Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 136

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 136
---
 view as to the reasonableness, completeness, or accuracy of any such financial projections or the assumptions on which they are based.

For purposes of rendering its Opinion, IAP, with Maiden’s consent, assumed, in all respects material to its analysis, that the representations and warranties of each party contained in the combination agreement were true and correct, that each party would perform all of the covenants and agreements required to be performed by such party under the combination agreement (and the ancillary agreements referred to therein) and that all conditions to the consummation of the transaction would be satisfied without material delay, waiver or modification thereof that would be meaningful in any respect to IAP’s analysis or opinion. IAP assumed, at Maiden’s direction, that the transaction would be consummated in accordance with the terms of the combination agreement without waiver, modification or amendment of any material term, condition or agreement that would be meaningful in any respect to IAP’s analysis or opinion. IAP further assumed, with Maiden’s consent, that all governmental, regulatory or other consents, approvals or releases necessary for the consummation of the transaction would be obtained without any material delay, limitation, restriction or condition that would have an adverse effect on Maiden, Kestrel, any of their respective subsidiaries or the consummation of the transaction, materially reduce the benefits to Maiden of the transaction or affect IAP’s analysis or Opinion in any meaningful way. IAP further assumed, with Maiden’s consent, that the final combination agreement would not differ from the draft combination agreement in any material respect. IAP further assumed, with Maiden’s consent, that Kestrel would have sufficient fronting capacity necessary for the execution of Kestrel’s business plan following the consummation of the transaction.

IAP is not an actuary and its services did not include any actuarial determination or evaluation or any attempt by IAP to evaluate actuarial assumptions. IAP expressed no view as to, and its Opinion did not address, any effect arising from any write-down of assets, write-up of liabilities, the recognition of any adverse reserve development or other similar actions that may be taken by Maiden, Kestrel or their respective subsidiaries at any time. IAP did not conduct a physical inspection of the properties or assets of Maiden, Kestrel or their respective affiliates and did not prepare, obtain or review any independent evaluation or appraisal of any of the assets or liabilities (including any contingent, derivative or off-balance-sheet assets or liabilities) of Maiden, K