Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 128

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 128
---
 AmTrust.

On December 26, 2024, certain holders of Maiden Holdings North America, Ltd.’s senior unsecured 7.75% notes filed a lawsuit alleging that Maiden’s prior sale of Maiden Reinsurance North America, Inc. breached a provision of Maiden Holdings North America, Ltd.’s indenture (the “Noteholder Litigation”). Maiden, Kestrel and their respective representatives held a telephonic meeting to discuss the Noteholder Litigation, during which Maiden’s litigation counsel summarized the allegations and Maiden’s view that the litigation was meritless. Following this discussion, representatives of Kestrel advised Maiden management that Kestrel would not be willing to proceed with a transaction without an indemnity for losses that may arise from the Noteholder Litigation.

On December 27, 2024, the Maiden board held a meeting at which Maiden management and representatives of IAP, Paul, Weiss and Appleby were in attendance. At the meeting, Mr. Haveron provided the Maiden board with an update as to the status of the transaction discussions. Representatives of Paul, Weiss then updated the Maiden board about the material outstanding issues in the draft definitive agreements, including that Kestrel had requested indemnification for any losses arising from the Noteholder Litigation. The Maiden board asked questions of Maiden management, Paul, Weiss and Appleby, and authorized Maiden management to continue negotiations of definitive agreements with Kestrel and AmTrust, including providing the Kestrel equityholders with indemnification for any losses arising from the Noteholder Litigation.

On December 28 and 29, 2024, representatives of Paul, Weiss and Skadden, on behalf of their respective clients, negotiated and revised the draft definitive agreements to resolve all outstanding issues.

<div align='center'>80</div>

TABLE OF CONTENTS

On December 29, 2024, the Maiden board held a meeting at which Maiden management and representatives of IAP, Paul, Weiss and Appleby were in attendance. At the meeting, Mr. Haveron provided the Maiden board with an update as to the status of the transaction discussions. The Maiden board asked questions of Mr. Haveron and Mr. Lawrence F. Metz, Maiden’s Executive Vice Chairman and Group President, regarding the discussions with Kestrel and AmTrust. Representatives of Paul, Weiss then provided a summary of the material terms of the definitive agreements, including a description of the resolution of open items that had previously been discussed with the Maiden board, materials with respect to which had been