Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 55

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 55
---
 transaction and the Maiden shares canceled in the transaction may be higher or lower than the values of these shares on earlier dates. 100% of the merger consideration to be received by Maiden shareholders will be Bermuda NewCo common shares.

Changes in the market prices of Maiden shares may result from a variety of factors that are beyond the control of Maiden, including changes in its business, operations and prospects, regulatory considerations, governmental actions, and legal proceedings and developments. Market assessments of the benefits of the transaction, the likelihood that the transaction will be completed, and general and industry-specific market and economic conditions might also have an effect on the market price of Maiden shares. Changes in the market price of Maiden shares might also be caused by fluctuations and developments affecting domestic and global securities markets.

In addition, the transaction may not be completed until a significant period of time has passed after the Maiden special meeting. As a result, the market value of Maiden shares may vary significantly from the date of the Maiden special meeting to the date of the completion of the transaction. You are urged to obtain up-to-date prices for the Maiden shares. There is no assurance that the transaction will be completed, that there will not be a delay in the completion of the transaction or that all or any of the anticipated benefits of the transaction will be realized. See “Market Price Data and Dividend Information for Maiden Shares” for ranges of historic prices of Maiden shares.

Obtaining required regulatory approvals may prevent or delay completion of the transaction, reduce the anticipated benefits of the transaction or require changes to the structure or terms of the transaction.

At any time before or after the transaction is consummated, either the FTC or the Antitrust Division could take action under the antitrust laws in opposition to the transaction, including seeking to enjoin

<div align='center'>34</div>

TABLE OF CONTENTS

completion of the transaction, condition completion of the transaction upon the divestiture of assets of Kestrel, Maiden or their subsidiaries or impose restrictions on the combined company’s post-merger operations. These could negatively affect the results of operations and financial condition of the combined company following completion of the transaction. Any such requirements or restrictions may prevent or delay completion of the transaction or may reduce the anticipated benefits of the transaction, which could also have a material adverse effect on the combined company’s business and cash flows, financial condition and results of operations.

The transaction is subject to approvals or non-disapprovals, as applicable, by the Vermont Department of Financial Regulation, the Swedish Financial Supervisory Authority, the