What changed in this filing

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Item 1. Financial Statements

2025-05-12 compared with 2024-11-12 · 467 added, 488 removed, 1085 unchanged (47% of the section changed)

4 unchanged sentences

dollars, except share and per share data)

September 30,

2025 December 31,

25 unchanged sentences

549,350 571,331

Loan to related party 167,975 167,975

Net loan receivable from related party 128,118 167,975

Deferred commission and other acquisition expenses (includes $ 4,948 and $ 7,553 from related parties in 2025 and 2024, respectively)

Funds withheld receivable (includes $ 0 and $ 128,451 from related parties in 2024 and 2023, respectively.

Allowance for expected credit losses:

2024 - $ 19 ;

2023 - $ 19 )

Funds withheld receivable (Allowance for expected credit losses:

12,606 12,650

Other assets 5,527 4,830

Assets held for sale 19,638 20,815

$ 1,234,584 $ 1,316,006

10 unchanged sentences

Senior notes, net 254,798 254,757

Liabilities held for sale 645 883

Total liabilities

22 unchanged sentences

dollars, except per share data)

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2024 2023 2024 2023

For the Three Months Ended March 31,

Gross premiums written

3 unchanged sentences

Change in unearned premiums

4,560 3,854 12,392 16,260

Net premiums earned

13,403 12,479 37,888 32,520

Other insurance (expense) revenue , net

— ( 16 ) 46 3

Other insurance revenue, net

Net investment income

4,878 9,048 19,531 29,111

Net realized and unrealized investment (losses) gains

( 3,804 ) 244 6,403 2,394

Net realized and unrealized investment gains

Total revenues

3 unchanged sentences

Commission and other acquisition expenses

9,068 5,340 19,474 14,520

General and administrative expenses

10,014 6,787 25,953 23,734

Interest and amortization expenses

4,817 4,814 14,448 13,411

Foreign exchange and other losses (gains)

2 unchanged sentences

19,960 28,040

Loss before income taxes and interest in income of equity method investments

( 35,194 ) ( 5,748 ) ( 45,322 ) ( 24,983 )

income tax expense (benefit)

Net (loss) income before income taxes and interest in (loss) income of equity method investments

( 5,911 ) 864

Interest in income of equity method investments

income tax expense

Interest in (loss) income of equity method investments

( 2,722 ) 606

Net (loss) income

$ ( 8,645 ) $ 1,459

Basic and diluted loss per share attributable to common shareholders

Basic and diluted (loss) earnings per share attributable to common shareholders

$ ( 0.09 ) $ 0.01

4 unchanged sentences

(in thousands of U.S.

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2024 2023 2024 2023

Net loss $ ( 34,468 ) $ ( 3,527 ) $ ( 42,980 ) $ ( 17,788 )

For the Three Months Ended March 31,

Net (loss) income $ ( 8,645 ) $ 1,459

Other comprehensive income (loss)

Net unrealized holdings gains on AFS securities

2,427 338 3,932 3,121

Adjustment for reclassification of net realized gains recognized in net loss — ( 3 ) — ( 3 )

Net unrealized holdings gains on AFS fixed maturity investments

Net unrealized gains on held for sale AFS fixed maturity investments 23 —

Adjustment for reclassification of net realized gains recognized in net (loss) income

Foreign currency translation adjustment 54 ( 1,736 )

Other comprehensive income (loss), before tax

4,731 ( 1,740 ) 3,725 2,377

Income tax expense related to components of other comprehensive income (loss) ( 34 ) ( 17 ) ( 44 ) ( 36 )

Income tax expense related to components of other comprehensive income — ( 4 )

Other comprehensive income (loss), after tax

4,697 ( 1,757 ) 3,681 2,341

Comprehensive loss

Comprehensive (loss) income

$ ( 7,842 ) $ 737

3 unchanged sentences

(in thousands of U.S.

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2024 2023 2024 2023

For the Three Months Ended March 31,

Common shares

3 unchanged sentences

Ending balance

1,503 1,497 1,503 1,497

Additional paid-in capital

3 unchanged sentences

Share-based compensation expense

548 286 1,454 1,401

Repurchase of preference shares — — — 93

Ending balance

4 unchanged sentences

Change in net unrealized investment gains

2,393 318 3,888 3,082

Foreign currency translation adjustment

2,304 ( 2,075 ) ( 207 ) ( 741 )

Ending balance

3 unchanged sentences

( 687,914 ) ( 486,945 )

Opening allowance for expected credit losses — — — ( 5,513 )

Net loss ( 34,468 ) ( 3,527 ) ( 42,980 ) ( 17,788 )

Net (loss) income ( 8,645 ) 1,459

Ending balance

12 unchanged sentences

(in thousands of U.S.

For the Nine Months Ended September 30, 2024 2023

For the Three Months Ended March 31, 2025 2024

Cash flows from operating activities

Net (loss) income

$ ( 8,645 ) $ 1,459

Adjustments to reconcile net loss to net cash flows from operating activities:

Adjustments to reconcile net (loss) income to net cash flows from operating activities:

Other non-cash expenses including depreciation, amortization and share-based compensation ( 6,065 ) ( 479 )

Interest in income of equity method investments

Interest in loss (income) of equity method investments

2,722 ( 606 )

2 unchanged sentences

Change in allowance for expected credit losses ( 2,086 ) ( 842 )

Foreign exchange and other losses

Foreign exchange and other losses (gains)

7,434 ( 2,053 )

Changes in assets – (increase) decrease:

9 unchanged sentences

Accrued expenses and other liabilities ( 3,340 ) 2,182

Net cash used in operating activities

Net cash (used in) provided by operating activities

( 21,126 ) 8,049

3 unchanged sentences

Purchases of equity method investments ( 737 ) ( 2,849 )

Purchases of equity securities — ( 1,448 )

Proceeds from sales of fixed maturities 1,788 23,835

2 unchanged sentences

Proceeds from sale and redemption of equity method investments 369 1,740

Proceeds from sale and redemption of equity securities 23,392 469

Others, net ( 21 ) ( 122 )

Net cash provided by investing activities

Net cash provided by (used in) investing activities

29,477 ( 19,736 )

1 unchanged sentence

Repurchase of common shares — ( 673 )

Repurchase of senior notes — ( 95 )

Net cash used in financing activities

( 3,133 ) ( 1,971 )

Effect of exchange rate changes on foreign currency cash, restricted cash and equivalents 325 ( 263 )

Effect of exchange rate changes on foreign currency cash, restricted cash and cash equivalents 809 ( 148 )

Net increase (decrease) in cash, restricted cash and cash equivalents

2 unchanged sentences

Cash, restricted cash and cash equivalents, end of period 43,895 30,170

change in cash and cash equivalents held for sale ( 373 ) —

Cash, restricted cash and cash equivalents, end of period, excluding held-for-sale $ 44,268 $ 30,170

Reconciliation of cash and restricted cash reported within Condensed Consolidated Balance Sheets:

25 unchanged sentences

Maiden creates shareholder value by actively managing and allocating our assets and capital, including through ownership and management of businesses and assets primarily in the insurance and related financial services industries where we can leverage our deep knowledge of those markets.

In November 2020, the Company formed our indirect wholly owned subsidiary Genesis Legacy Solutions ("GLS") which specialized in providing a full range of legacy services to small insurance entities, particularly those in run-off or with blocks of reserves that are no longer core to those companies' operations, working with clients to develop and implement finality solutions including acquiring entire companies.

The Company believed the formation of GLS was highly complementary to its overall longer-term strategy.

However, a combination of factors, including market conditions in the sector GLS focuses on, resulted in an inability for GLS to gain sufficient scale to achieve its objectives or earn a profit, and GLS results did not reach the objectives the Company expected it to over time.

Having completed the capital commitment made to GLS in 2020, the Company has determined to not commit any additional capital to new opportunities and to run-off the existing accounts underwritten by GLS.

As of March 31, 2025, Maiden Reinsurance Ltd.

(“Maiden Reinsurance”) owns approximately 31.0 % of the Company's total outstanding common shares, which is eliminated for accounting and financial reporting purposes on the Company's consolidated financial statements.

The voting power of Maiden Reinsurance, with respect to its common shares, was capped at 9.5 % pursuant to the Company's bye-laws.

However, on April 29, 2025, Maiden shareholders approved the proposal to remove the 9.5 % voting limitation at the Company's special general meeting of its shareholders (the "Special Meeting").

The ownership of the common shares by Maiden Reinsurance was made in compliance with Maiden Reinsurance's investment policy and approved by the Vermont Department of Financial Regulation ("Vermont DFR").

Current Operations

The Company does not presently underwrite prospective reinsurance risks.

3 unchanged sentences

Maiden Global had previously operated internationally by providing branded auto and credit life insurance products through insurer partners, particularly those in Europe and other global markets ("IIS business").

These products also produced reinsurance programs which were underwritten by our wholly owned subsidiary Maiden Reinsurance Ltd.

(“Maiden Reinsurance”).

Since 2023, the Company has been evaluating the strategic value of Maiden LF and Maiden GF in relation to their ongoing growth and profitability prospects, regulatory capital requirements and ability to create shareholder value in excess of our target return on capital levels.

On May 3, 2024, Maiden LF and Maiden GF entered into a Renewal Rights and Asset Purchase Agreement with AmTrust Nordic AB, a Swedish unit of AmTrust Financial Services, Inc.

("AmTrust") which is expected to cover certain programs of Maiden LF and Maiden GF's primary business written in Sweden, Norway and other Nordic countries.

On June 20, 2024, Maiden LF and Maiden GF entered into a Renewal Rights and Asset Purchase Agreement with AmTrust Europe Limited ("AEL") and AmTrust International Underwriters DAC ("AIU DAC"), both wholly owned subsidiaries of AmTrust, which is expected to cover certain programs of Maiden LF and Maiden GF's primary business written in the United Kingdom and Ireland.

These agreements are collectively referred to as the "AmTrust Renewal Rights Agreements".

Under these agreements, those AmTrust subsidiaries in collaboration with existing Maiden LF and Maiden GF distribution partners, will offer renewals to select policyholders in exchange for a fee at standard market terms for business successfully renewed.

All programs written by Maiden LF and GF, including those covered by the AmTrust Renewal Rights Agreements, are in the process of being cancelled in accordance with the requirements of the AmTrust Renewal Rights Agreements, or their contractual terms.

These transactions are part of the Company's broader plan to divest its IIS businesses as a result of its recently concluded strategic review of the IIS business platform.

The purpose of that review was to evaluate the strategic value of Maiden LF and Maiden GF in relation to their ongoing growth and profitability prospects, regulatory capital requirements and ability to create shareholder value in excess of the Company's target return on capital levels.

As part of these conclusions, the Company expects to enter into additional transactions to either sell or wind-up Maiden GF and Maiden LF and is actively evaluating potential transactions.

Please see "Note 10.

Related Party Transactions" for details regarding the Renewal Rights Agreement.

The Company also has various historic reinsurance programs underwritten by Maiden Reinsurance which are in run-off, including the liabilities associated with AmTrust reinsurance agreements which were terminated in 2019 as discussed in "Note 10.

These products also produced reinsurance programs which were underwritten by our wholly owned subsidiary Maiden Reinsurance.

The Company also has various historic reinsurance programs underwritten by Maiden Reinsurance which are in run-off, including the liabilities associated with AmTrust Financial Services, Inc.

("AmTrust") reinsurance agreements which were terminated in 2019 as discussed in Note 10.

Related Party Transactions .

2 unchanged sentences

Please also see the Company's audited Consolidated Financial Statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 for further details.

The Company is also running off certain business related to its Genesis Legacy Solutions ("GLS") platform.

In November 2020, the Company formed its indirect wholly owned subsidiary GLS, which specialized in providing a full range of legacy services to small insurance entities, particularly those in run-off or with blocks of reserves that are no longer core to those companies' operations, working with clients to develop and implement finality solutions including acquiring entire companies.

The Company believed the formation of GLS was highly complementary to its overall longer-term strategy.

Having completed the capital commitment made to GLS in November 2020, the Company has determined to not commit any additional capital to new opportunities and to run-off the existing accounts underwritten by GLS.

During the three months ended March 31, 2025, the Company has agreed to commute one of the accounts underwritten by GLS for $ 7,500 .

Approval of this transaction by the Vermont DFR is presently pending.

The commutation will be fully reflected in the second quarter 2025 financial statements at such time as the transaction is approved by the Vermont DFR and the related reserves are transferred to the purchasing party.

During 2024, the Company entered into a series of strategic transactions that, upon completion, will substantially transform its business plan and operations, which are fully described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 that was filed on March 10, 2025.

MAIDEN HOLDINGS, LTD.

2 unchanged sentences

dollars, except share and per share data)

Basis of Presentation (continued)

Divestiture of IIS Business and Swedish Subsidiaries

During 2024, we conducted and completed a strategic review of our IIS Business.

The purpose of that review was to evaluate the strategic value of this business, including the operations of Maiden LF and Maiden GF in relation to their ongoing growth and profitability prospects, regulatory capital requirements and ability to create shareholder value in excess of the Company's target return on capital levels.

As a result of that review, we concluded that divesting this business was in the best interests of shareholders and subsequently entered into the following transactions to accomplish that objective:

1) two Renewal Rights and Asset Purchase Agreement with AmTrust Nordic AB (“AmTrust Renewal Rights Agreements”);

and 2) a Stock Purchase Agreement to sell Maiden LF and Maiden GF (“Swedish Subsidiaries Sale”).

On November 29, 2024, the Company entered into an agreement to sell its Swedish subsidiaries, Maiden LF and Maiden GF to an expanding group of international insurance and reinsurance companies headquartered in the United Kingdom.

Such transaction is subject to customary regulatory approvals.

The sale will be an all-cash transaction and pursuant to the terms of the agreement, all existing staff of both Maiden LF and Maiden GF will transition to the new ownership group.

As part of these transactions, Maiden LF and Maiden GF are no longer writing new business and their non-underwriting related assets and liabilities are represented as held-for-sale in our consolidated financial statements.

Please see Note 10.

Related Party Transactions for details regarding the AmTrust Renewal Rights Agreement and Note 14.

Assets Held for Sale for further information on the Swedish Subsidiaries Sale.

Combination Agreement with Kestrel Group

On December 29, 2024, the Company entered into a combination agreement (as amended, "Combination Agreement") with Kestrel Group LLC (“Kestrel”), all of the equityholders of Kestrel, Ranger U.S.

Newco LLC, Ranger Bermuda Merger Sub Ltd., Ranger Bermuda Topco Ltd.

("Bermuda NewCo") and Ranger Merger Sub 2 LLC to combine and form a new, publicly listed specialty program group ("transaction").

AmTrust is a significant shareholder of Kestrel.

Please see Note 10.

Related Party Transactions for further information regarding the Company's relationship with AmTrust.

Pursuant to the terms of the Combination Agreement, at the closing of the transaction, each issued and outstanding common share of Maiden, par value $ 0.01 per share, will be automatically canceled and converted into the right to receive one-twentieth ( 0.05 ) of a common share in Bermuda NewCo, a newly formed Bermuda company that will acquire both Maiden and Kestrel (the “combined company”).

The equityholders of Kestrel at the closing will receive an aggregate of $ 40.0 million in upfront cash and 2,750,000 common shares of the combined company.

In addition, the equityholders of Kestrel are entitled to receive contingent consideration up to the lesser of (x) $ 45.0 million payable in common shares of Bermuda NewCo upon the achievement of certain financial milestones, and (y) $ 2.75 million common shares of Bermuda NewCo.

At the closing of the transaction, the combined company will be rebranded as Kestrel Group and its common shares will be listed on the NASDAQ Capital Market ("Nasdaq") under the symbol “KG,” subject to official notice of issuance.

Following closing of the transaction, Kestrel will continue to write business through its use of A.M.

Best A- FSC XV insurance carriers including Sierra Specialty Insurance Company, Rochdale Insurance Company, Park National Insurance Company, and Republic Fire and Casualty Insurance Company (collectively, the “Insurers”), all subsidiaries of AmTrust.

In connection with the transaction, the combined company will have the option to acquire the Insurers from AmTrust.

Following completion of the transaction, the board of directors of the combined company will consist of seven directors, made up of four directors selected by an affiliate of Kestrel Intermediate Ledbetter Holdings LLC, two of whom will be independent under applicable securities laws and stock exchange rules, and three directors selected by AmTrust, two of whom will be independent under applicable securities laws and stock exchange rules.

On April 29, 2025, at a Special Meeting of shareholders, all proposals related to Maiden’s proposed business combination with Kestrel were approved by Maiden’s shareholders.

The transaction remains subject to customary closing conditions, the approval of listing of the shares of the combined company on the Nasdaq (subject to official notice of issuance) and receiving the final regulatory approvals.

Closing is currently expected to occur during the second quarter of 2025.

Significant Accounting Policies

There have been no material changes to the significant accounting policies as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, except for the following:

Recently Adopted Accounting Standards

Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03 " Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" an amendment of Fair Value Measurement (Topic 820).

The amendments in this ASU require the Company to provide disclosures for equity securities subject to contractual sale restrictions under 820-10-50-6B including the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet;

the nature and remaining duration of the restrictions;

and any circumstances that could cause a lapse in the restrictions.

The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years.

The Company adopted this Update on January 1, 2024.

Certain of the Company's equity securities are subject to restrictions on redemptions and sales that are determined by the governing documents, which could limit our ability to liquidate those investments.

These restrictions may include lock-ups, redemption gates, restricted share classes, restrictions on the frequency of redemption and notice periods as described in " Note 4.

(b) Investments".

The Company has assessed the required disclosures for equity securities that may be subject to contractual sales restrictions.

These amendments have expanded the disclosures made in "Note 4.

Investments" however the adoption of this standard did not impact the Company’s condensed consolidated balance sheets, results of operations or statement of cash flows.

There have been no material changes to the significant accounting policies as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 .

MAIDEN HOLDINGS, LTD.

9 unchanged sentences

Our AmTrust Reinsurance segment includes all business ceded to Maiden Reinsurance by AmTrust, primarily the quota share reinsurance agreement (“AmTrust Quota Share”) between Maiden Reinsurance and AmTrust’s wholly owned subsidiary, AmTrust International Insurance, Ltd.

(“AII”) and the European hospital liability quota share reinsurance contract ("European Hospital Liability Quota Share") with AmTrust’s wholly owned subsidiaries, AEL and AIU DAC, which are both in run-off effective January 1, 2019.

(“AII”) and the European hospital liability quota share reinsurance contract ("European Hospital Liability Quota Share") with AmTrust’s wholly owned subsidiaries, AmTrust Europe Limited ("AEL") and AmTrust International Underwriters DAC ("AIU DAC"), which are both in run-off effective January 1, 2019.

Please refer to Note 10.

1 unchanged sentence

The Company evaluates segment performance based on segment profit separately from the results of our investment portfolio.

Underwriting income or loss is calculated as net premiums earned plus other insurance revenue less net loss and LAE, commission and other acquisition expenses.

General and administrative expenses are allocated to the segments on an actual basis except salaries and benefits where management’s judgment is applied;

2 unchanged sentences

All remaining assets are allocated to Corporate.

The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net loss for the three months ended September 30, 2024 and 2023, respectively:

For the Three Months Ended September 30, 2024 Diversified Reinsurance AmTrust Reinsurance Total

Gross premiums written

$ 9,053 $ ( 192 ) $ 8,861

Net premiums written

$ 9,035 $ ( 192 ) $ 8,843

Net premiums earned

$ 9,576 $ 3,827 $ 13,403

Net loss and LAE ( 4,036 ) ( 15,821 ) ( 19,857 )

Commission and other acquisition expenses

( 3,975 ) ( 5,093 ) ( 9,068 )

General and administrative expenses

( 2,512 ) ( 717 ) ( 3,229 )

Underwriting loss

$ ( 947 ) $ ( 17,804 ) ( 18,751 )

Reconciliation to net loss

Net investment income and net realized and unrealized investment losses

Interest and amortization expenses

Foreign exchange and other losses, net

Other general and administrative expenses

Income tax expense

Interest in income of equity method investments

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Segment Information (continued)

For the Three Months Ended September 30, 2023 Diversified Reinsurance AmTrust Reinsurance Total

Gross premiums written

$ 6,762 $ 1,898 $ 8,660

Net premiums written

$ 6,727 $ 1,898 $ 8,625

Net premiums earned

$ 7,207 $ 5,272 $ 12,479

Other insurance expense

( 16 ) — ( 16 )

Net loss and LAE

( 4,142 ) ( 11,014 ) ( 15,156 )

Commission and other acquisition expenses

( 3,374 ) ( 1,966 ) ( 5,340 )

General and administrative expenses

( 2,216 ) ( 661 ) ( 2,877 )

Underwriting loss

$ ( 2,541 ) $ ( 8,369 ) ( 10,910 )

Reconciliation to net loss

Net investment income and net realized and unrealized investment gains

Interest and amortization expenses

Foreign exchange and other gains, net

Other general and administrative expenses

Income tax benefit

Interest in income from equity method investments

The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net loss for the nine months ended September 30, 2024 and 2023, respectively:

For the Nine Months Ended September 30, 2024 Diversified Reinsurance AmTrust Reinsurance Total

The CODM for both the Diversified Reinsurance and the AmTrust Reinsurance segments is the Company's Chief Executive Officer and Chief Financial Officer who has served in that position since May 2023.

The significant segment expenses as reported in the computation of underwriting results in the tables below are used by the Company's CODM in assessing segment performance on a quarterly basis and deciding how to allocate resources within the Company.

For the Three Months Ended March 31, 2025 Diversified Reinsurance AmTrust Reinsurance Total

Gross premiums written

4 unchanged sentences

$ 5,000 $ 2,684 $ 7,684

Other insurance revenue

Net loss and LAE 2,234 5,389 7,623

( 12,314 ) ( 33,139 ) ( 45,453 )

Commission and other acquisition expenses

2 unchanged sentences

( 2,689 ) ( 606 ) ( 3,295 )

Underwriting loss

Underwriting income

$ 2,254 $ 5,200 7,454

5 unchanged sentences

Income tax expense

Interest in income from equity method investments

Interest in loss of equity method investments

Underwriting income for the AmTrust Reinsurance segment above included the following items for the three months ended March 31, 2025 that were specifically considered by the CODM in assessing segment performance:

• Commission and other acquisition expenses included accelerated amortization of deferred acquisition costs upon the recognition of a premium deficiency of $ 1,255 in the AmTrust Quota Share for the three months ended March 31, 2025.

• Net loss and LAE was offset by amortization of the deferred gain liability of $ 5,888 on the LPT/ADC Agreement for the three months ended March 31, 2025 since cumulative paid losses exceed the minimum risk retention under the LPT/ADC Agreement.

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Segment Information (continued)

For the Nine Months Ended September 30, 2023 Diversified Reinsurance AmTrust Reinsurance Total

For the Three Months Ended March 31, 2024 Diversified Reinsurance AmTrust Reinsurance Total

Gross premiums written

13 unchanged sentences

$ ( 272 ) $ ( 7,252 ) ( 7,524 )

Reconciliation to net loss

Reconciliation to net income

Net investment income and net realized and unrealized investment gains

Interest and amortization expenses

Foreign exchange and other losses, net

Foreign exchange and other gains, net

Other general and administrative expenses

Income tax benefit

Income tax expense

Interest in income from equity method investments

4 unchanged sentences

Segment Information (continued)

The following tables summarize the financial position of the Company's reportable segments including a reconciliation to the Company's consolidated total assets at September 30, 2024 and December 31, 2023:

September 30, 2024 Diversified Reinsurance AmTrust Reinsurance Total

The following tables summarize the financial position of the Company's reportable segments including a reconciliation to the Company's consolidated total assets at March 31, 2025 and December 31, 2024:

March 31, 2025 Diversified Reinsurance AmTrust Reinsurance Total

Reinsurance balances receivable, net

13 unchanged sentences

Corporate assets

Assets held for sale

$ 86,980 $ 785,619 $ 1,234,584

15 unchanged sentences

Corporate assets

Assets held for sale

$ 83,267 $ 842,435 $ 1,316,006

4 unchanged sentences

Segment Information (continued)

The following tables set forth financial information relating to net premiums written by major line of business and reportable segment for the three and nine months ended September 30, 2024 and 2023:

For the Three Months Ended September 30, 2024 2023

The financial information relating to net premiums written by major line of business and reportable segment for the three months ended March 31, 2025 and 2024 are detailed below:

For the Three Months Ended March 31, 2025 2024

Net premiums written

8 unchanged sentences

Specialty Risk and Extended Warranty

( 133 ) 2,058

Total AmTrust Reinsurance

2 unchanged sentences

$ 4,049 $ 8,314

For the Nine Months Ended September 30, 2024 2023

Net premiums written Total Total

Diversified Reinsurance

International $ 26,237 $ 20,152

Total Diversified Reinsurance 26,237 20,152

AmTrust Reinsurance

Small Commercial Business

( 620 ) ( 318 )

Specialty Program

Specialty Risk and Extended Warranty

( 90 ) ( 3,731 )

Total AmTrust Reinsurance

( 741 ) ( 3,892 )

Total Net Premiums Written

$ 25,496 $ 16,260

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Segment Information (continued)

The following tables set forth financial information for net premiums earned by major line of business and reportable segment for the three and nine months ended September 30, 2024 and 2023:

For the Three Months Ended September 30, 2024 2023

The financial information for net premiums earned by major line of business and reportable segment for the three months ended March 31, 2025 and 2024 are detailed below:

For the Three Months Ended March 31, 2025 2024

Net premiums earned

11 unchanged sentences

$ 7,684 $ 12,408

For the Nine Months Ended September 30, 2024 2023

Net premiums earned Total Total

Diversified Reinsurance

International $ 26,796 $ 21,882

Total Diversified Reinsurance 26,796 21,882

AmTrust Reinsurance

Small Commercial Business

( 620 ) ( 318 )

Specialty Program

Specialty Risk and Extended Warranty

11,743 10,799

Total AmTrust Reinsurance

11,092 10,638

Total Net Premiums Earned

$ 37,888 $ 32,520

MAIDEN HOLDINGS, LTD.

8 unchanged sentences

a) Fixed Maturities

The amortized cost, gross unrealized gains and losses, and fair value of fixed maturities at September 30, 2024 and December 31, 2023 are as follows:

September 30, 2024 Original or amortized cost Gross unrealized gains Gross unrealized losses Fair value

The amortized cost, gross unrealized gains and losses, and fair value of fixed maturities at March 31, 2025 and December 31, 2024 are as follows:

March 31, 2025 Original or amortized cost Gross unrealized gains Gross unrealized losses Fair value

treasury bonds

20 unchanged sentences

The Company separately presents the accrued interest receivable balance on its AFS fixed maturity investments on the Condensed Consolidated Balance Sheets under accrued investment income.

The amount of accrued interest receivable on AFS securities was $ 1,645 at September 30, 2024 (December 31, 2023:

The amount of accrued interest receivable on AFS securities was $ 661 at March 31, 2025 (December 31, 2024:

The Company has elected the practical expedient to exclude accrued interest from both the fair value and the amortized cost basis of the AFS fixed maturity securities for the purposes of identifying and measuring any impairments under the allowance for expected credit losses standard adopted on January 1, 2023.

Write-offs of accrued interest receivable balances are recognized in net investment gains and losses in the period in which they are deemed uncollectible.

There was no write-off recognized on the accrued interest receivable during the nine months ended September 30, 2024 and 2023.

There was no write-off recognized on the accrued interest receivable during the three months ended March 31, 2025 and 2024.

The contractual maturities of our fixed maturities are shown below.

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

September 30, 2024 Amortized cost Fair value

March 31, 2025 Amortized cost Fair value

Due in one year or less

16 unchanged sentences

Less than 12 Months 12 Months or More Total

September 30, 2024 Fair

March 31, 2025 Fair

value Unrealized

11 unchanged sentences

$ 60,605 $ ( 2 ) $ 64,325 $ ( 3,525 ) $ 124,930 $ ( 3,527 )

At September 30, 2024, there were 46 securities in an unrealized loss position with a fair value of $ 148,273 and unrealized losses of $ 4,061 .

At March 31, 2025, there were 30 securities in an unrealized loss position with a fair value of $ 124,930 and unrealized losses of $ 3,527 .

Of these securities in an unrealized loss position, there were 24 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $ 64,325 and unrealized losses of $ 3,525 .

4 unchanged sentences

value Unrealized

treasury bonds

$ 518 $ ( 2 ) $ — $ — $ 518 $ ( 2 )

agency bonds – mortgage-backed

21 unchanged sentences

Although these securities are not analyzed for credit losses, they are evaluated for impairment based on the Company's intention to sell and likely requirement to sell.

Based on the Company's analysis at September 30, 2024 and 2023, respectively, the unrealized losses on the Company’s AFS fixed maturity securities were due to non-credit factors and were expected to be recovered as the related securities approach maturity.

At September 30, 2024, the Company did not intend to sell the securities in an unrealized loss position and it is not more likely than not that the Company will be required to sell these securities before the anticipated recovery of their amortized costs.

Therefore, there was no allowance recorded for expected credit losses on AFS securities for the three and nine months ended September 30, 2024 and 2023.

Based on the Company's analysis at March 31, 2025 and 2024, respectively, the unrealized losses on the Company’s AFS fixed maturity securities were due to non-credit factors and were expected to be recovered as the related securities approach maturity.

At March 31, 2025, the Company did not intend to sell the securities in an unrealized loss position and it is not more likely than not that the Company will be required to sell these securities before the anticipated recovery of their amortized costs.

Therefore, there was no allowance recorded for expected credit losses on AFS securities for the three months ended March 31, 2025 and 2024.

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Investments (continued)

The following tables summarize the credit ratings of our fixed maturities as at September 30, 2024 and December 31, 2023:

September 30, 2024 Amortized cost Fair value % of Total

The following tables summarize the credit ratings of our fixed maturities as at March 31, 2025 and December 31, 2024:

March 31, 2025 Amortized cost Fair value % of Total

treasury bonds

19 unchanged sentences

12,153 11,970 5.2 %

5,520 5,382 2.2 %

Total fixed maturities (1)

8 unchanged sentences

Other investments

The table shows the composition of the Company's other investments as of September 30, 2024 and December 31, 2023:

September 30, 2024 December 31, 2023

The table shows the composition of the Company's other investments as of March 31, 2025 and December 31, 2024:

March 31, 2025 December 31, 2024

Carrying value % of Total Carrying value % of Total

Privately held equity investments $ 48,677 29.8 % $ 46,301 29.5 %

Private equity funds 27,098 16.6 % 25,123 16.0 %

Private credit investments 1,808 1.1 % 1,909 1.2 %

Privately held equity investments 40,151 27.2 % 38,617 21.1 %

Total other investments at fair value 66,855 45.2 % 113,806 62.2 %

Investments in direct lending entities (at cost) 85,975 52.5 % 83,683 53.3 %

Total other investments $ 163,558 100.0 % $ 157,016 100.0 %

The Company's collateralized investments in direct lending entities of $ 80,968 at September 30, 2024 (December 31, 2023:$ 69,005 ) are carried at cost less an allowance for expected credit losses, with any indication of credit loss recognized in net income when determined.

An allowance for expected credit losses of $ 1,023 was reported on the investments in direct lending entities as at September 30, 2024 and December 31, 2023.

The collateralized investments in direct lending entities of $ 85,975 at March 31, 2025 (December 31, 2024:

$ 83,683 ) are carried at cost less an allowance for expected credit losses, with any indication of credit loss recognized in net income when determined.

An allowance for expected credit losses of $ 1,023 was reported on the investments in direct lending entities as at March 31, 2025 and December 31, 2024.

Please see Note 5(d).

6 unchanged sentences

Equity Securities

Equity securities include publicly traded equity investments in common stocks and privately held equity investments in common and preferred stocks.

Equity securities currently include privately held equity investments in common and preferred stocks.

The Company's privately held equity investments in common and preferred stocks are direct investments in companies that the Company believes offer attractive risk adjusted returns or offer other strategic advantages.

1 unchanged sentence

There is no active market for these investments.

The following table provides the cost and fair values of the equity securities held at September 30, 2024 and December 31, 2023:

September 30, 2024 December 31, 2023

The following table provides the cost and fair values of the equity securities held at March 31, 2025 and December 31, 2024:

March 31, 2025 December 31, 2024

Cost Fair Value Cost Fair Value

1 unchanged sentence

Privately held preferred stocks 5,250 6,082 5,250 6,369

Publicly traded equity investments in common stocks — — 90 81

Total equity securities $ 13,436 $ 11,850 $ 13,436 $ 13,147

A ll of the privately held securities held at September 30, 2024 are subject to contractual sale restrictions.

All of the privately held securities held at March 31, 2025 are subject to contractual sale restrictions.

Each of these investments are subject to agreements that restrict the transfer, sale, and indemnification of these privately held investments indefinitely.

6 unchanged sentences

The equity method investments currently include real estate investments and other investments.

The table below shows the carrying value of the Company's equity method investments as of September 30, 2024 and December 31, 2023:

September 30, 2024 December 31, 2023

The table below shows the carrying value of the Company's equity method investments as of March 31, 2025 and December 31, 2024:

March 31, 2025 December 31, 2024

Carrying Value % of Total Carrying Value % of Total

12 unchanged sentences

Investments (continued)

c) Net Investment Income

Net investment income was derived from the following sources for the three and nine months ended September 30, 2024 and 2023:

For the Three Months Ended September 30, For the Nine Months Ended September 30,

The table below shows the carrying value and beneficial ownership percentage of the Company's equity method investments as of March 31, 2025, the summarized financial data of each equity method investment for the year ended December 31, 2024, and the Company's interest in income (loss) of equity method investments for the three months ended March 31, 2025:

March 31, 2025 For the Year Ended December 31, 2024

For the Three Months Ended March 31, 2025

Carrying Value Beneficial Ownership Investee Revenue (1)

Investee net income (loss) (1)

Equity in income (loss) of investee

$ 4,667 18.9 % $ 21,867 $ 11,208 $ 427

Silverstone Venture 1 4,892 90.0 % 5,931 ( 5,130 ) ( 3,309 )

Silverstone Venture 2 2,268 86.8 % 281 252 71

Silverstone Venture 3 8,874 70.2 % — ( 33 ) 135

Extell Hudson Waterfront Holdings 27,500 25.0 % 10,159 10,058 —

Seiden LP & Seiden MGMT LP 30,640 99.9 % 612 ( 113 ) ( 46 )

Total equity method investments $ 78,841 $ ( 2,722 )

(1) The Company has included summarized financial data of its equity method investees for the year ended December 31, 2024 as this period represents the most recent audited financial statements available at the time of filing the Company's Form 10-Q for the three months ended March 31, 2025.

(2) Please refer to Note 15.

Subsequent Events for details regarding the recent sale of USQ Risk subsequent to March 31, 2025 .

c) Net Investment Income

Net investment income was derived from the following sources for the three months ended March 31, 2025 and 2024:

For the Three Months Ended March 31,

Fixed maturities

1 unchanged sentence

Income on funds withheld 76 901

Interest income from loan to related party 3,067 3,073 9,190 8,698

Interest income from net loan receivable from related party 598 3,070

Other investments 216 1,207

Cash and cash equivalents 363 174

6,725 9,146 21,704 29,497

Investment expenses

4 unchanged sentences

Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method.

The following tables show the net realized and unrealized investment gains (losses) included in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023:

For the Three Months Ended September 30, 2024 Gross gains Gross losses Net

Fixed maturities

$ — $ ( 429 ) $ ( 429 )

Equity securities 1,275 ( 2,960 ) ( 1,685 )

Other investments 2,137 ( 3,827 ) ( 1,690 )

Net realized and unrealized investment gains (losses) $ 3,412 $ ( 7,216 ) $ ( 3,804 )

For the Three Months Ended September 30, 2023 Gross gains Gross losses Net

Fixed maturities

$ — $ ( 301 ) $ ( 301 )

Equity securities — ( 52 ) ( 52 )

Other investments

1,393 ( 796 ) 597

Net realized and unrealized investment gains (losses) $ 1,393 $ ( 1,149 ) $ 244

For the Nine Months Ended September 30, 2024 Gross gains Gross losses Net

The following tables show the net realized and unrealized investment gains (losses) included in the Condensed Consolidated Statements of Income for the three months ended March 31, 2025 and 2024:

For the Three Months Ended March 31, 2025 Gross gains Gross losses Net

Fixed maturities

4 unchanged sentences

Net realized and unrealized investment gains (losses) $ 5,019 $ ( 1,688 ) $ 3,331

For the Nine Months Ended September 30, 2023 Gross gains Gross losses Net

For the Three Months Ended March 31, 2024 Gross gains Gross losses Net

Fixed maturities

10 unchanged sentences

Realized and unrealized gains and losses from equity securities detailed above include both sales and distributions of equity securities and unrealized gains and losses coming from fair value changes.

Unrealized gains (losses) recognized for equity securities still held at the reporting date for the three and nine months ended September 30, 2024 and 2023, respectively, included:

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2024 2023 2024 2023

Net (losses) gains recognized for equity securities $ ( 1,685 ) $ ( 52 ) $ ( 2,597 ) $ 1,047

Net losses (gains) recognized for equity securities divested

Net unrealized losses recognized for equity securities still held at the reporting date for the three months ended March 31, 2025 and 2024, respectively, included:

For the Three Months Ended March 31,

Net losses recognized for equity securities

$ ( 1,297 ) $ ( 871 )

Unrealized gains (losses) recognized for equity securities still held at the reporting date

Net gains recognized for equity securities divested

Net unrealized losses recognized for equity securities still held at the reporting date

$ ( 1,297 ) $ ( 871 )

Proceeds from sales of fixed maturity investments were $ 7,938 and $ 50,299 for the three and nine months ended September 30, 2024, respectively (2023:

$ 19,343 and $ 64,126 , respectively).

Net unrealized losses included in accumulated other comprehensive income ("AOCI") were as follows at September 30, 2024 and December 31, 2023, respectively:

September 30, 2024 December 31, 2023

Proceeds from sales of fixed maturity investments were $ 1,788 for the three months ended March 31, 2025 (2024:

Net unrealized losses included in accumulated other comprehensive income ("AOCI") were as follows at March 31, 2025 and December 31, 2024, respectively:

March 31, 2025 December 31, 2024

Net unrealized losses on fixed maturity investments

$ ( 3,449 ) $ ( 4,175 )

Deferred income tax

Net unrealized losses on held for sale AFS investments

( 430 ) ( 453 )

Total net unrealized losses ( 3,879 ) ( 4,628 )

Net unrealized losses, net of deferred income tax

5 unchanged sentences

The assets in trust as collateral are primarily cash and highly rated fixed maturities.

The fair values of restricted assets at September 30, 2024 and December 31, 2023 are:

September 30, 2024 December 31, 2023

The fair values of restricted assets at March 31, 2025 and December 31, 2024 are:

March 31, 2025 December 31, 2024

Restricted cash – third party agreements $ 10,553 $ 7,678

9 unchanged sentences

131,112 127,420

Restricted investments – liability for investments purchased and other liabilities for related party agreements ( 10,970 ) —

Total restricted investments

43 unchanged sentences

ASC 825, "Disclosure About Fair Value of Financial Instruments" , requires all entities to disclose the fair value of their financial instruments for assets and liabilities recognized and not recognized in the balance sheet, for which it is practicable to estimate fair value.

The following describes the valuation techniques used by the Company to determine the fair value of financial instruments that are measured at fair value on a recurring basis held at September 30, 2024 and December 31, 2023.

government and U.S.

34 unchanged sentences

As significant inputs used to price corporate and municipal bonds are observable market inputs, fair values are included in the Level 2 fair value hierarchy.

Equity securities - Equity securities include publicly traded common and preferred stocks, and privately held common and preferred stocks.

Equity securities - Equity securities can include both publicly traded and privately held common and preferred stocks.

The fair value of publicly traded common and preferred stocks is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period.

3 unchanged sentences

Unadjusted third party pricing sources or management's assumptions and internal valuation models may be used to determine the fair values, therefore, these investments are classified as Level 3 in the fair value hierarchy.

For investments without a readily determinable fair value, the measurement alternative can be elected to report the qualifying investment at cost, less impairment if any, plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer.

Other investments — Includes unquoted investments comprised of the following types of investments:

• Privately held investments:

These are direct equity investments in common and preferred shares of privately held entities.

• Privately held equity investments:

These are direct equity investments in common and preferred stock of privately held entities.

The fair values are estimated using quarterly financial statements and/or recent private market transactions and thus are included under Level 3 of the fair value hierarchy due to unobservable market data used for valuation.

5 unchanged sentences

The fair values are therefore measured using the NAV as a practical expedient.

• Due to a lag in the valuations of certain funds reported by the investment managers, the Company may record changes in valuation with up to a three-month lag.

The Company regularly reviews and discusses fund performance with the investment managers or sponsors to corroborate the reasonableness of the reported NAV and to assess whether any events have occurred within the lag period that would affect the valuation of the investments.

Derivative Instruments - The Company entered into a reinsurance contract that is accounted for as a derivative.

4 unchanged sentences

The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of this derivative.

T he fair value changes in underwriting-related derivative instruments is included within other insurance revenue (expense), net.

The fair value changes in underwriting-related derivative instruments is included within other insurance revenue (expense), net.

The derivative liability on retroactive reinsurance is presented as part of accrued expenses and other liabilities.

A significant increase (decrease) in this input in isolation may result in a significantly lower (higher) fair value measurement for the derivative contract.

As the significant inputs used to price these derivatives are unobservable, the fair values of these contracts are classified as Level 3 in the fair value hierarchy.

As the significant inputs used to price these derivatives are unobservable, the fair values of this contract is classified as Level 3 in the fair value hierarchy.

(b) Fair Value Hierarchy

7 unchanged sentences

Fair Value of Financial Instruments (continued)

At September 30, 2024 and December 31, 2023, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:

September 30, 2024 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Based on NAV Practical Expedient Total Fair Value

At March 31, 2025 and December 31, 2024, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:

March 31, 2025 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Based on NAV Practical Expedient Total Fair Value

Fixed maturities

28 unchanged sentences

The Company analyzes and reviews the information and prices received from the Pricing Service to ensure that the prices provided represent a reasonable estimate of fair value.

The Pricing Service was utilized to estimate fair value measurements for 100.0 % and 97.9 % of our fixed maturities at September 30, 2024 and December 31, 2023, respectively.

The Pricing Service was utilized to estimate fair value measurements for 100.0 % of our fixed maturities at March 31, 2025 and December 31, 2024, respectively.

The Pricing Service utilizes market quotations for fixed maturity securities that have quoted market prices in active markets.

1 unchanged sentence

treasury bonds generally do not trade actively on a daily basis, the Pricing Service prepares estimates of fair value measurements using relevant market data, benchmark curves, sector groupings and matrix pricing and these have been classified as Level 2 within the fair value hierarchy.

At September 30, 2024 and December 31, 2023, approximately 0.0 % and 2.1 %, respectively, of our fixed maturities were valued using the market approach.

At September 30, 2024, no securities (December 31, 2023:

one security or $ 5,382 ) in our fixed maturity investment portfolio was priced using a binding quotation from a broker and/or custodian as opposed to the Pricing Service.

There was one security transferred from Level 3 to Level 2 during the nine months ended September 30, 2024 due to its sale;

this security was classified as Level 3 at December 31, 2023.

At March 31, 2025 and December 31, 2024, respectively, approximately 0.0 % of our fixed maturities were valued using the market approach.

At March 31, 2025 and December 31, 2024, no securities in our fixed maturity investment portfolio were priced using a binding quotation from a broker and/or custodian as opposed to the Pricing Service.

At March 31, 2025 and December 31, 2024, the Company did not adjust any pricing provided to it based on the review performed by its investment managers.

There were no transfers to or from Level 3 during the three months ended March 31, 2025 and March 31, 2024.

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Fair Value of Financial Instruments (continued)

At September 30, 2024 and December 31, 2023, the Company did not adjust any pricing provided to it based on the review performed by its investment managers.

There were no transfers to or from Level 3 during the three and nine months ended September 30, 2023.

At September 30, 2024, the Company holds Level 3 financial instruments which consist of privately held investments of $ 52,985 (December 31, 2023:

At March 31, 2025, the Company holds Level 3 financial instruments which currently consist of privately held investments of $ 49,140 (December 31, 2024:

$ 48,001 ) and an underwriting-related derivative liability of $ 3,984 (December 31, 2024:

4 unchanged sentences

Due to significant unobservable inputs in these valuations, the Company classifies the fair values as Level 3 within the fair value hierarchy .

The following table provides a summary of quantitative information regarding the significant unobservable inputs used in determining the fair value of other investments measured at fair value on a recurring basis under the Level 3 classification at September 30, 2024:

Fair Value Valuation Technique Unobservable Inputs Range

Privately held equity securities - common shares $ 41,681 Quarterly financial statements Price/book ratios of comparable public companies

Privately held equity securities - preferred shares 11,304 Quarterly financial statements Privately calculated enterprise valuations

Privately held equity investments - common shares $ 44,020 Quarterly financial statements Price/book ratios of comparable public companies

Privately held equity investments - preferred shares 5,120 Quarterly financial statements Privately calculated enterprise valuations

Total Level 3 investments $ 49,140

Underwriting-related derivative liability $ 3,984 Discounted cash flows Duration matched discount rates 5.0 % to 6.0 %

The following table shows the reconciliation of beginning and ending balances for investments measured at fair value on a recurring basis using Level 3 inputs for the three and nine months ended September 30, 2024 and 2023, respectively.

The following table shows the reconciliation of beginning and ending balances for investments measured at fair value on a recurring basis using Level 3 inputs for the three months ended March 31, 2025 and 2024, respectively.

The Company includes any related interest and dividend income in net investment income and are excluded from the reconciliation in the table below:

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2024 2023 2024 2023

For the Three Months Ended March 31,

Balance - beginning of period $ 48,001 $ 46,656

Sales ( 1,628 ) — ( 1,628 ) —

Net realized and unrealized gains recognized in the statement of income

2,145 200 7,138 1,592

Purchases — 1,600 — 2,600

Transfers out of Level 3 into Level 2 — — ( 5,008 ) —

Total Level 3 investments - end of period $ 49,140 $ 52,167

1 unchanged sentence

The fair value of financial instruments accounting guidance also applies to financial instruments disclosed, but not carried, at fair value, except for certain financial instruments related to insurance contracts .

At September 30, 2024, the carrying values of cash equivalents (including restricted amounts), accrued investment income, reinsurance balances receivable, loan to related party, and certain other assets and liabilities approximate fair values due to their inherent short duration.

At March 31, 2025, the carrying values of cash equivalents (including restricted amounts), accrued investment income, reinsurance balances receivable and certain other assets and liabilities approximate fair values due to their inherent short duration.

As these financial instruments are not actively traded, the fair values of these financial instruments are classified as Level 2 in the fair value hierarchy.

At March 31, 2025, the carrying value of the loan to related party approximated fair value.

The fair value of this loan is primarily determined by estimating expected future cash flows and discounting them using current interest rates for similar loans with similar credit risk.

As the loan to related party is not actively traded, its fair value is classified as Level 3 in the fair value hierarchy.

The investments made by direct lending entities are carried at cost less an allowance for expected credit losses, with any indication of credit loss recognized in net income when determined.

1 unchanged sentence

The fair value estimates of these investments are not based on observable market data and therefore are classified as Level 3 in the fair value hierarchy.

For equity securities and other investments without a readily determinable fair value, the measurement alternative was elected to report the qualifying investment at cost, less impairment if any, plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer.

The fair values of the Company's outstanding Senior Notes (as defined in Note 7.

Long-Term Debt ) are based on indicative market pricing obtained from a third-party pricing service which uses observable market inputs, and therefore the fair values of these liabilities are classified as Level 2 in the fair value hierarchy.

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Fair Value of Financial Instruments (continued)

The fair values of the Company's outstanding Senior Notes (as defined in "Note 7.

Long-Term Debt" ) are based on indicative market pricing obtained from a third-party pricing service which uses observable market inputs, and therefore the fair values of these liabilities are classified as Level 2 in the fair value hierarchy.

The following table presents the respective carrying value and fair value for the Senior Notes as at September 30, 2024 and December 31, 2023:

September 30, 2024 December 31, 2023

The following table presents the respective carrying value and fair value for the Senior Notes as at March 31, 2025 and December 31, 2024:

March 31, 2025 December 31, 2024

Carrying Value Fair Value Carrying Value Fair Value

11 unchanged sentences

On May 3, 2023 at its Annual General Meeting of Shareholders, the Company's common shareholders approved the increase in the authorized share capital of the Company from $ 1,500 divided into 150,000,000 shares of par value $ 0.01 each, to $ 2,000 divided into 200,000,000 shares of par value $ 0.01 each.

At September 30, 2024, the aggregate authorized share capital of the Company is 200,000,000 shares from which 150,298,798 common shares were issued, of which 99,422,608 common shares are outstanding, and 50,876,190 shares are treasury shares (please see Note 6.

At March 31, 2025, the aggregate authorized share capital of the Company is 200,000,000 shares from which 151,310,133 common shares were issued, of which 99,682,710 common shares are outstanding, and 51,627,423 shares are treasury shares (please see Note 6.

(b) Treasury Shares below for additional information).

The remaining 49,701,202 shares are undesignated at September 30, 2024.

At September 30, 2024, 2,035,634 common shares will be issued and outstanding upon vesting of restricted shares, and 4,041,358 common shares remaining are reserved for issuance under the 2019 Omnibus Incentive Plan.

The remaining 48,689,867 shares are undesignated at March 31, 2025.

At March 31, 2025, 1,024,299 common shares will be issued and outstanding upon vesting of restricted shares, and 1,291,729 common shares remaining are reserved for issuance under the 2019 Omnibus Incentive Plan.

b) Treasury Shares

On February 21, 2017, the Company's Board of Directors approved the repurchase of up to $ 100,000 of the Company's common shares from time to time at market prices.

During the three and nine months ended September 30, 2024, Maiden Reinsurance repurchased 388,728 and 1,488,400 common shares, respectively, at an average price per share of $ 1.65 and $ 1.95 , respectively, under the Company's share repurchase plan.

During the three and nine months ended September 30, 2023, Maiden Reinsurance repurchased 520,475 and 820,105 common shares, respectively, at an average price per share of $ 1.86 and $ 1.93 , respectively, under the Company's share repurchase plan.

The Company's remaining authorization is $ 68,710 for common share repurchases at September 30, 2024 (December 31, 2023:

During the nine months ended September 30, 2024, the Company also repurchased 127,555 common shares (2023:

During the three months ended March 31, 2025, Maiden Reinsurance did not repurchase any common shares under the Company's share repurchase plan (March 31, 2024:

352,111 common shares at an average price of $ 1.91 per share).

The Company's remaining authorization is $ 68,107 for common share repurchases at March 31, 2025 (December 31, 2024:

During the three months ended March 31, 2025, the Company repurchased 367,878 common shares (2024:

127,555 ) at an average price per share of $ 0.80 (2024:

$ 2.25 ) from employees, which represent tax withholding in respect of tax obligations on the vesting of both non-performance-based and discretionary performance-based restricted shares.

Treasury shares include 44,367,323 common shares owned by Maiden Reinsurance consisting of 41,439,348 shares issued as part of the exchange for preference shares held ("Exchange") and 2,927,975 shares directly purchased on the open market by Maiden Reinsurance which are not treated as outstanding common shares on the Condensed Consolidated Balance Sheet at September 30, 2024.

Please see further information on the Exchange and related preference share repurchases in the Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 12, 2024.

The table below includes the total number of treasury shares outstanding at September 30, 2024 and December 31, 2023:

September 30, 2024 December 31, 2023

$ 1.79 ) from employees, which represent tax withholding in respect of tax obligations on the vesting of non-performance-based restricted shares.

Treasury shares include 44,750,678 common shares owned by Maiden Reinsurance consisting of 41,439,348 shares issued as part of the exchange for preference shares held ("Exchange") and 3,311,330 shares directly purchased on the open market by Maiden Reinsurance which are not treated as outstanding common shares on the Condensed Consolidated Balance Sheet at March 31, 2025.

Please see further information on the Exchange in the Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 10, 2025.

The table below includes the total number of treasury shares outstanding at March 31, 2025 and December 31, 2024:

March 31, 2025 December 31, 2024

Number of shares held by Maiden Reinsurance treated as treasury shares 44,750,678 44,750,678

1 unchanged sentence

Total number of treasury shares at the end of the reporting period 51,627,423 51,259,545

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Shareholders' Equity (continued)

The following tables set forth financial information regarding the changes in the balances of each component of AOCI:

For the Three Months Ended September 30, 2024 Change in net unrealized gains on investment Foreign currency translation Total

For the Three Months Ended March 31, 2025 Change in net unrealized gains on investment Foreign currency translation Total

Beginning balance $ ( 4,628 ) $ ( 28,105 ) $ ( 32,733 )

Other comprehensive income before reclassifications 2,393 2,304 4,697

Net current period other comprehensive income

Ending balance, Maiden shareholders $ ( 3,879 ) $ ( 28,051 ) $ ( 31,930 )

For the Three Months Ended September 30, 2023 Change in net unrealized gains on investment Foreign currency translation Total

For the Three Months Ended March 31, 2024 Change in net unrealized gains on investment Foreign currency translation Total

Beginning balance $ ( 7,784 ) $ ( 23,685 ) $ ( 31,469 )

Other comprehensive income (loss) before reclassifications 321 ( 2,075 ) ( 1,754 )

Amounts reclassified from AOCI to net income, net of tax ( 3 ) — ( 3 )

Net current period other comprehensive income (loss)

Ending balance, Maiden shareholders $ ( 12,586 ) $ ( 26,307 ) $ ( 38,893 )

For the Nine Months Ended September 30, 2024 Change in net unrealized gains on investment Foreign currency translation Total

Beginning balance

1,014 ( 1,736 ) ( 722 )

Other comprehensive income (loss) before reclassifications 3,888 ( 207 ) 3,681

Ending balance, Maiden shareholders $ ( 6,770 ) $ ( 25,421 ) $ ( 32,191 )

$ ( 3,896 ) $ ( 23,892 ) $ ( 27,788 )

For the Nine Months Ended September 30, 2023 Change in net unrealized gains on investment Foreign currency translation Total

Beginning balance

$ ( 15,668 ) $ ( 25,566 ) $ ( 41,234 )

Other comprehensive income (loss) before reclassifications 3,085 ( 741 ) 2,344

Amounts reclassified from AOCI to net income, net of tax ( 3 ) — ( 3 )

Net current period other comprehensive income (loss) 3,082 ( 741 ) 2,341

Ending balance, Maiden shareholders

$ ( 12,586 ) $ ( 26,307 ) $ ( 38,893 )

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Long-Term Debt

At September 30, 2024 and December 31, 2023, Maiden Holdings had outstanding publicly-traded senior notes which were issued in 2016 ("2016 Senior Notes") and its wholly owned subsidiary, Maiden Holdings North America, Ltd.

At March 31, 2025 and December 31, 2024, Maiden Holdings had outstanding publicly-traded senior notes which were issued in 2016 ("2016 Senior Notes") and its wholly owned subsidiary, Maiden Holdings North America, Ltd.

("Maiden NA") had outstanding publicly-traded senior notes which were issued in 2013 ("2013 Senior Notes") (collectively "Senior Notes").

1 unchanged sentence

The Senior Notes are unsecured and unsubordinated obligations of the Company.

The following tables detail the issuances of Senior Notes outstanding at September 30, 2024 and December 31, 2023:

September 30, 2024 2016 Senior Notes 2013 Senior Notes Total

The following tables detail the issuances of Senior Notes outstanding at March 31, 2025 and December 31, 2024:

March 31, 2025 2016 Senior Notes 2013 Senior Notes Total

Principal amount

13 unchanged sentences

Effective interest rate 7.07 % 8.04 %

Total interest and amortization expense incurred on the Senior Notes for the three and nine months ended September 30, 2024 was $ 4,817 and $ 14,448 , respectively (2023:

$ 4,814 and $ 13,451 , respectively), of which $ 1,342 was accrued as interest payable at both September 30, 2024 and December 31, 2023, respectively.

Total interest and amortization expense incurred on the Senior Notes for the three months ended March 31, 2025 was $ 4,818 (2024:

$ 4,815 ), of which $ 1,342 was accrued as interest payable at both March 31, 2025 and December 31, 2024, respectively.

The issuance costs related to the Senior Notes were capitalized and are amortized over the effective life of the Senior Notes using the effective interest method of amortization.

1 unchanged sentence

Maiden NA is required to give at least thirty days and not more than sixty days notice prior to the redemption date.

Please refer to Note 11.

Commitments, Contingencies and Guarantees for recent litigation regarding the 2013 Senior Notes.

Under the terms of the 2016 Senior Notes, the 2016 Senior Notes can be redeemed, in whole or in part, at Maiden Holdings' option at any time and from time to time, until maturity at a redemption price equal to 100 % of the principal amount of the notes to be redeemed plus accrued but unpaid interest on the principal amount being redeemed to, but not including, the redemption date.

1 unchanged sentence

On May 3, 2023, the Company's Board of Directors approved the repurchase, including the repurchase by Maiden Reinsurance in accordance with its investment guidelines, of up to $ 100,000 of the Company's Senior Notes from time to time at market prices in open market purchases or as may be privately negotiated.

The Company has a remaining authorization of $ 99,905 for Senior Notes repurchases at September 30, 2024.

During the nine months ended September 30, 2023, Maiden Reinsurance repurchased 5,567 notes of the 2013 Senior Notes at an average price per unit of $ 17.10 for a total cost of $ 95 .

Total interest and amortization expenses of $ 4,814 and $ 13,451 were partly offset by a realized gain of $ 40 from the repurchase of the 2013 Senior Notes during the three and nine months ended September 30, 2023, respectively.

The Company has a remaining authorization of $ 99,905 for Senior Notes repurchases at March 31, 2025.

No repurchases were made during the three months ended March 31, 2025 and 2024.

MAIDEN HOLDINGS, LTD.

7 unchanged sentences

In the event that one or more of our reinsurers or retrocessionaires are unable to meet their obligations under these agreements, the Company would not realize the full value of the reinsurance recoverable balances.

The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the nine months ended September 30, 2024 and 2023 was as follows:

For the Nine Months Ended September 30, 2024 2023

The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the three months ended March 31, 2025 and 2024 was as follows:

For the Three Months Ended March 31, 2025 2024

Premiums written

2 unchanged sentences

$ 4,049 $ 8,314

$ 25,496 $ 16,260

Premiums earned

1 unchanged sentence

$ 7,684 $ 12,408

( 117 ) ( 115 )

$ 37,888 $ 32,520

Gross loss and LAE

2 unchanged sentences

( 8,008 ) ( 750 )

The Company's reinsurance recoverable on unpaid losses balance as at September 30, 2024 was $ 574,358 (December 31, 2023:

$ 564,331 ) presented in the Condensed Consolidated Balance Sheets.

As of September 30, 2024, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $ 2,331 (December 31, 2023:

The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on reinsurance recoverable for the three and nine months ended September 30, 2024 and 2023:

For the Three Months Ended September 30, For the Nine Months Ended September 30,

$ ( 7,623 ) $ 11,625

The Company's reinsurance recoverable on unpaid losses balance as at March 31, 2025 was $ 549,350 (December 31, 2024:

$ 571,331 ) presented in the Condensed Consolidated Balance Sheets.

As of March 31, 2025, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $ 849 (December 31, 2024:

The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on reinsurance recoverable for the three months ended March 31, 2025 and 2024:

For the Three Months Ended March 31,

Allowance for expected credit losses on reinsurance recoverable, beginning of period $ 2,963 $ 3,240

(Decrease) increase in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized

Decrease in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized

( 2,114 ) ( 802 )

2 unchanged sentences

treaty reinsurance business held by Maiden Reinsurance were 100.0 % retroceded to Cavello in exchange for a ceding commission.

The reinsurance recoverable on unpaid losses due from Cavello under this retrocession agreement was $ 36,838 at September 30, 2024 (December 31, 2023:

The recoverable due from Cavello is net of an allowance for expected credit losses of $ 2,174 as at September 30, 2024 (December 31, 2023:

The reinsurance recoverable on unpaid losses due from Cavello under this retrocession agreement was $ 36,522 at March 31, 2025 (December 31, 2024:

The recoverable due from Cavello is net of an allowance for expected credit losses of $ 762 as at March 31, 2025 (December 31, 2024:

On July 31, 2019, Maiden Reinsurance and Cavello entered into a Loss Portfolio Transfer and Adverse Development Cover Agreement ("LPT/ADC Agreement") pursuant to which Cavello assumed the loss reserves as of December 31, 2018 associated with the AmTrust Quota Share in excess of a $ 2,178,535 retention up to $ 600,000 , in exchange for a retrocession premium of $ 445,000 .

1 unchanged sentence

The LPT/ADC Agreement provides Maiden Reinsurance with $ 155,000 in adverse development cover over its carried AmTrust Quota Share loss reserves at December 31, 2018.

The LPT/ADC Agreement meets the criteria for risk transfer and is thus accounted for as retroactive reinsurance.

Cumulative ceded losses exceeding $ 445,000 are recognized as a deferred gain liability and amortized into income over the settlement period of the ceded reserves in proportion to cumulative losses collected over the estimated ultimate reinsurance recoverable.

The amount of the deferral is recalculated each period based on loss payments and updated estimates.

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Reinsurance (continued)

The LPT/ADC Agreement meets the criteria for risk transfer and is thus accounted for as retroactive reinsurance.

The amount of the deferral is recalculated each period based on loss payments and updated estimates.

Consequently, cumulative adverse development subsequent to December 31, 2018 may result in significant losses from operations until periods when the deferred gain is recognized as a benefit to earnings.

As of September 30, 2024, the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement was $ 532,874 while the deferred gain liability under the LPT/ADC Agreement was $ 88,021 (December 31, 2023:

As of March 31, 2025, the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement was $ 509,938 while the deferred gain liability under the LPT/ADC Agreement was $ 103,968 (December 31, 2024:

$ 532,910 and $ 104,955 , respectively).

The recoverable due under the LPT/ADC Agreement is net of an allowance for expected credit losses of $ 147 as at September 30, 2024 (December 31, 2023:

Amortization of the deferred gain will not occur until paid losses have exceeded the minimum retention under the LPT/ADC Agreement, which is estimated to be in the fourth quarter of 2024.

The recoverable due under the LPT/ADC Agreement is net of an allowance for expected credit losses of $ 30 as at March 31, 2025 (December 31, 2024:

Amortization of the deferred gain was $ 5,888 for the three months ended March 31, 2025 since cumulative paid losses exceed the minimum risk retention under the LPT/ADC Agreement (year ended December 31, 2024:

At March 31, 2025, $ 41,045 was remaining in available coverage under the LPT/ADC Agreement (December 31, 2024:

During the three months ended March 31, 2025, the Company received $ 28,162 in loss recoveries from Cavello under the LPT/ADC Agreement (year ended December 31, 2024:

The favorable loss development on Workers Compensation business previously commuted back to AmTrust which are contractually covered by the LPT/ADC Agreement reduced the reinsurance recoverable by $ — for the three months ended March 31, 2025 (year ended December 31, 2024:

The table below shows the components of the decrease in the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement for the three months ended March 31, 2025 and the year ended December 31, 2024:

Opening Balance $ 532,910 $ 515,463

Adverse PPD covered under the LPT/ADC Agreement (1)

Favorable PPD on commuted Workers Compensation business — ( 26,200 )

Recoveries received under the LPT/ADC Agreement ( 28,162 ) ( 20,825 )

Change in credit loss allowance on reinsurance recoverable under LPT/ADC Agreement 289 134

Reinsurance recoverable on unpaid losses under the LPT/ADC Agreement $ 509,938 $ 532,910

(1) Adverse PPD covered under the LPT/ADC Agreement for the three months ended March 31, 2025 is due to foreign currency translation adjustments on the re-measurement of net loss reserves and insurance related liabilities denominated in British pound and euro.

The table below shows the components of the decrease in the deferred gain for the LPT/ADC Agreement for the three months ended March 31, 2025 and the year ended December 31, 2024:

Opening Balance $ 104,955 $ 70,916

Adverse PPD covered under the LPT/ADC Agreement (1)

Favorable PPD on commuted Workers Compensation business — ( 26,200 )

Amortization of deferred gain for the LPT/ADC Agreement ( 5,888 ) ( 4,099 )

Deferred gain liability for the LPT/ADC Agreement $ 103,968 $ 104,955

Cavello provided collateral in the form of a letter of credit in the amount of $ 445,000 to AmTrust under the LPT/ADC Agreement.

1 unchanged sentence

Related Party Transactions.

As of September 30, 2024, the amount of collateral required was $ 493,901 (December 31, 2023 - $ 490,070 ).

As of March 31, 2025, the amount of collateral required was $ 455,396 (December 31, 2024 - $ 484,721 ).

Under the terms of the LPT/ADC Agreement, the covered losses associated with the Commutation and Release Agreement with AmTrust are eligible to be covered but recoverable only when such losses are paid or settled by AII or its affiliates, provided such losses and other related amounts shall not exceed $ 312,786 .

Cavello's parent company, Enstar Group Limited, has credit ratings of BBB+ from both Standard & Poor's and Fitch Ratings at September 30, 2024 .

Cavello's parent company, Enstar Group Limited, has credit ratings of BBB+ from both Standard & Poor's and Fitch Ratings at March 31, 2025 .

MAIDEN HOLDINGS, LTD.

16 unchanged sentences

The reserve for loss and LAE consists of:

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

Reserve for reported loss and LAE

5 unchanged sentences

The following table represents a reconciliation of our beginning and ending gross and net loss and LAE reserves:

For the Nine Months Ended September 30, 2024 2023

For the Three Months Ended March 31, 2025 2024

Gross loss and LAE reserves, January 1

7 unchanged sentences

( 7,623 ) 11,625

45,453 36,503

Net paid losses related to:

4 unchanged sentences

GLS run-off business acquired or assumed ( 473 ) —

Opening allowance for expected credit loss on reinsurance recoverable on unpaid losses — 4,277

Effect of foreign exchange rate movements

14,080 ( 5,497 )

Net loss and LAE reserves, September 30 147,078 352,698

Reinsurance recoverable on unpaid losses, September 30 574,358 558,777

Gross loss and LAE reserves, September 30 $ 721,436 $ 911,475

Net loss and LAE reserves, March 31 207,936 244,533

Reinsurance recoverable on unpaid losses, March 31 549,350 569,346

Gross loss and LAE reserves, March 31 $ 757,286 $ 813,879

Prior period loss development ("PPD") arises from changes to loss estimates recognized in the current year that relate to loss reserves established in previous calendar years.

The favorable or unfavorable development reflects changes in management's best estimate of the ultimate losses under the relevant reinsurance policies after considerable review of changes in actuarial assessments.

The Company recognized net adverse PPD of $ 11,703 and $ 25,066 for the three and nine months ended September 30, 2024, respectively (2023:

adverse $ 7,834 and $ 15,984 , respectively).

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Reserve for Loss and Loss Adjustment Expenses (continued)

In the Diversified Reinsurance segment, there was favorable PPD of $ 15 and net adverse PPD of $ 887 for the three and nine months ended September 30, 2024, respectively (2023:

adverse $ 1,864 and $ 3,938 , respectively).

The favorable PPD for the three months ended September 30, 2024 was driven by favorable development in other runoff business lines partly offset by adverse development in International.

The adverse PPD for the nine months ended September 30, 2024 was driven by International and facultative lines partly offset by favorable development in GLS business.

Prior year development for the three and nine months ended September 30, 2023 was driven by adverse development primarily due to a German Auto program in run-off from the International unit along with development from other runoff business lines and also included the recognition of expected credit losses on reinsurance recoverable on unpaid losses for the year-to-date period.

The table below shows prior year loss development for the AmTrust Reinsurance segment for the three and nine months ended September 30, 2024 and 2023:

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2024 2023 2024 2023

Prior Year Loss Development adverse (favorable)

The following table summarizes the (favorable) adverse prior period development experienced in each of our reportable segments for the three months ended March 31, 2025 and 2024:

For the Three Months Ended March 31,

Prior Year Loss Development (favorable) adverse 2025 2024

Diversified Reinsurance $ ( 4,557 ) $ ( 655 )

AmTrust Reinsurance ( 7,804 ) 7,218

Total Prior Year Development $ ( 12,361 ) $ 6,563

Diversified Reinsurance Segment

In the Diversified Reinsurance segment, there was favorable PPD of $ 4,557 for the three months ended March 31, 2025 (2024:

favorable $ 655 ).

The favorable PPD for the three months ended March 31, 2025 was primarily driven by favorable development in GLS business lines, and other runoff business.

Prior year development for the three months ended March 31, 2024 was driven by favorable development in GLS and other runoff business lines partly offset by adverse development in International business.

AmTrust Reinsurance Segment

The table below shows prior year loss development for the AmTrust Reinsurance segment for the three months ended March 31, 2025 and 2024:

For the Three Months Ended March 31,

Prior Year Loss Development (favorable) adverse

AmTrust Quota Share $ ( 1,655 ) $ 5,000

AmTrust other runoff ( 79 ) ( 20 ) ( 305 ) ( 360 )

LPT/ADC Agreement ( 6,176 ) ( 317 )

European Hospital Liability Quota Share 27 2,535

Total AmTrust Reinsurance PPD $ ( 7,804 ) $ 7,218

In the AmTrust Reinsurance segment, net adverse PPD was $ 11,718 and $ 24,179 during the three and nine months ended September 30, 2024, respectively (2023:

adverse $ 5,970 and $ 12,046 , respectively) as detailed in the table above.

Net adverse PPD for the three and nine months ended September 30, 2024 was primarily from the AmTrust Quota Share.

In the AmTrust Reinsurance segment, net favorable PPD was $ 7,804 during the three months ended March 31, 2025 (2024:

adverse $ 7,218 ) as detailed in the table above.

Net favorable PPD for the three months ended March 31, 2025 was primarily from amortization of the deferred gain liabilty on the LPT/ADC Agreement of $ 5,888 which reduced net losses incurred in the current period;

in addition there was a reduction of $ 289 in the credit loss allowance for reinsurance recoverable under the LPT/ADC Agreement for the three months ended March 31, 2025.

Net adverse PPD for the three months ended March 31, 2024 was primarily from the AmTrust Quota Share and European Hospital Liability.

In the AmTrust Quota Share, U.S.

1 unchanged sentence

this was partly offset by continued favorable development within Workers Compensation business for accident years 2014 to 2017.

Net adverse loss development on European Hospital Liability Quota Share for the nine months ended September 30, 2024 was primarily driven by emergence of loss data from adverse claim verdicts on older claims, resulting in strengthening of loss development tail on underwriting years 2011 to 2014.

Net adverse PPD for the three and nine months ended September 30, 2023 was primarily from European Hospital Liability for the three months ended September 30, 2023, and European Hospital Liability and the AmTrust Quota Share (General Liability and Commercial Auto Liability partly offset by continued favorable development in Workers Compensation) for the nine months ended September 30, 2023.

Net adverse loss development on European Hospital Liability was primarily driven by emergence of loss data during 2023 on underwriting years 2011 to 2016.

The increase in the deferred gain on retroactive reinsurance was $ 17,081 for the nine months ended September 30, 2024 (2023:

Net adverse loss development on European Hospital Liability Quota Share was primarily driven by emergence of loss data from adverse claim verdicts on older claims, resulting in strengthening of loss development tail on underwriting years 2011 to 2014.

Change in Recoverable for LPT/ADC Agreement

The reconciliation of the beginning and ending gross and net loss and LAE reserves included a net decrease in the deferred gain on retroactive reinsurance of $ 987 for the three months ended March 31, 2025 (2024:

$ 4,982 increase) due to a decrease in the deferred gain and related reinsurance recoverable on unpaid losses under the LPT/ADC Agreement with Cavello of $ 987 for the three months ended March 31, 2025 (2024:

$ 5,000 increase).

This included an increase in the deferred gain liability and related reinsurance recoverable on unpaid losses under the LPT/ADC Agreement with Cavello of $ 17,105 for the nine months ended September 30, 2024 (2023:

$ 11,108 increase) caused by adverse development on loss reserves covered under the LPT/ADC Agreement (2023 - adverse).

The deferred gain on retroactive reinsurance under the LPT/ADC Agreement represents the cumulative adverse development for covered risks in the AmTrust Quota Share as of September 30, 2024 and December 31, 2023.

Amortization of the deferred gain will not occur until paid losses have exceeded the minimum retention under the LPT/ADC Agreement, which is estimated to be in the fourth quarter of 2024.

The decrease in the deferred gain on retroactive reinsurance of $ 987 for the three months ended March 31, 2025 included amortization of the deferred gain on the LPT/ADC Agreement of $ 5,888 partly offset by adverse PPD of $ 4,901 that was the result of foreign currency translation adjustments on the re-measurement of net loss liabilities denominated in British pound and euro on loss reserves covered under the LPT/ADC Agreement.

Please refer to Note 8.

Reinsurance for tables that show the components of the decrease in the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement and the related deferred gain for the three months ended March 31, 2025 and the year ended December 31, 2024 .

MAIDEN HOLDINGS, LTD.

32 unchanged sentences

Related Party Transactions in the Annual Report on Form 10-K for the year ended December 31, 2024 for further details.

A premium deficiency was recognized for the AmTrust Quota Share at September 30, 2024 since the sum of anticipated loss and LAE, unamortized acquisition expenses less anticipated investment income exceeded unearned premiums.

Therefore, a premium deficiency of $ 3,664 and $ 3,748 was recognized with the Company accelerating the amortization of deferred acquisition costs during the three and nine months ended September 30, 2024, respectively.

European Hospital Liability Quota Share

4 unchanged sentences

Maiden Reinsurance paid a ceding commission of 5 % on contracts assumed under the European Hospital Liability Quota Share.

Effective July 1, 2016, the European Hospital Liability Quota Share was amended such that Maiden Reinsurance assumes from AEL 32.5 % of the premiums and losses of all policies written or renewed on or after July 1, 2016 until June 30, 2017 and 20 % of all policies written or renewed on or after July 1, 2017.

Thereafter, on January 30, 2019, Maiden Reinsurance, AEL and AIU DAC agreed to terminate the European Hospital Liability Quota Share on a run-off basis effective as of January 1, 2019.

MAIDEN HOLDINGS, LTD.

3 unchanged sentences

Related Party Transactions (continued)

Thereafter, on January 30, 2019, Maiden Reinsurance, AEL and AIU DAC agreed to terminate the European Hospital Liability Quota Share on a run-off basis effective as of January 1, 2019.

Effective July 1, 2022, Maiden Reinsurance and AIU DAC entered into an agreement ("Commutation Agreement") which provided for AIU DAC to assume all reserves ceded by AIU DAC to Maiden Reinsurance with respect to AIU DAC’s French Medical Malpractice exposures for underwriting years 2012 through 2018 reinsured by Maiden Reinsurance under the European Hospital Liability Quota Share.

1 unchanged sentence

As a result of the Commutation Agreement, Maiden Reinsurance reduced its exposure to AmTrust's Hospital Liability business, but still has exposure to Italian medical malpractice liabilities under the European Hospital Liability Quota Share.

The table below shows the effect of both of these quota share arrangements with AmTrust on the Company's Condensed Consolidated Income Statements for the three and nine months ended September 30, 2024 and 2023, respectively:

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2024 2023 2024 2023

The table below shows the effect of both of these quota share arrangements with AmTrust on the Company's Condensed Consolidated Income Statements for the three months ended March 31, 2025 and 2024, respectively:

For the Three Months Ended March 31, 2025 2024

Gross and net premiums written $ ( 942 ) $ ( 505 )

3 unchanged sentences

Collateral provided to AmTrust

a) AmTrust Quota Share

To provide AmTrust's U.S.

insurance subsidiaries with credit for reinsurance on their statutory financial statements, AII, as the direct reinsurer of AmTrust's insurance subsidiaries, established trust accounts ("Trust Accounts") for their benefit.

Maiden Reinsurance has provided appropriate collateral to secure its proportional share under the AmTrust Quota Share of AII's obligations to the AmTrust subsidiaries to whom AII is required to provide collateral which can include:

(a) assets loaned by Maiden Reinsurance to AII for deposit into the Trust Accounts, pursuant to a loan agreement between those parties;

(b) assets transferred by Maiden Reinsurance for deposit into the Trust Accounts;

or (c) a letter of credit obtained by Maiden Reinsurance and delivered to an AmTrust subsidiary on AII's behalf.

Maiden Reinsurance may provide any or a combination of these forms of collateral, provided that the aggregate value thereof equals Maiden Reinsurance's proportionate share of its obligations under the AmTrust Quota Share.

The collateral requirements under the AmTrust Quota Share with AII was satisfied as follows:

• by lending funds of $ 167,975 at September 30, 2024 and December 31, 2023 pursuant to a loan agreement entered into between those parties.

Advances under the loan are secured by promissory notes.

This loan was assigned by AII to AmTrust effective December 31, 2014 and is carried at cost.

There was no allowance for expected credit losses recognized on the loan at September 30, 2024 and December 31, 2023.

Interest is payable at a rate equivalent to the Federal Funds Effective Rate ("Fed Funds") plus 200 basis points per annum.

The interest income on the loan was $ 3,067 and $ 9,190 for the three and nine months ended September 30, 2024, respectively (2023:

$ 3,073 and $ 8,698 , respectively) and the effective yield was 7.3 % for the respective periods (2023:

7.3 % and 6.9 %, respectively).

• on January 30, 2019, in connection with the termination of the reinsurance agreements described above, the Company and AmTrust amended the Loan Agreement between Maiden Reinsurance, AmTrust and AII, originally entered into on November 16, 2007, by extending the maturity date to January 1, 2025 and specifies that due to the termination of the AmTrust Quota Share, no further loans or advances may be made pursuant to the Loan Agreement.

• on January 11, 2019, the Company transferred $ 575,000 to AmTrust as a portion of the existing Trust Accounts used for collateral on the AmTrust Quota Share was converted to a funds withheld arrangement.

The funds withheld receivable earned an annual interest rate of 3.5 % in 2024, which was subject to annual adjustment (2023:

At September 30, 2024, the funds withheld balance with AmTrust depleted to $ 0 (December 31, 2023:

$ 128,451 ) and accrued interest was $ 0 (December 31, 2023:

The interest income on the funds withheld receivable was $ 71 and $ 1,262 for the three and nine months ended September 30, 2024, respectively (2023:

$ 2,227 and $ 8,569 , respectively).

No allowance for expected credit losses was recognized for the fund withheld receivable from AmTrust and related accrued interest at December 31, 2023.

Pursuant to the terms of the LPT/ADC Agreement, Maiden Reinsurance, Cavello and AmTrust and certain of its affiliated companies entered into a Master Collateral Agreement (“MCA”) to define and enable the operation of collateral provided under the AmTrust Quota Share.

Under the MCA, Cavello provided letters of credit on behalf of Maiden Reinsurance to AmTrust in an amount representing Cavello’s obligations under the LPT/ADC Agreement.

Because these letters of credit replaced other collateral previously provided directly by Maiden Reinsurance to AmTrust, the MCA coordinates the collateral protection that will be provided to AmTrust to ensure that no gaps in collateral funding occur by operation of the LPT/ADC Agreement and

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Related Party Transactions (continued)

As a result of entering into both the LPT/ADC Agreement and the MCA, certain post-termination endorsements (“PTEs”) to the AmTrust Quota Share between AII and Maiden Reinsurance were required.

18 unchanged sentences

Pursuant to the terms of Post Termination Endorsement No.

3 to the AmTrust Quota Share, AmTrust has agreed to eliminate the minimum excess funding requirement of $ 54,000 in the AmTrust Quota Share between All and Maiden.

Collateral on the AmTrust Quota Share will now solely be tied to a contractually agreed percentage and is expected to be reduced from a current level of 107.5 % to 105 % during the second or third quarter of 2025 when its obligations are expected to decline below the $ 500,000 threshold.

The terms of Post Termination Endorsement No.

3 was effective upon the execution and delivery of the AR Loan Agreement and the Premium Repayment Loan Agreement approved by the Vermont DFR on February 7, 2025.

Pursuant to the terms of Post Termination Endorsement No.

1 to the European Hospital Liability Quota Share, Maiden Reinsurance strengthened the collateral protection provided by Maiden Reinsurance to AEL and AIU DAC by increasing the required funding percentage for Maiden Reinsurance under the collateral arrangements between the parties to the greater of 120 % of the Exposure (as defined therein) and the amount of security required to offset the increase in the Solvency Capital Requirement (“SCR”) that results from the changes in the SCR which arise out of Maiden Reinsurance's re-domestication as compared to the SCR calculation if Maiden Reinsurance had remained domesticated in a Solvency II equivalent jurisdiction with a solvency ratio above 100 % and provided collateral equivalent to 100 % of the Exposure.

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Related Party Transactions (continued)

Pursuant to the terms of Post Termination Endorsement No.

2 to the European Hospital Liability Quota Share, AmTrust has also agreed to reduce the collateral funding percentage on the European Hospital Liability Quota Share from 120 % to 105 %, on the effective date of this endorsement, which was approved by the Vermont DFR on February 19, 2025.

On December 31, 2024, Maiden Reinsurance and AmTrust entered into a Loan Agreement (the “Premium Repayment Loan Agreement”) by which Maiden Reinsurance will repay AII the principal amount of $ 24,259 representing settlement of a dispute over cessions of uncollectible ceded premiums written made by AII to Maiden Reinsurance, payable by Maiden Reinsurance in quarterly installments through the maturity date of December 31, 2032.

This settlement was recognized on the Consolidated Balance Sheets as reinsurance losses payable within accrued expenses and other liabilities at December 31, 2024.

AmTrust may offset any amount payable against any amount due and unpaid by Maiden Reinsurance, under any agreement between AmTrust or its affiliate and Maiden Reinsurance or its affiliate, including without limitation, the European Hospital Liability Quota Share, dated April 1, 2011, as amended.

Interest is payable at a rate equivalent to the Fed Funds rate plus 150 basis points per annum under the terms of Premium Repayment Loan Agreement.

a) AmTrust Quota Share

To provide AmTrust's U.S.

(a) assets loaned by Maiden Reinsurance to AII for deposit into the Trust Accounts, pursuant to a loan agreement between those parties;

(b) assets transferred by Maiden Reinsurance for deposit into the Trust Accounts;

or (c) a letter of credit obtained by Maiden Reinsurance and delivered to an AmTrust subsidiary on AII's behalf.

The collateral requirements under the AmTrust Quota Share with AII are presently satisfied as follows:

• On January 1, 2025, Maiden Reinsurance and AmTrust amended the terms of the loan agreement provided by Maiden Reinsurance to AII.

Under the revised terms, an Amended and Restated Loan Agreement was entered into effective January 1, 2025 (the “AR Loan Agreement”), by which the principal amount of the collateral loan will be repaid (subject to funding of collateral requirements) on or before the revised maturity date of January 1, 2033 pursuant to a repayment schedule set forth in the AR Loan Agreement.

The principal amount shall equal (a) $ 152,377 minus (b) the amount of payments and any prepayments made by or on behalf of AmTrust from time to time.

Interest will be payable at a rate equivalent to the Fed Funds rate plus 150 basis points per annum under the terms of the AR Loan Agreement.

• AmTrust may offset any amount payable against any amount due and unpaid by Maiden Reinsurance, under any agreement between AmTrust or its affiliate and Maiden Reinsurance or its affiliate, including without limitation, the AmTrust Quota Share and European Hospital Liability Quota Share dated April 1, 2011, as amended, between Maiden Reinsurance and AmTrust, any other reinsurance agreements between AmTrust or its affiliates and Maiden Reinsurance or its affiliates and the Premium Repayment Loan Agreement dated December 31, 2024 with respect to the settlement of certain ceded premium balances of $ 24,259 entered into between AII and Maiden Reinsurance.

• Commencing on January 1, 2025, the outstanding balances under the AR Loan Agreement and Premium Repayment Loan Agreement are presented on the Company's balance sheet on a net basis.

The outstanding net loan receivable was $ 128,118 at March 31, 2025 (December 31, 2024:

There was no allowance for expected credit losses recognized on the loan at March 31, 2025 and December 31, 2024.

Interest is payable at a rate equivalent to the Federal Funds Effective Rate ("Fed Funds") plus 150 basis points per annum (December 31, 2024 - 200 basis points per annum on the original loan prior to the AR Loan agreement).

• Net interest income on the net loan receivable was $ 598 in the three months ended March 31, 2025 (2024:

$ 3,070 earned on the original Loan Agreement) with an effective yield of 1.9 % (2024:

7.3 % on the original Loan Agreement).

Net interest income earned on the net loan receivable for the three months ended March 31, 2025 was offset by a non-recurring adjustment of $ 1,240 due to contractual reductions regarding the timing of paid loss settlements in 2024.

The Company expects net interest income to be lower going forward as interest income on the AR Loan Agreement is now offset by interest payable on the Premium Repayment Loan Agreement from January 1, 2025.

b) European Hospital Liability Quota Share

Collateral has been provided to both AEL and AIU DAC under the European Hospital Liability Quota Share.

For AEL, the amount of the collateral held in reinsurance trust accounts at September 30, 2024 was $ 153,442 (December 31, 2023:

For AEL, the amount of the collateral held in reinsurance trust accounts at March 31, 2025 was $ 130,845 (December 31, 2024:

$ 123,681 ) and the accrued interest was $ 593 (December 31, 2024:

3 unchanged sentences

The agreement may be terminated upon 30 days written notice by either party.

The Company recorded $ 50 and $ 163 of investment management fees for the three and nine months ended September 30, 2024, respectively (2023:

$ 61 and $ 206 , respectively) under this agreement.

The Company recorded $ 54 of investment management fees for the three months ended March 31, 2025 (2024:

$ 57 ) under this agreement.

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Related Party Transactions (continued)

On September 9, 2020, Maiden Reinsurance, AmTrust and AIIM entered into a novation agreement, effective July 1, 2020, which provided for the novation of the asset management agreement, dated January 1, 2018 between Maiden Reinsurance and AIIM, and the release by Maiden Reinsurance of AIIM's obligations under the asset management agreement.

3 unchanged sentences

Renewal Rights Agreement - IIS Business

On May 3, 2024 and June 20, 2024, Maiden LF and Maiden GF entered into the AmTrust Renewal Rights Agreements with certain subsidiaries of AmTrust, which are expected to cover certain programs of Maiden LF and Maiden GF's primary business written in Sweden, Norway, other Nordic countries, the United Kingdom and Ireland.

On May 3, 2024, Maiden LF and Maiden GF entered into a Renewal Rights and Asset Purchase Agreement with AmTrust Nordic AB, a Swedish unit of AmTrust, which is expected to cover certain programs of Maiden LF and Maiden GF's primary business written in Sweden, Norway and other Nordic countries.

On June 20, 2024, Maiden LF and Maiden GF entered into a Renewal Rights and Asset Purchase Agreement with AEL and AIU DAC, both wholly owned subsidiaries of AmTrust, which is expected to cover certain programs of Maiden LF and Maiden GF's primary business written in the United Kingdom and Ireland.

These two Renewal Rights and Asset Purchase Agreements as described above are collectively referred to as the AmTrust Renewal Rights Agreements (“AmTrust Renewal Rights Agreements”).

As at March 31, 2025, Maiden LF and Maiden GF substantially completed all the main contractual obligations as per the AmTrust Renewal Rights Agreements.

Combination Agreement with Kestrel Group

On December 29, 2024, the Company entered into a combination agreement with Kestrel to combine and form a new, publicly listed specialty program group as discussed in Note 1.

Basis of Presentation.

AmTrust is a significant shareholder of Kestrel.

Following closing of the transaction, Kestrel will continue to write business through its use of A.M.

Best A- FSC XV insurance carriers, including Sierra Specialty Insurance Company, Rochdale Insurance Company, Park National Insurance Company, and Republic Fire and Casualty Insurance Company, all subsidiaries of AmTrust.

In connection with the transaction, the combined company will have the option to acquire the Insurers from AmTrust for a period of up to three years after closing.

MAIDEN HOLDINGS, LTD.

5 unchanged sentences

a) Concentrations of Credit Risk

At September 30, 2024 and December 31, 2023, the Company’s assets where significant concentrations of credit risk may exist include investments, cash and cash equivalents, loan to related party, reinsurance balances receivable, reinsurance recoverable on paid and unpaid losses and funds withheld receivable.

At March 31, 2025 and December 31, 2024, the Company’s assets where significant concentrations of credit risk may exist include investments, cash and cash equivalents, loan to related party (presented on a net basis from January 1, 2025), reinsurance balances receivable, reinsurance recoverable on paid and unpaid losses and funds withheld receivable.

Please refer to " Note 8.

10 unchanged sentences

AmTrust has a financial strength/credit rating of A- (Excellent) from A.M.

Best at September 30, 2024.

Best at March 31, 2025.

To mitigate credit risk, the Company generally has a contractual right of offset thereby allowing claims to be settled net of any premiums or loan receivable.

The Company believes these balances as at September 30, 2024 will be fully collectible.

The Company believes these balances as at March 31, 2025 will be fully collectible.

b) Investment Commitments and Related Financial Guarantees

The Company's total unfunded commitments on alternative investments was $ 56,028 at September 30, 2024 (December 31, 2023:

$ 100,846 ) which included commitments for other investments, private equity securities and equity method investments.

The table below shows the total unfunded commitments by type of investment as at September 30, 2024 and December 31, 2023:

September 30, 2024 December 31, 2023

The Company's total unfunded commitments on alternative investments was $ 41,248 at March 31, 2025 (December 31, 2024:

$ 43,966 ) which included commitments for other investments and equity method investments.

The table below shows the total unfunded commitments by type of investment as at March 31, 2025 and December 31, 2024:

March 31, 2025 December 31, 2024

Fair Value % of Total Fair Value % of Total

Private equity funds $ 23,802 57.7 % $ 28,258 64.3 %

Private credit funds — — % 11,361 11.3 %

Investments in direct lending entities 2,475 6.0 % — — %

Total unfunded commitments on other investments $ 26,277 63.7 % $ 28,258 64.3 %

Total unfunded commitments on equity securities $ 6,183 11.0 % $ 14,735 14.6 %

Total unfunded commitments on equity method investments $ 14,971 36.3 % $ 15,708 35.7 %

5 unchanged sentences

The Company is not bound to such guarantees without its express authorization.

As discussed above, at September 30, 2024, guarantees of $ 69,818 (December 31, 2023:

As discussed above, at March 31, 2025, guarantees of $ 67,710 (December 31, 2024:

$ 67,740 ) were provided to lenders by the Company on behalf of real estate joint ventures, however, the likelihood of the Company incurring any losses pertaining to project level financing guarantees was determined to be remote.

9 unchanged sentences

For operating leases that have a lease term of more than twelve months, and whose lease payments are above a certain threshold, the Company recognizes a lease liability and a right-of-use asset in the Condensed Consolidated Balance Sheets at the present value of the remaining lease payments until expiration.

The Company has contracted to lease office space in a building in New York City that commenced in April 2024, which created a significant right-of-use asset and a lease liability upon completion of certain leasehold improvements for the ten-year operating lease.

The Company has occupied this space and capitalized the leased asset in the second quarter of 2024.

As the lease contracts generally do not provide an implicit discount rate, the Company used the weighted-average discount rate of 8.5 %, representing its secured incremental borrowing rate, in calculating the present value of the lease liability.

At September 30, 2024, the Company's future lease obligations of $ 2,015 (December 31, 2023:

At March 31, 2025, the Company's future lease obligations of $ 1,880 (December 31, 2024:

$ 1,909 ) were calculated based on the present value of future annual rental commitments excluding taxes, insurance and other operating costs for non-cancellable operating leases discounted using its secured incremental borrowing rate.

This amount has been recognized on the Condensed Consolidated Balance Sheet as a lease liability within accrued expenses and other liabilities with an initial equivalent amount for the right-of-use asset presented as part of other assets .

At September 30, 2024, the Company's right-of-use lease asset of $ 1,517 reflected certain lease incentives that were accepted which reduced the right-of-use asset and were separately capitalized under leasehold improvements to be depreciated over the effective term of the related lease agreements (December 31, 2023:

At March 31, 2025, the Company's right-of-use lease asset of $ 1,336 reflected certain lease incentives that were accepted which reduced the right-of-use asset and were separately capitalized under leasehold improvements to be depreciated over the effective term of the related lease agreements (December 31, 2024:

The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the term of the borrowing.

The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company's weighted-average remaining lease term is approximately 9.6 years at September 30, 2024.

The Company's weighted-average remaining lease term is approximately 9.5 years at March 31, 2025.

Under Topic 842, Leases , the Company continues to recognize the related leasing expense on a straight-line basis over the lease term on the Condensed Consolidated Statements of Income.

The Company's total lease expense was $ 148 and $ 446 for three and nine months ended September 30, 2024, respectively (2023:

$ 119 and $ 374 , respectively) recognized within general and administrative expenses consistent with the prior accounting treatment under Topic 840.

At September 30, 2024, the scheduled maturity of the Company's operating lease liabilities are expected to be as follows:

September 30, 2024

The Company's total lease expense was $ 99 for three months ended March 31, 2025 (2024:

$ 146 ) recognized within general and administrative expenses consistent with the prior accounting treatment under Topic 840.

At March 31, 2025, the scheduled maturity of the Company's operating lease liabilities are expected to be as follows:

March 31, 2025

Thereafter 1,449

1 unchanged sentence

Total discounted operating lease liabilities $ 1,880

The Company has contracted to lease office space in New York City commencing in April 2024, which created a significant right-of-use asset and a lease liability once certain leasehold improvements were completed and the operating lease has commenced.

The Company has occupied this space and capitalized the leased asset in the second quarter of 2024.

d) Legal Proceedings

3 unchanged sentences

Based on the Company's opinion, the eventual outcome of these legal proceedings is not expected to have a material adverse effect on its financial condition or results of operations.

In April 2009, the Company learned that Bentzion S.

Turin, the former Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Reinsurance, sent a letter to the U.S.

Department of Labor claiming that his employment with the Company was terminated in retaliation for corporate whistle-blowing in violation of the whistle-blower protection provisions of the Sarbanes-Oxley Act of 2002.

Turin alleged that he was terminated for raising concerns regarding corporate governance with respect to the negotiation of the terms of the Trust Preferred Securities Offering.

He seeks reinstatement as Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Reinsurance, back pay and legal fees incurred.

On December 31, 2009, the U.S.

Secretary of Labor found no reasonable cause for Mr.

Turin’s claim and dismissed the complaint in its entirety.

Turin objected to the Secretary's findings and requested a hearing before an administrative law judge in the U.S.

Department of Labor.

The Company moved to dismiss Mr.

Turin's complaint, and its motion was granted by the Administrative Law Judge on June 30, 2011.

On July 13, 2011, Mr.

Turin filed a petition for review of the Administrative Law Judge's decision with the Administrative Review Board in the U.S.

Department of Labor.

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Commitments, Contingencies and Guarantees (continued)

On March 29, 2013, the Administrative Review Board reversed the dismissal of the complaint on procedural grounds, and remanded the case to the administrative law judge.

The administrative hearing began in September 2014 and concluded in November 2018.

On September 2, 2021, Administrative Law Judge Theresa C.

Timlin of the U.S.

Department of Labor issued a decision and order which denied Mr.

Turin’s complaint in full.

On September 16, 2021, Mr.

Turin filed a petition for review of the Administrative Law Judge's decision with the Administrative Review Board in the U.S.

Department of Labor.

On June 29, 2023, the Administrative Review Board issued a decision and order which summarily affirmed the September 2, 2021 decision and order of the Administrative Law Judge.

The decision and order of the Administrative Review Board became the final order of the Secretary of Labor on July 27, 2023.

On July 28, 2023, Mr.

Turin filed a petition for review of the final order of the Secretary of Labor in the United States Court of Appeals for the Second Circuit.

The Secretary of Labor is the respondent before the Second Circuit and the Court granted the Company's petition to intervene in order to present its position to the Court.

A putative class action complaint was filed against Maiden Holdings, Arturo M.

7 unchanged sentences

On August 6, 2021, the Court issued an order denying, in part, Defendants’ motion to dismiss, ordering Plaintiffs to file a shorter amended complaint no later than August 20, 2021, and permitting discovery to proceed on a limited basis.

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Commitments, Contingencies and Guarantees (continued)

On February 7, 2023, the District Court denied Plaintiffs’ motion for reconsideration of the District Court’s decision denying Plaintiffs’ objection to the Magistrate Judge’s December 2021 ruling on discovery.

6 unchanged sentences

Plaintiffs have appealed to the United States Court of Appeals for the Third Circuit.

We believe the claims are without merit and we intend to vigorously defend ourselves.

On December 26, 2024, WUSO Holding Corporation and 683 Capital Partners filed a lawsuit against Maiden Holdings North America, Ltd.

and Maiden Holdings in the Supreme Court of the State of New York, County of New York, captioned WUSO Holding Corporation and 683 Capital Partners, LP v.

Maiden Holdings North America, Ltd.

and Maiden Holdings, Ltd., Index No.

The complaint alleges that Maiden’s sale of Maiden Reinsurance North America, Inc., which closed approximately six years ago from the date of the complaint, breached a sole provision of Maiden’s indenture governing its 2013 Senior Notes.

Plaintiffs allege that principal and interest payable under the 2013 Senior Notes are due currently, rather than upon the stated maturity date of the 2013 Senior Notes.

Maiden believes it has substantial procedural and substantive defenses to the asserted claims, and it intends to vigorously defend against these claims.

As discussed in Note 1.

Basis of Presentation , on December 29, 2024, the Company entered into a Combination Agreement with Kestrel.

In connection with the Combination Agreement, (i) Bermuda NewCo filed a registration statement on Form S-4, dated March 24, 2025, with the SEC and a related prospectus, dated March 26, 2025, with respect to the Bermuda NewCo common shares to be issued to Company shareholders pursuant to the transaction;

and (ii) the Company filed a definitive proxy statement on Schedule 14A, dated March 26, 2025 (collectively, the “proxy statement/prospectus”), in respect of the Special Meeting.

On April 29, 2025, the Company's shareholders approved all proposals related to the transaction at the Special Meeting.

As previously disclosed in the Company's Form 8-K filed on April 21, 2025, since the filing of the proxy statement/prospectus, seven purported shareholders of the Company have sent demand letters generally alleging that the proxy statement/prospectus is misleading and/or fails to disclose material information concerning, among other things:

(i) certain financial projections;

(ii) certain data and inputs underlying the financial analyses that support the fairness opinion provided by Insurance Advisory Partners LLC (“IAP”);

and (iii) potential conflicts of interest of IAP.

In addition, on April 9, 2025 and April 10, 2025, respectively, two separate complaints were filed by purported shareholders in the Supreme Court of the State of New York, County of New York against Maiden and its directors under the captions (i) Nathan Turner v.

Maiden Holdings, Ltd.

et al., Case No.

652257/2025 (the “Turner Complaint”);

and (ii) Mark Thomas v.

Maiden Holdings, Ltd.

et al., Case No.

154730/2025 (together with the Turner Complaint, the “Complaints”).

The Complaints allege that the proxy statement/prospectus is misleading and/or fails to disclose material information concerning, among other things (i) certain financial projections;

(ii) certain data and inputs underlying the financial analyses that support the fairness opinion provided by IAP;

and (iii) potential conflicts of interest of IAP, and bring claims for negligence and negligent misrepresentation and concealment under New York law.

The Complaints seek, among other things, injunctions barring consummation of the transaction or, in the event that the transactions are consummated, damages resulting from the alleged violations.

The Company denies the allegations in the Complaints and the demand letters, denies that any violation of law has occurred and believes that the claims asserted in the Complaints and demand letters are wholly without merit.

We believe all of the above claims are without merit and we intend to vigorously defend ourselves.

It is possible that additional lawsuits will be filed against the Company, its subsidiaries and its respective officers due to the diminution in value of our securities as a result of our operating results and financial condition.

5 unchanged sentences

Earnings per Common Share

The following is a summary of the elements used in calculating basic and diluted earnings per common share:

For the Three Months Ended September 30, For the Nine Months Ended September 30,

The following shows a summary of the elements used in calculating basic and diluted earnings per common share for the three months ended March 31, 2025 and 2024, respectively:

For the Three Months Ended March 31, 2025 2024

Net (loss) income $ ( 8,645 ) $ 1,459

Amount allocated to participating common shareholders (1)

Net loss (income) allocated to common shareholders

$ ( 8,645 ) $ 1,442

Net loss attributable to Maiden common shareholders $ ( 34,468 ) $ ( 3,527 ) $ ( 42,980 ) $ ( 17,788 )

Weighted average number of common shares – basic and diluted (1)

99,120,644 100,457,125

Basic and diluted loss per share attributable to common shareholders $ ( 0.35 ) $ ( 0.03 ) $ ( 0.43 ) $ ( 0.18 )

Basic and diluted (loss) earnings per share attributable to common shareholders

$ ( 0.09 ) $ 0.01

(1) Please refer to "Note 6.

1 unchanged sentence

Share Compensation and Pension Plans" in the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 for the terms and conditions of securities that could potentially be dilutive in the future.

There were no potentially dilutive securities for the three and nine months ended September 30, 2024 (2023:

The Company recognized income tax expense of $ 25 and $ 478 for the three and nine months ended September 30, 2024, respectively, compared to an income tax benefit of $ 31 and $ 253 for the same respective periods in 2023.

The effective tax rate on the Company's net loss differs from the statutory rate of zero percent under Bermuda law due to tax on foreign operations, primarily the U.S.

There were no potentially dilutive securities for the three months ended March 31, 2025 (2024:

The Company recognized income tax expense of $ 12 for the three months ended March 31, 2025, compared to an income tax expense of $ 11 for the same respective period in 2024.

The effective tax rate on the Company's net (loss) income differs from the statutory rate of zero percent under Bermuda law due to tax on foreign operations, primarily the U.S.

A valuation allowance has been established against the net U.S.

2 unchanged sentences

and International net deferred tax assets as more evidence is needed regarding the utilization of these losses.

At September 30, 2024, the Company has available net operating loss carry-forwards of $ 345,587 (December 31, 2023:

At March 31, 2025, the Company has available net operating loss carry-forwards of $ 460,849 (December 31, 2024:

$ 459,604 ) for income tax purposes.

1 unchanged sentence

$ 379,855 ) of net operating loss ("NOL") carryforwards expire in various years beginning in 2029.

As of September 30, 2024, approximately $ 159,384 or 46.1 % of the Company's NOL carryforwards have no expiry date under the relevant U.S.

At September 30, 2024, the Company also has a capital loss carry-forward of $ 14,866 (December 31, 2023:

$ 13,853 ) which will start to expire on December 31, 2024.

As of March 31, 2025, approximately $ 80,994 or 17.6 % of the Company's NOL carryforwards have no expiry date under the relevant U.S.

tax law (December 31, 2024 - $ 79,749 or 17.4 %) At March 31, 2025, the Company has remaining capital loss carry-forwards of $ 1,669 (December 31, 2024:

$ 1,542 ) which will expire beginning in 2027.

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Assets Held for Sale

Sale of Swedish Subsidiaries and Related IIS Operations

Such transaction is subject to customary regulatory approvals.

The sale will be an all-cash transaction and pursuant to the terms of the agreement, all existing staff and independent directors of both Maiden LF and Maiden GF will transition to the new ownership group.

This sale is part of the Company's broader plan to divest its IIS businesses, which was the conclusion of a strategic review of the IIS business platform.

Please see Note 10 — Related Party Transactions for details regarding the AmTrust Renewal Rights Agreements.

None of the held-for-sale assets and liabilities in the table below include any underwriting related balances, including those related to the AmTrust Renewal Rights Agreement.

Although Maiden LF and Maiden GF currently comprise a substantial portion of the Diversified Reinsurance segment, the Company has concluded that the sale does not constitute discontinued operations as it does not represent a strategic shift that will have a major effect on its ongoing operations and financial results.

Pursuant to the terms of the Swedish Subsidiaries Sale agreement, any remaining historic business upon closing will be fully retroceded to the Company thus there will be continuing involvement regarding the historical reinsurance operations.

However, pursuant to the terms of the Swedish Subsidiaries Sale, this transaction met the relevant held for sale criteria at December 31, 2024 and accordingly, any non-underwriting related assets and liabilities related to the sale consideration are classified as held-for-sale in the Condensed Consolidated Balance Sheets as at March 31, 2025 and December 31, 2024.

All underwriting related balances are excluded from the held-for-sale assets and liabilities which amounted to net insurance liabilities of $ 5,839 as at March 31, 2025 (December 31, 2024 - $ 6,500 ).

The Company estimated the fair value of the net assets held-for-sale to be based on the estimated selling price less costs to sell and these assets are classified as Level 2 within the fair value hierarchy as of March 31, 2025.

The assets and liabilities classified as held for sale on the Company's Consolidated Balance Sheets as at March 31, 2025 and December 31, 2024 include the following:

2025 December 31,

Fixed maturities, available-for-sale, at fair value $ 5,902 $ 6,656

Cash and cash equivalents 12,976 13,349

Accrued investment income 60 125

Other assets 700 685

Total assets held for sale $ 19,638 $ 20,815

Accrued expenses and other liabilities $ 645 $ 883

Total liabilities held for sale $ 645 $ 883

MAIDEN HOLDINGS, LTD.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands of U.S.

dollars, except share and per share data)

Subsequent Events

Subsequent to March 31, 2025, USQ Risk, a private equity investment held by the Company in the insurance distribution industry ("USQ") that is accounted for as an equity method investment completed an asset purchase agreement ("APA") with a third-party acquirer.

The Company had previously provided seed capital to USQ via preference shares and had also received a common equity position in USQ which at the transaction date represented an 18.9 % holding in USQ.

Pursuant to the terms of the agreement, the Company will receive a series of distributions commencing at closing.

In addition to the distribution of $ 4,335 received on May 2, 2025, the Company presently estimates it could receive up to $ 13,580 in additional distributions from the USQ transaction.

The Company currently estimates that the net present value of these potential distributions is approximately $ 14,188 .

NASDAQ Listing Qualifications

On April 2, 2025, the Company received a letter from the listing qualifications department staff of Nasdaq that Maiden's common shares failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Listing Rules of Nasdaq.

Since then, Nasdaq has determined that for the last 12 consecutive business days, from April 21, 2025 to May 7, 2025, the closing bid price of the Company’s common shares has been at $ 1.00 per share or greater.

Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2), and this matter is now closed.

Combination with Kestrel - Regulatory Approval Update

On May 6, 2025, Maiden Reinsurance received approval from the Vermont DFR for the change of control related to the Combination Agreement with Kestrel along with approval for the extraordinary dividend required to complete the transaction.

Other Maiden entities are still waiting for approvals regarding the change in control.

As part of the approval granted by the Vermont DFR, Maiden Reinsurance will no longer be permitted to include the intercompany loan receivable from Maiden Holdings (and related accrued interest) as an admitted asset for statutory capital and reporting purposes.

As a result, this will reduce Maiden Reinsurance's ratio of risk-based capital to total adjusted capital, which remains sufficient to support both the dividends related to the Combination Agreement with Kestrel and recurring annual dividends, and which require approval by the Vermont DFR.

In addition, Maiden Reinsurance has agreed to not purchase any additional affiliated securities of the Company and its subsidiaries.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements