Maiden Holdings Commences Public Offering

September 26, 2013

Maiden Holdings, Ltd. —  a Bermuda-based holding company – has commenced a public offering of $135 million of mandatory convertible preference shares, subject to market and other customary conditions.

The offering consists of 2,700,000 mandatory convertible preference shares with an offering price of $50 per share. Maiden intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 300,000 mandatory convertible preference shares.

Unless converted earlier, the mandatory convertible preference shares will convert automatically into a variable number of Maiden’s common shares on or about October 1, 2016. The conversion rates, dividend rate and other terms of the mandatory convertible preference shares will be determined by negotiations between the Company and the underwriters of the offering.

Maiden intends to use the net proceeds from the offering for general corporate purposes, primarily to support the continuing growth of its reinsurance operations. Pending application of the net proceeds towards general corporate purposes, Maiden expects to invest the net proceeds from the offering in marketable fixed income securities and short term investments.

Goldman, Sachs & Co., Morgan Stanley & Co. LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated will be joint book-running managers for the offering.

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