Company: KG
Filing Date: 2025-06-03
Form Type: S-8
Source: 0001104659-25-056034
Chunk: 1

Company: Kestrel Group Ltd
Filing Date: 2025-06-03
Form: S-8
Chunk 1
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5, the transactions contemplated by the Combination
Agreement (as amended, the “Combination Agreement”), dated as of December 29, 2024, among Maiden Holdings, Ltd.
(“Maiden”), Kestrel Group LLC (“Kestrel”) and the other parties thereto, were consummated.

This Registration Statement on Form S-8 is being filed by Kestrel
Group Ltd (the “Company”) for the purpose of registering 1,411,600 common shares, par value $0.01 per share, of the Company
(the “Common Shares”). Of these Common Shares:

| · | 206,600 Common Shares are issuable in respect of outstanding awards under the Maiden Holdings, Ltd. 2019 Omnibus Incentive                  
 Plan (the “Legacy Plan”) as of the date of this Registration Statement and any such additional shares granted under the Legacy              
 Plan that are forfeited, cancelled, exchanged or surrendered, including in connection with the termination or expiration of an award,       
 that then become available under the Legacy Plan in accordance with its terms. The Legacy Plan was assigned to and assumed by the           
 Company at the effective time of the mergers. Such aggregate number of Common Shares issuable under the Legacy Plan reflects the conversion 
 required by the terms of the Combination Agreement; and                                                                                     |

| · | 1,205,000 Common Shares are issuable under the Kestrel Group Ltd 2025 Equity Incentive Plan (the “Kestrel Group Plan”). |

<div align='center'>Part I

INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</div>

Item 1. Plan Information.*

Item 2. Registrant Information and Employee Plan Annual Information.*

| * | Kestrel Group Ltd (the “Registrant”) is a Bermuda exempted company limited by shares and was formerly known as Ranger                    
 Bermuda Topco Ltd. The documents containing the information specified in Part I of Form S-8 will be sent or delivered to participants    
 in the Kestrel Group Plan and the Legacy Plan as specified by Rule 428(b)(1) under the Securities Act. Such documents are not            
 required to be, and are not, filed with the Securities and Exchange Commission (the “SEC”), either as part of this registration          
 statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. These documents and the documents  
 incorporated by reference into this registration statement pursuant to Item 3 of Part II