Company: KG
Filing Date: 2025-06-03
Form Type: S-8
Source: 0001104659-25-056034
Chunk: 0

Company: Kestrel Group Ltd
Filing Date: 2025-06-03
Form: S-8
Chunk 0
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<div align='center'>As filed with the Securities and Exchange Commission on June 3, 2025</div>

Registration No. 333-

<div align='center'>UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM S-8

REGISTRATION STATEMENT

UNDER THE SECURITIES ACT OF 1933

KESTREL GROUP LTD

(Exact name of registrant as specified in its charter)</div>

| Bermuda                                                        | 98-1833921                          |
| (State or other jurisdiction of incorporation or organization) | -I.R.S. Employer Identification No. |

<div align='center'>48 Par-La-Ville Road, Suite 1141

Hamilton HM 11, Bermuda

(Address of Principal Executive Offices,
including zip code)

Kestrel Group Ltd 2025 Equity Incentive PlanMaiden Holdings, Ltd. 2019 Omnibus Incentive Plan

(Full title of the plan)

CT Corporation System

28 Liberty St 42nd Floor

New York, NY 10005

(Name and address of agent for service)

(212) 894-8940

(Telephone number, including area code, of agent
for service)

Copy to:

Dwight S. Yoo

Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West

New York, NY 10001

(212) 735-3000</div>

Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of
“large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth
company” in Rule 12b-2 of the Exchange Act.

| Large accelerated filer | ¨ | Accelerated filer         | x |
| Non-accelerated filer   | ¨ | Smaller reporting company | x |
|                         |   | Emerging growth company   | ¨ |

If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 7(a)(2)(B) of the Securities Act. ☐

<div align='center'>EXPLANATORY NOTE</div>

On May 27, 202