Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 311

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 311
---
, 2024 and 2023, the Company had one customer in each year that accounted for 90% or more of the Company’s total fee revenue. The loss of this customer, or a significant reduction in the amount of business conducted with this customer, could have a material adverse effect on the Company’s financial condition. Note 11. Subsequent Events Subsequent events have been evaluated through March 10, 2025, which is the date the consolidated financial statements were issued.

F-15

TABLE OF CONTENTS

#### Annex A​

#### EXECUTION VERSION​

### COMBINATION AGREEMENT
<div align='center'>by and among</div>

### KESTREL GROUP LLC

### THE EQUITYHOLDERS OF KESTREL GROUP LLC PARTY HERETO

#### MAIDEN HOLDINGS, LTD.

#### RANGER U.S. NEWCO LLC

### RANGER BERMUDA MERGER SUB LTD

### RANGER BERMUDA TOPCO LTD

#### and

#### RANGER MERGER SUB 2 LLC

#### Dated as of December 29, 2024
TABLE OF CONTENTS

TABLE OF CONTENTS

| ​                                                                                                 | ​ | ​ | Page |   |      |   | ​ |
| ARTICLE I                                                                                         | ​ | ​ | ​    | ​ | ​    | ​ | ​ |
| DEFINITIONS AND TERMS                                                                             | ​ | ​ | ​    | ​ | ​    | ​ | ​ |
| Section 1.01                                                                                      
 Definitions                                                                                       
 ​                                                                                                 | ​ | ​ | ​    | ​ | A-2  | ​ | ​ |
| Section 1.02                                                                                      
 Interpretation                                                                                    
 ​                                                                                                 | ​ | ​ | ​    | ​ | A-18 | ​ | ​ |
| ARTICLE II                                                                                        | ​ | ​ | ​    | ​ | ​    | ​ | ​ |
| COMPANY CONTRIBUTION; PARENT MERGER                                                               | ​ | ​ | ​    | ​ | ​    | ​ | ​ |
| Section 2.01                                                                                      
 Company Contribution                                                                              
 ​                                                                                                 | ​ | ​ | ​    | ​ | A-19 | ​ | ​ |
| Section 2.02                                                                                      
 Mergers                                                                                           
 ​                                                                                                 | ​ | ​ | ​    | ​ | A-23 | ​ | ​ |
| Section 2.03                                                                                      
 Effective Times                                                                                   
 ​                                                                                                 | ​ | ​ | ​    | ​ | A-23 | ​ |