Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 122

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 122
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 may include the acquisition of less than four (and potentially none) of the AmTrust Insurance Companies and without a Commutation or retrocession of the AmTrust reinsurance liabilities. Following discussions among the Maiden board members, Maiden management and Maiden’s advisors, the Maiden board authorized Maiden management to continue the discussions with Kestrel and AmTrust.

On August 13, 2024, Maiden confirmed in writing its commitment to the terms set forth in the Letter of Intent and extended the exclusivity period for an additional 15 days to August 29, 2024.

On August 21, 2024, representatives of Kestrel informed Maiden management that Kestrel had decided to cease negotiations with Maiden with respect to the potential transaction due to the parties being unable to agree on commercial terms, particularly if the Commutation was not entered into. Representatives of Kestrel indicated that Kestrel intended to evaluate other strategic alternatives.

On August 23, 2024, the Maiden board held a meeting at which Maiden management and representatives of IAP, Paul, Weiss and Appleby were in attendance. Mr. Haveron updated the Maiden board regarding the cessation of transaction discussions, and that, with the Maiden board’s approval, the Maiden management team would resume their evaluation of alternative transactions, which could include acquisitions of MGAs and other fronting companies. Mr. Haveron also explained that based on the extensive and ongoing reserve and claims diligence work undertaken by Maiden and its independent third-party actuary to date in connection with the Commutation discussions, any finality solution with respect to the AmTrust reinsurance liabilities could result in significant charges and that, if no finality solution was available, Maiden may incur significant reserve charges.

On November 12, 2024, Maiden issued a press release announcing its third-quarter financial results. In addition to the financial results, the press release also disclosed that Maiden was continuing to pursue strategic paths to build fee-based businesses. The press release also disclosed that Maiden was continuing to pursue finality solutions to resolve the AmTrust reinsurance liabilities, including through third parties. Maiden’s news release also stated that such solutions could involve significant charges to execute and that if a finality solution was not available, Maiden may incur significant additional reserve charges.

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On November 20, 2024, Mr. Haveron spoke with Luke Ledbetter about reengaging in discussions regarding a potential business combination between Maiden and Kestrel. Mr. Ledbetter