a broker, bank or other organization with custody of your shares, follow the voting instructions you receive from that organization.

#### Vote Required

#### Voting cutback proposal
: Approving the voting cutback proposal requires the affirmative vote (in person or by proxy) of a majority of the votes cast “For” or “Against” the proposal. Accordingly, a Maiden shareholder’s failure to submit a proxy card or to vote in person at the Maiden special meeting, an abstention from voting, or the failure of a Maiden shareholder who holds his or her shares in “street name” through a broker or other nominee to give voting instructions to such broker or other nominee will have no effect on the outcome of any vote to approve the voting cutback proposal.

#### First merger approval bye-law proposal
: Approving the first merger approval bye-law proposal requires the affirmative vote (in person or by proxy) of a majority of the votes cast “For” or “Against” the proposal. Accordingly, a Maiden shareholder’s failure to submit a proxy card or to vote in person at the Maiden special meeting, an abstention from voting, or the failure of a Maiden shareholder who holds his or her shares in “street name” through a broker or other nominee to give voting instructions to such broker or other nominee will have no effect on the outcome of any vote to