Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 621

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 621
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 your consent, assumed, in all respects material to our analysis, that the representations and warranties of each party contained in the Combination Agreement are true and correct, that each party will perform all of the covenants and agreements required to be performed by it under the Combination Agreement (and the Ancillary Agreements referred to therein) and that all conditions to the consummation of the Transaction will be satisfied without material delay, waiver or modification thereof that would be meaningful in any respect to our analysis or opinion. We have assumed, at your direction, that the Transaction will be consummated in accordance with the terms of the Combination Agreement without waiver, modification or amendment of any material term, condition or agreement that would be meaningful in any respect to our analysis or opinion. We have further assumed, with your consent, that all governmental, regulatory or other consents, approvals or releases necessary for the consummation of the Transaction will be obtained without any material delay, limitation, restriction or condition that would have an adverse effect on Parent, the Company, any of their respective subsidiaries or the consummation of the Transaction, materially reduce the benefits to Parent of the Transaction or affect our analysis or opinion in any meaningful way. We have further assumed, with your consent, that the final Combination Agreement will not differ from the Draft Combination Agreement in any material respect. We

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have further assumed, with your consent, that the Company will have sufficient fronting capacity necessary for the execution of the Company’s business plan following the consummation of the Transaction.

We are not actuaries and our services did not include any actuarial determination or evaluation by us or any attempt to evaluate actuarial assumptions. We express no view as to, and our opinion does 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 Parent, the Company or their respective subsidiaries at any time. We have not conducted a physical inspection of the properties or assets of Parent, the Company or their respective affiliates and have not prepared, obtained or reviewed any independent evaluation or appraisal of any of the assets or liabilities (including any contingent, derivative or off-balance-sheet assets or liabilities), of Parent, the Company or any of their respective subsidiaries or affiliates, nor have we been furnished with, or assumed any responsibility for preparing, any such appraisals, nor have we evaluated, and we express no opinion as