Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 161

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 161
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, including by seeking to have any stay or temporary restraining order entered by any court or other governmental authority vacated or reversed.

Notwithstanding the foregoing, no party or any of their respective affiliates will be required to take or refrain from taking, any action or to suffer to exist any term, condition, obligation, restriction, requirement, limitation, qualification, remedy or other action imposed, required or requested by any governmental authority that, individually or in the aggregate with any other term, condition, obligation, restriction, requirement, limitation, qualification, remedy or other action, would or would reasonably be expected to (i) materially and adversely affect the economic benefits reasonably anticipated by such party and its affiliates to be received by them as a result of the transaction taken as a whole or (ii) impose any requirement on a party or any of its affiliates relating to the contribution of capital, keepwell or capital maintenance arrangements or maintaining risk based capital level or any restrictions on dividends or distributions (any such agreement, action, impairment or imposition, a “Burdensome Condition”).

#### United States Antitrust
Under the HSR Act, Maiden and Kestrel are required to file notifications with the FTC and the Antitrust Division and to observe a mandatory waiting period before completing the transaction. On January 22, 2025, Maiden and Kestrel each filed its required HSR notification and report forms with respect to the transaction with the FTC and the Antitrust Division commencing the initial 30-calendar day waiting period. The initial 30-calendar day waiting period under the HSR Act expired on February 21, 2025 at 11:59 PM.

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#### Insurance Regulatory
Pursuant to the terms of the combination agreement, the transaction is also subject to approvals or non-disapprovals, as applicable, by the Vermont Department of Financial Regulation, the Swedish Financial Supervisory Authority, the U.K. Financial Conduct Authority and the Texas Department of Insurance. As of February 21, 2025, Maiden and Kestrel had submitted the required filings and notifications to the insurance regulators named above as part of the process to obtain the necessary regulatory clearances. The transaction cannot be completed until after the applicable waiting periods have expired or the relevant approvals or non-disapprovals have been obtained under the insurance laws and regulations of the jurisdictions listed above. The transaction will also require a post-closing notification and confirmation of no objection from the Bermuda Controller of Foreign Exchange to the change in beneficial ownership