Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 99

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 99
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 in this transaction (see Note 4 above).

6. Adjustments to Unaudited Pro Forma Condensed Consolidated Combined Statement of Operations

The pro forma adjustments, based on preliminary estimates that could change materially as additional information is obtained, are as follows:

#### Pro forma Transaction Accounting Adjustments
(a)

Reflects a pro forma adjustment to record VOBA amortization of $2.6 million in line with the earning pattern of unearned premiums (see Note 5(b) above).

(b)

Reflects a pro forma adjustment to eliminate the historical deferred gain on retroactive reinsurance amortization of less than $0.1 million (see Note 5(d) above).

(c)

Reflects a pro forma adjustment to eliminate the historical deferred debt issuance costs amortization of $0.2 million (see Note 5(e) above).

(d)

Reflects a pro forma adjustment to record of amortization of the senior notes fair value adjustment over the remaining life of the notes (see Note 5(e) above).

(e)

Reflects a pro forma adjustment to record the amortization of the loan to a related party and the premium repayment loan fair value adjustments over the remaining lives of the loans (see Note 5(f) above).

(f)

Reflects a pro forma adjustment to record adjustment of $0.6 million to interest in income of equity method investments (see Note 5(g) above).

(g)

Reflects a pro forma adjustment to record lease expense of $0.3 million based on the incremental borrowing rate as of acquisition date (see Note 5(h) above).

(h)

Reflects a pro forma adjustment to record the estimated transaction costs to be incurred of $12.8 million (see Note 5(i) above).

(i)

Reflects a pro forma adjustment to record the acceleration of Kestrel’ stock compensation cost of $0.2 million, as measured at the original grant dates, due to the repurchase of Kestrel stock-based compensation awards (see Note 5(n) above).

(j)

Reflects a pro forma adjustment to record the bargain purchase gain of $153.9 million (see Note 4 above).

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(k) Bermuda NewCo does not expect to recognize current or deferred tax expense upon consummation of the transaction and therefore no income tax provision impact related to the transaction accounting adjustments is reflected. The U.S. deferred tax balances are offset by a full valuation allowance. (l) The pro forma basic