Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 617

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 617
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 for various persons and entities. We have in the past provided financial advisory services to Parent and/or its affiliates for which we have received customary compensation and may in the future provide investment banking, placement agent and other services to Parent, the Company and/or their respective affiliates from time to time for which we may receive compensation.

This opinion has been approved by the fairness opinion committee of Insurance Advisory Partners LLC. This opinion is for the information of the Board of Directors of Parent (in its capacity as such) in

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connection with its evaluation of the Transaction. This opinion does not address the prices at which the Parent Shares (or the shares of Bermuda Newco will trade following the announcement of the Transaction or at any other time, and does not constitute a recommendation as to how any person should vote or act in connection with the Transaction.

Based upon and subject to the foregoing assumptions, qualifications and limitations, it is our opinion that, as of the date hereof, the Consideration to be received in the Transaction by the Company Equityholders pursuant to the Combination Agreement is fair, from a financial point of view, to Parent and its shareholders.

Very truly yours,

INSURANCE ADVISORY PARTNERS LLC

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PART II INFORMATION NOT REQUIRED IN PROSPECTUS ITEM 20. INDEMNIFICATION OF DIRECTORS AND OFFICERS The Bermuda NewCo bye-laws indemnify Bermuda NewCo’s directors and officers in their capacity as such in respect of any loss arising or liability attaching to them by virtue of any rule of law in respect of any negligence, default, breach of duty or breach of trust of which a director or officer may be guilty in relation to Bermuda NewCo other than in respect of his own fraud or dishonesty, which is the maximum extent of indemnification permitted under the Companies Act. Under Bermuda law, this indemnity operates as a defense to claims brought by Bermuda NewCo for breaches of directors’ and officers’ duties to Bermuda NewCo, save in cases of fraud or dishonesty. Under Delaware law, a corporation may indemnify a director or officer of the corporation against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in defense of an action, suit or proceeding by reason of such position if (i) the director or officer acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests