Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 33

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 33
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 any obligation to update, revise or reaffirm its opinion.

In connection with IAP’s services as Maiden’s financial advisor, Maiden has agreed to pay IAP (a) a fee for its services equal to 1.00% of the enterprise value of Kestrel which, based on the information as of the date hereof, is estimated to be approximately $900,000 and is contingent upon consummation of the transaction, of which $350,000, which was payable upon the delivery by IAP of its Opinion, dated as of December 29, 2024, to the Maiden board and (b) an incentive fee of up to 0.50% of the enterprise value of

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Kestrel, with the actual amount, if any, to be determined by Maiden in its sole discretion, taking into account the quantity and quality of IAP’s work, payable immediately prior to or upon the consummation of the transaction. In addition, Maiden has agreed to reimburse IAP’s expenses and to indemnify IAP against certain liabilities and other items arising out of or related to IAP’s engagement.

For a description of the opinion that the Maiden board received from IAP, see “The Transaction — Opinion of Maiden’s Financial Advisor” beginning on page 85of this proxy statement/prospectus.

Interests of Certain Maiden Persons in the Transaction (Page 92)

Certain of Maiden’s executive officers and directors may have interests in the transaction that are different from, or in addition to, the interests of Maiden’s shareholders, generally. The members of the Maiden board are aware of and considered these interests, among other matters, in evaluating and negotiating the combination agreement and the transaction and in recommending to Maiden shareholders to vote in favor of the first merger resolution. These interests are described in more detail in the section of this document entitled “ The Mergers — Interests of Certain Maiden Persons in the Transaction ” beginning on page 92.

#### Regulatory Approvals Required (Page99)
Under the HSR Act, Maiden and Kestrel are required to file notifications with the United States Federal Trade Commission (the “FTC”) and the Antitrust Division of the United States Department of Justice (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