Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 12

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 12
---
” means the effective time of the second merger;

•

“Securities Act” means the Securities Act of 1933, as amended;

•

“Skadden” means Skadden, Arps, Slate, Meagher & Flom LLP;

•

“Statutory Merger Agreement” means the statutory merger agreement required by Section 105 of the Bermuda Companies Act, in the form attached as Exhibit B to the combination agreement;

<div align='center'>3</div>

TABLE OF CONTENTS

•

“transaction” means the combination and the other transactions contemplated by the combination agreement and described in this proxy statement/prospectus;

•

“US NewCo” means Ranger U.S. Newco LLC, a Delaware limited liability company and a direct wholly owned subsidiary of Maiden;

•

“voting cutback proposal” means the proposal to approve the amendment to Bye-Law 1.1 and Bye-Law 33 of the Maiden bye-laws to remove the 9.5% voting limitation contained therein; and

•

“we”, “our” and “us” refer to Maiden and Kestrel, collectively.

<div align='center'>4</div>

TABLE OF CONTENTS

### QUESTIONS AND ANSWERS ABOUT THE TRANSACTION AND THE MAIDEN SPECIAL MEETING
The following questions and answers are intended to address briefly some commonly asked questions regarding the transaction and the Maiden special meeting. These questions and answers may not address all questions that may be important to you as a shareholder. To better understand these matters, and for a description of the legal terms governing the transaction, you should carefully read this entire proxy statement/prospectus, including the annexes, as well as the documents that have been incorporated by reference in this proxy statement/ prospectus. See “Where You Can Find More Information” beginning on page 189.

#### About the transaction
Q:

Why am I receiving this proxy statement/prospectus?

A:

Maiden and Kestrel have entered into the combination agreement providing for the combination of Maiden and Kestrel under a new holding company named Ranger Bermuda Topco Ltd (which we refer to as Bermuda NewCo), which will be a successor company to Maiden.

Pursuant to the combination agreement, Maiden and Kestrel will effect a transaction to combine their respective businesses through: (a) the contribution of all of the Class A units and Class B units of Kestrel owned by each Kestrel equityholder to US NewCo (which we refer to as the Kestrel contribution), (b)