Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 140

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 140
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The overall lower quartile and upper quartile 2025E EBITDA multiples observed for the selected companies were 16.6x and 19.7x, respectively (with a median of 17.5x and mean of 20.6x), and the overall lower quartile and upper quartile 2026E EBITDA multiples observed for the selected companies were 14.3x and 17.2x, respectively (with a median of 15.9x and mean of 17.5x). Based on the results of the foregoing calculations and IAP’s professional judgment and experience, IAP applied (i) a reference range of 2025E EBITDA multiples of 14.5x to 16.5x to Kestrel’s estimated 2025 EBITDA of $15.5 million based on Management Projections to derive a range of implied enterprise values of Kestrel of $224 million to $255 million; and (ii) a reference range of 2026E EBITDA multiples of 12.5x to 14.5x to Kestrel’s estimated 2026 EBITDA of $23.4 million based on Management Projections to derive a range of implied enterprise values of Kestrel of $292 million to $339 million. Precedent Transactions Analysis . IAP reviewed and analyzed certain financial information relating to the following transactions in the insurance brokerage industry since 2018 involving publicly traded and private targets: • Arthur J. Gallagher & Co.’s acquisition of AssuredPartners announced in December 2024; • Ryan Specialty Holdings, Inc.’s acquisition of US Assure Insurance Services of Florida, Inc. announced in August 2024; • Ambac Financial Group, Inc.’s acquisition of Beat Capital Partners Ltd. announced in June 2024; • Amwins Group, Inc.’s acquisition of Connected Risk Solutions, LLC announced in February 2024; • Stone Point Capital LLC, Clayton, Dubilier & Rice, LLC and Mubadala Investment Company’s acquisition of Truist Insurance Holdings, LLC announced in February 2024;

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• Aon plc’s acquisition of NFP Corp. announced in December 2023; • Arthur J. Gallagher & Co.’s acquisition of Cadence Insurance, Inc. announced in October 2023; • Arthur J. Gallagher & Co.’s acquisition of Eastern Insurance Group, LLC announced