Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 223

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 223
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 business. The program insurance space is characterized by intense competition due to low barriers to entry and due to the growing availability of capital and of underwriters looking to launch new, monoline risk programs. This industry growth is an opportunity for Kestrel as these companies and programs need additional capacity.

Kestrel is reliant upon the availability of reinsurance capital in its role in providing capacity to MGAs and program managers. Both the quantity and the quality of available reinsurance capital is critical to the deployment of new insurance programs. Kestrel will often work in partnership with the MGA or the program manager to source either highly rated, credit-worthy reinsurance counterparties or capacity providers posting substantial collateral to secure the reinsured risks. A key component of Kestrel’s underwriting and diligence process is assessing the credit worthiness of its reinsurance partners. Kestrel offers access to the U.S. primary markets to both onshore and non-U.S. reinsurance capital partners.

### Operations

#### Operating Performance
Operating performance is primarily determined by the extent to which Kestrel can leverage the ‘A-’ rated paper and the nationally licensed AmTrust Insurance Companies to connect MGA partners with access to global reinsurance capital in exchange for a capacity distribution fee.

Kestrel’s primary expenses are personnel related. Kestrel’s employees fall into two broad categories: (i) sales and (ii) support (reporting, finance, legal, IT, regulatory). As of December 31, 2024, Kestrel receives professional and administrative support services for its business through a management and expense reimbursement arrangement with an outsourced service provider.

Sales for the year ended December 31, 2024 totaled approximately $5,200,000. This increase of approximately $3,900,000 represents strong growth from the year ended December 31, 2023. There are seven programs contributing to this revenue total across several lines of business — commercial property, general liability and cyber risk. The substantial growth for the year ended December 31, 2024 compared to the year ended December 31, 2023 is the result of securing new fronting contracts for additional programs and adding GWP on current programs. For the year ended December 31, 2024, Kestrel’s GWP was approximately $143,300,000, compared to approximately $38,000,000 for the year ended December 31, 2023.

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2024 and