Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 489

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 489
---
center'>[ Signature Page to Letter Agreement ]</div>

TABLE OF CONTENTS

Acknowledged and agreed:

#### MAIDEN HOLDINGS, LTD.
By:

/s/ Patrick Haveron

Name:

Patrick Haveron

Title:

Chief Executive Officer and 
 Chief Financial Officer

#### RANGER U.S. NEWCO LLC
By:

/s/ Patrick Haveron

Name:

Patrick Haveron

Title:

Chief Executive Officer and 
 Chief Financial Officer

### RANGER BERMUDA MERGER SUB LTD
By:

/s/ Patrick Haveron

Name:

Patrick Haveron

Title:

Chief Executive Officer and 
 Chief Financial Officer

### RANGER BERMUDA TOPCO LTD
By:

/s/ Patrick Haveron

Name:

Patrick Haveron

Title:

Chief Executive Officer and 
 Chief Financial Officer

#### RANGER MERGER SUB 2 LLC
By:

/s/ Patrick Haveron

Name:

Patrick Haveron

Title:

Chief Executive Officer and 
 Chief Financial Officer

<div align='center'>[ Signature Page to Letter Agreement ]</div>

TABLE OF CONTENTS

#### EXECUTION VERSION​
March 24, 2025

Maiden Holdings, 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: Amendment to Combination Agreement

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