Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 3

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 3
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 Bermuda NewCo common share. The equityholders of Kestrel (the “Kestrel equityholders”), at the closing, will receive an aggregate of $40,000,000 in cash and 2,750,000 common shares of Bermuda NewCo. In addition, the Kestrel equityholders will be entitled to receive contingent consideration up to the lesser of (x) an aggregate number of Bermuda NewCo common shares equal to $45,000,000 divided by certain volume weighted average prices of such shares, subject to the achievement of certain EBITDA milestones by the businesses that Kestrel conducted immediately prior to the closing and any extensions of such businesses or related or ancillary businesses existing thereafter, subject to other terms and conditions as set forth in the combination agreement and (y) 2,750,000 common shares of Bermuda NewCo.

Bermuda NewCo, which will be rebranded as Kestrel Group following the closing, intends to apply to list its common shares on the Nasdaq Capital Market under the symbol “KG,” subject to official notice of issuance.

Completion of the transaction requires, among other things, the approval of Maiden shareholders. To obtain the required approval, Maiden will hold a special general meeting of Maiden shareholders (the “Maiden special meeting”) on , 2025.

MAIDEN’S BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU VOTE “FOR” EACH OF THE PROPOSALS TO BE VOTED ON AT THE MAIDEN SPECIAL MEETING.

Information about the Maiden special meeting, the transaction and the other business to be considered by Maiden shareholders is contained in this document and the documents incorporated by reference, which we urge you to read carefully. In particular, see “Risk Factors” beginning on page 34.

Your vote is very important. Whether or not you plan to attend the Maiden special meeting, please submit a proxy to vote your shares as soon as possible to make sure your shares are represented at the Maiden special meeting.**

<div align='center'>Lawrence F. Metz 
 Executive Vice Chairman and Group President 
 Maiden Holdings, Ltd.</div>

Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved the securities to be issued in connection with the transaction or determined if the accompanying proxy statement/prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

The accompanying proxy statement/prospectus is dated , 2025 and is first being mailed or otherwise delivered to