Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 120

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 120
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2024, representatives of Paul, Weiss, Skadden and Kramer Levin, on behalf of their respective clients, negotiated revisions to the Letter of Intent, including to provide that (i) the earnout consideration would be payable solely in shares (unlike the Revised June 19 Proposal, which contemplated the combined company had the option to pay in cash, shares or a combination thereof), (ii) the parties would cooperate to rebrand the combined company as the “Kestrel Group” and (iii) Maiden Reinsurance Ltd. and Maiden’s directors and officers would enter into voting agreements in support of the transaction. On June 30, 2024, each of Maiden, Kestrel and AmTrust executed the Letter of Intent.

Thereafter, each of Maiden, Kestrel and AmTrust opened a virtual data room to facilitate the other parties’ due diligence that would continue for the next several weeks. Each of the parties also held due diligence sessions for the other party and responded to numerous due diligence requests from the other party. In addition to direct discussions with AmTrust regarding a Commutation, Maiden’s independent reinsurance broker approached several additional leading participants in the legacy reinsurance market and Maiden entered into non-disclosure agreements with four of such participants regarding a potential retrocession of the AmTrust reinsurance liabilities. Maiden also continued direct discussions with the previously contacted leading participant in the legacy reinsurance market.

On July 11, 2024, Maiden management met with representatives of Kestrel, IAP and Evercore at Evercore’s offices in New York. The representatives of Kestrel provided an update on the state of the fronting market, generally, and the specific opportunities they believed were available for growth of the Kestrel business, including Kestrel’s pipeline. In addition, the parties also discussed various other topics, including Kestrel’s projections, Maiden’s reserve profile and portfolio of alternative investments, personnel of the combined company and the status of each party’s due diligence review of the other party.

On July 14, 2024, representatives of Skadden provided an initial draft of the combination agreement to representatives of Paul, Weiss and Kramer Levin.

Between July 15, 2024 and August 21, 2024, drafts of the combination agreement and ancillary agreements (including, among others, the voting agreements in support of the transaction and the purchase

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agreement with respect to the acquisition of the AmTrust Insurance Companies) were exchanged