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Kestrel Group Ltd Director's Dealing 2025

May 30, 2025

33688_dirs_2025-05-29_1730fe26-91e4-421d-825b-935ffb139353.zip

Director's Dealing

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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: Brecher Joseph (Director)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2025-05-27 Common Shares A 5500 Acquired 5500 Direct

Footnotes

F1: On May27, 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, each issued and outstanding Maiden share, subject to certain exceptions, were automatically canceled and converted into the right to receive one-twentieth (0.05) of a common share of the Issuer.