Company: KG
Filing Date: 2025-06-03
Form Type: S-8
Source: 0001104659-25-056034
Chunk: 4

Company: Kestrel Group Ltd
Filing Date: 2025-06-03
Form: S-8
Chunk 4
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 or director.

Section 61 of the Registrant’s bye-laws
also provides that each shareholder agrees to waive any claim or right of action such shareholder might have against any director or officer
on account of any action taken by such director or officer, or the failure of such director or officer to take any action in the performance
of his or her duties with or for the Registrant, provided that such waiver does not extend to any matter in respect of any fraud or dishonesty
that may attach to such director or officer.

Item 7. Exemption from Registration Claimed.

Not applicable.

Item 8. Exhibits.

The following exhibits are filed herewith or incorporated
herein by reference.

| Exhibit 
 Number  |     | EXHIBIT INDEX                                                                                                                                                                                                                                               |
| 4.1     |     | Memorandum of Association of Kestrel Group Ltd (formerly known as Ranger Bermuda Topco Ltd) (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form S-4 (File No. 333-285664), filed on March 10, 2025 with the SEC).     |
| 4.2     |     | Amended and Restated Bye-Laws of Kestrel Group Ltd (formerly known as Ranger Bermuda Topco Ltd) (incorporated by reference to Exhibit 3.3 to the Company’s Registration Statement on Form S-4 (File No. 333-285664), filed on March 10, 2025 with the SEC). |
| 5.1     |     | Opinion of Appleby (Bermuda) Limited.                                                                                                                                                                                                                       |
| 23.1    |     | Consent of Frazier & Deeter, LLC.                                                                                                                                                                                                                           |
| 23.2    |     | Consent of Ernst & Young LLP.                                                                                                                                                                                                                               |
| 23.3    |     | Consent of Appleby (Bermuda) Limited (included in Exhibit 5.1).                                                                                                                                                                                             |
| 24.1    |     | Power of Attorney (included as part of the signature page hereto).                                                                                                                                                                                          |
| 99.1+   |     | Maiden Holdings, Ltd. 2019 Omnibus Incentive Plan (Incorporated by reference to the filing of such exhibit with Maiden’s Proxy Statement on Schedule 14A filed with the SEC on November                                                                     
 8, 2019).                                                                                                                                                                                                                                                   |
| 99.2