Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 140

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 140
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rel or Maiden or the contemplated transaction. Some of the summaries of the financial analyses performed by IAP include information presented in tabular format. The tables must be read together with the full text of each summary and alone are not a complete description of IAP’s financial analyses. Except as otherwise noted, the following quantitative information, to the extent that it is based on market data, is based on market data as it existed on or before December 27, 2024 and is not necessarily indicative of current market conditions.

### Summary of Financial Analyses of IAP
Selected Companies Analysis . IAP reviewed and compared certain financial information for Kestrel to corresponding financial information, ratios and public market multiples for the following publicly traded companies in the insurance brokerage industry whose primary focus is similar to Kestrel:

•

Marsh & McLennan Companies, Inc.

•

Aon plc

•

Arthur J. Gallagher & Co.

•

Willis Towers Watson Public Limited Company

•

Brown & Brown, Inc.

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TABLE OF CONTENTS

• Ryan Specialty Holdings, Inc. • The Baldwin Group Ltd. • Goosehead Insurance, Inc. • Hagerty, Inc. • TWFG, Inc. The multiples and ratios of the selected companies were based on the closing prices of their respective common shares on December 27, 2024, financial data obtained from public filings and S&P Capital IQ and consensus estimates. With respect to Kestrel and the selected companies, IAP calculated the following multiples and ratios: • Enterprise value as a multiple of estimated 2025 EBITDA (“2025E EBITDA”); and • Enterprise value as a multiple of estimated 2026 EBITDA (“2026E EBITDA”). The selected companies and the results of these analyses are summarized below:

| Selected Company                             | ​ | ​ | 2025EEBITDA |   |       |   | ​ | ​ | 2026EEBITDA |   |       |   | ​ |
| Marsh & McLennan Companies, Inc.             | ​ | ​ | ​           | ​ | 15.5x | ​ | ​ | ​ | ​           | ​ | 14.5x | ​ | ​ |
| Aon plc                                      | ​ | ​ | ​           | ​ | 16.7x | ​ | ​ | ​ | ​           | ​ | 15.2x | ​ | ​ |
| Arthur J. Gallagher & Co.                    | ​ | ​