Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 248

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 248
---
2024. Phillips Ray Capital Management, Inc. jointly filed with one other Reporting Person: Brian Michael Phillips. The principal business office for Phillips Ray Capital Management, Inc. is 2727 W 7th Street, Suite 220, Fort Worth, TX 76107. (3) Based on Schedule 13G filed with the SEC on November 8, 2024. The principal business office for BlackRock, Inc, is 50 Hudson Yards New York, NY 10001.

154

TABLE OF CONTENTS

CERTAIN BENEFICIAL OWNERS OF BERMUDA NEWCO COMMON SHARES The following table sets forth information with respect to the beneficial ownership of the Bermuda NewCo common shares issued and outstanding after giving effect to the transaction for: • each of Bermuda NewCo’s directors and named executive officers; • Bermuda NewCo’s directors and named executive officers as a group; and • each person or group of affiliated persons whom Bermuda NewCo expects to beneficially own more than five percent of the Bermuda NewCo common shares then issued and outstanding. The following table gives effect to the Bermuda NewCo common shares expected to be issuable within 60 days of March 3, 2025 upon the exercise of all options and other rights beneficially owned by the indicated shareholders on that date. Beneficial ownership is determined in accordance with Rule 13d-3 under the Exchange Act and includes voting and investment power with respect to shares. Unless otherwise indicated, the persons named in the table directly own the shares and have sole voting and sole investment power with respect to all shares beneficially owned. The percentages of beneficial ownership in the table below are based on 156,074,887 common shares of Bermuda NewCo issued and outstanding after giving effect to the transaction (which excludes (A) the potential contingent consideration payable to the former Kestrel equityholders and (B) 44,750,678 Bermuda NewCo common shares to be held by Maiden Re upon consummation of the transaction), being the sum of (i) 101,074,887 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 3, 2025), and (ii) 55,000,000 common shares of Bermuda NewCo issuable to the former Kestrel equityholders pursuant to the transaction, together with the named executive officer’s options to purchase Bermuda NewCo common shares outstanding which are fully vested at the closing and any restricted