Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 184

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 184
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, pendency or performance of the transaction, including the impact thereof on the relationships of Kestrel or any of its subsidiaries with employees, customers, insureds, cedants, policyholders, brokers, agents, financing sources, business partners, service providers, governmental authorities or reinsurance providers, and including any action, suit or proceeding by or before any governmental authority with respect to the transaction;

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any change or announcement of a potential change, in and of itself, in Kestrel’s or any of its subsidiaries’ credit, financial strength or claims paying ratings or the ratings of any of Kestrel’s or its subsidiaries’ businesses;

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any change in applicable law, GAAP (or interpretation or enforcement thereof) or in statutory accounting principles applicable to an insurance subsidiary (or interpretation or enforcement thereof), including accounting and financial reporting pronouncements by the SEC, the National Association of Insurance Commissioners, any Insurance Regulator and the FASB; or

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any action required to be taken by Kestrel, or that Kestrel is required to cause one of its subsidiaries to take, pursuant to, or any failure of Kestrel or any of its subsidiaries to take an action prohibited by, the terms of the combination agreement or any ancillary agreement to which Kestrel is or will be a party.

For purposes of the combination agreement, “material adverse effect,” when used in reference to Maiden, or “Maiden material adverse effect,” means any effect, change, circumstance or event that, individually or in the aggregate with all other effects, changes, circumstances or events, has, or would reasonably be expected to have, a material adverse effect on the properties, business, results of operations, assets, licenses, liabilities or condition (financial or otherwise) of Maiden and its subsidiaries taken as a whole; except that, in no event will any of the following, or any effect, change, circumstance or event arising out of, or resulting from, the following, constitute or be taken into account, individually or in the aggregate, in determining whether a Maiden material adverse effect has occurred or would reasonably be expected to occur (subject to certain limitations set forth in the combination agreement):

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effects, changes or events generally affecting the insurance, reinsurance or risk management industries in the geographic regions or product markets in which Maiden and its subsidiaries operate or underwrite insurance or reinsurance or manage risk;

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general economic or regulatory, legislative or political conditions or securities, credit, financial or other capital markets conditions in any jurisdiction;

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any failure,