Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 2

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 2
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 herein is subject to completion or amendment. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. These securities may not be sold nor may offers to buy such securities be accepted prior to the time the registration statement becomes effective. This document shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.**

#### SUBJECT TO COMPLETION — DATED MARCH 10, 2025

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

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

**Dear Shareholders:

Maiden Holdings, Ltd. (“Maiden”) and Kestrel Group LLC (“Kestrel”) have entered into a combination agreement (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 common share of Bermuda NewCo. The equityholders of Kestrel (the “Kestrel equityholders”), at the closing, will