Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 177

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 177
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 annual basis, to the U.S. tax authorities substantial information regarding U.S.

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account holders of such institution (which includes certain equity and debt holders of such institution, as well as certain account holders that are foreign entities with U.S. owners), (ii) in the case of a non-financial foreign entity, such entity certifies to the withholding agent that it does not have any substantial U.S. owners or provides the withholding agent with a certification identifying the direct and indirect substantial U.S. owners of the entity or (iii) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules or, if required under an intergovernmental agreement between the United States and an applicable foreign country, reports the information in clause (i) to its local tax authority, which will exchange such information with the U.S. authorities. An intergovernmental agreement between the United States and an applicable foreign country, or future Treasury Regulations, may modify these requirements. Accordingly, the entity through which Bermuda NewCo common shares are held will affect the determination of whether such withholding is required. Non-U.S. Holders should consult their own tax advisors regarding the possible implications of FATCA on their ownership of the Bermuda NewCo common shares.

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### THE COMBINATION AGREEMENT
The following is a summary of the material terms and conditions of the combination agreement. This summary may not contain all the information about the combination agreement that is important to you. This summary is qualified in its entirety by reference to the combination agreement attached as Annex A to, and incorporated by reference into, this proxy statement/prospectus. You are encouraged to read the combination agreement in its entirety because it is the legal document that governs the mergers.

The combination agreement and the summary of its terms in this proxy statement/prospectus have been included to provide information about the terms and conditions of the combination agreement. The terms and information in the combination agreement are not intended to provide any other public disclosure of factual information about Kestrel, the Kestrel equityholders, Maiden, Bermuda NewCo, US NewCo and the Merger Subs or any of their respective subsidiaries or affiliates. The representations, warranties and covenants contained in the combination agreement are made by Kestrel, the Kestrel equityholders, Maiden, Bermuda NewCo, US NewCo and the Merger Subs only for the purposes of the