Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 52

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 52
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 be additional risks not presently known to us or that we currently deem less significant that also may adversely affect its business, financial condition and results of operations, perhaps materially. Some statements in the risk factors constitute forward-looking statements. Please refer to the section entitled “Cautionary Note Concerning Forward-Looking Statements” in this proxy statement/prospectus. You should also read and consider the risk factors associated with the businesses of Maiden because these risk factors may affect the operations and financial results of the combined company. These risk factors may be found under Part I, Item 1A in Maiden’s Annual Report on Form 10-K for the year ended December 31, 2024 which is on file with the SEC and which is incorporated by reference into this proxy statement/prospectus. Furthermore, you should read and consider the other information in this proxy statement/prospectus and the other documents incorporated by reference herein. See “Where You Can Find More Information” for the location of information incorporated by reference in this proxy statement/ prospectus. Additional risks and uncertainties not presently known to Maiden, Kestrel or the combined company or that are not currently believed to be important also may adversely affect the transaction and the combined company following the transaction.

#### Risks Related to the Transaction
Maiden shareholders cannot be sure of the market value of the Bermuda NewCo common shares to be issued upon completion of the transaction.

Maiden shareholders will receive a fixed number of Bermuda NewCo common shares in the transaction, rather than a number of shares with a particular fixed market value. The market value of Maiden shares at the time of the transaction may vary significantly from their price on the date of the combination agreement, this proxy statement/prospectus or the Maiden special meeting. Because the ratio at which each Maiden share will be converted into Bermuda NewCo common shares will not be adjusted to reflect any changes in the market price of Maiden shares, the market value of Bermuda NewCo common shares to be issued pursuant to the transaction and the Maiden shares canceled in the transaction may be higher or lower than the values of these shares on earlier dates. 100% of the merger consideration to be received by Maiden shareholders will be Bermuda NewCo common shares.

Changes in the market prices of Maiden shares may result from a variety of factors that are beyond the control of Maiden, including changes in its business, operations and prospects, regulatory considerations, governmental actions, and legal proceedings and developments. Market assessments of the benefits of the transaction, the likelihood that the transaction will be completed, and general