Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 219

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 219
---
 in the amended and restated option agreement) to provide Kestrel with the option to purchase all of the issued and outstanding equity securities in each of (i) Park National Insurance Company, (ii) Republic Fire and Casualty Insurance Company, (iii) Sierra Specialty Insurance Company and (iv) Rochdale Insurance Company (which we refer to as the AmTrust Insurance Companies) from the direct record owner of all of the issued and outstanding equity securities of each such AmTrust Insurance Company at the price and on the terms and conditions set forth therein.

The foregoing description of the amended and restated option agreement and the transactions contemplated thereby does not purport to be complete and is subject to and qualified in its entirety by reference to the amended and restated option agreement, a form of which is included as Exhibit 10.2 to the registration statement of which this proxy statement/prospectus is a part.

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### DESCRIPTION OF KESTREL’S BUSINESS
Kestrel specializes in providing services to insurance program managers, MGAs, reinsurers, and reinsurance brokers. Kestrel facilitates fronting insurance transactions utilizing its exclusive management contracts with the AmTrust Insurance Companies. These contracts enable Kestrel to offer both admitted and surplus lines, all of which have been rated “Excellent” by A.M. Best, a leading insurance industry credit rating agency, in addition to offering established and emerging products. Kestrel does not assume underwriting risks; instead, it earns a fee for granting access to these carriers. Kestrel produces lines that insure casualty, workers’ compensation, catastrophe-exposed property, and non-catastrophe-exposed property, with diverse risk durations, sizes, and product types, all within the United States.

Through the AmTrust Insurance Companies, Kestrel writes insurance on behalf of its customers and subsequently reinsures a substantial portion of the risk under these policies, generating significant fee income in the form of capacity distribution fees, also called ceding fees. This arrangement allows Kestrel to generate substantial gross premiums without assuming significant underwriting risk, as it reinsures a substantial portion of the risks associated with its fronting arrangements. Kestrel is able to do this profitably because its specialized fronting business model relies on program managers, MGAs, reinsurers and reinsurance brokers to provide the infrastructure associated with providing policy administration, claims handling, cash handling, underwriting and other traditional insurance company services.

Since its founding in 2022, Kestrel