Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 254

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 254
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TABLE OF CONTENTS

| ​                                           | ​ | ​ | Bermuda NewCoShares to beBeneficially Owned |   |              |   |   |   |            |   |       |   | ​ |
| Name of Beneficial Owner                    | ​ | ​ | Number                                      |   |              |   | ​ | ​ | Percentage |   |       |   | ​ |
| Five Percent and Greater Shareholders       | ​ | ​ | ​                                           | ​ | ​            | ​ | ​ | ​ | ​          | ​ | ​     | ​ | ​ |
| Kestrel Intermediate Ledbetter Holdings LLC | ​ | ​ | ​                                           | ​ | 1,811,764(1) | ​ | ​ | ​ | ​          | ​ | 23.3% | ​ | ​ |
| AmTrust Financial Services, Inc.            | ​ | ​ | ​                                           | ​ | 776,470(2)   | ​ | ​ | ​ | ​          | ​ | 10.0% | ​ | ​ |
| Talkot Capital, LLC                         | ​ | ​ | ​                                           | ​ | 644,645(3)   | ​ | ​ | ​ | ​          | ​ | 8.3%  | ​ | ​ |

(1) The Bermuda NewCo common shares beneficially owned by Kestrel Intermediate Ledbetter Holdings LLC represents the aggregated holdings of the Terry Lee Ledbetter and Reta Laurie Ledbetter 2000 Revocable Trust, the Bradford Luke Ledbetter 2006 Grantor Trust No. 2 and the Shari Ann Ledbetter Irrevocable 2019 Trust. In addition to the beneficial ownership disclosure further above with respect to Messrs. Luke and Terry Ledbetter, Ms. Reta Laurie Ledbetter is a considered a beneficial owner of 18,117,647 Bermuda NewCo common shares through her role as co-trustee of the Terry Lee Ledbetter and Reta Laurie Ledbetter 2000 Revocable Trust. The principal business office for Kestrel Intermediate Ledbetter Holdings LLC is 8333 Douglas Avenue, Suite 1360, Dallas, Texas 75225. (2) The principal business office for AmTrust Financial Services, Inc. is 59 Maiden Lane, 43rd Floor, New York, NY 10038. (3) Based on Amendment No. 8 to Schedule 13G filed with the SEC on February 12