Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 308

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 308
---
 vulnerabilities due to concentrations. Major Customers For the year ended December 31, 2024, the Company has an accounts receivable balance of approximately $154,000 related to one customer. As of December 31, 2023 and 2022, the Company had an accounts receivable balance of zero. For the years ended December 31, 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