Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 495

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 495
---
<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>

TABLE OF CONTENTS

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.                                                              
 Demand Registration If Shelf Registration Statement Unavailable 
 ​                                                               | ​ | ​ | ​    | ​ | B-1-11 | ​ | ​ |
| 4.                                                              
 Piggyback Registration                                          
 ​                                                               | ​ | ​ | ​    | ​ | B-1-13 | ​ | ​ |
| 5