Company: MHLA
Filing Date: 2025-04-21
Form Type: 425
Source: 0001104659-25-036858
Chunk: 4

Company: Maiden Holdings, Ltd.
Filing Date: 2025-04-21
Form: 425
Chunk 4
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18.5 million in 2026, $22.5 million in 2027 and $24.7 million in 2028. The range of
terminal year exit EV/LTM EBITDA multiples was estimated by IAP utilizing its professional judgment and experience. IAP derived ranges
of illustrative enterprise values for Kestrel by adding the ranges of present values that it derived above. The terminal year estimate of EBITDA (pertaining to fiscal year 2028) was $31.2 million, resulting in the following undiscounted terminal values: (a) $343.6 million at an 11.0x multiple, (b) $374.9 million at a 12.0x multiple and (c) $406.1 million at a 13.0x multiple. The
discounted cash flow analysis indicated an enterprise value range of Kestrel on a standalone basis of $242 million to $295 million.

| 2. | The following paragraph on page 90 of the proxy statement/prospectus is amended to read as 
 follows.                                                                                   |

IAP and its affiliates are engaged in advisory,
securities and financing and other financial and non-financial activities and services for various persons and entities. During the two-year
period prior to the date of the Opinion, IAP and its affiliates did not provide any services to, and did not receive any compensation
from, Kestrel or AmTrust. IAP has, in the past, provided financial advisory services to Maiden and/or its affiliates for
which IAP has received customary compensation. In particular, since December 29, 2022, other than those services provided in connection with the transaction, IAP has provided buy-side M&A advisory services to Maiden and its affiliates, for which it was paid a total of $50,000. IAP may, in the future, provide investment banking, placement agent and other services to Kestrel and/or
its affiliates or AmTrust and/or its affiliates from time to time for which IAP or its affiliates may receive compensation.
IAP and its affiliates may, in the future, provide investment banking, placement agent and other services to Maiden and/or its affiliates
from time to time for which IAP or its affiliates may receive compensation.

| 3. | The following text and table are inserted at the end of footnote (3) to the table under the 
 subheading “The Projections” beginning on page 91 of the proxy statement/prospect