Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 251

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 251
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 of affiliated persons whom Bermuda NewCo expects to beneficially own more than five percent of the Bermuda NewCo common shares then issued and outstanding. The following table gives effect to the Bermuda NewCo common shares expected to be issuable within 60 days of March 18, 2025 upon the exercise of all options and other rights beneficially owned by the indicated shareholders on that date. Beneficial ownership is determined in accordance with Rule 13d-3 under the Exchange Act and includes voting and investment power with respect to shares. Unless otherwise indicated, the persons named in the table directly own the shares and have sole voting and sole investment power with respect to all shares beneficially owned. The percentages of beneficial ownership in the table below are based on approximately 7,787,813 common shares of Bermuda NewCo issued and outstanding after giving effect to the transaction (which excludes (A) the potential contingent consideration payable to the former Kestrel equityholders and (B) 2,237,533 Bermuda NewCo common shares to be held by Maiden Re upon consummation of the transaction), being the sum of (i) 5,037,813 common shares of Bermuda NewCo issuable to former Maiden shareholders pursuant to the transaction (based on such number of Maiden shares issued and outstanding as of March 18, 2025), and (ii) 2,750,000 common shares of Bermuda NewCo issuable to the former Kestrel equityholders pursuant to the transaction, together with the named executive officer’s options to purchase Bermuda NewCo common shares outstanding which are fully vested at the closing and any restricted shares granted and not yet vested. Unless otherwise indicated, the address for those listed below is c/o Ranger Bermuda Topco Ltd, 48 Par-La-Ville Road, Suite 1141, Hamilton HM 11, Bermuda.

| ​                                                           | ​ | ​ | Bermuda NewCoShares to beBeneficially Owned |   |            |   |   |   |            |   |       |   | ​ |
| Name of Beneficial Owner                                    | ​ | ​ | Number                                      |   |            |   | ​ | ​ | Percentage |   |       |   | ​ |
| Directors and Named Executive Officers                      | ​ | ​ | ​                                           | ​ |          ​ | ​ | ​ | ​ | ​          | ​ | ​     | ​ | ​ |
| Luke Ledbetter                                              | ​ | ​ | ​                                           | ​ | 905,882(1) | ​ | ​ | ​