Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 82

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 82
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 combined company will be:

•

Luke Ledbetter (Chief Executive Officer);

•

Terry Ledbetter (Executive Chairman);

•

Patrick Haveron (President and Chief Financial Officer); and

•

Lawrence F. Metz (Chief Legal Officer).

The combined company has agreements with its executive officers that contain certain non-compete and non-solicit provisions. Nonetheless, should any of its executive officers cease working for the combined company, it may not be able to find acceptable replacements with comparable skills and experience in the niche markets that the combined company targets. In addition, its business is also dependent on other skilled employees. The combined company cannot guarantee its ability to attract, train and retain, on a timely basis and on anticipated economic and other terms, experienced and capable senior management, underwriters and support staff. The combined company will pay competitive salaries, bonuses and equity-based rewards in order to attract and retain such personnel, but there can be no assurance that the combined company will be successful in such endeavors. Loss of key personnel or inability to recruit and retain qualified personnel in the future could have a material and adverse effect on the combined company’s business, financial condition or results of operations.

The combined company may require additional capital in the future which may not be available or available only on unfavorable terms.

The combined company’s future capital requirements will depend on many factors, including its ability to successfully write new business and to establish premium rates and reserves at levels sufficient to cover

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losses. To the extent funds generated by its ongoing operations and capitalization are insufficient for operating requirements or to fund future strategic initiatives such as entering into new lines of business or exercising the option to acquire the AmTrust Insurance Companies from AmTrust, the combined company may need to raise additional capital. The combined company cannot assure that it will be able to raise equity or debt financing on favorable terms and in the needed amounts, or at all. If the combined company cannot obtain adequate capital, its business, financial condition, results of operations and prospects could be materially adversely affected.

In addition, the terms of a capital raising transaction may include stringent financial and operating covenants which may restrict the combined company from raising additional capital in the future.

The general lines of authority or business the combined company is licensed to conduct, as well as the rates charged by the combined company under the policies it writes through the AmTrust Insurance Companies, will be subject to prior regulatory approval in most of the states in which the combined company operates.

The combined company is