Company: KG
Filing Date: 2025-06-03
Form Type: S-8
Source: 0001104659-25-056034
Chunk: 6

Company: Kestrel Group Ltd
Filing Date: 2025-06-03
Form: S-8
Chunk 6
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 bona fide offering
thereof.

(3) To remove from registration
by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

B. The undersigned Company hereby undertakes that, for purposes
of determining any liability under the Securities Act, each filing of the Company’s annual report pursuant to Section 13(a) or
Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant
to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.

C. Insofar as indemnification for liabilities arising under
the Securities Act may be permitted to directors, officers and controlling persons of the Company pursuant to the foregoing provisions,
or otherwise, the Company has been advised that in the opinion of the Commission such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other
than the payment by the Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit
to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.

<div align='center'>SIGNATURE</div>

Pursuant to the requirements of the Securities
Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized on June 3, 2025.

| KESTREL GROUP LTD |                                   |
| By                | /s/ Luke Ledbetter                |
| Name:             | Luke Ledbetter                    |
| Title:            | Director, Chief Executive Officer |

<div align='center'>POWER OF ATTORNEY</div>

Pursuant to