Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 143

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 143
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 of the combination and the other transactions contemplated by the combination agreement, Kestrel management provided to representatives of Maiden management and IAP certain financial forecasts with respect to Kestrel (collectively, the “Projections”), which Projections were considered by the Maiden board in its evaluation of the combination and the other transactions contemplated by the combination agreement

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and, as described in the section entitled “The Transaction — Opinion of Maiden’s Financial Advisor,” by IAP in connection with its financial analyses and opinion to the Maiden board. Maiden does not endorse the Projections as an assurance or guarantee of future results of Kestrel’s business or the business of the combined company. The Projections are included in this proxy statement/ prospectus because they were provided to the Maiden board and IAP in connection with the evaluation of the combination and the other transactions contemplated by the combination agreement and not with a view toward public disclosure. The Projections are based on estimates and assumptions made by Kestrel at the time of preparation of the Projections and speak only as of such time. Such assumptions and estimates include, among others, that AmTrust will continue to act as a fronting carrier for Kestrel at existing fronting fees, as well as assumptions and estimates with respect to industry performance, the fronting market in general, general business, economic, regulatory, market and financial conditions and other future events. The facts and circumstances underlying these assumptions and estimates are difficult or impossible to predict accurately and are generally beyond the control of Maiden management or Kestrel management. The Projections reflect Kestrel on a standalone basis, without giving effect to the combination and the other transactions contemplated by the combination agreement and as if Kestrel never contemplated the transaction, including the expenses that have been or may be incurred in connection with consummating the transaction, the potential synergies that may be achieved by the combined company as a result of the transaction, the effect of any business or strategic decision or action that has been or will be taken as a result of the combination agreement having been executed, or the effect of any business or strategic decisions or actions which would likely have been taken if the combination agreement had not been executed but which were instead altered, accelerated, postponed or not taken in anticipation of the transaction. The Projections cover multiple years and, therefore, also become subject to greater uncertainty and are less reliable with each successive year. As such, the Projections constitute forward-looking statements and are subject to many risks