Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 144

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 144
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 and uncertainties that could cause actual results to differ materially from the results forecasted herein, including, among other things, changes in the demand for, or price of, insurance products, changes in laws and regulations, general market or industry changes and changes in interest rates or other macro-economic conditions which risks are inherently subject to significant business, economic, competitive, financial markets and regulatory uncertainties and contingencies. You should review the information included in “Risk Factors,” “Cautionary Note Concerning Forward-Looking Statements” and “Where You Can Find More Information” in this proxy statement/prospectus. The Projections were not prepared with a view toward compliance with GAAP, published guidelines of the SEC or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of Projections. Neither Maiden’s nor Kestrel’s independent registered public accounting firm, nor any other independent accountants have compiled, examined or performed any audit or other procedures with respect to the Projections contained herein, nor have they expressed any opinion or any other form of assurance on the achievability of the Projections. Furthermore, the Projections do not take into account any circumstances or events occurring after the date on which they were prepared. Except to the extent required by applicable law, Maiden has no obligation to update the Projections included in this proxy statement/prospectus and has not done so and does not intend to do so. The Projections The summary below of the Projections is included in this proxy statement/prospectus solely to give Maiden shareholders access to these projections and is not being included in this proxy statement/ prospectus to influence any Maiden shareholder’s decision as to whether to vote in favor of the first merger. The following is a summary of the Projections:

| ($ amounts in millions) | ​ | ​ | 2024E(1) |   |       |   | ​ | ​ | ​ | 11/30/24AdjustedLTM(2) |   |       |   | ​ | ​ | ​ | 2025E |   |       |   | ​ | ​ | 2026E |   |         |   | ​ | ​ | 2027E |   |         |   | ​ | ​ | 2028E |   |         |   | ​ |
|:------------------------|:--|:--|:---------|:--|------:|:--|:--|:--|:--|:-----------------------|:--|------:|: