Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 138

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 138
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 is based on market data, is based on market data as it existed on or before December 27, 2024 and is not necessarily indicative of current market conditions.

### Summary of Financial Analyses of IAP
Selected Companies Analysis . IAP reviewed and compared certain financial information for Kestrel to corresponding financial information, ratios and public market multiples for the following publicly traded companies in the insurance brokerage industry whose primary focus is similar to Kestrel:

•

Marsh & McLennan Companies, Inc.

•

Aon plc

•

Arthur J. Gallagher & Co.

•

Willis Towers Watson Public Limited Company

•

Brown & Brown, Inc.

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• Ryan Specialty Holdings, Inc. • The Baldwin Group Ltd. • Goosehead Insurance, Inc. • Hagerty, Inc. • TWFG, Inc. The multiples and ratios of the selected companies were based on the closing prices of their respective common shares on December 27, 2024, financial data obtained from public filings and S&P Capital IQ and consensus estimates. With respect to Kestrel and the selected companies, IAP calculated the following multiples and ratios: • Enterprise value as a multiple of estimated 2025 EBITDA (“2025E EBITDA”); and • Enterprise value as a multiple of estimated 2026 EBITDA (“2026E EBITDA”). The selected companies and the results of these analyses are summarized below:

| Selected Company                             | ​ | ​ | 2025EEBITDA |   |       |   | ​ | ​ | 2026EEBITDA |   |       |   | ​ |
| Marsh & McLennan Companies, Inc.             | ​ | ​ | ​           | ​ | 15.5x | ​ | ​ | ​ | ​           | ​ | 14.5x | ​ | ​ |
| Aon plc                                      | ​ | ​ | ​           | ​ | 16.7x | ​ | ​ | ​ | ​           | ​ | 15.2x | ​ | ​ |
| Arthur J. Gallagher & Co.                    | ​ | ​ | ​           | ​ | 16.6x | ​ | ​ | ​ | ​           | ​ | 14.2x | ​ | ​ |
| Willis Towers Watson Public Limited Company. | ​ | ​ | ​           | ​ | 13.3x | ​ | ​ | ​ | ​           | ​ | 12