Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 129

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 129
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 compared to Maiden’s standalone prospects.

In recommending that Maiden shareholders vote in favor of the first merger resolution, the Maiden board considered a number of factors, including (not listed in order of relative importance):

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that the combined company is expected to deliver greater long-term value to current Maiden shareholders than Maiden would as an independent, standalone company, based on the fact that:

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Maiden is no longer writing new business;

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consistent with its stated objectives, the combination will add a balance sheet light, fee-revenue-focused insurance group, which will allow the combined company to reorient toward a fee-based insurance platform that can selectively deploy underwriting capacity to optimize returns for shareholders;

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Maiden’s balance sheet can be leveraged to accelerate Kestrel’s growth prospects; and

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Maiden faces significant risks continuing to operate as an independent, standalone company, including the risks and uncertainties in the U.S. and global economy generally, the property and casualty insurance and reinsurance industry and the “Risk Factors” set forth in Maiden’s Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent reports filed with the SEC;

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that Maiden shareholders will hold approximately 64.8% of the shares of the combined company (excluding shares held by Maiden Re), which will provide them with significant participation in any potential upside of the combined company’s businesses;

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that the percentage ownership that former Maiden shareholders will have in the combined company was obtained following extensive negotiations (as more fully described in the section above entitled “— Background of the Transaction”), and represented the highest percentage ownership reasonably obtainable under the circumstances;

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the information reviewed by and discussed by the Maiden board concerning the business, assets, liabilities, financial performance and results of operations, and financial condition and prospects of Maiden and Kestrel, including the projections for Kestrel discussed below under the caption “— Unaudited Prospective Financial Information;”

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that the combined company will have an option to acquire the AmTrust Insurance Companies from AmTrust pursuant to the amended and restated option agreement;

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the opinion of IAP, dated December 29, 2024, delivered to the Maiden board that, as of such date and based upon and subject to the assumptions made and qualifications and limitations to be described in the written opinion, as more fully described below under the caption “— Opinion of Maiden’s Financial Advisor,” the Kestrel merger consideration was fair, from a financial point