Terry Lee Ledbetter - 27 May 2025 Form 4 Insider Report for Ranger Bermuda Topco Ltd (KG)

Role: Executive Chairman, Director, 10%+ Owner
Signature: /s/ Terry Lee Ledbetter
Issuer symbol: KG
Transactions as of: 27 May 2025
Net transactions value: $0
Form type: 4
Filing time: 29 May 2025, 21:59:46 UTC
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Ledbetter Terry Lee	Executive Chairman, Director, 10%+ Owner	48 PAR-LA-VILLE ROAD, SUITE 1141, HAMILTON, BERMUDA	/s/ Terry Lee Ledbetter	29 May 2025	0001622558

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	KG	Common Shares	Award		+905,882			905,882	27 May 2025	See footnote	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
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).

Content

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.

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).