# EDGAR Filing Document

**Accession Number:** 0001632716
**File Stem:** 0000905148-26-001413
**Filing Date:** 2026-3
**Character Count:** 15899
**Document Hash:** 8184a92787a356c9cec2fb4eacd7e84a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000905148-26-001413.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0000905148-26-001413

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260320

**DATE AS OF CHANGE**: 20260320

**SUBJECT COMPANY**: 

**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:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95058
- **FILM NUMBER:** 26779718

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEDBETTER BRADFORD LUKE
- **CENTRAL INDEX KEY:** 0001632716

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **STREET 1:** C/O KESTREL GROUP
- **STREET 2:** 305 CAMP CRAFT ROAD, SUITE 550
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78746

## Exhibit 99.6

**Exhibit 6**

**<u>JOINT FILING AGREEMENT</u>**

The undersigned acknowledge and agree that the foregoing Statement on Schedule 13D with respect to the Common Shares, par value $0.01 per share, of Kestrel Group Ltd is filed on behalf of each of the undersigned and that all subsequent amendments to this Statement on Schedule 13D may be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him, her or it contained herein or therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he, she or it knows or has reason to believe that such information is inaccurate.

Date: March 20, 2026

---

| |
|:---|
| Bradford Luke Ledbetter  |
| /s/ Bradford Luke Ledbetter  |
| Bradford Luke Ledbetter 2006 Grantor Trust No. 2  |
| /s/ Bradford Luke Ledbetter  |
| Name: Bradford Luke Ledbetter  |
| Title: Trustee  |
| Shari Ann Ledbetter Irrevocable 2019 Trust  |
| /s/ Bradford Luke Ledbetter  |
| Name: Bradford Luke Ledbetter  |
| Title: Trustee  |

---

[Signature Page to Joint Filing Agreement]

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Kestrel Group Ltd**

*(Name of Issuer)*

**Common Shares, par value $0.01 per share**

*(Title of Class of Securities)*

**—**

*(CUSIP Number)*

**Bradford Luke Ledbetter**<br>305 Camp Craft Road<br>Suite 550<br>Austin TX 78746<br>(469) 423-2763

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**03/18/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**LEDBETTER BRADFORD LUKE** | Name of reporting person<br>**LEDBETTER BRADFORD LUKE** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**133039.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**905882.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**133039.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**905882.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1038921.00** | Aggregate amount beneficially owned by each reporting person<br>**1038921.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.1%** | Percent of class represented by amount in Row (11)<br>**13.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Bradford Luke Ledbetter 2006 Grantor Trust No. 2** | Name of reporting person<br>**Bradford Luke Ledbetter 2006 Grantor Trust No. 2** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**TEXAS** | Citizenship or place of organization<br>**TEXAS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**452941.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**452941.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**452941.00** | Aggregate amount beneficially owned by each reporting person<br>**452941.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.8%** | Percent of class represented by amount in Row (11)<br>**5.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Shari Ann Ledbetter Irrevocable 2019 Trust** | Name of reporting person<br>**Shari Ann Ledbetter Irrevocable 2019 Trust** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**TEXAS** | Citizenship or place of organization<br>**TEXAS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**452941.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**452941.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**452941.00** | Aggregate amount beneficially owned by each reporting person<br>**452941.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.8%** | Percent of class represented by amount in Row (11)<br>**5.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares, par value $0.01 per share

**(b) Name of Issuer:**
Kestrel Group Ltd

**(c) Address of Issuer's Principal Executive Offices:**
11 BERMUDIANA ROAD, SUITE 1141, PEMBROKE, D0, HM 08

Pursuant to Rule 13d-2 under the Act, as amended, this Amendment No. 1 to the Schedule 13D (this "Amendment No. 1") amends certain items of the Schedule 13D filed with the Securities and Exchange Commission on June 3, 2025 (the "Original Schedule 13D" and, together with this Amendment No. 1, the "Schedule 13D") relating to the common shares, par value $0.01 per share (the "Common Shares"), of Kestrel Group, Ltd (formerly known as Ranger Bermuda Topco Ltd), a Bermuda exempted company limited by shares (the "Issuer"). The address of the Issuer's principal executive offices is 11 Bermudiana Road, Suite 1141, Pembroke HM 08, Bermuda.

The Original Schedule 13D was filed by Kestrel Intermediate Ledbetter Holdings LLC (CIK: 0002069757) and included Bradford Luke Ledbetter, Terry Lee Ledbetter, Reta Laurie Ledbetter, Terry Lee Ledbetter and Reta Laurie Ledbetter 2000 Revocable Trust, Bradford Luke Ledbetter 2006 Grantor Trust No. 2, and Shari Ann Ledbetter Irrevocable 2019 Trust as additional reporting persons. Beginning with this Amendment No. 1, Bradford Luke Ledbetter, Bradford Luke Ledbetter 2006 Grantor Trust No. 2, and Shari Ann Ledbetter Irrevocable 2019 Trust are filing separately on Schedule 13D from Terry Lee Ledbetter, Reta Laurie Ledbetter, and Terry Lee Ledbetter and Reta Laurie Ledbetter 2000 Revocable Trust.  Also beginning with this Amendment No. 1, Kestrel Intermediate Ledbetter Holdings LLC will no longer be a reporting person on either Schedule 13D.

All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D. Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported in the Schedule 13D.

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is hereby amended and supplemented as follows:

On March 9, 2026, KILH effected a pro-rata distribution in-kind of all of its 1,811,764 Common Shares (the "Distribution").  As a result, each of Bradford Luke Ledbetter 2006 Grantor Trust No. 2 and Shari Ann Ledbetter Irrevocable 2019 Trust received 452,941 Common Shares, representing each of its 25% interest in KILH, and Terry Lee Ledbetter and Reta Laurie Ledbetter 2000 Revocable Trust, which now files Schedule 13D separately, received 905,882 Common Shares, representing its 50% interest in KILH.  As a result of the Distribution, KILH no longer beneficially owns any Common Shares, and accordingly is no longer subject to the reporting requirements under Section 13(d) of the Act.  The Distribution reflected a change in form of beneficial ownership, only, for each of the Reporting Persons, each of whom had previously reported their indirect beneficial ownership in the Common Shares representing their pro-rata ownership interests in KILH.

Bradford Luke Ledbetter beneficially owns Common Shares directly and through his role as trustee of each of Bradford Luke Ledbetter 2006 Grantor Trust No. 2 and Shari Ann Ledbetter Irrevocable 2019 Trust.

On March 18, 2026, Bradford Luke Ledbetter received an aggregate 145,788 restricted Common Shares in two separate awards: (1) 48,596 restricted Common Shares that vest in substantially equal installments on the first three anniversaries of the date of grant and (2) 97,192 restricted Common Shares that vest in substantially equal installments with the first installment vested on the date of grant and the remaining installments vesting on the first two anniversaries of the date of grant.

On March 18, 2026, in connection with the vesting of 32,398 restricted Common Shares, 12,749 Common Shares were withheld by the Issuer to satisfy tax withholding obligations due upon settlement of such restricted Common Shares.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) of the Schedule 13D is hereby amended and supplemented as follows:

See rows 11 and 13 of each of the cover pages.

The percentages of the Common Shares outstanding are based upon 7,811,252 Common Shares outstanding as of March 20, 2026, based on information received from the Issuer, and, for Bradford Luke Ledbetter, the aggregate 113,390 restricted Common Shares deemed outstanding upon vesting, which Common Shares are added to the total Common Shares outstanding for purposes of calculating Bradford Luke Ledbetter's beneficial ownership percentage in accordance with Rule 13d-3(d)(1)(i) under the Act.

**(b)**
Item 5(b) of the Schedule 13D is hereby amended and supplemented as follows:

See rows 7 through 11 of each of the cover pages.

**(c)**
Item 5(c) of the Schedule 13D is hereby amended and supplemented as follows:

The response to Item 4 of this Amendment No. 1 is incorporated by reference herein.

Except as reported in this Amendment No. 1, none of the Reporting Persons has effected any transactions in the Common Shares within the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Schedule 13D is hereby amended and supplemented as follows:

The response to Item 7 of this Amendment No. 1 is incorporated by reference herein.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** LEDBETTER BRADFORD LUKE

**Signature:** /s/ Bradford Luke Ledbetter

**Name/Title:** Bradford Luke Ledbetter

**Date:** 03/20/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Bradford Luke Ledbetter 2006 Grantor Trust No. 2

**Signature:** /s/ Bradford Luke Ledbetter

**Name/Title:** Bradford Luke Ledbetter/Trustee

**Date:** 03/20/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Shari Ann Ledbetter Irrevocable 2019 Trust

**Signature:** /s/ Bradford Luke Ledbetter

**Name/Title:** Bradford Luke Ledbetter/Trustee

**Date:** 03/20/2026