Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 183

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 183
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 the mergers; and

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matters relating to the ownership and voting of the Maiden shares held by Maiden’s subsidiaries.

Certain of the representations and warranties made by the parties are qualified as to “materiality” or “material adverse effect.” In addition, the parties have provided each other confidential disclosure letters that may disclose exceptions to, or otherwise alter, the representations and warranties contained in the combination agreement.

For purposes of the combination agreement, “material adverse effect,” when used in reference to Kestrel, 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 Kestrel 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 Kestrel 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 fronting industry in the geographic regions or product markets in which Kestrel and its subsidiaries operate;

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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, in and of itself, by Kestrel to meet any internal or published projections, forecasts, estimates or predictions in respect of revenues, earnings or other financial or operating metrics for any period;

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geopolitical conditions, the outbreak or escalation of hostilities, any acts of war (whether or not declared), sabotage, terrorism (including cyber-terrorism), man-made disaster, epidemics, pandemics or disease outbreaks or any escalation or worsening of any of the foregoing;

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any volcano, tsunami, hurricane, tropical storm, tornado, windstorm, flood, earthquake, wildfire or other natural disaster or any conditions resulting from such natural disasters (including increases in

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liabilities under or in connection with insurance or reinsurance contracts to which Kestrel or any of its subsidiaries is a party arising from such a natural disaster);

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the negotiation, execution and delivery of the combination agreement and the ancillary agreements or the public announcement