Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 115

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 115
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 (“Evercore”), regarding a potential business combination transaction. Maiden selected IAP as its financial advisor because it is a recognized financial advisory firm that has substantial experience in transactions similar to the combination. Pursuant to an engagement letter, dated March 25, 2024, Maiden engaged IAP to act as its financial advisor in connection with the combination.

On April 12, 2024, the Maiden board held a meeting at which Maiden management and representatives of IAP were in attendance. Prior to the meeting, each of Mr. Barry Zyskind and Mr. Yehuda L. Neuberger, a director of Maiden, had disclosed his financial interest in AmTrust and recused himself from attending meetings of the Maiden board (or portions thereof) during which a potential transaction with Kestrel and AmTrust was discussed. At the meeting, Mr. Haveron provided an update on the discussions with representatives of Kestrel management and AmTrust. Mr. Haveron and representatives of IAP described the potential advantages of the potential transaction, including the prospect of attracting a new investor base and having an experienced management team specialized in fronting. The Maiden board asked further questions of Maiden management, including with respect to the potential commutation of certain AmTrust reinsurance liabilities. Mr. Haveron advised the Maiden board that, in order to properly assess and price the AmTrust reinsurance liabilities that may be commuted to AmTrust, in addition to its own analysis, Maiden would retain a third-party actuary to provide independent advice with respect to the AmTrust reserves. Mr. Haveron also advised that Maiden was evaluating the engagement of an independent reinsurance broker to conduct a market check to determine whether a retrocession of the AmTrust reinsurance liabilities to a third party was feasible on terms more favorable to Maiden than a commutation of the AmTrust reinsurance liabilities to AmTrust. After further discussion, the Maiden board agreed that Maiden management should continue discussions with Kestrel and AmTrust, including with respect to a potential commutation or retrocession of the AmTrust reinsurance liabilities.

On April 24, 2024, Maiden delivered a non-binding letter of intent to representatives of Kestrel indicating Maiden’s interest in exploring a potential business combination of Maiden and Kestrel (the

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“April 24 Proposal”). The April 24 Proposal proposed that Maiden would acquire 100% of the equity of Kestrel for $130 million consisting of: