Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 250

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 250
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 | ​ | ​ |
| Phillips Ray Capital Management, Inc. | ​ | ​ | ​                               | ​ | 7,047,561(2)  | ​ | ​ | ​ | ​          | ​ | 7.0%  | ​ | ​ |
| BlackRock, Inc.                       | ​ | ​ | ​                               | ​ | 5,925,829(3)  | ​ | ​ | ​ | ​          | ​ | 5.9%  | ​ | ​ |

(1) Based on Amendment No. 8 to Schedule 13G filed with the SEC on February 12, 2025. Talkot Capital, LLC, as investment adviser, filed on behalf of these other Reporting Persons: Talkot Fund, L.P., Talkot Capital, LLC, Thomas B. Akin, James H. Akin Trust, Karen Hochster Akin, Blair Spencer Akin, Willa Reyes and Akin Family Foundation. The principal business office for Talkot Capital, LLC is 30 Liberty Ship Way, Suite 3110, Sausalito, CA 94965. (2) Based on Amendment No. 4 to Schedule 13G filed with the SEC on February 6, 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.

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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 18, 2025 upon the exercise of all options and other rights beneficially owned by