Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 195

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 195
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 lease, in each case, except in the ordinary course of business consistent with past practice;

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TABLE OF CONTENTS

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materially amend the Maiden investment guidelines (as defined below);

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in relation to Maiden and any subsidiary incorporated in Bermuda, discontinue to a jurisdiction outside of Bermuda;

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(A) change or revoke any material tax election, (B) change any annual tax accounting period, or adopt or change any material method of accounting for tax purposes, (C) file any material amended tax return, (D) enter into any closing agreement for tax purposes, (E) request or enter into any private letter ruling, technical advice memoranda or comparable rulings, decisions or advice, in each case related to taxes, (F) surrender any right to claim a refund of material taxes, or (G) settle or compromise any audit or other proceeding relating to a material amount of tax, in each case to the extent that doing so would reasonably be expected to result in a material incremental tax cost to Bermuda NewCo, the surviving companies of the mergers or any of their subsidiaries after the closing;

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reduce or strengthen any reserves, provisions for losses or other liability amounts in respect of insurance contracts and assumed reinsurance contracts except (A) as may be required by (or, in the reasonable good faith judgment of Maiden, advisable under) applicable SAP (disregarding any changes to applicable SAP that are not yet required to be implemented) or GAAP, as applicable or (B) as a result of loss or exposure payments to other parties in accordance with the terms of insurance contracts and assumed reinsurance contracts;

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(A) acquire or dispose of any Maiden investment assets in any manner not in compliance with all applicable policies of Maiden with respect to the investment of the Maiden investment assets (the “Maiden investment guidelines”), or (B) retain or engage any external investment manager that had not been retained or engaged prior to December 29, 2024;

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make or authorize capital expenditures, except in the ordinary course of business or as budgeted in Maiden’s current plan presented to the Maiden board that was made available to Kestrel;

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adopt any plan of complete or partial liquidation, dissolution, restructuring, recapitalization or other reorganization, other than, in the case of any subsidiary of Maiden, that is not material to Maiden and its subsidiaries, taken as a whole;

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voluntarily abandon, dispose of, or permit to lapse any permit material to the business of Maiden and of