Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 113

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 113
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 its business and resolve some of the uncertainty associated with Maiden’s AmTrust reinsurance liabilities. In their discussions, Messrs. Haveron, Zyskind and Karkowsky contemplated the acquisition of Kestrel by Maiden, with Maiden shares being used as consideration. They also discussed the possibility that Maiden could acquire four AmTrust Insurance Companies through which Kestrel has been writing its business and that would continue to provide ongoing capacity for the Kestrel business. Messrs. Haveron, Zyskind and Karkowsky agreed that, if Maiden were to acquire the four AmTrust Insurance Companies, Maiden would need to obtain a favorable rating from A.M. Best and that in order to obtain such a rating it might be necessary for Maiden to transfer certain reinsurance liabilities ceded by AmTrust to Maiden, either through a commutation to AmTrust or a retrocession to a third-party reinsurance company.

Later that day, Mr. Zyskind advised Mr. Haveron that he had spoken with the Ledbetters about the possibility of a business combination of Kestrel and Maiden along the lines discussed with Mr. Haveron earlier that day. Mr. Zyskind reported that the Ledbetters had indicated they were receptive to engaging in preliminary discussions with Maiden regarding a transaction.

At a meeting of the Maiden board on March 7, 2024, Mr. Haveron informed the Maiden board of the discussions regarding Kestrel and that the Ledbetters had indicated that they were potentially interested in exploring a business combination transaction with Maiden, which would potentially involve the acquisition of Kestrel by Maiden, the acquisition by Maiden of four AmTrust Insurance Companies and the commutation of certain AmTrust reinsurance liabilities. Members of the Maiden board and Maiden management discussed that a combination with Kestrel would be a significant step in transitioning Maiden’s operations toward a fee-based business and that Maiden was well-positioned to expand Kestrel’s current fronting business. Mr. Haveron noted that he believed the Ledbetters’ prior success at State National would cause a combination with Maiden to be viewed positively by investors.

The Maiden board asked Maiden management a number of questions, including initial views on valuation and whether any members of the Ledbetter family would be involved in the management of the combined company. Mr. Haveron advised the Maiden board that valuation discussions had not yet occurred

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and that one or more members of the Ledbetter family