Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 140

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 140
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 on Management Projections to derive a range of implied enterprise values of Kestrel of $292 million to $339 million. Precedent Transactions Analysis . IAP reviewed and analyzed certain financial information relating to the following transactions in the insurance brokerage industry since 2018 involving publicly traded and private targets: • Arthur J. Gallagher & Co.’s acquisition of AssuredPartners announced in December 2024; • Ryan Specialty Holdings, Inc.’s acquisition of US Assure Insurance Services of Florida, Inc. announced in August 2024; • Ambac Financial Group, Inc.’s acquisition of Beat Capital Partners Ltd. announced in June 2024; • Amwins Group, Inc.’s acquisition of Connected Risk Solutions, LLC announced in February 2024; • Stone Point Capital LLC, Clayton, Dubilier & Rice, LLC and Mubadala Investment Company’s acquisition of Truist Insurance Holdings, LLC announced in February 2024;

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• Aon plc’s acquisition of NFP Corp. announced in December 2023; • Arthur J. Gallagher & Co.’s acquisition of Cadence Insurance, Inc. announced in October 2023; • Arthur J. Gallagher & Co.’s acquisition of Eastern Insurance Group, LLC announced in September 2023; • Brown & Brown, Inc.’s acquisition of Kentro Capital Limited announced in May 2023; • The Carlyle Group Inc.’s acquisition of NSM Insurance Group announced in May 2022; • BRP Group, Inc.’s acquisition of Westwood Insurance Agency announced in March 2022; • BRP Group, Inc.’s acquisition of RogersGray, Inc., Breakwater Brokerage, LLC and Monomoy Insurance Group, LLC announced in June 2021; and • Marsh & McLennan Companies, Inc.’s acquisition of Jardine Lloyd Thompson Group plc announced in September 2018. For each of the selected transactions, IAP calculated the multiples of the deal value reported in press releases, public filings and other publicly available sources (“Deal Value”) to EBITDA. Such calculations were performed based on information obtained from press releases, public filings and other publicly available sources. The selected transactions and the results of these analyses are summarized below:

| Date       
 Announced  | ​ | ​ | Acquiror                                                                     | ​ | ​ | Target                                                                      | ​ | ​ | DealValue/EBITDA | ​ |
| 12/09/2024 | ​ | ​ | Arthur