Company: KG
Filing Date: 2025-05-30
Form Type: 8-K
Source: 0001104659-25-054992
Chunk: 2

Company: Kestrel Group Ltd
Filing Date: 2025-05-30
Form: 8-K
Item: Item 5.01
Chunk 2
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Item 5.01 Changes in Control of Registrant.

Prior to the Closing Date, Maiden was a widely held, publicly traded
company. Upon the consummation of the Transactions, each Maiden common share was canceled and automatically converted into the right to
receive one-twentieth (0.05) of a Company common share.

Pursuant to the terms of a Registration and Investor Rights Agreement,
dated as of the Closing Date, between the Company and KILH, KILH has the right to nominate (i) two non-independent directors to the
Board for so long as it and its affiliates own at least 25% of the shares of the Company issued to them at the closing of the Transactions,
and (ii) two independent directors to the Board for so long as it and its affiliates own at least 5% of the shares of the Company
and at least 25% of the shares of the Company issued to them at the closing of the Transactions.

Pursuant to the terms of a Registration and Investor Rights Agreement,
dated as of the Closing Date, between the Company and AmTrust, AmTrust has the right to nominate (i) one non-independent director
to the Board for so long as it and its affiliates own at least 25% of the shares of the Company issued to them at the closing of the Transactions,
and (ii) two independent directors to the Board for so long as it and its affiliates own at least 5% of the shares of the Company
and at least 25% of the shares of the Company issued to them at the closing of the Transactions.

The information set forth in the Introductory Note, Item 2.01
and Item 3.03 of this Current Report on Form 8-K is incorporated by reference into this Item 5.01.

Item 5.02 Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Resignation and Appointment of Directors

In connection with the consummation of the Transactions, each current
director serving on the Company’s board of directors resigned effective as of the effective time of the Mergers. In addition, in
accordance with the terms of the Combination Agreement and effective as of the effective time of the Second Merger, each of the following
was designated and appointed to the Board: Terry Ledbetter, Luke Ledbetter, Joseph Brecher, Erik Cohen, Michael Hotchkiss, Steven Nigro