Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 490

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 490
---
oll

<div align='center'>[ Signature Page to Letter Agreement ]</div>

TABLE OF CONTENTS

/s/ Elise Clarke

Name:

Elise Clarke

<div align='center'>[ Signature Page to Letter Agreement ]</div>

TABLE OF CONTENTS

/s/ Rod Newcomer

Name:

Rod Newcomer

<div align='center'>[ Signature Page to Letter Agreement ]</div>

TABLE OF CONTENTS

/s/ Barb Lane

Name:

Barb Lane

<div align='center'>[ Signature Page to Letter Agreement ]</div>

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Acknowledged and agreed:

#### MAIDEN HOLDINGS, LTD.
By:

/s/ Patrick Haveron

Name:

Patrick Haveron

Title:

Chief Executive Officer and 
 Chief Financial Officer

#### RANGER U.S. NEWCO LLC
By:

/s/ Patrick Haveron

Name:

Patrick Haveron

Title:

Chief Executive Officer and 
 Chief Financial Officer

### RANGER BERMUDA MERGER SUB LTD
By:

/s/ Patrick Haveron

Name:

Patrick Haveron

Title:

Chief Executive Officer and 
 Chief Financial Officer

### RANGER BERMUDA TOPCO LTD
By:

/s/ Patrick Haveron

Name:

Patrick Haveron

Title:

Chief Executive Officer and 
 Chief Financial Officer

#### RANGER MERGER SUB 2 LLC
By:

/s/ Patrick Haveron

Name:

Patrick Haveron

Title:

Chief Executive Officer and 
 Chief Financial Officer

<div align='center'>[ Signature Page to Letter Agreement ]</div>

TABLE OF CONTENTS

#### Annex B-1​

### REGISTRATION AND INVESTOR RIGHTS AGREEMENT
<div align='center'>by and between</div>

### RANGER BERMUDA TOPCO LTD

#### and

### KESTREL INTERMEDIATE LEDBETTER HOLDINGS LLC

#### Dated as of [•], 2025
<div align='center'>B-1-1</div>

TABLE OF CONTENTS

TABLE OF CONTENTS

| ​                                                               | ​ | ​ | Page |   |        |   | ​ |
| 1.                                                              
 Definitions and Interpretation                                  
 ​                                                               | ​ | ​ | ​    | ​ | B-1-3  | ​ | ​ |
| 2.                                                              
 Registration Rights                                             
 ​                                                               | ​ | ​ | ​    | ​ | B-1-8  | ​ | ​ |
| 3.