Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 486

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 486
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, Ltd. 
 Clarendon House, 2 Church Street, 
 Hamilton HM 11 Bermuda

Attention:

Patrick Haveron 
 Lawrence Metz

Email:

phaveron@maiden.bm 
 lmetz@maiden.bm

Paul, Weiss, Rifkind, Wharton & Garrison LLP 
 1285 Avenue of the Americas 
 New York, NY 10019

Attention:

Adam Givertz 
 Stan Richards

Email:

agivertz@paulweiss.com 
 srichards@paulweiss.com

RE: Extension of Deadline to File Registration Statement and Outside Date

Ladies and Gentlemen

We refer to that certain Combination Agreement (the “ Combination Agreement ”), dated as of December 29, 2024, by and among Kestrel Group LLC, a Delaware limited liability company (the “ Company ”), all of the equityholders of the Company (the “ Company Equityholders ”), Maiden Holdings, Ltd., a Bermuda exempted company limited by shares (“ Parent ”), Ranger U.S. Newco LLC, a Delaware limited liability company and a direct wholly owned Subsidiary of Parent (“ US NewCo ”), Ranger Bermuda Merger Sub Ltd, a Bermuda exempted company limited by shares and a direct wholly owned Subsidiary of US NewCo (“ Merger Sub Ltd. ”), Ranger Bermuda Topco Ltd, a Bermuda exempted company limited by shares and a direct wholly owned Subsidiary of Parent (“ Bermuda NewCo ”), and Ranger Merger Sub 2 LLC, a Delaware limited liability company and a direct wholly owned Subsidiary of Bermuda NewCo (“ Merger Sub LLC ”). The Company, the Company Equityholders, Parent, US NewCo, Merger Sub Ltd., Bermuda NewCo and Merger Sub LLC are collectively referred to herein as the “ parties .”

The parties have agreed to enter into this Letter Agreement (this “ Letter Agreement ”) to set forth their agreement with respect to certain matters regarding the Combination Agreement as described below.

1. Capitalized Terms . Capitalized terms used and not defined in this Letter Agreement shall have the meanings ascribed to such terms in the Combination Agreement.

2. Agreement to Extend Deadline to File Registration Statement . Pursuant to Section 10.03 of the Combination Agreement, each of the parties hereby agrees to extend the time for the performance of Parent’s obligations to prepare and cause Bermuda NewCo to file the Registration Statement with the SEC as set forth in the first sentence of Section 7