Kestrel Group Ltd Com Watch

from 10-K 5 pages 8. in the Event That as of the End of Any Calendar Quarter After the Date of the Endorsement the Reinsurer’s Risk-Based Capital Ratio Is Less Than 400%, the Reinsurer Shall Immediately Thereafter Post Security in an Amount Equal to 110% of the Exposure, Which Shall Be Comprised of Assets Acceptable to the Company as Set Forth in the Investment Policy. 9. the Effective Date of This Post-Termination Endorsement No. 2 Shall Be the Latest Date That the Vermont Department of Financial Regulation (The “Dfr”) Approves Each of the Following Agreements in the Form Executed by the Parties, Subject to Any Changes to the Agreements Requested by the Dfr That Are Mutually Agreed to by the Parties: A. the Amended and Restated Loan Agreement Between Amtrust Financial Services, Inc. (As Borrower) and Maiden Reinsurance Ltd. (As Lender) Dated January 1, 2025; B. the Loan Agreement Between Amtrust International Insurance, Ltd. (As Lender) and Maiden Reinsurance Ltd. (As Borrower) Dated December 31, 2024; and C. Post-Termination Endorsement No. 3 Dated December 31, 2024 to the Amended and Restated Reinsurance Agreement Between Amtrust International Insurance, Ltd. (As the Company) and Maiden Reinsurance Ltd. (As the Reinsurer). in Witness Whereof, the Parties Hereto, by Their Respective Duly Authorized Officer, Have Executed This Post-Termination Endorsement No. 2 as of the Dates Set Forth Below: Amtrust Assicurazioni, S.P.A Maiden Reinsurance Ltd. By: Dated: By: Dated: 3 19/02/2025 February 19, 2025

from 10-K 5 pages Post- Termination Endorsement No. 3 to the Amended and Restated Quota Share Reinsurance Agreement (Hereina Er Referred to as the “Agreement”) Between Amtrust International Insurance, Ltd. Hamilton, Bermuda (Hereina Er Referred to as the “Company”) and Maiden Reinsurance Ltd. Burlington, Vermont (Hereina Er Referred to as the “Reinsurer”) Whereas, , the Par Es, Subject to the Execu on and Delivery by Reinsurer of the Ar Loan Agreement and Premium Repayment Loan Agreement (Each Described Below), Have Agreed to Delete the Excess Funding Requirement in SEC on D(3) of Ar Cle XXIII of the Agreement Subject to Funding Requirements Set Forth in SEC on B of Ar Cle XXIII of the Agreement as Set Forth in Post-Termina on Endorsement No. 2 Dated January 13, 2020; Whereas, the Par Es Acknowledge That, Notwithstanding SEC on a of Ar Cle XXIII, the Security Provided by Reinsurer for the Obliga Ons Includes the Proceeds of the Loan in the Total Principal Amount of $167,974,835 Made by Reinsurer to Company Pursuant to the Loan Agreement Dated November 16, 2007, as Amended (The “Collateral Loan”); Whereas, Reinsurer and Amtrust Financial Services, Inc., as Company’s Assignee, in Connec on Herewith, Subject to the Approval or Non-Disapproval of the Vermont Department of Financial Services (The “Department”) Are Entering Into an Amended and Restated Loan Agreement, Effec Ve January 1, 2025 (The “Ar Loan Agreement”), by Which the Principal Amount of the Collateral Loan Will Be Repaid (Subject to Reinsurer’s Funding of Collateral Requirements) on or Before the Maturity Date, as Defined Therein, Pursuant to the Repayment Schedule Set Forth Therein; Whereas, the Repayment of the Collateral Loan Will Result in a Reduc on of Collateral Currently Funded by Reinsurer, Including Excess Collateral, and May Result in a Deficiency in The

from S-1/A 3 pages Amendment No. 1 to Loan Agreement

from S-1/A 15 pages Loan Agreement Dated as of November 16, 2007 Between Amtrust International Insurance, Ltd. as Borrower, and Maiden Insurance Company, Ltd. as Lender