Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 100

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 100
---
 and diluted number of shares presented in the unaudited pro forma condensed consolidated combined statement of operations are based upon the number of Bermuda NewCo’s shares outstanding as if the transaction occurred on January 1, 2024. The calculation of weighted average shares outstanding for pro forma basic and diluted net income per share assumes that the shares issuable in connection with the transaction have been outstanding for the entirety of the period presented. Pro forma weighted average common shares outstanding presented in the unaudited pro forma condensed consolidated combined statement of operations for the year ended December 31, 2024 — basic and diluted are calculated as follows:

| ​ | Bermuda NewCo shares issued at Closing                                           | ​ | ​ | ​ | ​ |  7,189,496 | ​ | ​ |
| ​ | Bermuda NewCo shares retained as treasury shares by Maiden Reinsurance atClosing | ​ | ​ | ​ | ​ | -2,237,533 | ​ | ​ |
| ​ | Common shares issued to Kestrel                                                  | ​ | ​ | ​ | ​ |  2,750,000 | ​ | ​ |
| ​ | Total numbers of shares                                                          | ​ | ​ | ​ | ​ |  7,701,963 | ​ | ​ |

Since treasury shares are not considered outstanding for share count purposes, the common shares held by Maiden Reinsurance are excluded from the average number of common shares outstanding for basic and diluted earnings per share.

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TABLE OF CONTENTS

### INFORMATION ABOUT THE COMPANIES

#### Maiden Holdings, Ltd.
Maiden Holdings, Ltd., which we refer to as Maiden, is a Bermuda-based holding company formed in 2007. Maiden creates shareholder value by actively managing and allocating assets and capital, including through ownership and management of businesses and assets primarily in the insurance and related financial services industries where Maiden can leverage deep knowledge of those markets. Maiden’s principal executive offices are located at 48 Par-La-Ville Road, Suite 1141, Hamilton HM 11, Bermuda. Maiden’s telephone number is (441) 298-4900 and its website is www.maiden.bm. The information contained on the website, or that can be accessed through the website, is not incorporated by reference in this proxy statement/ prospectus.

#### Kestrel Group LLC
Kestrel Group LLC, which we refer to as Kestrel, is a Delaware limited liability company formed in 2022. Kestrel specializes in providing services to insurance program managers, MGAs, reins