Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 145

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 145
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 28.5 | ​ | ​ | ​ | ​     | $ |    31.2 | ​ | ​ |
| EBITDA Margin           | ​ | ​ | ​        | ​ |  1.3% | ​ | ​ | ​ | ​ | ​                      | ​ | 63.6% | ​ | ​ | ​ | ​ | ​     | ​ | 68.1% | ​ | ​ | ​ | ​     | ​ |   72.3% | ​ | ​ | ​ | ​     | ​ |   71.9% | ​ | ​ | ​ | ​     | ​ |   70.4% | ​ | ​ |

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TABLE OF CONTENTS

(1)

2024E represents actual accruals for the applicable measure of financial performance of Kestrel from January 1, 2024 through November 30, 2024, plus forecasts for the applicable measure of financial performance for the month of December 2024.

(2)

11/30/24 Adjusted LTM is the applicable measure of financial performance of Kestrel for the last twelve months’ ended November 30, 2024, adjusted by Kestrel management for estimated premium and fee income for programs subject to signed agreements as if such premium and fee income were generated by Kestrel during LTM 11/30/24.

(3)

EBITDA is a non-GAAP financial measure, and in the Projections is defined as net income excluding income tax expense; interest expense; gain on early extinguishment of debt; amortization of intangibles; depreciation; impairment of goodwill and intangible assets; (gain) loss on sale of businesses, net; any change in estimated acquisition earnout payables recorded in accordance with purchase accounting that have been subsequently adjusted and recorded in the consolidated statements of income; the expense related to management contract buy-outs; non-cash bad debt expense; interest income on other than cash balances; and consulting expenses related to acquisitions.

The Projections include non-GAAP financial measures. There are limitations inherent in non-GAAP financial measures because they exclude charges and credits that are required to be included in a GAAP presentation. In addition, the Projections were based on significant estimates and assumptions that make it inherently less comparable to any similarly titled GAAP measures in Maiden’s historical GAAP financial statements. No reconciliation of non-GAAP financial measures in the analysis above to GAAP measures was created or used in connection with