Company: MHLA
Filing Date: 2025-04-21
Form Type: 8-K
Source: 0001104659-25-036855
Chunk: 0

Company: Maiden Holdings, Ltd.
Filing Date: 2025-04-21
Form: 8-K
Item: Item 8.01
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Item 8.01 Other Events.

As previously disclosed, on December 29, 2024, Maiden Holdings, Ltd.
(“ Maiden”) entered into a Combination Agreement (as amended, the “ Combination Agreement”) with Kestrel
Group LLC, a Delaware limited liability company (“ Kestrel”), Ranger Bermuda Topco Ltd, a Bermuda exempted company limited
by shares (“ Bermuda NewCo”) and the other parties thereto. Upon consummation of the transactions contemplated by the
Combination Agreement (the “ Transactions”), Maiden and Kestrel will become wholly owned subsidiaries of Bermuda NewCo,
which will be renamed “ Kestrel Group Ltd”.

In connection with the Transactions, (i) Bermuda NewCo filed a
registration statement on Form S-4 (File No. 333-285664), dated March 24, 2025, with the Securities and Exchange Commission
(“ SEC”) and a related prospectus, dated March 26, 2025, with respect to the Bermuda NewCo common shares to be
issued to Maiden shareholders pursuant to the Transactions; and (ii) Maiden filed a definitive proxy statement on Schedule 14A, dated
March 26, 2025 (collectively, the “ proxy statement/prospectus”), in respect of a special general meeting of Maiden
shareholders to approve the Transactions and related matters (the “ Special Meeting”). The Special Meeting is scheduled
to be held on April 29, 2025 at 3:00 p. m. Atlantic Daylight Time.

Since the filing of the proxy statement/prospectus, seven purported shareholders
of Maiden have sent demand letters generally alleging that the proxy statement/prospectus is misleading and/or fails to disclose material
information concerning, among other things: (i) certain financial projections; (ii) certain data and inputs underlying the
financial analyses that support the fairness opinion provided by Insurance Advisory Partners LLC (“ IAP”); and (iii) potential
conflicts of interest of IAP.

In addition, on April 9, 2025 and April 10, 2025, respectively,
two separate complaints were filed by purported shareholders in the Supreme Court of the State of New York, County of New York against
Maiden and its directors under the captions (i) Nathan Turner v. Maiden Holdings, Ltd. et al., Case No. 652257/2025
(the “ Turner Complaint”); and (ii) Mark Thomas v. Maiden Holdings, Ltd. et al