Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 254

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 254
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813 common shares of Bermuda NewCo issuable to former Maiden shareholders pursuant to the transaction (based on such number of Maiden shares issued and outstanding as of March 18, 2025), and (ii) 2,750,000 common shares of Bermuda NewCo issuable to the former Kestrel equityholders pursuant to the transaction.

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TABLE OF CONTENTS

| ​                                           | ​ | ​ | Bermuda NewCoShares to beBeneficially Owned |   |              |   |   |   |            |   |       |   | ​ |
| Name of Beneficial Owner                    | ​ | ​ | Number                                      |   |              |   | ​ | ​ | Percentage |   |       |   | ​ |
| Five Percent and Greater Shareholders       | ​ | ​ | ​                                           | ​ | ​            | ​ | ​ | ​ | ​          | ​ | ​     | ​ | ​ |
| Kestrel Intermediate Ledbetter Holdings LLC | ​ | ​ | ​                                           | ​ | 1,811,764(1) | ​ | ​ | ​ | ​          | ​ | 23.3% | ​ | ​ |
| AmTrust Financial Services, Inc.            | ​ | ​ | ​                                           | ​ | 776,470(2)   | ​ | ​ | ​ | ​          | ​ | 10.0% | ​ | ​ |
| Talkot Capital, LLC                         | ​ | ​ | ​                                           | ​ | 644,645(3)   | ​ | ​ | ​ | ​          | ​ | 8.3%  | ​ | ​ |

(1) The Bermuda NewCo common shares beneficially owned by Kestrel Intermediate Ledbetter Holdings LLC represents the aggregated holdings of the Terry Lee Ledbetter and Reta Laurie Ledbetter 2000 Revocable Trust, the Bradford Luke Ledbetter 2006 Grantor Trust No. 2 and the Shari Ann Ledbetter Irrevocable 2019 Trust. In addition to the beneficial ownership disclosure further above with respect to Messrs. Luke and Terry Ledbetter, Ms. Reta Laurie Ledbetter is a considered a beneficial owner of 18,117,647 Bermuda NewCo common shares through her role as co-trustee of the Terry Lee Ledbetter and Reta Laurie Ledbetter 2000 Revocable Trust. The principal business office for Kestrel Intermediate Ledbetter Holdings LLC is 8333 Douglas Avenue