Company: MHLA
Filing Date: 2025-04-21
Form Type: 8-K
Source: 0001104659-25-036855
Chunk: 3

Company: Maiden Holdings, Ltd.
Filing Date: 2025-04-21
Form: 8-K
Item: Item 8.01
Chunk 3
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 judgment and experience. IAP derived ranges
of illustrative enterprise values for Kestrel by adding the ranges of present values that it derived above. The terminal year estimate
of EBITDA (pertaining to fiscal year 2028) was $31.2 million, resulting in the following undiscounted terminal values: (a) $343.6
million at an 11.0x multiple, (b) $374.9 million at a 12.0x multiple and (c) $406.1 million at a 13.0x multiple. The
discounted cash flow analysis indicated an enterprise value range of Kestrel on a standalone basis of $242 million to $295 million.

  The following paragraph on page 90 of the proxy statement/prospectus is amended to read as  
  follows.                                                                                    
 ──────────────────────────────────────────────────────────────────────────────────────────────

IAP and its affiliates are engaged in advisory,
securities and financing and other financial and non-financial activities and services for various persons and entities. During the two-year
period prior to the date of the Opinion, IAP and its affiliates did not provide any services to, and did not receive any compensation
from, Kestrelor AmTrust. IAP has, in the past, provided financial advisory services to Maiden and/or its affiliates for
which IAP has received customary compensation. In particular, since December 29, 2022, other than those services provided in
connection with the transaction, IAP has provided buy-side M& A advisory services to Maiden and its affiliates, for which it was
paid a total of $50,000. IAP may, in the future, provide investment banking, placement agent and other services to Kestrel and/or
its affiliatesor AmTrust and/or its affiliatesfrom time to time for which IAP or its affiliates may receive compensation.
IAP and its affiliates may, in the future, provide investment banking, placement agent and other services to Maiden and/or its affiliates
from time to time for which IAP or its affiliates may receive compensation.

  The following text and table are inserted at the end of footnote (3) to the table under the  

For the purposes of the Projections, EBITDA was
calculated as follows. Totals may not sum due to rounding.

  ($ amounts in millions)      2024E                                                                
  Total Revenue                $           5.3      17.0