Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 137

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 137
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 or the consummation of the transaction, materially reduce the benefits to Maiden of the transaction or affect IAP’s analysis or Opinion in any meaningful way. IAP further assumed, with Maiden’s consent, that the final combination agreement would not differ from the draft combination agreement in any material respect. IAP further assumed, with Maiden’s consent, that Kestrel would have sufficient fronting capacity necessary for the execution of Kestrel’s business plan following the consummation of the transaction.

IAP is not an actuary and its services did not include any actuarial determination or evaluation or any attempt by IAP to evaluate actuarial assumptions. IAP expressed no view as to, and its Opinion did not address, any effect arising from any write-down of assets, write-up of liabilities, the recognition of any adverse reserve development or other similar actions that may be taken by Maiden, Kestrel or their respective subsidiaries at any time. IAP did not conduct a physical inspection of the properties or assets of Maiden, Kestrel or their respective affiliates and did not prepare, obtain or review any independent evaluation or appraisal of any of the assets or liabilities (including any contingent, derivative or off-balance-sheet assets or liabilities) of Maiden, Kestrel or any of their respective subsidiaries or affiliates. IAP was not furnished with and did not assume any responsibility for preparing any such appraisals. IAP did not evaluate, and IAP did not express an opinion as to, the solvency or fair value of Maiden, Kestrel or any of their respective subsidiaries or affiliates under any state or federal laws relating to bankruptcy, insolvency or similar matters.

The Opinion is limited to the fairness, from a financial point of view, to Maiden and Maiden shareholders of the Kestrel merger consideration to be received by the Kestrel equityholders in the transaction pursuant to the combination agreement as of the date of the Opinion. IAP did not express any opinion or view with respect to any consideration to be received in connection with the transaction by the holders of any class of securities, creditors or other constituencies of any party. The Opinion does not address any terms (other than the Kestrel merger consideration to the extent expressly specified in the Opinion) or other aspects or implications of the transaction, including, without limitation, the form or structure of the transaction or any other agreement, arrangement or understanding, or term or aspect thereof (including without limitation the terms of the earnout), to be entered into in connection with or contemplated by