Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 11

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 11
---
 Kestrel, collectively.

<div align='center'>4</div>

TABLE OF CONTENTS

### QUESTIONS AND ANSWERS ABOUT THE TRANSACTION AND THE MAIDEN SPECIAL MEETING
The following questions and answers are intended to address briefly some commonly asked questions regarding the transaction and the Maiden special meeting. These questions and answers may not address all questions that may be important to you as a shareholder. To better understand these matters, and for a description of the legal terms governing the transaction, you should carefully read this entire proxy statement/prospectus, including the annexes, as well as the documents that have been incorporated by reference in this proxy statement/ prospectus. See “Where You Can Find More Information” beginning on page 190.

#### About the transaction
Q:

Why am I receiving this proxy statement/prospectus?

A:

Maiden and Kestrel have entered into the combination agreement providing for the combination of Maiden and Kestrel under a new holding company named Ranger Bermuda Topco Ltd (which we refer to as Bermuda NewCo), which will be a successor company to Maiden.

Pursuant to the combination agreement, Maiden and Kestrel will effect a transaction to combine their respective businesses through: (a) the contribution of all of the Class A units and Class B units of Kestrel owned by each Kestrel equityholder to US NewCo (which we refer to as the Kestrel contribution), (b) the merger of Merger Sub I with and into Maiden (which we refer to as the first merger), with Maiden surviving the first merger as a direct wholly owned subsidiary of US NewCo and (c) the merger of Merger Sub II with and into US NewCo (which we refer to as the second merger) with US NewCo surviving the second merger as a direct wholly owned subsidiary of Bermuda NewCo. Upon the consummation of the combination, Maiden and Kestrel will be indirect wholly owned subsidiaries of Bermuda NewCo, which will be a successor company to Maiden. Bermuda NewCo will be rebranded as Kestrel Group following the closing. As a result of the transaction, former Maiden shareholders and the Kestrel equityholders will become shareholders in Bermuda NewCo, whose shares are expected to be listed for trading on Nasdaq.

Maiden is holding the Maiden special meeting in order to obtain the shareholder approval necessary to approve the first merger resolution (the “Maiden shareholder approval”). Maiden shareholders will also be asked to approve the voting cutback proposal; the