Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 296

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 296
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 ​ | ​ | ​    | ​ |      4,150 | ​ | ​ | ​ | ​    | ​ |     -4,325 | ​ | ​ |
| Accounts payable                                                                     | ​ | ​ | ​    | ​ | -1,424,503 | ​ | ​ | ​ | ​    | ​ |  1,705,786 | ​ | ​ |
| Accrued compensation                                                                 | ​ | ​ | ​    | ​ |    -75,505 | ​ | ​ | ​ | ​    | ​ |    -33,003 | ​ | ​ |
| Operating lease liabilities                                                          | ​ | ​ | ​    | ​ |    -69,885 | ​ | ​ | ​ | ​    | ​ |    -64,482 | ​ | ​ |
| Net cash used in operating activities                                                | ​ | ​ | ​    | ​ | -1,266,841 | ​ | ​ | ​ | ​    | ​ | -2,485,329 | ​ | ​ |
| Net decrease in cash and cash equivalents                                            | ​ | ​ | ​    | ​ | -1,266,841 | ​ | ​ | ​ | ​    | ​ | -2,485,329 | ​ | ​ |
| Cash and Cash Equivalents Balance, Beginning of Year                                 | ​ | ​ | ​    | ​ |  5,553,121 | ​ | ​ | ​ | ​    | ​ |  8,038,450 | ​ | ​ |
| Cash and Cash Equivalents Balance, End of Year                                       | ​ | ​ | ​    | $ |  4,286,280 | ​ | ​ | ​ | ​    | $ |  5,553,121 | ​ | ​ |

**See accompanying notes to these Consolidated Financial Statements F-6

TABLE OF CONTENTS

Note 1: Nature of Operations, Basis of Presentation and Pending Merger Agreement**

### Nature of Operations
Kestrel Group, LLC (the “Company”), a Delaware-based limited liability company, specializes in providing services to insurance program managers, Managing General Agents (MGAs), reinsurers, and reinsurance brokers. The Company facilitates fronting insurance transactions utilizing its exclusive management contracts with four insurance carriers. These contracts enable the Company to offer both admitted and surplus lines, all of which have been rated “Excellent” by AM Best, a leading insurance industry credit rating agency, in addition to offering established and emerging products. The