Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 183

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 183
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 May 13, 2022 (including certain anti-corruption matters and compliance with certain export control laws);

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the possession of required permits necessary for the conduct of such party’s business since May 13, 2022;

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tax matters;

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benefits matters and compliance with the Employee Retirement Income Security Act of 1974;

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employment and labor matters;

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TABLE OF CONTENTS

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investment assets carried on the books and records of Maiden;

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intellectual property and data privacy matters;

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the inapplicability of anti-takeover laws;

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real property matters;

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matters relating to material contracts;

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matters relating to insurance subsidiaries;

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statutory statements and examinations;

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agreements with insurance regulators;

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reinsurance or retrocession arrangements;

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the determination of reserves for losses, loss adjustment expenses and unearned premiums of Maiden insurance subsidiaries and the satisfaction of all applicable insurance laws with respect to the establishment of reserves;

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the provision and accuracy of Maiden actuarial reports since December 31, 2022;

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the valid issuance of the US NewCo limited liability company interests and the Bermuda NewCo common shares;

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the absence of certain arrangements with management and shareholders;

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the opinion from Maiden’s financial advisor;

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broker’s and financial advisors’ fees related to the mergers; and

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matters relating to the ownership and voting of the Maiden shares held by Maiden’s subsidiaries.

Certain of the representations and warranties made by the parties are qualified as to “materiality” or “material adverse effect.” In addition, the parties have provided each other confidential disclosure letters that may disclose exceptions to, or otherwise alter, the representations and warranties contained in the combination agreement.

For purposes of the combination agreement, “material adverse effect,” when used in reference to Kestrel, means any effect, change, circumstance or event that, individually or in the aggregate with all other effects, changes, circumstances or events, has, or would reasonably be expected to have, a material adverse effect on the properties, business, results of operations, assets, licenses, liabilities or condition (financial or otherwise) of Kestrel and its Subsidiaries taken as a whole; except that, in no event will any of the following, or any effect, change, circumstance or event arising out of, or resulting from, the following, constitute or be taken into account, individually or in the aggregate, in determining whether a Kestrel material adverse effect has occurred or would reasonably be