Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 24

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 24
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TABLE OF CONTENTS

owned subsidiary of Bermuda NewCo. US NewCo has not carried on any activities other than in connection with the transaction. US NewCo’s registered office is located at 1209 Orange Street, Wilmington, DE 19801, New Castle County.

Ranger Bermuda Merger Sub Ltd

Ranger Bermuda Merger Sub Ltd, which we refer to as Merger Sub I, is an exempted company limited by shares incorporated under the laws of Bermuda and a wholly owned subsidiary of US NewCo. Merger Sub I was incorporated on December 24, 2024, solely for the purposes of effecting the first merger. Pursuant to the combination agreement, Merger Sub I will be merged with and into Maiden, with Maiden continuing as the surviving company. Merger Sub I has not carried on any activities other than in connection with the first merger. Merger Sub I’s registered office is located at Canon’s Court, 22 Victoria Street, Hamilton Pembroke HM12, Bermuda.

Ranger Merger Sub 2 LLC

Ranger Merger Sub 2 LLC, which we refer to as Merger Sub II, is a Delaware limited liability company and a direct wholly owned subsidiary of Bermuda NewCo. Merger Sub II was incorporated on December 20, 2024, solely for the purposes of effecting the second merger. Pursuant to the combination agreement, Merger Sub II will be merged with and into US NewCo, with US NewCo continuing as the surviving entity. Merger Sub II has not carried on any activities other than in connection with the second merger. Merger Sub II’s registered office is located at 1209 Orange Street, Wilmington, DE 19801, New Castle County.

#### Description of the Transaction (Page57)
Kestrel and Maiden have entered into the combination agreement, providing for the combination of Kestrel and Maiden under a new holding company, Bermuda NewCo. As a result of the transactions contemplated by the combination agreement, former Kestrel equityholders and former Maiden shareholders will own shares in Bermuda NewCo, whose shares are expected to be listed for trading on Nasdaq. Pursuant to the combination agreement, upon the terms and subject to the conditions set forth therein, 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, (b)