KG

SEC source: 0001628280-26-063450 · wk-form4_1790283154.xml · nonDerivative · entry 1

NIGRO STEVEN HAROLD · CIK 0001434374 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 24,555

SEC source: 0001628280-26-042853 · wk-form4_1781295247.xml · nonDerivative · entry 1

Hotchkiss Michael · CIK 0002069447 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,055

F1 · shares: These restricted shares were granted on June 10, 2026 under the 2025 Equity Incentive Plan and will vest 100% on the first anniversary of the grant date.

SEC source: 0001628280-26-042855 · wk-form4_1781295260.xml · nonDerivative · entry 1

Cohen Erik · CIK 0002069642 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,055

F1 · shares: These restricted shares were granted on June 10, 2026 under the 2025 Equity Incentive Plan and will vest 100% on the first anniversary of the grant date.

SEC source: 0001628280-26-042852 · wk-form4_1781295239.xml · nonDerivative · entry 1

Brecher Joseph · CIK 0002070272 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 13,555

F1 · shares: These restricted shares were granted on June 10, 2026 under the 2025 Equity Incentive Plan and will vest 100% on the first anniversary of the grant date.

SEC source: 0001628280-26-042856 · wk-form4_1781295265.xml · nonDerivative · entry 1

NIGRO STEVEN HAROLD · CIK 0001434374 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 22,055

F1 · shares: These restricted shares were granted on June 10, 2026 under the 2025 Equity Incentive Plan and will vest 100% on the first anniversary of the grant date.

SEC source: 0001628280-26-042854 · wk-form4_1781295255.xml · nonDerivative · entry 1

Weissmann Jeffrey · CIK 0001591563 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,055

F1 · shares: These restricted shares were granted on June 10, 2026 under the 2025 Equity Incentive Plan and will vest 100% on the first anniversary of the grant date.

SEC source: 0001628280-26-020293 · wk-form4_1774050451.xml · nonDerivative · entry 4

Haveron Patrick J · CIK 0001396461 · President and CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 270,214

F4 · shares: Represents shares issued pursuant to an RSA that contains vesting and forfeiture restrictions. The shares will vest in substantially equal installments on the first three anniversaries of the date of grant.

SEC source: 0001628280-26-020293 · wk-form4_1774050451.xml · nonDerivative · entry 3

Haveron Patrick J · CIK 0001396461 · President and CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 221,618

F3 · shares: Represents shares withheld by the Issuer to satisfy tax withholding obligations that arose in connection with a vesting and settlement event from an RSA. Not an open market sale of securities.

SEC source: 0001628280-26-020293 · wk-form4_1774050451.xml · nonDerivative · entry 2

Haveron Patrick J · CIK 0001396461 · President and CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 234,367

F2 · shares: Represents shares issued pursuant to a Restricted Share Award ('RSA') that contains vesting and forfeiture restrictions. The shares 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.

SEC source: 0001628280-26-020292 · wk-form4_1774050414.xml · nonDerivative · entry 3

LEDBETTER BRADFORD LUKE · CIK 0001632716 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 133,039

F3 · shares: Represents shares withheld by the Issuer to satisfy tax withholding obligations that arose in connection with a vesting and settlement event from a RSA. Not an open market sale of securities.

SEC source: 0001628280-26-020292 · wk-form4_1774050414.xml · nonDerivative · entry 2

LEDBETTER BRADFORD LUKE · CIK 0001632716 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 145,788

F2 · shares: Represents shares issued pursuant to an RSA that contains vesting and forfeiture restrictions. The shares will vest in substantially equal installments on the first three anniversaries of the date of grant.

SEC source: 0001628280-26-020292 · wk-form4_1774050414.xml · nonDerivative · entry 1

LEDBETTER BRADFORD LUKE · CIK 0001632716 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 97,192

F1 · shares: Represents shares issued pursuant to a Restricted Share Award ('RSA') that contains vesting and forfeiture restrictions. The shares 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.

SEC source: 0001628280-26-020291 · wk-form4_1774050366.xml · nonDerivative · entry 3

Ledbetter Terry Lee · CIK 0001622558 · Director · Executive Chairman · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 133,039

F3 · shares: Represents shares withheld by the Issuer to satisfy tax withholding obligations that arose in connection with a vesting and settlement event from a RSA. Not an open market sale of securities.

SEC source: 0001628280-26-020291 · wk-form4_1774050366.xml · nonDerivative · entry 2

Ledbetter Terry Lee · CIK 0001622558 · Director · Executive Chairman · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 145,788

F2 · shares: Represents shares issued pursuant to an RSA that contains vesting and forfeiture restrictions. The shares will vest in substantially equal installments on the first three anniversaries of the date of grant.

SEC source: 0001628280-26-020291 · wk-form4_1774050366.xml · nonDerivative · entry 1

Ledbetter Terry Lee · CIK 0001622558 · Director · Executive Chairman · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 97,192

F1 · shares: Represents shares issued pursuant to a Restricted Share Award ('RSA') that contains vesting and forfeiture restrictions. The shares 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.

SEC source: 0001628280-26-020293 · wk-form4_1774050451.xml · nonDerivative · entry 1

Haveron Patrick J · CIK 0001396461 · President and CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 137,175

F1 · shares: Represents shares withheld by the Issuer to satisfy tax withholding obligations that arose in connection with a vesting and settlement event from a legacy Maiden Holdings Ltd. restricted share award that was previously reported on Mr. Haveron's Form 4 filed on May 27, 2026. Not an open market sale of securities.

SEC source: 0002055116-25-000037 · wk-form4_1757448476.xml · nonDerivative · entry 1

Hotchkiss Michael · CIK 0002069447 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,337

F1 · shares: These restricted shares were granted on September 5, 2025 under the 2025 Equity Incentive Plan and will vest 100% on the first anniversary of the grant date.

SEC source: 0002055116-25-000036 · wk-form4_1757448469.xml · nonDerivative · entry 1

Brecher Joseph · CIK 0002070272 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 7,837

F1 · shares: These restricted shares were granted on September 5, 2025 under the 2025 Equity Incentive Plan and will vest 100% on the first anniversary of the grant date.

SEC source: 0002055116-25-000035 · wk-form4_1757448463.xml · nonDerivative · entry 1

Cohen Erik · CIK 0002069642 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,337

F1 · shares: These restricted shares were granted on September 5, 2025 under the 2025 Equity Incentive Plan and will vest 100% on the first anniversary of the grant date.

SEC source: 0002055116-25-000034 · wk-form4_1757448456.xml · nonDerivative · entry 1

NIGRO STEVEN HAROLD · CIK 0001434374 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 16,337

F1 · shares: These restricted shares were granted on September 5, 2025 under the 2025 Equity Incentive Plan and will vest 100% on the first anniversary of the grant date.

SEC source: 0002055116-25-000033 · wk-form4_1757448450.xml · nonDerivative · entry 1

Weissmann Jeffrey · CIK 0001591563 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,337

F1 · shares: These restricted shares were granted on September 5, 2025 under the 2025 Equity Incentive Plan and will vest 100% on the first anniversary of the grant date.

SEC source: 0001104659-25-054425 · tm2516523-1_4seq1.xml · nonDerivative · entry 1

Brecher Joseph · CIK 0002070272 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,500

F1 · price: 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.

SEC source: 0001104659-25-054430 · tm2516523-2_4seq1.xml · nonDerivative · entry 1

Ledbetter Terry Lee · CIK 0001622558 · Director · Executive Chairman · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 905,882

F1 · price: 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 · ownership.nature: 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).

SEC source: 0001104659-25-054429 · tm2516523-3_4seq1.xml · derivative · entry 3

NIGRO STEVEN HAROLD · CIK 0001434374 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 600

Underlying: Common Shares · 600 shares

Expires not disclosed

F3 · derivative.exercise_date: In connection with the Merger, each Maiden option that was outstanding immediately prior to the closing of the Merger was automatically converted into an option to purchase a number of Issuer common shares equal to one-twentieth (0.05) of the Maiden shares subject to the Maiden option (rounded down to the nearest whole share), with an exercise price determined by dividing the exercise price of such Maiden option by 0.05 (rounded up to the nearest whole cent). The Issuer option as converted otherwise has substantially the same terms and conditions, including vesting schedule, as applied to such Maiden option immediately prior to the closing of the Merger.

F3 · derivative.expiration_date: In connection with the Merger, each Maiden option that was outstanding immediately prior to the closing of the Merger was automatically converted into an option to purchase a number of Issuer common shares equal to one-twentieth (0.05) of the Maiden shares subject to the Maiden option (rounded down to the nearest whole share), with an exercise price determined by dividing the exercise price of such Maiden option by 0.05 (rounded up to the nearest whole cent). The Issuer option as converted otherwise has substantially the same terms and conditions, including vesting schedule, as applied to such Maiden option immediately prior to the closing of the Merger.

SEC source: 0001104659-25-054429 · tm2516523-3_4seq1.xml · nonDerivative · entry 2

NIGRO STEVEN HAROLD · CIK 0001434374 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 14,000

F2 · price: In connection with the Merger, each Maiden restricted share that was issued and outstanding immediately prior to the closing of the Merger was automatically converted into one-twentieth (0.05) of a common share of the Issuer that is unvested and/or subject to a risk of forfeiture, on substantially the same terms and conditions (including vesting schedule) as applied to such Maiden restricted share immediately prior to the closing of the Merger.

SEC source: 0001104659-25-054429 · tm2516523-3_4seq1.xml · nonDerivative · entry 1

NIGRO STEVEN HAROLD · CIK 0001434374 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,240

F1 · price: 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, 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.

SEC source: 0001104659-25-054428 · tm2516523-5_4seq1.xml · nonDerivative · entry 1

LEDBETTER BRADFORD LUKE · CIK 0001632716 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 905,882

F1 · price: 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 · ownership.nature: Represents securities held by Kestrel Intermediate Ledbetter Holdings LLC ("KILH"). The reporting person is the trustee of (i) the Bradford Luke Ledbetter 2006 Grantor Trust No. 2 (which holds a 25% interest in KILH) and (ii) the Shari Ann Ledbetter Irrevocable 2019 Trust (which holds a 25% interest in KILH).

SEC source: 0001104659-25-054427 · tm2516523-6_4seq1.xml · nonDerivative · entry 2

METZ LAWRENCE F. · CIK 0001496992 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 102,597

F2 · price: In connection with the Merger, each Maiden restricted share that was issued and outstanding immediately prior to the closing of the Merger was automatically converted into one-twentieth (0.05) of a common share of the Issuer that is unvested and/or subject to a risk of forfeiture, on substantially the same terms and conditions (including vesting schedule) as applied to such Maiden restricted share immediately prior to the closing of the Merger.

SEC source: 0001104659-25-054427 · tm2516523-6_4seq1.xml · nonDerivative · entry 1

METZ LAWRENCE F. · CIK 0001496992 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 91,177

F1 · price: 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, 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.

SEC source: 0001104659-25-054426 · tm2516523-4_4seq1.xml · nonDerivative · entry 2

Haveron Patrick J · CIK 0001396461 · President and CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 143,899

F2 · price: In connection with the Merger, each Maiden restricted share that was issued and outstanding immediately prior to the closing of the Merger was automatically converted into one-twentieth (0.05) of a common share of the Issuer that is unvested and/or subject to a risk of forfeiture, on substantially the same terms and conditions (including vesting schedule) as applied to such Maiden restricted share immediately prior to the closing of the Merger.

SEC source: 0001104659-25-054426 · tm2516523-4_4seq1.xml · nonDerivative · entry 1

Haveron Patrick J · CIK 0001396461 · President and CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 126,813

F1 · price: 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, 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.