Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 620

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 620
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, approvals or releases necessary for the consummation of the Transaction will be obtained without any material delay, limitation, restriction or condition that would have an adverse effect on Parent, the Company, any of their respective subsidiaries or the consummation of the Transaction, materially reduce the benefits to Parent of the Transaction or affect our analysis or opinion in any meaningful way. We have further assumed, with your consent, that the final Combination Agreement will not differ from the Draft Combination Agreement in any material respect. We

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have further assumed, with your consent, that the Company will have sufficient fronting capacity necessary for the execution of the Company’s business plan following the consummation of the Transaction.

We are not actuaries and our services did not include any actuarial determination or evaluation by us or any attempt to evaluate actuarial assumptions. We express no view as to, and our opinion does 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 Parent, the Company or their respective subsidiaries at any time. We have not conducted a physical inspection of the properties or assets of Parent, the Company or their respective affiliates and have not prepared, obtained or reviewed any independent evaluation or appraisal of any of the assets or liabilities (including any contingent, derivative or off-balance-sheet assets or liabilities), of Parent, the Company or any of their respective subsidiaries or affiliates, nor have we been furnished with, or assumed any responsibility for preparing, any such appraisals, nor have we evaluated, and we express no opinion as to, the solvency or fair value of Parent, the Company or any of their respective subsidiaries or affiliates under any state or federal laws relating to bankruptcy, insolvency or similar matters.

This opinion is limited to the fairness, from a financial point of view, to Parent and its shareholders of the Consideration being received by the Company Equityholders in the Transaction pursuant to the Combination Agreement as of the date hereof and no opinion or view is expressed with respect to any consideration to be received in connection with the Transaction by the holders of any class of securities, creditors or other constituencies of any party. Our opinion does not address any terms (other than the Consideration to the extent expressly specified herein) or other aspects or implications of the Transaction, including, without limitation, the form or structure of the Transaction or any other agreement, arrangement or understanding,