Company: MHLA
Filing Date: 2025-02-18
Form Type: 425
Source: 0001104659-25-014837
Chunk: 3

Company: Maiden Holdings, Ltd.
Filing Date: 2025-02-18
Form: 425
Chunk 3
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) and other documents filed with or furnished to the
SEC by Maiden or Bermuda NewCo through the web site maintained by the SEC at www.sec.gov or by contacting the investor relations department
of Maiden:

Maiden Holdings, Ltd.

48 Par-La-Ville Road, Suite 1141

Hamilton HM 11

Bermuda

Attn: Corporate Secretary

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2</div>

Item 9.01. Financial Statements and Exhibits.

Participants in the Solicitation

Each of Maiden, Bermuda NewCo and their respective directors, executive officers, members of management and employees, and Luke Ledbetter, President and Chief Executive Officer of Kestrel, and Terry Ledbetter, Executive Chairman of Kestrel, may, under the rules of
the SEC, be deemed to be participants in the solicitation of proxies from Maiden’s shareholders in connection with the Transactions.
Information regarding Maiden’s directors and executive officers, including a description of their direct interests, by security
holdings or otherwise, is contained in Maiden’s annual proxy statement filed with the SEC on March 27, 2024, its annual report
on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on March 12, 2024, and in subsequent
documents filed with the SEC, each of which can be obtained free of charge from the sources indicated above. A summary biography for each
of Luke Ledbetter and Terry Ledbetter is set forth below:

Luke Ledbetter serves as President and Chief Executive
Officer of Kestrel. Mr. Ledbetter previously served as Chief Underwriting Officer and Head of Business Development with State National
Companies. During Mr. Ledbetter‘s tenure at State National, gross written premium grew to more than $2.5 billion annually.
Mr. Ledbetter holds law degrees from Cambridge University and the University of Texas School of Law in addition to a B.A. from the
University of Texas at Austin.

Terry Ledbetter serves as Executive Chairman of
Kestrel. Mr. Ledbetter co-founded State National Companies in 1973 and served as Chairman, President and Chief Executive Officer
until his retirement at the end of 2019. Mr. Ledbetter pioneered the dedicated fronting business model in the property &
casualty industry and guided State National through its initial public offering in 2014 and sale to Markel Corporation in 2017. He received
his B.B.A. from Southern Methodist