Kestrel Group Ltd — Director's Dealing 2025

May 30, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Ranger Bermuda Topco Ltd (KG)
CIK: 0002055116
Period of Report: 2025-05-27

Reporting Person: Ledbetter Terry Lee (Director, Executive Chairman, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-05-27	Common Shares	A	905882	—	Acquired	905882	Indirect

Footnotes

F1: On May 27, 2025, pursuant to that certain Combination Agreement (as amended, the "Combination Agreement"), dated as of December 29, 2024, by and between Kestrel Group, LLC ("Kestrel"), all of the equityholders of Kestrel, Maiden Holdings, Ltd. ("Maiden"), Ranger U.S. Newco LLC, Ranger Bermuda Merger Sub Ltd, Ranger Merger Sub 2 LLC and Kestrel Group Ltd (f/k/a Ranger Bermuda Topco Ltd) (the "Issuer"), Maiden became a wholly-owned subsidiary of the Issuer (the "Merger"). In connection with the Merger, the Kestrel equityholders received an aggregate of $40,000,000 in cash and 2,750,000 Issuer common shares. The reported amount represents the reporting person's proportionate interest in the 2,750,000 Issuer common shares issued to the Kestrel equityholders.

F2: Represents securities held by Kestrel Intermediate Ledbetter Holdings LLC ("KILH"). The reporting person is a co-trustee of the Terry Lee Ledbetter and Reta Laurie Ledbetter 2000 Revocable Trust (which holds a 50% interest in KILH).