Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 236

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 236
---
 other failure to pay by a reinsurer, any adverse impact to the business, financial condition, results of operations, and prospects of the AmTrust Insurance Companies may have an adverse impact on Kestrel’s financial condition and results of operations, as Kestrel relies on the AmTrust Insurance Companies to write its business. Therefore, Kestrel is indirectly exposed to credit risk from potential losses arising principally from the financial condition of the third-party reinsurers, and Kestrel is also directly exposed to credit risk from potential losses in its cash and money market accounts. Although the third-party reinsurers are obligated to reimburse losses to the extent risk is ceded to them, insurance carriers are ultimately liable to the policyholders on all risks ceded. As a result, reinsurance contracts do not limit the ultimate obligations to pay claims covered under the insurance policies that Kestrel issues through the insurance carriers, and Kestrel might not collect amounts recoverable from the reinsurers.

Kestrel also evaluates the credit risk of its investment portfolio. As of December 31, 2024, Kestrel’s cash and cash equivalents are held in FDIC-insured banks and in money market accounts with daily liquidity.

<div align='center'>146</div>

TABLE OF CONTENTS

### DESCRIPTION OF BERMUDA NEWCO COMMON SHARES
The following is a summary of the Bermuda NewCo common shares as of the closing and does not purport to be a complete description of the Bermuda NewCo common shares. You should also refer to, and this summary is qualified in its entirety by, (1) Bermuda NewCo’s memorandum of association and any (i) certificates of deposit of memorandum of increase of share capital or (ii) certificates of deposit of memorandum of reduction of share premium attached thereto, which we refer to as the Bermuda NewCo memorandum of association, are included as Exhibit 3.2 to the registration statement of which this proxy statement/prospectus is a part and are incorporated herein by reference, (2) Bermuda NewCo’s amended and restated bye-laws, which we refer to as the Bermuda NewCo bye-laws, are included as Exhibit 3.3 to the registration statement of which this proxy statement/prospectus is a part and is incorporated herein by reference and (3) the applicable provisions of the Bermuda Companies Act. The following summary should be read in conjunction with the section entitled “Comparison of Shareholder Rights” beginning on page 159.

#### Dividends
Holders of Bermuda NewCo common shares