# EDGAR Filing Document

**Accession Number:** 0002055116
**File Stem:** 0001104659-25-056034
**Filing Date:** 2025-6
**Character Count:** 39740
**Document Hash:** 32e2013fd880faa431fd4fc9d82f9946
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-056034.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0001104659-25-056034

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**EFFECTIVENESS DATE**: 20250603

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kestrel Group Ltd
- **CENTRAL INDEX KEY:** 0002055116
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 981833921
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287755
- **FILM NUMBER:** 251021076

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 11 BERMUDIANA ROAD
- **STREET 2:** MAILBOXES SUITE 1141
- **CITY:** PEMBROKE
- **PROVINCE COUNTRY:** D0
- **ZIP:** HM 08
- **BUSINESS PHONE:** 441-298-4900

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 11 BERMUDIANA ROAD
- **STREET 2:** MAILBOXES SUITE 1141
- **CITY:** PEMBROKE
- **PROVINCE COUNTRY:** D0
- **ZIP:** HM 08

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ranger Bermuda Topco Ltd
- **DATE OF NAME CHANGE:** 20250204

**As filed with the Securities and Exchange Commission on June 3, 2025**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

**UNDER THE SECURITIES ACT OF 1933**

**KESTREL GROUP LTD**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Bermuda** | **98-1833921** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

**48 Par-La-Ville Road, Suite 1141**

**Hamilton HM 11, Bermuda**

(Address of Principal Executive Offices, including zip code)

**Kestrel Group Ltd 2025 Equity Incentive Plan**<br> **Maiden Holdings, Ltd. 2019 Omnibus Incentive Plan**

(Full title of the plan)

**CT Corporation System**

**28 Liberty St 42nd Floor**

**New York, NY 10005**

(Name and address of agent for service)

**(212) 894-8940**

(Telephone number, including area code, of agent for service)

Copy to:

**Dwight S. Yoo**

**Skadden, Arps, Slate, Meagher & Flom LLP**

**One Manhattan West**

**New York, NY 10001**

**(212) 735-3000**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ◻ | Accelerated filer | ⌧ |
| Non-accelerated filer | ◻ | Smaller reporting company | ⌧ |
|  |  | Emerging growth company | ◻ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

On May 27, 2025, the transactions contemplated by the Combination Agreement (as amended, the "Combination Agreement"), dated as of December 29, 2024, among Maiden Holdings, Ltd. ("Maiden"), Kestrel Group LLC ("Kestrel") and the other parties thereto, were consummated.

This Registration Statement on Form S-8 is being filed by Kestrel Group Ltd (the "Company") for the purpose of registering 1,411,600 common shares, par value $0.01 per share, of the Company (the "Common Shares"). Of these Common Shares:

&nbsp;&nbsp;&nbsp;&nbsp;· 206,600 Common Shares are issuable in respect of outstanding awards under the Maiden Holdings, Ltd. 2019 Omnibus Incentive
Plan (the "Legacy Plan") as of the date of this Registration Statement and any such additional shares granted under the Legacy
Plan that are forfeited, cancelled, exchanged or surrendered, including in connection with the termination or expiration of an award,
that then become available under the Legacy Plan in accordance with its terms. The Legacy Plan was assigned to and assumed by the
Company at the effective time of the mergers. Such aggregate number of Common Shares issuable under the Legacy Plan reflects the conversion
required by the terms of the Combination Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;· 1,205,000 Common Shares are issuable under the Kestrel Group Ltd 2025 Equity Incentive Plan (the "Kestrel Group Plan").

**Part I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

 **Item 1. Plan Information.\***

 **Item 2. Registrant Information and Employee Plan Annual Information.\***

\* Kestrel Group Ltd (the "Registrant") is a Bermuda exempted company limited by shares and was formerly known as Ranger Bermuda Topco Ltd. The documents containing the information specified in Part I of Form S-8 will be sent or delivered to participants in the Kestrel Group Plan and the Legacy Plan as specified by Rule 428(b)(1) under the Securities Act. Such documents are not required to be, and are not, filed with the Securities and Exchange Commission (the "SEC"), either as part of this registration statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. These documents and the documents incorporated by reference into this registration statement pursuant to Item 3 of Part II of this registration statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**Part II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

 **Item 3. Incorporation of Documents by Reference.**

The Company hereby incorporates by reference into this registration statement the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [The Company's prospectus, dated March 26, 2025, filed with the SEC pursuant to Rule 424(b) under the Securities Act, in connection with the Company's registration statement on Form S-4, as amended (File No. 333-285664)](https://www.sec.gov/Archives/edgar/data/2055116/000110465925028251/tm2432191-17_424b3.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [The Company's Current Report on Form 8-K filed with the SEC on May 30 , 2025](https://www.sec.gov/Archives/edgar/data/2055116/000110465925054992/tm2516333d2_8k.htm) ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [The description of the Company's common stock contained in the registration statement on Form 8-A filed with the SEC on May 27, 2025, to register such securities under the Securities Exchange Act of 1934 (the "Exchange Act"), including any amendment or report filed for the purpose of updating such description.](https://www.sec.gov/Archives/edgar/data/2055116/000110465925052777/tm2432191d24_8a12b.htm)

In addition, all documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment to this registration statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be part hereof from the date of filing of such documents with the SEC.

Any statement contained in a document incorporated or deemed to be incorporated by reference in this registration statement shall be deemed to be modified or superseded for purposes of this registration statement to the extent that a statement contained in this registration statement, or in any other subsequently filed document that also is or is deemed to be incorporated by reference in this registration statement, modifies or supersedes such prior statement. Any statement contained in this registration statement shall be deemed to be modified or superseded to the extent that a statement contained in a subsequently filed document that is or is deemed to be incorporated by reference in this registration statement modifies or supersedes such prior statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.

Under no circumstances will any information furnished under Items 2.02 or 7.01 of Current Report on Form 8-K be deemed incorporated herein by reference unless such Form 8-K expressly provides to the contrary.

 **Item 4. Description of Securities.**

Not applicable.

 **Item 5. Interests of Named Experts and Counsel.**

Not applicable.

 **Item 6. Indemnification of Directors and Officers.**

The Registrant is a Bermuda exempted company limited by shares. Section 98 of the Companies Act 1981 of Bermuda (the "Act") provides generally that a Bermuda company may indemnify its directors, officers and auditors employed by the company against any liability which by virtue of rule of law or otherwise would be imposed on them, except in cases where such liability arises from fraud or dishonesty of which such director, officer or auditor may be guilty in relation to the company. Section 98 further provides that a Bermuda company may indemnify its directors, officers and auditors against any costs and expenses incurred by them in defending any proceedings, whether civil or criminal, in which judgment is awarded in their favor or they are acquitted or in which they are acquitted or granted relief by the Supreme Court of Bermuda in certain proceedings arising under Section 281 of the Act. Section 98 also provides that a Bermuda company may advance moneys to an officer or auditor for the costs, charges and expenses incurred by the officer or auditor in defending any civil or criminal proceedings against them, on condition that the officer or auditor shall repay the advance if any allegation of fraud or dishonesty is proved against them.

Section 61 of the Registrant's bye-laws provides that the officers and directors of the Registrant shall be indemnified and secured harmless out of the assets of the Registrant from and against all actions, costs, charges, losses, damages and expenses which they or any of them, their heirs, executors or administrators, shall or may incur or sustain by or by reason of any act done, concurred in or omitted in or about the execution of their duty, or supposed duty, or in their respective offices or trusts, and none of them shall be answerable for the acts, receipts, neglects or defaults of the others of them or for joining in any receipts for the sake of conformity, or for any bankers or other persons with whom any moneys or effects belonging to the Registrant shall or may be lodged or deposited for safe custody, or for insufficiency or deficiency of any security upon which any moneys of or belonging to the Registrant shall be placed out on or invested, or for any other loss, misfortune or damage which may happen in the execution of their respective offices or trusts, or in relation thereto, provided that this indemnity shall not extend to any matter in respect of any fraud or dishonesty (as determined in a final judgment or decree not subject to appeal) on the part of any such officer or director.

Section 61 of the Registrant's bye-laws also provides that each shareholder agrees to waive any claim or right of action such shareholder might have against any director or officer on account of any action taken by such director or officer, or the failure of such director or officer to take any action in the performance of his or her duties with or for the Registrant, provided that such waiver does not extend to any matter in respect of any fraud or dishonesty that may attach to such director or officer.

 **Item 7. Exemption from Registration Claimed.**

Not applicable.

 **Item 8. Exhibits.**

The following exhibits are filed herewith or incorporated herein by reference.

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **EXHIBIT INDEX** |
| [4.1](https://www.sec.gov/Archives/edgar/data/2055116/000110465925021993/tm2432191d7_ex3-2.htm) | [Memorandum of Association of Kestrel Group Ltd (formerly known as Ranger Bermuda Topco Ltd) (incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Form S-4 (File No. 333-285664), filed on March 10, 2025 with the SEC).](https://www.sec.gov/Archives/edgar/data/2055116/000110465925021993/tm2432191d7_ex3-2.htm) |
| [4.2](https://www.sec.gov/Archives/edgar/data/2055116/000110465925021993/tm2432191d7_ex3-3.htm) | [Amended and Restated Bye-Laws of Kestrel Group Ltd (formerly known as Ranger Bermuda Topco Ltd) (incorporated by reference to Exhibit 3.3 to the Company's Registration Statement on Form S-4 (File No. 333-285664), filed on March 10, 2025 with the SEC).](https://www.sec.gov/Archives/edgar/data/2055116/000110465925021993/tm2432191d7_ex3-3.htm) |
| [5.1](tm2516333d1_ex5-1.htm) | [Opinion of Appleby (Bermuda) Limited.](tm2516333d1_ex5-1.htm) |
| [23.1](tm2516333d1_ex23-1.htm) | [Consent of Frazier & Deeter, LLC.](tm2516333d1_ex23-1.htm) |
| [23.2](tm2516333d1_ex23-2.htm) | [Consent of Ernst & Young LLP.](tm2516333d1_ex23-2.htm) |
| [23.3](tm2516333d1_ex5-1.htm) | [Consent of Appleby (Bermuda) Limited (included in Exhibit 5.1).](tm2516333d1_ex5-1.htm) |
| [24.1](#a_001) | [Power of Attorney (included as part of the signature page hereto).](#a_001) |
| [99.1<sup>+</sup>](http://www.sec.gov/Archives/edgar/data/1412100/000141210019000070/maidenproxy2018def14a.htm) | [Maiden Holdings, Ltd. 2019 Omnibus Incentive Plan (Incorporated by reference to the filing of such exhibit with Maiden's Proxy Statement on Schedule 14A filed with the SEC on November 8, 2019).](http://www.sec.gov/Archives/edgar/data/1412100/000141210019000070/maidenproxy2018def14a.htm) |
| [99.2<sup>+</sup>](https://www.sec.gov/Archives/edgar/data/2055116/000110465925027242/tm2432191d12_ex10-49.htm) | [Kestrel Group Ltd 2025 Equity Incentive Plan (incorporated by reference to Exhibit 10.49 to the Company's Registration Statement on Form S-4 (File No. 333-285664), filed on March 26, 2025 with the SEC).](https://www.sec.gov/Archives/edgar/data/2055116/000110465925027242/tm2432191d12_ex10-49.htm) |
| [107](tm2516333d1_ex-filingfees.htm) | [Filing Fee Table.](tm2516333d1_ex-filingfees.htm) |

---

+ Indicates management contract or compensatory plan.

 **Item 9. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) that, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

*provided, however,* that paragraphs (A)(1)(i) and (A)(1)(ii) do not apply if the registration statement is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Company pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The undersigned Company hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Company's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURE**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized on June 3, 2025.

---

| | |
|:---|:---|
| **KESTREL GROUP LTD** | **KESTREL GROUP LTD** |
| By | /s/ Luke Ledbetter |
| Name: | Luke Ledbetter |
| Title: | Director, Chief Executive Officer |

---

**POWER OF ATTORNEY**

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated. Each person whose signature appears below authorizes Luke Ledbetter with full power of substitution and resubstitution, his true and lawful attorneys-in-fact, for him in any and all capacities, to sign any amendments (including post-effective amendments or supplements) to this registration statement and to file the same, with exhibits thereto, and other documents in connection therewith, with the SEC.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Luke Ledbetter | Director, Chief Executive Officer | June 3, 2025 |
| Luke Ledbetter | *(Principal Executive Officer)* |  |
| /s/ Patrick Haveron | President and Chief Financial Officer | June 3, 2025 |
| Patrick Haveron | *(Principal Financial Officer and Principal Accounting Officer)* |  |
| /s/ Terry Ledbetter | Executive Chairman | June 3, 2025 |
| Terry Ledbetter |  |  |
| /s/ Joseph Brecher | Director | June 3, 2025 |
| Joseph Brecher |  |  |
| /s/ Erik Cohen | Director | June 3, 2025 |
| Erik Cohen |  |  |
| /s/ Michael Hotchkiss | Director | June 3, 2025 |
| Michael Hotchkiss |  |  |
| /s/ Steven Nigro | Director | June 3, 2025 |
| Steven Nigro |  |  |
| /s/ Jeffrey Weissmann | Director | June 3, 2025 |
| Jeffrey Weissmann |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

![](tm2516333d1_ex5-1001.jpg)

---

| | |
|:---|:---|
| **Kestrel Group Ltd** <br> 48 Par-La-Ville Road, Suite 1141<br> Hamilton HM 11 <br> Bermuda | **Email** BAdderley@applebyglobal.com <br>**Direct Dial** +1 441 298 3243<br>**Tel** +1 441 295 2244<br> **Fax** +1 441 292 8666<br>**Your Ref**<br>**Appleby Ref** <br> 465952.0002/BA/CM/HF<br>3 June 2025 |

---

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| | |
|:---|:---|
| <br>Bermuda Office <br> Appleby (Bermuda) <br> Limited <br> Canon's Court <br> 22 Victoria Street <br> PO Box HM 1179 <br> Hamilton HM EX <br> Bermuda<br>Tel +1 441 295 2244<br>| **Kestrel Group Ltd (formerly known as Ranger Bermuda Topco Ltd,** **the Company)**<br>**INTRODUCTION**<br>This opinion as to Bermuda law is addressed to you in connection with a registration statement on Form S-8, filed with the U.S. Securities and Exchange Commission (**SEC**) under the U.S. Securities Act of 1933, as amended (**Securities Act**) on 3 June 2025 (**Registration Statement**) for the registration of 1,205,000 common shares of the Company of par value USD 0.01 per share (**Common Shares**), to be issued in connection with the transactions contemplated under the Combination Agreement (as each term is defined in the Registration Statement).<br>**OUR REVIEW**<br>For the purposes of giving this opinion we have examined and relied upon the Registration Statement and the documents listed in Part 2 of Schedule 1 to this opinion (**Documents**). We have not examined any other documents, even if they are referred to in the Documents.<br>In giving this opinion we have relied upon and assume the accuracy and completeness of the Officer's Certificate (as defined below), which we have not independently verified.<br>For the purposes of giving this opinion we have carried out the Company Search and the Litigation Search described in Part 3 of Schedule 1.<br>We have not made any other enquiries concerning the Company and in particular we have not investigated or verified any matter of fact or representation (whether set out in the Registration Statement or elsewhere) other than as expressly stated in this opinion.<br>Unless otherwise defined herein, capitalised terms have the meanings assigned to them in the Registration Statement. |

---

**LIMITATIONS**

Our opinion is limited to, and should be construed in accordance with, the laws of Bermuda at the date of this opinion. We express no opinion on the laws of any other jurisdiction.

This opinion is strictly limited to the matters stated in it and does not extend to, and is not to be extended by implication, to any other matters. We express no opinion on the commercial implications of the Documents or whether they give effect to the commercial intentions of the parties.

This opinion is furnished to you in connection with the filing of the Registration Statement and, except with our prior written consent, it may not be relied upon for any other purpose whatsoever, save as, and to the extent provided, below.

We consent to the inclusion of this opinion as Exhibit 5.1 to the Registration Statement but it is not to be made available, or relied on, for any other purpose, nor quoted or referred to in any other public document nor filed with any governmental agency or person (other than the SEC in connection with the Registration Statement), without our prior written consent, except as may be required by law or regulatory authority.

As Bermuda attorneys, we are not qualified to opine on matters of law of any jurisdiction other than Bermuda, and accordingly do not admit to being an expert within the meaning of the Securities Act.

**ASSUMPTIONS AND RESERVATIONS**

We give the following opinions on the basis of the assumptions set out in Schedule 2 (**Assumptions**), which we have not verified, and subject to the reservations set out in Schedule 3 (**Reservations**).

**OPINIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Incorporation and Status**: The Company is incorporated as an exempted company limited by shares
and existing under the laws of Bermuda and is a separate legal entity. The Company is in good standing with the Registrar of Companies
of Bermuda.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Shares:** The issue of the Common Shares
 by the Company pursuant to the Kestrel Group Plan has been duly authorized by all necessary
 corporate action on the part of the Company and when duly issued and fully paid pursuant
 to the terms of the Resolutions and the Constitutional Documents and in accordance with the
 terms of the Kestrel Group Plan, the Common Shares will be validly issued, fully paid and
 non-assessable shares in the capital of the Company.

Yours faithfully,

/s/ Appleby

**Appleby (Bermuda) Limited**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule 1**<br>**Part 1**<br>**The Registration Statement**<br>A copy, in PDF format, of the Registration Statement, excluding the documents incorporated by reference therein.<br>**Part 2**<br>**Documents Examined** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule 1**<br>**Part 1**<br>**The Registration Statement**<br>A copy, in PDF format, of the Registration Statement, excluding the documents incorporated by reference therein.<br>**Part 2**<br>**Documents Examined** |
| 1. | A copy, in PDF format, of the Kestrel Group Ltd 2025 Equity Incentive Plan (**Kestrel Group Plan**). |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of the certificate of incorporation of the Company dated 27 December 2024 and a
 certificate of incorporation on change of name of the Company dated 27 May 2025, each certified as a true copy by the assistant
 secretary of the Company on 3 June 2025 (**Certificate of Incorporation**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of the memorandum of association, certificate of deposit of memorandum of increase of share capital and the amended and
 restated bye-laws of the Company adopted on 10 March 2025 and certified as a true copy by the assistant secretary of the Company on
 3 June 2025 (together the **Constitutional Documents**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A Certificate of Compliance, dated 3 June 2025 issued by the Registrar of Companies in respect of the
Company (**Certificate of Compliance**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A copy of the unanimous written resolutions
 of the Board of Directors of the Company adopted on 27 May 2025 (**Resolutions**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A copy of the Register of Directors and Officers of the Company certified as a true copy by the
 assistant secretary of the Company on 3 June 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. A copy of the results of the Litigation Search.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. A copy of the results of the Company Search.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. An officer's certificate dated 3 June 2025, signed by an officer of the Company.

---

| | |
|:---|:---|
| **Part 3**<br>**Searches** | **Part 3**<br>**Searches** |
| 1. | A search of the entries and filings shown and available for inspection in respect of the Company in the register of charges and on the file of the Company maintained in the register of companies at the office of the Registrar of Companies in Hamilton, Bermuda, as revealed by a search conducted on 3 June 2025 (**Company Search**). |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A search of the entries and filings shown and available for inspection in respect of the Company in the
Cause and Judgement Book of the Supreme Court maintained at the Registry of the Supreme Court in Hamilton, Bermuda, as revealed by a search
conducted on 3 June 2025 (**Litigation Search**).

---

| | |
|:---|:---|
| <br> **Schedule 2**<br>**Assumptions**<br>We have assumed: | <br> **Schedule 2**<br>**Assumptions**<br>We have assumed: |
| 1. | (i) that the originals of all documents examined in connection with this opinion are authentic, accurate and complete; and (ii) the authenticity, accuracy completeness and conformity to original documents of all documents submitted to us as copies; |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. that the Registration Statement and other documentation which was received by electronic means is complete,
intact and in conformity with the transmission as sent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. that there has been no change to the information contained in the Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. that the signatures and seals on all documents and certificates submitted to us as originals or copies
of executed originals are genuine and authentic, and the signatures on all documents executed by the Company are the signatures of the
persons authorised to execute the documents by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the truth, accuracy and completeness of all representations and warranties or statements of fact or law
(other than as to the laws of Bermuda in respect of matters upon which we have expressly opined) made in the Registration Statement and
any correspondence submitted to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. that the Register of Directors and Officers accurately reflects the names of all directors and officers
of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. that at the time of any issue of any Common Shares, the Common Shares will be listed on The Nasdaq Stock
Market Inc. (**Nasdaq**) and Nasdaq will be an "appointed stock exchange" as understood under Bermuda law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. that any contracts or instruments in relation to the offer, creation and issue of any of the Common Shares
as contemplated by the Registration Statement will comply with and have been prepared in accordance with all relevant legislation and
the Constitutional Documents, and will constitute legal, valid and binding obligations of each of the parties thereto, enforceable in
accordance with their terms, under the laws by which they are governed.

---

| | |
|:---|:---|
| <br> **Schedule 3**<br>**Reservations**<br>Our opinion is subject to the following: | <br> **Schedule 3**<br>**Reservations**<br>Our opinion is subject to the following: |
| 1. | **Bermuda Law**: We express no opinion as to any law other than Bermuda law and none of the opinions expressed herein relates to compliance with or matters governed by the laws of any jurisdiction except Bermuda. This opinion is limited to Bermuda law as applied by the courts of Bermuda at the date hereof. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Enforcement**: Where an obligation is to be performed in a jurisdiction other than Bermuda, the courts
of Bermuda may refuse to enforce it to the extent that such performance would be illegal under the laws of, or contrary to public policy
of, such other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Good Standing**: The term "good standing" means that the Company has received a Certificate
of Compliance from the Registrar of Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Non-assessable**: Any reference in this opinion to shares being "non-assessable" shall
mean, in relation to fully-paid shares of the Company and subject to any contrary provision in any agreement in writing between the Company
and the holder of shares, that: no shareholder shall be obliged to contribute further amounts to the capital of the Company, either in
order to complete payment for their shares, to satisfy claims of creditors of the Company, or otherwise; and no shareholder shall be bound
by an alteration of the Memorandum of Association or Bye-laws of the Company after the date on which he or she became a shareholder, if
and so far as the alteration requires him to take, or subscribe for additional shares, or in any way increases his liability to contribute
to the share capital of, or otherwise to pay money to, the Company.

## Exhibit 23.1

**Exhibit 23.1**

**<u>Consent of Independent Registered Public Accounting Firm</u>**

We hereby consent to the incorporation by reference of our report dated March 10, 2025, with respect to the consolidated financial statements of Kestrel Group, LLC for the years ended December 31, 2024 and 2023, which are incorporated by reference in this Registration Statement on Form S-8 dated June 3, 2025.

*/s/ Frazier & Deeter, LLC*

Atlanta, Georgia

June 3, 2025

## Exhibit 23.2

**Exhibit 23.2**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Kestrel Group Ltd. Registration Statement on Form S-8 pertaining to the Maiden Holdings, Ltd. 2019 Omnibus Incentive Plan and Kestrel Group Ltd 2025 Equity Incentive Plan of our report dated March 10, 2025, with respect to the consolidated financial statements of Maiden Holdings, Ltd. and the effectiveness of internal control over financial reporting of Maiden Holdings, Ltd. incorporated by reference in Kestrel Group Ltd. S-4, as amended (No. 333-285664) and included in the Maiden Holdings Ltd. Annual Report (Form 10-K) for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

New York, New York

June 3, 2025

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Table**

**<u>Form S-8</u>**

(Form Type)

**<u>Kestrel Group Ltd</u>**

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered Securities</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Security Type | &nbsp;&nbsp;Security Class<br> Title | &nbsp;&nbsp;Fee<br> Calculation <br> Rule | &nbsp;&nbsp;Proposed<br> Maximum Offering<br> Price Per Unit<sup>(2)</sup> | &nbsp;&nbsp;Maximum<br> Aggregate<br> Offering Price<sup>(2)</sup> | &nbsp;&nbsp;Fee Rate | &nbsp;&nbsp;Amount of Registration Fee |
| &nbsp;&nbsp;Equity | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;Rule 457(c) and Rule 457(h)&nbsp;&nbsp;1411600<sup>3)</sup> | &nbsp;&nbsp;$31.20 | &nbsp;&nbsp;$44041920 | &nbsp;&nbsp;0.00015310 | &nbsp;&nbsp;$6742.82 |
| Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | &nbsp;&nbsp;$44041920 | &nbsp;&nbsp;- | &nbsp;&nbsp;$6742.82 |
| Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  |  | &nbsp;&nbsp;- |
| Net Fee Due | Net Fee Due |  |  |  |  | &nbsp;&nbsp;$6742.82 |

---

(1) Pursuant to Rule 416 under the Securities Act of 1933 (the "Securities Act"), this registration statement also registers
any additional securities that may be offered, issued or issuable by reason of any share split, share dividend, recapitalization or other
similar transaction.

(2) Estimated pursuant to Rule 457(c) and (h) under the Securities Act for the purpose of calculating the registration fee, based on the
average of the high and low prices of shares of Kestrel Group Ltd's common shares, $0.01 par value per share, as reported on the
Nasdaq on May 28, 2025.

(3) Represents common shares available for issuance under the Kestrel Group Ltd 2025 Equity Incentive Plan.