Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 139

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 139
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 of the relative importance or weight given to such analyses by IAP. The preparation of a fairness opinion is a complex process involving subjective judgments as to the appropriate methods of financial analysis and the application of those methods to the particular circumstances and is not necessarily susceptible to partial analysis or summary description. Selecting portions of the analyses or of the summary set forth below, without considering the analyses as a whole, could create an incomplete view of the processes underlying the Opinion. In arriving at its fairness determination, IAP considered the results of all of its analyses and did not attribute any particular weight to any factor or analysis considered by it. Rather, IAP made its determination as to fairness on the basis of its experience and professional judgment after considering the results of all of its analyses. No company or transaction used in the below analyses as a comparison is directly comparable to Kestrel or Maiden or the contemplated transaction. Some of the summaries of the financial analyses performed by IAP include information presented in tabular format. The tables must be read together with the full text of each summary and alone are not a complete description of IAP’s financial analyses. Except as otherwise noted, the following quantitative information, to the extent that it is based on market data, is based on market data as it existed on or before December 27, 2024 and is not necessarily indicative of current market conditions.

### Summary of Financial Analyses of IAP
Selected Companies Analysis . IAP reviewed and compared certain financial information for Kestrel to corresponding financial information, ratios and public market multiples for the following publicly traded companies in the insurance brokerage industry whose primary focus is similar to Kestrel:

•

Marsh & McLennan Companies, Inc.

•

Aon plc

•

Arthur J. Gallagher & Co.

•

Willis Towers Watson Public Limited Company

•

Brown & Brown, Inc.

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TABLE OF CONTENTS

• Ryan Specialty Holdings, Inc. • The Baldwin Group Ltd. • Goosehead Insurance, Inc. • Hagerty, Inc. • TWFG, Inc. The multiples and ratios of the selected companies were based on the closing prices of their respective common shares on December 27, 2024, financial data obtained from public filings and S&P Capital IQ and consensus estimates. With respect to Kestrel and the selected companies, IAP calculated the following multiples and ratios: • Enterprise value as a multiple of estimated 2025 EBITDA (“2025E EBITDA”); and • Enterprise value as a multiple of estimated