Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 221

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 221
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 industry relationships developed through their respective experience managing the successful fronting company, State National. Kestrel’s corporate culture is built upon a foundation of credit underwriting discipline and relentless sales motion. This credit underwriting discipline is evidenced in Kestrel’s strict contractual guidelines and in its selectivity in choosing highly rated, credit-worthy reinsurance capital. Kestrel further protects its position by structuring clear operating guidelines for its fronted insurance programs and by having tight collateral triggers with its counterparties.

Kestrel is well-positioned to benefit from the growing market opportunity in the program insurance industry by utilizing the widely licensed admitted and non-admitted paper of the AmTrust Insurance Companies that provide national coverage across a full suite of business lines in both the admitted and excess & surplus markets. Importantly, the AmTrust Insurance Companies have minimal legacy or channel conflicts, and Kestrel has the comprehensive licensing and the industry knowledge to execute fronting arrangements in an organized and straightforward manner.

Kestrel’s principal executive offices are located at 8333 Douglas Avenue, Suite 1360, Dallas, Texas 75225, and its telephone number is (469) 423-2763.

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<div align='center'>**MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF KESTREL**</div>

The following discussion and analysis contains forward-looking statements about trends, uncertainties and Kestrel’s plans and expectations of what may happen in the future. Forward-looking statements are based on a number of assumptions and estimates that are inherently subject to significant risks and uncertainties and Kestrel’s results could differ materially from the results anticipated by Kestrel’s forward-looking statements as a result of many known or unknown factors, including, but not limited to, those factors discussed under the captions “Risk Factors” and “Cautionary Note Concerning Forward-Looking Statements” and elsewhere in this proxy statement/prospectus.

The following discussion and analysis should be read in conjunction with Kestrel’s consolidated financial statements and related notes and the information contained elsewhere in this proxy statement/prospectus under the captions “Risk Factors” and “Selected Consolidated Historical Financial Data of Kestrel.”

### Background and Overview
Kestrel specializes in providing services to insurance program managers, MGAs, reinsurers, and reinsurance brokers. Kestrel facilitates fronting insurance transactions utilizing its exclusive management contracts with: (i) Park National Insurance Company, (ii