Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 0

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 0
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TABLE OF CONTENTS

#### Filed Pursuant to Rule 424(b)(3)​

#### Registration No. 333-285664​

#### TO THE SHAREHOLDERS OF MAIDEN HOLDINGS, LTD.

#### MERGER PROPOSAL — YOUR VOTE IS VERY IMPORTANT
March 26, 2025

**Dear Shareholders:

Maiden Holdings, Ltd. (“Maiden”) and Kestrel Group LLC (“Kestrel”) have entered into a combination agreement (as amended, the “combination agreement”) providing for the combination of Maiden and Kestrel under a new Bermuda holding company named Ranger Bermuda Topco Ltd (“Bermuda NewCo”). The transaction will bring together two values-driven insurance organizations with a shared commitment to innovation, service and long-term relationships. The combined company will be led by Luke Ledbetter (Chief Executive Officer), Terry Ledbetter (Executive Chairman) and Patrick J. Haveron (President and Chief Financial Officer).

The combination agreement provides that, upon the terms and subject to the conditions set forth therein, Maiden and Kestrel will effect transactions to combine their respective businesses and, as a result, will each become wholly owned subsidiaries of Bermuda NewCo. The combination agreement and the transactions contemplated thereby (the “transaction”) have been unanimously approved by all of the directors of Maiden that voted on the matter (with two directors, having declared their interest in the transaction, recusing themselves from voting) and unanimously approved by the Board of Managers of Kestrel. In connection with the closing of the transaction (the “closing”), each issued and outstanding common share of Maiden, par value $0.01 per share (“Maiden shares” and each, a “Maiden share”), other than any Maiden share underlying outstanding options to purchase Maiden shares or that are unvested or subject to a risk of forfeiture, will be automatically canceled and converted into the right to receive one-twentieth (0.05) of a Bermuda NewCo common share. The equityholders of Kestrel (the “Kestrel equityholders”), at the closing, will receive an aggregate of $40,000,000 in cash and 2,750,000 common shares of Bermuda NewCo. In addition, the Kestrel equityholders will be entitled to receive contingent consideration up to the lesser of (x) an aggregate number of Bermuda NewCo common shares equal to $45,000,000 divided by certain volume weighted average prices of such shares, subject to the achievement of certain EBIT