Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 265

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 265
---
 to the Maiden bye-laws contemplated by the voting cutback proposal shall not take effect:

The Maiden bye-laws shall be amended as follows:

1. Amendment of Bye-law 1.1. The definitions of “Attribution Percentage”, “Controlled Shares”, “9.5% US Member” and “Tentative 9.5% US Member” are deleted in their entirety and all conforming changes to the Maiden bye-laws necessary or appropriate to reflect the deletion of such definitions are hereby deemed made and the Maiden bye-laws shall be construed accordingly.

2. Amendment of Bye-law 33 . Bye-law 33 of the Maiden bye-laws is deleted in its entirety and all conforming changes to the Maiden bye-laws necessary or appropriate to reflect the deletions of Bye-law 33 is hereby deemed made and the Maiden bye-laws shall be construed accordingly.

If approved, the voting cutback proposal will allow Maiden Re to vote all of its 44,750,678 Maiden shares in favor of the proposals described below.

#### Vote Required
Approving the voting cutback proposal requires the affirmative vote (in person or by proxy) of a majority of the votes cast “For” or “Against” the proposal. Accordingly, a Maiden shareholder’s failure to submit a proxy card or to vote in person at the Maiden special meeting, an abstention from voting, or the failure of a Maiden shareholder who holds his or her shares in “street name” through a broker or other nominee to give voting instructions to such broker or other nominee will have no effect on the outcome of any vote to approve the voting cutback proposal.

#### Board Recommendation
**THE MAIDEN BOARD (OTHER THAN MESSRS. ZYSKIND AND NEUBERGER, WHO RECUSED THEMSELVES FROM DETERMINATIONS RELATING TO THE TRANSACTIONS CONTEMPLATED BY THE COMBINATION AGREEMENT DUE TO THEIR FINANCIAL INTEREST IN AMTRUST) UNANIMOUSLY RECOMMENDS THAT MAIDEN SHAREHOLDERS VOTE “FOR” PROPOSAL 1.**

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PROPOSAL 2: FIRST MERGER APPROVAL BYE-LAW PROPOSAL

Bye-law 87 of the Maiden bye-laws provides that any resolution proposed for consideration at any general meeting to approve the amalgamation of Maiden with any other company, wherever incorporated, shall require the approval of a simple majority of votes cast at such