Kestrel Group (KG) CEO receives 145,788 RSAs; 12,749 shares withheld for taxes

Rhea-AI Filing Summary

Kestrel Group Ltd director and Chief Executive Officer Bradford Luke Ledbetter reported equity compensation and related tax withholding in common shares. On March 18, 2026, he received two restricted share awards totaling 145,788 common shares, granted at a price of $0.00 per share. One award of 97,192 shares vests in three substantially equal installments, with the first installment vested on the grant date and the remaining installments on the first two anniversaries. The second award of 48,596 shares vests in substantially equal installments on the first three anniversaries of the grant date.

On the same date, 12,749 common shares were withheld at $9.96 per share to satisfy tax withholding obligations from an RSA vesting and settlement event, which is explicitly described as not an open‑market sale. Following these transactions, Ledbetter directly holds 133,039 common shares. Indirectly, 452,941 common shares are held through two trusts for which he serves as trustee: the Bradford Luke Ledbetter 2006 Grantor Trust No. 2 and the Shari Ann Ledbetter Irrevocable 2019 Trust.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

LEDBETTER BRADFORD LUKE

(Last) (First) (Middle)

11 BERMUDIANA ROAD, MAILBOXES SUITE 1141

(Street)

PEMBROKE HM 08

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Kestrel Group Ltd [ KG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/18/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	03/18/2026		A		97,192(1)	A	$0	97,192	D
Common Shares	03/18/2026		A		48,596(2)	A	$0	145,788	D
Common Shares	03/18/2026		F		12,749(3)	D	$9.96	133,039	D
Common Shares								452,941(4)	I	See footnote(4)
Common Shares								452,941(5)	I	See footnote(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. 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.

2. 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.

3. 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.

4. Represents securities held by Bradford Luke Ledbetter 2006 Grantor Trust No. 2, of which the reporting person is the trustee.

5. Represents securities held by Shari Ann Ledbetter Irrevocable 2019 Trust, of which the reporting person is the trustee.

Remarks:

	/s/ Bradford Luke Ledbetter	03/20/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Kestrel Group (KG) CEO Bradford Ledbetter report?

Bradford Ledbetter reported grants of restricted common shares and related tax withholding. He received two restricted share awards totaling 145,788 common shares and had 12,749 shares withheld to cover tax obligations from a vesting event, with no open-market sale involved.

How many Kestrel Group (KG) shares does the CEO hold after these transactions?

After these transactions, Bradford Ledbetter directly holds 133,039 Kestrel Group common shares. He also has indirect exposure to 452,941 common shares held through two trusts where he serves as trustee, combining substantial direct and indirect ownership positions.

What are the vesting terms of the Kestrel Group (KG) restricted share awards reported?

The reported Kestrel Group restricted share awards vest over multiple years. One 97,192-share RSA vests partly on the grant date and on the first two anniversaries. A second 48,596-share RSA vests in substantially equal installments on the first three anniversaries of the grant date.

Was there any open-market sale of Kestrel Group (KG) shares in this Form 4?

No open-market sale occurred in this Form 4. The 12,749 Kestrel Group common shares shown as disposed were withheld by the issuer at $9.96 per share solely to satisfy tax withholding obligations arising from a restricted share award vesting event.

How many Kestrel Group (KG) shares were withheld for taxes in the CEO’s latest filing?

A total of 12,749 Kestrel Group common shares were withheld for taxes. These shares were retained by the issuer at a price of $9.96 per share to cover tax withholding obligations from a restricted share award vesting and settlement, not as an open-market transaction.

What indirect Kestrel Group (KG) holdings does the CEO report through trusts?

The CEO reports 452,941 Kestrel Group common shares held indirectly through trusts. These securities are held by the Bradford Luke Ledbetter 2006 Grantor Trust No. 2 and the Shari Ann Ledbetter Irrevocable 2019 Trust, with Bradford Ledbetter serving as trustee for both entities.