Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 146

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 146
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30, 2024, adjusted by Kestrel management for estimated premium and fee income for programs subject to signed agreements as if such premium and fee income were generated by Kestrel during LTM 11/30/24.

(3)

EBITDA is a non-GAAP financial measure, and in the Projections is defined as net income excluding income tax expense; interest expense; gain on early extinguishment of debt; amortization of intangibles; depreciation; impairment of goodwill and intangible assets; (gain) loss on sale of businesses, net; any change in estimated acquisition earnout payables recorded in accordance with purchase accounting that have been subsequently adjusted and recorded in the consolidated statements of income; the expense related to management contract buy-outs; non-cash bad debt expense; interest income on other than cash balances; and consulting expenses related to acquisitions.

The Projections include non-GAAP financial measures. There are limitations inherent in non-GAAP financial measures because they exclude charges and credits that are required to be included in a GAAP presentation. In addition, the Projections were based on significant estimates and assumptions that make it inherently less comparable to any similarly titled GAAP measures in Maiden’s historical GAAP financial statements. No reconciliation of non-GAAP financial measures in the analysis above to GAAP measures was created or used in connection with preparing the Projections and no such reconciliation was provided to, or relied on by, the Maiden board or IAP in connection with their respective evaluations of the transaction. Accordingly, no reconciliation of the non-GAAP financial measures included in such forecast is provided in this proxy statement/prospectus.

None of Maiden, Kestrel nor any of their respective affiliates, directors, officers, advisors or other representatives has made or makes any representation to any Maiden shareholder or other person regarding the ultimate performance of the Maiden businesses, Kestrel businesses or combined company compared to the information contained in the Projections, or any representation that the Projections will be achieved.

In light of the foregoing factors and the uncertainties inherent in the foregoing, Maiden’s shareholders are cautioned not to place undue, if any, reliance on the Projections in making a decision regarding the transaction, as the Projections may be materially different from actual results.

Interests of Certain Maiden Persons in the Transaction

Interests of Maiden Executive Officers and Directors in the Transaction

In considering the recommendation of the Maiden board that you vote in favor of the first merger resolution, you should be aware that Maiden’s executive officers and directors may have interests in the transaction that