Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 169

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 169
---
 subject to special treatment under the U.S. federal income tax laws, such as:

•

dealers or traders in securities or currencies;

•

banks, financial institutions or insurance companies;

•

real estate investment trusts or regulated investment companies;

•

grantor trusts;

•

persons who own or have owned, directly, indirectly or constructively, 10% or more, by voting power or value, of Maiden shares;

•

persons that hold Maiden shares who exercise their dissenters rights;

•

persons who will own, or will be deemed to own, 5% or more, by voting power or value, of Bermuda NewCo common shares (except to the limited extent explicitly addressed herein) following the combination;

•

persons that hold their Maiden shares as part of a position in a straddle or as part of a hedging, conversion or other risk reduction transaction for U.S. federal income tax purposes;

•

U.S. expatriates and certain former citizens or long-term residents of the United States;

•

tax-exempt entities;

•

persons who hold their Maiden shares through individual retirement accounts or other tax-deferred accounts;

•

persons who acquired their Maiden shares pursuant to the exercise of warrants or conversion rights under convertible instruments;

•

persons who acquired their Maiden shares pursuant to the exercise of employee stock options or otherwise as compensation;

•

persons who own their Maiden shares through partnerships or other pass-through entities; and

•

holders of Kestrel units.

In addition, the following summary does not address (i) any U.S. federal non-income tax consequences of the combination, including estate, gift or other tax consequences, (ii) any state, local or non-U.S. tax consequences of the combination, or (iii) the tax on net investment income or the alternative minimum tax.

If an entity (or an arrangement) treated as a partnership for U.S. federal income tax purposes holds Maiden shares, the tax treatment of a partner in the partnership generally will depend on the status of the

<div align='center'>104</div>

TABLE OF CONTENTS

partner, the activities of the partnership and certain determinations made at the partner level. Partnerships and partners in such a partnership should consult their tax advisors about the tax consequences of the combination to them.

For purposes of this summary, a “U.S. Holder” is a beneficial owner of Maiden shares that is, for U.S. federal income tax purposes:

•

an individual who is a citizen or a resident of the United States;

•

a corporation, or other entity taxable as a corporation for