Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 621

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 621
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 or term or aspect thereof (including without limitation the terms of the Earnout), to be entered into in connection with or contemplated by the Transaction or otherwise, including without limitation the terms and conditions of any of the Ancillary Agreements such as the Registration and Investor Rights Agreement. We express no view as to, and our opinion does not address, the pro forma ownership or governance of Bermuda Newco following the consummation of the Transaction.

We express no view as to, and our opinion does not address, the fairness (financial or otherwise) of the amount or nature or any other aspect of any compensation to any officers, directors, or employees of any party to the Transaction, or any class of such persons, relative to the Consideration or otherwise; the relative merits of the Transaction as compared to any alternative business or financial strategies or transactions that might be available to Parent or the effect of any other transaction in which Parent might engage; or the underlying business decision of Parent to engage in the Transaction.

Our opinion is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof. It is understood that subsequent developments may affect this opinion and we expressly disclaim and assume no responsibility for any undertaking or obligation to update, revise, reaffirm or withdraw this opinion or advise any person of any change in any fact or matter affecting our opinion of which we become aware after the date hereof. We are not legal, regulatory, accounting or tax experts and have relied on, and assumed the accuracy and completeness of, assessments by Parent and its advisors with respect to legal, regulatory, accounting and tax matters and our opinion does not address any such matters.

We have acted as financial advisor to Parent in connection with the Transaction and will receive a fee for our services, a portion of which is payable upon the delivery of this opinion and a significant portion of which is contingent upon consummation of the Transaction. In addition, Parent has agreed to reimburse our expenses and to indemnify us against certain liabilities and other items arising out of or related to our engagement.

We are engaged in merger and acquisition (“M&A”) and strategic advisory and capital raising services for various persons and entities. We have in the past provided financial advisory services to Parent and/or its affiliates for which we have received customary compensation and may in the future provide investment banking, placement agent and other services to Parent, the Company and/or their respective affiliates from time to time for which we may receive compensation.

This opinion has been approved