As filed with the Securities and Exchange
Commission on May 14, 2012
Registration Nos. 333 - ____ and
333 - _____
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form S-3
REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933
Maiden Holdings, Ltd.
(Exact name of registrant as specified
in its charter)
Bermuda
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98-0570192
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification Number)
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131 Front Street, 2
nd
Floor
Hamilton HM12 Bermuda
(441) 298-4900
(Address, including zip code, and
telephone number, including area code, of registrant’s principal executive offices)
CT Corporation System
111 8th Avenue, 13th Floor
New York, New York 10011
(212) 590-9330
(Name, address, including zip code,
and telephone number, including area code, of agent for service)
Maiden Holdings North America, Ltd.
(Exact name of registrant as specified
in its charter)
Delaware
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26-3541979
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification Number)
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6000 Midlantic Drive, Suite 200S
Mount Laurel, New Jersey 08054
(856) 359-2400
(Address, including zip code, and
telephone number, including area code, of registrant’s principal executive offices)
Lawrence F. Metz, Esq.
Senior Vice President, General Counsel
and Secretary
Maiden Holdings North America, Ltd.
6000 Midlantic Drive, Suite 200S
Mount Laurel, New Jersey 08054
(856) 359-2400
(Name, address, including zip code,
and telephone number, including area code, of agent for service)
With a copy to:
Samir A. Gandhi, Esq.
Sidley Austin
llp
787 Seventh Avenue
New York, New York 10019
(212) 839-5300
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Michael G. Frith
Conyers Dill & Pearman Limited
Clarendon House, 2 Church Street
PO BOX HM 666, Hamilton HM CX, Bermuda
(441) 295 1422
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Approximate date of commencement of
proposed sale to the public:
From time to time after this Registration Statement becomes effective.
If the only securities being registered
on this form are being offered pursuant to dividend or interest reinvestment plans, please check the following box.
o
If any of the securities being registered
on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than
securities offered only in connection with dividend or interest reinvestment plans, please check the following box.
x
If this form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering.
o
If this form is a post-effective amendment
filed pursuant to Rule 462(c) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering.
o
If this form is a registration statement
pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule 462(e) under the Securities Act, check the following box.
o
If this form is a post-effective amendment
to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes
of securities pursuant to Rule 413(b) under the Securities Act, check the following box.
o
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2
of the Exchange Act. (Check one):
Large accelerated filer
o
Accelerated
filer
x
Non-accelerated filer
o
Smaller
reporting company
o
(Do not check if a smaller reporting company)
CALCULATION OF REGISTRATION FEE
Title of each class of
securities to be registered(1)
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Amount
to be
registered(2)(7)
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Proposed
maximum
offering price
per unit(2)(3)
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Proposed
maximum
aggregate
offering price
(2)(4)(7)
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Amount
of
registration
fee(5)(7)
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Maiden Holdings, Ltd.
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$300,000,000
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Common Shares, par value $0.01
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Preference Shares
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Depositary Shares Representing Preference Shares
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Guarantees of Debt Securities(6)
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Warrants
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Units(7)
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Maiden Holdings North America, Ltd.
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$300,000,000
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Debt Securities(6)
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Total
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$300,000,000
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100%
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$300,000,000
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$34,830
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(1)
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These offered securities may be sold separately, together or as units with other offered securities.
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(2)
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Not specified as to each class of securities to be registered. The maximum aggregate offering price
of the securities registered hereby will not exceed $300,000,000. Such amount represents the principal amount of any debt securities
issued at their principal amount, the issue price (rather than the principal amount) of any debt securities issued at an original
issue discount, the liquidation preference (or, if different, the issue price) of any preference shares, the issue price of any
common shares or warrants and the exercise price of any warrants or convertible securities.
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(3)
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The proposed maximum offering price per unit will be determined from time to time by the registrant
in connection with the issuance of securities.
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(4)
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The proposed maximum aggregate offering price has been estimated for the sole purpose of computing
the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended (the “Securities Act”), and
excludes accrued interest, distributions and dividends, if any.
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(5)
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Calculated pursuant to Rule 457(o) under the Securities Act and General Instruction II.D of Form
S-3, which permits the registration fee to be calculated on the basis of the proposed maximum aggregate offering price of all the
securities listed.
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(6)
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Maiden Holdings, Ltd. will fully and unconditionally guarantee any debt securities registered hereunder
by Maiden Holdings North America, Ltd. Pursuant to Rule 457(n), no registration fee is payable with respect to any such guarantees.
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(7)
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Any securities registered under this registration statement may be sold as units with other securities
registered under this registration statement. Includes $92,500,000 aggregate offering price of securities registered under Registration
Statement of the registrants (File Nos. 333-172107 and 333-172107-01) declared effective on February 11, 2011. Pursuant to Rule
457(p), no additional registration fee is payable with respect to such securities.
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The registrants hereby amend this registration
statement on such date or dates as may be necessary to delay its effective date until the registrants shall file a further amendment
that specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act or until this registration statement shall become effective on such date as the Securities and Exchange Commission,
acting pursuant to Section 8(a), may determine.
The information in this
prospectus is not complete and may be changed. We may not sell the securities until the Registration Statement filed with the Securities
and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to
buy these securities in any state or jurisdiction where the offer or sale is not permitted.
SUBJECT TO COMPLETION,
DATED MAY 14, 2012
PROSPECTUS
$300,000,000
Maiden Holdings, Ltd.
Common Shares
Preference Shares
Depositary Shares
Guarantees
Warrants
Units
Maiden Holdings North America, Ltd.
Debt Securities
By this prospectus,
Maiden Holdings, Ltd. may offer common shares, preference shares, depositary shares, warrants and guarantees and Maiden Holdings
North America, Ltd. may offer debt securities. The specific terms of these securities will be provided in supplements to this prospectus.
The common shares of Maiden Holdings, Ltd. are listed on the NASDAQ Global Select Market under the symbol “MHLD.”
You should read
this prospectus and the applicable prospectus supplement, as well as the risks contained in or described in the documents incorporated
by reference in this prospectus or any accompanying prospectus supplement, before you invest in the securities being offered under
this prospectus.
The securities may
be sold directly to you or through agents, underwriters and/or dealers that Maiden Holdings, Ltd. or Maiden Holdings North America,
Ltd. may select, in each case on a continuous or delayed basis. If Maiden Holdings, Ltd. and/or Maiden Holdings North America,
Ltd. use agents, underwriters or dealers to sell the securities, Maiden Holdings, Ltd. and/or Maiden Holdings North America, Ltd.,
as applicable, will name them and describe their compensation in the related prospectus supplement.
Neither the Securities
and Exchange Commission, any state securities commission, the Register of Companies in Bermuda, the Bermuda Monetary Authority
or any other regulatory body has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus.
Any representation to the contrary is a criminal offense.
This prospectus may not be used to
sell securities unless accompanied by a prospectus supplement.
________________________________________
The date of this prospectus is May 14, 2012.
TABLE OF CONTENTS
Page
ABOUT THIS PROSPECTUS
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1
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RISK FACTORS
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2
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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
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2
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WHERE YOU CAN FIND MORE INFORMATION
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3
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INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
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3
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MAIDEN HOLDINGS, LTD.
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4
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MAIDEN HOLDINGS NORTH AMERICA, LTD.
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4
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USE OF PROCEEDS
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5
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RATIO OF EARNINGS TO FIXED CHARGES
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5
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DESCRIPTION OF COMMON SHARES
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5
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DESCRIPTION OF PREFERENCE SHARES
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11
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DESCRIPTION OF DEPOSITARY SHARES
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13
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DESCRIPTION OF DEBT SECURITIES
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16
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DESCRIPTION OF WARRANTS
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29
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DESCRIPTION OF UNITS
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31
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PLAN OF DISTRIBUTION
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31
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LEGAL MATTERS
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32
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EXPERTS
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32
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ENFORCEABILITY OF CIVIL LIABILITIES UNDER U.S. FEDERAL SECURITIES LAWS
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32
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ABOUT THIS PROSPECTUS
This prospectus is
part of a registration statement that we and Maiden NA filed with the Securities and Exchange Commission (the “SEC”)
utilizing a “shelf registration” process. Under this shelf registration process, we and/or Maiden NA may, from time
to time, sell any combination of the securities described in this prospectus in one or more offerings up to a total initial offering
price of $300,000,000.
This prospectus provides
you with a general description of the securities we and Maiden NA may offer. Each time we or Maiden NA offer any of the securities,
we or Maiden NA will prepare a prospectus supplement that will contain certain specific information about the terms of that offering
and the securities being offered thereby. The applicable prospectus supplement may also add, update or change information contained
in this prospectus. You should read this prospectus and the applicable prospectus supplement together with the additional information
described under the heading “Incorporation of Certain Information by Reference” in this prospectus in their entirety.
The registration statement
that contains this prospectus, and the exhibits to the registration statement, contain additional information about us, Maiden
NA and the securities that we and Maiden NA may offer under this prospectus. Statements contained in this prospectus as to the
contents of any contract or other document are not necessarily complete, and in each instance reference is made to the copy of
that contract or other document filed as an exhibit to the registration statement, each such statement being qualified in all respects
by that reference and the exhibits and schedules thereto. The registration statement and exhibits can be read at the SEC’s
web site or at the SEC office mentioned under the heading “Where You Can Find More Information” in this prospectus.
We and Maiden NA may
include agreements as exhibits to the registration statement of which this prospectus forms a part. In reviewing such agreements,
please remember they are included to provide you with information regarding their terms and are not intended to provide any other
factual or disclosure information about us, Maiden NA or the other parties to the agreements. The agreements may contain representations
and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for
the benefit of the other parties to the applicable agreement and:
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·
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should not be treated as categorical statements of fact, but rather as a way of allocating the
risk to one of the parties if those statements prove to be inaccurate;
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·
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may have been qualified by disclosures that were made to the other party in connection with the
negotiation of the applicable agreement, which disclosures would not necessarily be reflected in the agreement;
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·
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may apply standards of materiality in a way that is different from what may be viewed as material
to you or other investors in our or Maiden NA’s securities; and
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·
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were made only as of the date of the applicable agreement or such other date or dates as may be
specified in the agreement, are subject to more recent developments and therefore may no longer be accurate.
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Consent under the
Exchange Control Act 1972 (and its related regulations) has been obtained from the Bermuda Monetary Authority for the issue and
transfer of our shares and other securities to and between persons resident and non-resident of Bermuda for exchange control purposes
provided our shares remain listed on an appointed stock exchange, which includes The Nasdaq Stock Market Inc. In connection with
any offering of securities made pursuant to this prospectus, this prospectus, and any applicable prospectus supplement issued hereunder,
will be filed with the Registrar of Companies in Bermuda in accordance with Bermuda law. In granting such consent and in accepting
this prospectus for filing, neither the Bermuda Monetary Authority nor the Registrar of Companies in Bermuda accepts any responsibility
for our financial soundness or the correctness of any of the statements made or opinions expressed in this prospectus.
References in this
prospectus to “we,” “us,” “our,” “the Company” or “Maiden” or other
similar terms mean Maiden Holdings, Ltd. and its consolidated subsidiaries (including Maiden NA), unless we state otherwise or
the context indicates otherwise. References in this prospectus to “Maiden NA” mean Maiden Holdings North America, Ltd.
Additionally, in this prospectus, unless otherwise stated or the context otherwise requires, references to “dollars,”
or “$” are to United States dollars.
RISK FACTORS
Our business is subject
to uncertainties and risks and an investment in the securities being offered under this prospectus involves risks. You should carefully
consider and evaluate all of the information included and incorporated by reference in this prospectus, including the risk factors
incorporated by reference from our most recent Annual Report on Form 10-K, as updated by our Quarterly Reports on Form 10-Q and
other SEC filings before investing in these securities. We may include additional risks related to the securities being offered
in the prospectus supplement relating to that offering. It is possible that our business, financial condition, liquidity, results
of operations and prospects could be materially adversely affected by any of these risks.
SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Certain statements
in this prospectus, other than purely historical information, including estimates, projections, statements relating to our business
plans, objectives and expected operating results and the assumptions upon which those statements are based are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include in general
statements both with respect to us and the insurance industry and generally are identified with the words “anticipate,”
“believe,” “expect,” “predict”, “estimate”, “intend,” “plan,”
“project,” “seek,” “potential,” “possible,” “could,” “might,”
“may,” “should,” “will,” “would”, “will be”, “will continue”,
“will likely result” and similar expressions. In light of the risks and uncertainties inherent in all forward-looking
statements, the inclusion or incorporation by reference of such statements in this prospectus should not be considered as a representation
by us or any other person that our objectives or plans or other matters described in any forward-looking statement will be achieved.
These statements are based on current plans, estimates assumptions and expectations. Actual results may differ materially from
those projected in such forward-looking statements and therefore you should not place undue reliance on them. Important factors
that could cause actual results to differ materially from those in such forward-looking statements are set forth in Item 1A “Risk
Factors” in our Annual Report on Form 10-K and any applicable prospectus supplement offering our securities and include but
are not limited to:
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·
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Our results will fluctuate from period to period and may not be indicative of our long-term prospects;
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The property and casualty reinsurance and insurance markets may be affected by cyclical trends;
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·
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Rating agencies may downgrade or withdraw our ratings;
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·
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Loss of key executives could adversely impact our ability to implement our business strategy;
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·
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We may have difficulty integrating acquisitions;
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Our use of reinsurance brokers in contract negotiations and production of business;
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Our inability to achieve our investment objectives; and
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Our controlling shareholders’ ability to determine the outcome of matters requiring shareholder
approval.
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We caution that the
foregoing list of important factors is not intended to be and is not exhaustive. We undertake no obligation to update or revise
publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required
by law, and all subsequent written and oral forward-looking statements attributable to us or individuals acting on our behalf are
expressly qualified in their entirety by this paragraph. If one or more risks or uncertainties materialize, or if our underlying
assumptions prove to be incorrect, our actual results may vary materially from what we projected. Any forward-looking statements
included or incorporated by reference in this prospectus reflect our current view with respect to future events and are subject
to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth, strategy and
liquidity. Readers are cautioned not to place undue reliance on the forward-looking statements which speak only as of the dates
of the documents in which such statements were made.
WHERE YOU CAN FIND MORE INFORMATION
We file annual, quarterly
and periodic reports, proxy statements and other information with the SEC. You may read and copy any document we file with the
SEC at its Public Reference Room at 100 F Street N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further
information on the Public Reference Room. Our SEC filings are also available to the public from the SEC’s website at
http://www.sec.gov
or from our website at
http://www.maiden.bm
. Our Code of Business Conduct and Ethics and our committee charters are also
available on our website at
http://www.maiden.bm
or in print upon written request addressed to our corporate Secretary,
Maiden Holdings, Ltd., 131 Front Street, 2
nd
Floor, Hamilton HM12 Bermuda. However, the information on our website does
not constitute a part of, nor is it incorporated by reference in, this prospectus.
Maiden NA is a direct
wholly-owned subsidiary of Maiden and is not currently subject to the information reporting requirements of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”).
This prospectus forms
part of a combined registration statement on Form S-3 filed by us and Maiden NA with the SEC under the Securities Act. As permitted
by the SEC, this prospectus does not contain all the information in the registration statement filed with the SEC. For a more complete
understanding of this offering, you should refer to the complete registration statement, including the exhibits thereto, on Form
S-3 that may be obtained as described above. Statements contained in this prospectus or any prospectus supplement about the contents
of any contract or other document are not necessarily complete. If we have filed any contract or other document as an exhibit to
the registration statement or any other document incorporated by reference in the registration statement of which this prospectus
forms a part, you should read the exhibit for a more complete understanding of the document or matter involved. Each statement
regarding a contract or other document is qualified in its entirety by reference to the actual document.
INCORPORATION OF CERTAIN INFORMATION
BY REFERENCE
The SEC allows us
to “incorporate by reference” into this prospectus information which we file with the SEC. This means that we can disclose
important information to you by referring you to the documents containing that information and that such information will be regarded
as an important part of this prospectus.
We incorporate by
reference the information contained in the documents listed below (other than information that is deemed not to be filed):
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Annual Report on Form 10-K for the year ended December 31, 2011;
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Quarterly Reports on Form 10-Q for the quarter ended March 31, 2012; and
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Current Reports on Form 8-K filed with the SEC on March 27, 2012.
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We also incorporate
by reference any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, on or after
the date of the filing of the registration statement and, in the case of any particular offering of securities, until such offering
of securities is terminated (other than information in such documents that is deemed not to be filed). Our future filings with
the SEC will automatically update and supersede any inconsistent information in this prospectus and in our other SEC filings and
such outdated or inconsistent information will no longer be regarded as part of this prospectus.
Nothing in this prospectus
shall be deemed to incorporate information furnished but not filed with the SEC pursuant to Item 2.02 or 7.01 of Form 8-K.
You may request a
copy of any of these filings, at no cost, by writing or calling us at the following phone number or postal address:
Lawrence F. Metz, Esq.
Senior Vice President, General Counsel and Secretary
131 Front Street, 2
nd
Floor
Hamilton HM12 Bermuda
(441) 298-4900
You should rely only
on the information contained or incorporated by reference in this prospectus and the applicable prospectus supplement and any free
writing prospectus we have prepared or authorized for use with respect to a particular offering of our securities under this prospectus.
We have not authorized anyone to provide you with different or additional information and, accordingly, you should not rely on
any such information if it is provided to you. We are not making an offer to sell, or the solicitation of an offer to buy, any
of these securities in any jurisdiction where an offer or sale is not permitted. You should not assume that the information contained
in this prospectus or the applicable prospectus supplement is accurate as of any date other than the date on the front cover of
this prospectus or the applicable prospectus supplement, as the case may be, or that the information incorporated by reference
herein and therein is accurate as of any date other than the date of the relevant report or other document in which such information
is contained.
MAIDEN HOLDINGS, LTD.
We are a Bermuda-based
holding company, primarily focused on serving the needs of regional and specialty insurers in the United States and Europe by providing
innovative reinsurance solutions designed to support their capital needs. We also provide customized reinsurance solutions internationally
to clients in support of programs we design and implement for original equipment automobile manufacturers. We specialize in reinsurance
solutions that optimize financing by providing coverage within the more predictable and actuarially credible lower layers of coverage
and/or reinsuring risks that are believed to be lower hazard, more predictable and generally not susceptible to catastrophe claims.
Our tailored solutions include a variety of value added services focused on helping our clients grow and prosper. Our principal
operating subsidiaries in Bermuda and the United States are rated “A-” (Excellent) with a stable outlook by A.M. Best
Company (“A.M. Best”), which rating is the fourth highest of 16 rating levels, and BBB+ (Good) with a stable outlook
by Standard & Poor’s, which is the sixth highest of 21 rating levels.
We provide reinsurance
through our wholly owned subsidiaries, Maiden Reinsurance Company (“Maiden US”) and Maiden Insurance Company Ltd. (“Maiden
Bermuda or Maiden Insurance”) and have operations in the United States and Bermuda. On a more limited basis, Maiden Specialty
Insurance Company (“Maiden Specialty”), a wholly owned subsidiary of Maiden US, provides primary insurance on a surplus
lines basis focusing on non-catastrophe property and inland marine. Maiden Bermuda does not underwrite any primary insurance business.
Internationally, we provide reinsurance-related services through Maiden Global Holdings, Ltd. (“Maiden Global”) and
its subsidiaries. Maiden Global primarily focuses on providing branded auto and credit life insurance products through its insurer
partners to retail customers in the European Union and other global markets, which also produce reinsurance programs which are
underwritten by Maiden Bermuda. Certain international credit life business is also written directly by Maiden Life Försäkrings
AB (“Maiden LF”), a wholly-owned subsidiary of Maiden Holdings, as part of Maiden Global’s service offerings.
Our principal executive
offices are located at 131 Front Street, 2
nd
Floor, Hamilton HM12 Bermuda, and our telephone number at that location
is (441) 298-4900.
Our website address
is
http://www.maiden.bm
. Information contained in our website is not a part of, nor is it incorporated by reference in,
this prospectus.
MAIDEN HOLDINGS NORTH AMERICA, LTD.
Maiden NA is a direct
wholly-owned subsidiary of Maiden and is a holding company that directly and indirectly owns all of Maiden’s U.S. entities.
Maiden NA has no operations or employees.
Maiden NA’s
principal executive offices are located at 6000 Midlantic Drive, Suite 200S Mount Laurel, New Jersey 08054, and its telephone number
at that location is (856) 359-2400.
USE OF PROCEEDS
We and/or Maiden NA
intend to use the net proceeds from the sale of the securities for general corporate purposes, unless otherwise specified in the
applicable prospectus supplement.
RATIO OF EARNINGS TO FIXED CHARGES
The below table indicates
our ratio of earnings to fixed charges for the three months ended March 31, 2012 and the years ended December 31, 2011, 2010, 2009,
2008 and 2007.
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Year Ended December 31,
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Three
Months
Ended
March 31, 2012
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2011
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2010
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2009
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2008
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2007
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Ratio of Earnings to Fixed Charges
(1)
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3.77x
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1.89x
(2)
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2.95x
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2.81x
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N/A
(3)
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N/A
(3)
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_______________
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(1)
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The ratio of earnings to fixed charges was computed by dividing earnings by fixed charges. For
this purpose, “earnings” consists of pre-tax income plus fixed charges; and “fixed charges” consists of
interest expense and debt amortization charges.
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(2)
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For the year ended December 31, 2011, “earnings” includes certain non-recurring charges
related to the Company’s repurchase of $107.5 million of junior subordinated debt issued in connection with the TRUPS Offering
on July 15, 2011. Pursuant to the terms of the TRUPS Offering, the Company incurred a non-recurring repurchase expense of approximately
$15.1 million, which was reported in the Company’s results of operations for the year ended December 31, 2011. As a result
of the repurchase, the Company also incurred an additional non-recurring non-cash charge of approximately $20.3 million for the
year ended December 31, 2011, which represents the accelerated amortization of original issue discount and issuance costs associated
with equity issued in conjunction with the TRUPS Offering. Excluding these charges, the Company’s ratio of earnings to fixed
charges for the year ended December 31, 2011 would have been 2.93x.
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(3)
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For the years ended December 31, 2008 and 2007, we had no fixed charges.
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DESCRIPTION OF COMMON SHARES
This section describes
the general terms and provisions of our common shares that we may issue separately, upon exchange of a debt security, upon conversion
of preference shares, upon exercise of an equity warrant or in connection with a unit. The description set forth below of our common
shares is only a summary. You should also refer to our memorandum of association and bye-laws, which were filed with the SEC as
exhibits to our registration statement on Form S-3 of which this prospectus forms a part.
We have an authorized
share capital of $1,500,000, which is divided into 150,000,000 shares of par value $0.01 each.
As of May 1, 2012,
there were 72,256,16 common shares outstanding held by 22 shareholders of record. This figure does not represent the actual number
of beneficial owners of our common shares because shares are frequently held in “street name” by securities dealers
and others for the benefit of beneficial owners who may vote the shares.
Dividends
Holders of our common
shares are entitled to receive dividends when, as and if declared by our Board of Directors out of funds legally available therefor,
subject to any contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends that we
may be subject to imposed by the terms of any outstanding preference shares or debt securities.
Common Shares
Holders of our common
shares will have no pre-emptive, redemption, conversion or sinking fund rights. Subject to the limitation on voting rights described
below, holders of our common shares are entitled to one vote per share on all matters submitted to a vote of holders of our common
shares. Most matters to be approved by holders of our common shares require approval by a simple majority vote. Under our bye-laws,
the holders of at least a majority of the common shares voting in person or by proxy at a meeting must generally approve an amalgamation
with another company. The Companies Act 1981 of Bermuda (the “Companies Act”) provides that a resolution to remove
our auditor before the expiration of its term of office must be approved by at least two-thirds of the votes cast at a meeting
of our shareholders. The quorum for general meetings of our shareholders is two or more persons holding or representing a majority
of the outstanding common shares on an unadjusted basis. Our board of directors has the power to approve our discontinuation from
Bermuda to another jurisdiction. Under our bye-laws, the rights attached to any class of our shares, common or preferred, may be
varied with the consent in writing of the holders of at least a majority of the issued shares of that class or with the sanction
of a resolution passed by a majority of the votes cast at a separate general meeting of the holders of the shares of the class.
In the event of our
liquidation, dissolution or winding-up, the holders of shares are entitled to share equally and ratably in our assets, if any,
remaining after the payment of all our debts and liabilities and the liquidation preference of any outstanding preferred shares.
All outstanding shares are fully paid and non-assessable. Authorized but unissued shares may, subject to any rights attaching to
existing shares, be issued at any time and at the discretion of the board of directors without the approval of our shareholders,
with such rights, preferences and limitations as the board may determine.
Limitation on Voting Rights
In general, and except
as provided under our bye-laws and as provided below, the common shareholders have one vote for each common share held by them
and are entitled to vote, on a non-cumulative basis, at all meetings of shareholders. However, if, and so long as, the shares of
a shareholder are treated as “controlled shares” (as determined pursuant to sections 957 and 958 of the Internal Revenue
Code of 1986, as amended (the “Code”)) of any U.S. Person (that owns shares directly or indirectly through non-U.S.
entities) and such controlled shares constitute 9.5% or more of the votes conferred by our issued shares, the voting rights with
respect to the controlled shares owned by such U.S. Person will be limited, in the aggregate, to a voting power of less than 9.5%,
under a formula specified in our bye-laws. The formula is applied repeatedly until the voting power of all 9.5% U.S. Shareholders
has been reduced to less than 9.5%. In addition, our board may limit a shareholder’s voting rights when it deems it appropriate
to do so to (i) avoid the existence of any 9.5% U.S. Shareholder; and (ii) avoid certain material adverse tax, legal or regulatory
consequences to us, any of our subsidiaries or any direct or indirect shareholder or its affiliates. “Controlled shares”
include, among other things, all shares that such U.S. Person is deemed to own directly, indirectly or constructively (within the
meaning of section 958 of the Code). The amount of any reduction of votes that occurs by operation of the above limitations will
generally be reallocated proportionately amongst other shareholders whose shares were not “controlled shares” of the
9.5% U.S. Shareholder so long as such reallocation does not cause any person to become a 9.5% U.S. Shareholder.
Under these provisions,
certain shareholders may have their voting rights limited, while other shareholders may have voting rights in excess of one vote
per share. Moreover, these provisions could have the effect of reducing the votes of certain shareholders who would not otherwise
be subject to the 9.5% limitation by virtue of their direct share ownership.
We are authorized
to require any shareholder to provide information as to that shareholder’s beneficial share ownership, the names of persons
having beneficial ownership of the shareholder’s shares, relationships with other shareholders or any other facts the directors
may deem relevant to a determination of the number of common shares attributable to any person. If any holder fails to respond
to this request or submits incomplete or inaccurate information, we may, in our sole discretion, eliminate the shareholder’s
voting rights. Pursuant to our bye-laws, a shareholder must give notice within ten days of the date the shareholder acquires actual
knowledge that it is the direct or indirect holder of controlled shares of 9.5% or more of the voting power of all our issued and
outstanding shares. No shareholder will be liable to any other shareholder or to us for any losses or damages resulting from the
shareholder’s failure to respond to, or submission of incomplete or inaccurate information in response to, a request from
us for information as to the shareholder’s beneficial share ownership or from the shareholder’s failure to give the
notice described in the previous sentence. All information provided by the shareholder will be treated by us as confidential information
and will be used by us solely for the purpose of establishing whether any 9.5% U.S. Shareholder exists (except as otherwise required
by applicable law or regulation).
If Maiden is required
or entitled to vote at an annual or special general meeting (or to act by unanimous written consent in lieu of a general meeting)
of any directly held non-U.S. subsidiary (including Maiden Insurance), the Maiden directors would refer the subject matter of the
vote to the Maiden shareholders and seek direction from such shareholders as to how the Maiden directors should vote on the resolution
proposed by the non-U.S. subsidiary. In such cases, the voting rights of Maiden’s shareholders will be subject to the same
restriction on voting power as set forth above. Substantially similar provisions are contained in the bye-laws (or equivalent governing
documents) of the non-U.S. subsidiaries.
Restrictions on Transfer, Issuance and Repurchase
Our directors may
decline to register the transfer of any shares if they have reason to believe that such transfer may expose us or any direct or
indirect shareholder or its affiliates to non-de minimis adverse tax, legal or regulatory consequences in any jurisdiction. Similarly,
we could be restricted from issuing or repurchasing shares if our directors believe that such issuance or repurchase may result
in a non-de minimis adverse tax, legal or regulatory consequence to us or any direct or indirect shareholder or its affiliates.
Our directors also
may, in their absolute discretion, decline to register the transfer of any shares if they have reason to believe that registration
of the transfer under the Securities Act or under any U.S. state securities laws or under the laws of any other jurisdiction is
required and such registration has not been duly effected. In addition, our directors may decline to approve or register a transfer
of shares unless all applicable consents, authorizations, permissions or approvals of any governmental body or agency in Bermuda,
the United States or any other applicable jurisdiction required to be obtained prior to such transfer shall have been obtained.
We are authorized
to request information from any holder or prospective acquirer of shares as necessary to give effect to the transfer, issuance
and repurchase restrictions described above, and may decline to effect any transaction if complete and accurate information is
not received as requested.
Conyers Dill &
Pearman Limited, our Bermuda counsel, has advised us that while the precise form of the restrictions on transfer contained in our
bye-laws is untested, as a matter of general principle, restrictions on transfers are enforceable under Bermuda law and are not
uncommon. A proposed transferee will be permitted to dispose of any shares purchased that violate the restrictions and as to the
transfer of which registration is refused. The proposed transferor of those shares will be deemed to own those shares for dividend,
voting and reporting purposes until a transfer of such shares has been registered on our shareholders register.
If the directors refuse
to register a transfer for any reason, they must notify the proposed transferor and transferee within three months of such refusal.
Our bye-laws also provide that our board of directors may suspend the registration of transfers for any reason and for such periods
as it may determine, provided that it may not suspend the registration of transfers for more than 45 days in any period of 365
consecutive days.
The voting restrictions
and restrictions on transfer described above may have the effect of delaying, deferring or preventing a change in control of Maiden.
Bye-laws
Our bye-laws provide
for our corporate governance, including the establishment of share rights, modification of those rights, issuance of share certificates,
calls on shares which are not fully paid, forfeiture of shares, the transfer of shares, alterations of capital, the calling and
conduct of general meetings, proxies, the appointment and removal of directors, conduct and power of directors, the payment of
dividends, the appointment of an auditor and our winding-up.
Our bye-laws provide
that shareholders may only remove a director for cause prior to the expiration of that director’s term at a meeting of shareholders
at which a majority of the holders of shares voting thereon vote in favor of that action.
Our bye-laws may only
be amended by a resolution adopted by the board of directors and by resolution of the shareholders.
Transfer Agent
Our registrar and
transfer agent for the shares is American Stock Transfer & Trust Company.
Listing
Our common shares
are listed on the NASDAQ Global Select Market under the symbol “MHLD.”
Differences in Corporate Law
The Companies Act
differs in certain material respects from laws generally applicable to U.S. corporations and their shareholders. Set forth below
is a summary of certain significant provisions of the Companies Act (including modifications adopted pursuant to our bye-laws)
applicable to us, which differ in certain respects from provisions of Delaware corporate law, which is the law that governs many
U.S. public companies. The following statements are summaries, and do not purport to deal with all aspects of Bermuda law that
may be relevant to us and our shareholders.
Duties of Directors
Under Bermuda law,
at common law, members of a board of directors owe a fiduciary duty to the company to act in good faith in their dealings with
or on behalf of the company and exercise their powers and fulfill the duties of their office honestly. This duty has the following
essential elements:
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a duty to act in good faith in the best interests of the company;
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a duty not to make a personal profit from opportunities that arise from the office of director;
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a duty to avoid conflicts of interest; and
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a duty to exercise powers for the purpose for which such powers were intended.
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The Companies Act
imposes a duty on directors and officers of a Bermuda company:
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act honestly and in good faith with a view to the best interests of the company; and
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to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable
circumstances.
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In addition, the Companies
Act imposes various duties on officers of a company with respect to certain matters of management and administration of the company.
The Companies Act
provides that in any proceedings for negligence, default, breach of duty or breach of trust against any officer, if it appears
to a court that such officer is or may be liable in respect of the negligence, default, breach of duty or breach of trust, but
that he has acted honestly and reasonably, and that, having regard to all the circumstances of the case, including those connected
with his appointment, he ought fairly to be excused for the negligence, default, breach of duty or breach of trust, that court
may relieve him, either wholly or partly, from any liability on such terms as the court may think fit. This provision has been
interpreted to apply only to actions brought by or on behalf of the company against such officer. Our bye-laws, however, provide
that shareholders waive all claims or rights of action that they might have, individually or in the right of Maiden, against any
director or officer of us for any act or failure to act in the performance of such director’s or officer’s duties,
except this waiver does not extend to any claims or rights of action that arise out of fraud or dishonesty on the part of such
director or officer.
Under Delaware law,
the business and affairs of a corporation are managed by or under the direction of its board of directors. In exercising their
powers, directors are charged with a fiduciary duty of care to protect the interests of the corporation and a fiduciary duty of
loyalty to act in the best interests of its shareholders.
The duty of care requires
that directors act in an informed and deliberative manner and inform themselves, prior to making a business decision, of all material
information reasonably available to them. The duty of care also requires that directors exercise care in overseeing and investigating
the conduct of corporate employees. The duty of loyalty may be summarized as the duty to act in good faith, not out of self-interest,
and in a manner which the director reasonably believes to be in the best interests of the shareholders.
A party challenging
the propriety of a decision of a board of directors bears the burden of rebutting the applicability of the presumptions afforded
to directors by the “business judgment rule.” If the presumption is not rebutted, the business judgment rule attaches
to protect the directors and their decisions, and their business judgments will not be second-guessed. Where, however, the presumption
is rebutted, the directors bear the burden of demonstrating the entire fairness of the relevant transaction. Notwithstanding the
foregoing, Delaware courts subject directors’ conduct to enhanced scrutiny in respect of defensive actions taken in response
to a threat to corporate control and approval of a transaction resulting in a sale of control of the corporation.
Dividends
Bermuda law does not
permit payment of dividends or distributions of contributed surplus by a company if there are reasonable grounds for believing
that the company, after the payment is made, would be unable to pay its liabilities as they become due, or that the realizable
value of the company’s assets would be less, as a result of the payment, than the aggregate of its liabilities and its issued
share capital and share premium accounts. The excess of the consideration paid on issue of shares over the aggregate par value
of such shares must (except in certain limited circumstances) be credited to a share premium account. Share premium may be distributed
in certain limited circumstances, for example to pay up unissued shares which may be distributed to shareholders in proportion
to their holdings, but is otherwise subject to limitation. In addition, our ability to pay dividends is subject to Bermuda insurance
laws and regulatory constraints.
Under Delaware law,
subject to any restrictions contained in the company’s certificate of incorporation, a company may pay dividends out of surplus
or, if there is no surplus, out of net profits for the fiscal year in which the dividend is declared and for the preceding fiscal
year. Delaware law also provides that dividends may not be paid out of net profits at any time when capital is less than the capital
represented by the outstanding stock of all classes having a preference upon the distribution of assets.
Mergers and Similar Arrangements
The amalgamation of
a Bermuda company with another company or corporation (other than certain affiliated companies) requires the amalgamation agreement
to be approved by the company’s board of directors and by its shareholders. Under our bye-laws, we may, with the approval
of at least majority of the votes cast at a general meeting of our shareholders at which a quorum is present, amalgamate with another
Bermuda company or with a body incorporated outside Bermuda. In the case of an amalgamation, a shareholder may apply to a Bermuda
court for a proper valuation of such shareholder’s shares if such shareholder is not satisfied that fair value has been paid
for such shares. Under Delaware law, with certain exceptions, a merger, consolidation or sale of all or substantially all the assets
of a corporation must be approved by the board of directors and the holders of a majority of the outstanding shares entitled to
vote thereon. Under Delaware law, a shareholder of a corporation participating in certain major corporate transactions may, under
certain circumstances, be entitled to appraisal rights pursuant to which the shareholder may receive cash in the amount of the
fair value of the shares held by that shareholder (as determined by a court) in lieu of the consideration that the shareholder
would otherwise receive in the transaction. Delaware law does not provide shareholders of a corporation with voting or appraisal
rights when the corporation acquires another business through the issuance of its stock or other consideration (i) in exchange
for the assets of the business to be acquired; (ii) in exchange for the outstanding stock of the corporation to be acquired; (iii)
in a merger of the corporation to be acquired with a subsidiary of the acquiring corporation; or (iv) in a merger in which the
corporation’s certificate of incorporation is not amended and the corporation issues less than 20% of its common shares outstanding
prior to the merger.
Takeovers
Bermuda law provides
that where an offer is made for shares of another company and, within four months of the offer, the holders of not less than 90%
of the shares which are the subject of the offer (other than shares held by or for the offeror or its subsidiaries) accept, the
offeror may by notice require the nontendering shareholders to transfer their shares on the terms of the offer. Dissenting shareholders
may apply to the court within one month of the notice objecting to the transfer. The test is one of fairness to the body of the
shareholders and not to individuals and the burden is on the dissenting shareholder to prove unfairness, not merely that the scheme
is open to criticism. Delaware law provides that a parent corporation, by resolution of its board of directors and without any
shareholder vote, may merge with any subsidiary of which it owns at least 90% of the outstanding shares of each class of stock
that is entitled to vote on the transaction. Upon any such merger, dissenting shareholders of the subsidiary would have appraisal
rights.
Interested Directors
Bermuda law and our
bye-laws provide that if a director has an interest in a material contract or proposed material contract with us or any of our
subsidiaries or has a material interest in any person that is a party to such a contract, the director must disclose the nature
of that interest at the first opportunity either at a meeting of directors or in writing to the directors. Our bye-laws provide
that, after a director has made such a declaration of interest, he is allowed to be counted for purposes of determining whether
a quorum is present and to vote on a transaction in which he has an interest, unless disqualified from doing so by the chairman
of the relevant board meeting. Under Delaware law such transaction would not be voidable if (i) the material facts as to such interested
director’s relationship or interests are disclosed to or are known by the board of directors and the board in good faith
authorizes the transaction by the affirmative vote of a majority of the disinterested directors, (ii) such material facts are disclosed
to or are known by the shareholders entitled to vote on such transaction and the transaction is specifically approved in good faith
by vote of the majority of shares entitled to vote thereon or (iii) the transaction is fair as to the corporation as of the time
it is authorized, approved or ratified. Under Delaware law, such interested director could be held liable for a transaction in
which such director derived an improper personal benefit.
Shareholder’s Suit
The rights of shareholders
under Bermuda law are not as extensive as the rights of shareholders under legislation or judicial precedent in many U.S. jurisdictions.
Class actions and derivative actions are generally not available to shareholders under the laws of Bermuda. However, the Bermuda
courts ordinarily would be expected to follow English case law precedent, which would permit a shareholder to commence an action
in our name to remedy a wrong done to us where the act complained of is alleged to be beyond our corporate power or is illegal
or would result in the violation of our memorandum of association or bye-laws. Furthermore, consideration would be given by the
court to acts that are alleged to constitute a fraud against the minority shareholders or where an act requires the approval of
a greater percentage of shareholders than actually approved it. The winning party in such an action generally would be able to
recover a portion of attorneys’ fees incurred in connection with such action. Our bye-laws provide that shareholders waive
all claims or rights of action that they might have, individually or in the right of Maiden, against any of our directors or officers
for any act or failure to act in the performance of such director’s or officer’s duties, except with respect to any
fraud or dishonesty of such director or officer. Class actions and derivative actions generally are available to shareholders under
Delaware law for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable
law. In such actions, the court has discretion to permit the winning party to recover attorneys’ fees incurred in connection
with such action.
Indemnification of Directors and Officers
Our bye-laws indemnify
our directors and officers in their capacity as such in respect of any loss arising or liability attaching to them by virtue of
any rule of law in respect of any negligence, default, breach of duty or breach of trust of which a director or officer may be
guilty in relation to us other than in respect of his own fraud or dishonesty, which is the maximum extent of indemnification permitted
under the Companies Act. Under Delaware law, a corporation may indemnify a director or officer of the corporation against expenses
(including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in defense
of an action, suit or proceeding by reason of such position if (i) the director or officer acted in good faith and in a manner
he reasonably believed to be in or not opposed to the best interests of the corporation and (ii) with respect to any criminal action
or proceeding, if the director or officer had no reasonable cause to believe his conduct was unlawful. Under our bye-laws, each
of our shareholders agrees to waive any claim or right of action, other than those involving fraud or dishonesty, against us or
any of our officers or directors. In addition, we have entered into indemnification agreements with our directors and officers.
Inspection of Corporate Records
Members of the general
public have the right to inspect our public documents available at the office of the Registrar of Companies in Bermuda, which includes
our memorandum of association (including our objects and powers) and alterations to our memorandum of association, including any
increase or reduction of our authorized capital. Our shareholders have the additional right to inspect our bye-laws, minutes of
general meetings and our audited financial statements, which must be presented to the annual general meeting of shareholders. Our
register of shareholders is also open to inspection by shareholders and to members of the public without charge. We are required
to maintain a share register in Bermuda but may establish a branch register outside Bermuda. We are required to keep at our registered
office a register of our directors and officers which is open for inspection by members of the public without charge. Bermuda law
does not, however, provide a general right for shareholders to inspect or obtain copies of any other corporate records. Delaware
law permits any shareholder to inspect or obtain copies of a corporation’s shareholder list and its other books and records
for any purpose reasonably related to such person’s interest as a shareholder.
Enforcement of Judgments and Other Matters
We have been advised
by Conyers Dill & Pearman Limited, our Bermuda counsel, that there is doubt as to whether the courts of Bermuda would enforce
(i) judgments of U.S. courts obtained in actions against us or our directors and officers who may reside outside the United States,
as well as the experts named in this prospectus who reside outside the United States, predicated upon the civil liability provisions
of the U.S. federal securities laws and (ii) original actions brought in Bermuda against us or our directors and officers, as well
as the experts named in this prospectus who reside outside the United States predicated solely upon U.S. federal securities laws.
There is no treaty in effect between the United States and Bermuda providing for such enforcement, and there are grounds upon which
Bermuda courts may not enforce judgments of U.S. courts. Certain remedies available under the laws of U.S. jurisdictions, including
certain remedies available under the U.S. federal securities laws, would not be allowed in Bermuda courts as contrary to Bermuda’s
public policy.
Insurance Regulations Concerning Change of Control
State insurance laws
intended primarily for the protection of policyholders contain certain requirements that must be met prior to any change of control
of an insurance company or insurance holding company that is domiciled, or in some cases, having such substantial business that
it is deemed commercially domiciled, in that state. These requirements may include the advance filing of specific information with
the state insurance commission, a public hearing on the matter, and review and approval of the change of control by the state agencies.
We have insurance subsidiaries domiciled or commercially domiciled in Missouri and North Carolina. Under the insurance laws in
these states, “control” is presumed to exist through the ownership of 10% or more of the voting securities of an insurance
company or any company that controls the insurance company. Any purchase of our shares that would result in the purchaser owning
more than 10% of our voting securities will be presumed to result in the acquisition of control of our insurance subsidiaries and
require prior regulatory approval.
DESCRIPTION OF PREFERENCE SHARES
This section describes
the general terms and provisions of the preference shares that we may issue separately, upon exchange of a debt security, upon
exercise of an equity warrant or in connection with a depositary share or unit. The applicable prospectus supplement will describe
the specific terms, or modify the general terms, of any preference shares offered through that prospectus supplement and any special
federal income tax consequences of those preference shares.
General
Our bye-laws authorize
our board of directors, subject to any limitations prescribed by law, to issue preference shares in one or more series without
shareholder approval. As of February 3, 2011, we had no preference shares outstanding. Each series of preference shares will have
the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges
and liquidation preferences, as will be determined by the board of directors. The purpose of authorizing the board of directors
to issue preference shares and determine its rights and preferences is to eliminate delays and uncertainties associated with a
shareholder vote on specific issuances. The issuance of preference shares, while providing desirable flexibility in connection
with possible acquisition and other corporate purposes, could have the effect of making it more difficult for a third party to
acquire, or discourage a third party from acquiring, a majority of our outstanding voting shares. Our board of directors may issue
preference shares with voting and conversion rights that could adversely affect the voting power of the holders of our common shares.
There are no current agreements or understandings for the issuance of preference shares and our board of directors has no present
intention to issue any preference shares.
The preference shares
will be, when issued, fully paid and nonassessable. Unless otherwise specified in the applicable prospectus supplement, each series
will rank on a parity as to dividends and distributions in the event of a liquidation with each other series of preference shares
and, in all cases, will be senior to our common shares.
Dividend Rights
Unless otherwise set
forth in the applicable prospectus supplement, holders of our preference shares of each series will be entitled to receive, when,
as and if declared by our board of directors, out of our assets legally available therefor, cash dividends at the rates and on
the dates as set forth in the applicable prospectus supplement. Holders of our preference shares will be entitled to receive dividends
in preference to and in priority over dividends on common shares and may be cumulative or non-cumulative as determined by our board
of directors. We will generally be able to pay dividends and distribute assets to holders of our preference shares only if we have
satisfied our obligations on our debt that is then due and payable.
If the applicable
prospectus supplement so provides, as long as any preference shares are outstanding, no dividends will be declared or paid or any
distributions will be made on our common shares unless the accrued dividends on each series of preference shares have been declared
and paid.
Each series of preference
shares will be entitled to dividends as described in the applicable prospectus supplement. Different series of preference shares
may be entitled to dividends at different dividend rates or based upon different methods of determination. Except as provided in
the applicable prospectus supplement, no series of preference shares will be entitled to participate in our earnings or assets.
Liquidation Preference
Upon any dissolution,
liquidation or “winding up” of Maiden, the holders of each series of preference shares will be entitled to receive
out of our assets, whether from capital, surplus or earnings, and before any distribution of any assets is made on common shares,
the amount per share fixed by the board of directors for that series of preference shares, as reflected in the applicable prospectus
supplement, plus unpaid dividends, if any, to the date fixed for distribution. Unless otherwise indicated in the applicable prospectus
supplement, holders of our preference shares will be entitled to no further participation in any distribution made in conjunction
with any dissolution, liquidation or “winding up.”
Redemption
A series of preference
shares may be redeemable, in whole or in part, at our option, and may be subject to mandatory redemption in connection with a sinking
fund. The terms, times, redemption prices and types of consideration of the redemption will be set forth in the applicable prospectus
supplement. The applicable prospectus supplement will also specify the number of shares of the series that we will redeem in each
year commencing after a specified date, at a specified redemption price per share, together with an amount equal to any accrued
and unpaid dividends to the date of redemption.
If, after giving notice
of redemption to the holders of a series of preference shares, we deposit with a designated bank funds sufficient to redeem the
series of preference shares, then from and after the deposit, all shares called for redemption will no longer be outstanding for
any purpose, other than the right to receive the redemption price and the right, if applicable, to convert the preference shares
into our common shares or other securities prior to the date fixed for redemption.
Except as indicated
in the applicable prospectus supplement, the preference shares are not subject to any mandatory redemption at the option of the
holder.
Sinking Fund
The applicable prospectus
supplement for any series of preference shares will state the terms, if any, of a sinking fund for the purchase or redemption of
that series.
Conversion and Exchange
The applicable prospectus
supplement for any series of preference shares will state the terms, if any, on which shares of that series are convertible into
or exchangeable for shares of common shares or, if applicable, other securities.
Voting Rights
Under ordinary circumstances,
the holders of preference shares have no voting rights except as required by law. The applicable prospectus supplement may provide
voting rights for holders of our preference shares.
Transfer Agent and Registrar
We will select the
transfer agent, registrar and dividend disbursement agent for a series of preference shares, and each one will be described in
the applicable prospectus supplement. The registrar for preference shares will send notices to shareholders of any meetings at
which holders of our preference shares have the right to vote on any matter.
DESCRIPTION OF DEPOSITARY SHARES
The following description
of the depositary shares does not purport to be complete and is subject to, and qualified in its entirety by, the deposit agreement
and the depositary receipt relating to the preference shares that is attached to the deposit agreement. You should read these documents
as they, and not this description, define your rights as a holder of depositary shares. Forms of these documents have been filed
with the SEC as an exhibit to the registration statement of which this prospectus forms a part.
If we elect to offer
fractional interests in preference shares, we will provide for the issuance by a depositary of depositary receipts for depositary
shares. Each depositary share will represent fractional interests of preference shares. We will deposit preference shares underlying
the depositary shares under a deposit agreement between us and a bank or trust company selected by us. The bank or trust company
must have its principal office in the United States and a combined capital and surplus of at least $50 million. The depositary
receipts will evidence the depositary shares issued under the deposit agreement.
The deposit agreement
will contain terms applicable to the holders of our depositary shares in addition to the terms stated in the depositary receipts.
Each holder of depositary shares will be entitled to all the rights and preferences of the preference shares underlying the depositary
shares in proportion to the applicable fractional interest in the underlying preference shares. The depositary will issue the depositary
receipts to individuals purchasing the fractional interests in shares of the related preference shares according to the terms of
the offering described in the applicable prospectus supplement.
Dividends and Other Distributions
The depositary will
distribute all cash dividends or other cash distributions received for the preference shares to the holders of our depositary shares
in proportion to the number of depositary shares that they own on the relevant record date. The depositary will distribute only
an amount that can be distributed without attributing to any holder of depositary shares a fraction of one cent. The depositary
will add the undistributed balance to, and treat it as part of, the next sum received by the depositary for distribution to holders
of our depositary shares.
If there is a non-cash
distribution, the depositary will distribute property received by it to the holders of our depositary shares in proportion, insofar
as possible, to the number of depositary shares owned by them, unless the depositary determines, after consultation with us, that
it is not feasible to make such distribution. If this occurs, the depositary may, with our approval, sell such property and distribute
the net proceeds from the sale to the holders. The deposit agreement also will contain provisions relating to how any subscription
or similar rights that we may offer to holders of the preference shares will be available to the holders of the depositary shares.
Conversion, Exchange and Redemption
If the preference
shares underlying the depositary shares may be converted or exchanged, each holder of depositary receipts will have the right or
obligation, as applicable, to convert or exchange the depositary shares represented by the depositary receipts.
Whenever we redeem
preference shares held by the depositary, the depositary will redeem, at the same time, the number of depositary shares representing
the preference shares. The depositary will redeem the depositary shares from the proceeds it receives from the corresponding redemption,
in whole or in part, of the underlying preference shares. The depositary will mail notice of redemption to the holders of the depositary
shares that are to be redeemed between 30 and 60 days before the date fixed for redemption. The redemption price per depositary
share will be equal to the applicable fraction of the redemption price per share on the underlying preference shares. If less than
all the depositary shares are to be redeemed, the depositary will select which shares to be redeemed by lot, proportionate allocation
or any other method.
After the date fixed
for redemption, the depositary shares called for redemption will no longer be outstanding. When the depositary shares are no longer
outstanding, all rights of the holders will end, except the right to receive money, securities or other property payable upon redemption.
Voting
When the depositary
receives notice of a meeting at which the holders of the preference shares are entitled to vote, the depositary will mail the particulars
of the meeting to the holders of the depositary shares. Each holder of depositary shares on the record date may instruct the depositary
on how to vote the preference shares underlying the holder’s depositary shares. The depositary will try, if practical, to
vote the number of preference shares underlying the depositary shares according to the instructions. The depositary will abstain
from voting preference shares to the extent it does not receive specific instructions from the holders of our depositary shares
representing such preference shares. We will agree to take all reasonable action requested by the depositary to enable it to vote
as instructed.
Record Date
Whenever (1) any cash
dividend or other cash distribution shall become payable, any distribution other than cash shall be made, or any rights, preferences
or privileges shall be offered with respect to the underlying preference shares, or (2) the depositary shall receive notice of
any meeting at which holders of the underlying preference shares are entitled to vote or of which holders of the underlying preference
shares are entitled to notice, or of the mandatory conversion of or any election on our part to call for the redemption of any
of the underlying preference shares, the depositary shall in each such instance fix a record date (which shall be the same as the
record date for the underlying preference shares) for the determination of the holders (x) who shall be entitled to receive such
dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof or (y) who shall be entitled
to give instructions for the exercise of voting rights at any such meeting or to receive notice of such meeting or of such redemption
or conversion, subject to the provisions of the deposit agreement.
Amendments
We and the depositary
may agree to amend the deposit agreement and the depositary receipt evidencing the depositary shares. Any amendment that (a) imposes
or increases certain fees, taxes or other charges payable by the holders of the depositary shares as described in the deposit agreement
or (b) otherwise prejudices any substantial existing right of holders of our depositary shares, will not take effect until 30 days
after the depositary has mailed notice of the amendment to the record holders of our depositary shares. Any holder of depositary
shares that continues to hold its shares at the end of the 30-day period will be deemed to have agreed to the amendment.
Termination
We may, at our option,
direct the depositary to terminate the deposit agreement by mailing a notice of termination to holders of our depositary shares
at least 30 days prior to termination. In addition, a deposit agreement will automatically terminate if:
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the depositary has redeemed all related outstanding depositary shares, or
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we have liquidated, terminated or wound up our business and the depositary has distributed the
underlying preference shares to the holders of the related depositary shares.
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The depositary may
likewise terminate the deposit agreement if at any time 60 days shall have expired after the depositary shall have delivered to
us a written notice of its election to resign and a successor depositary shall not have been appointed and accepted its appointment.
If any depositary receipts remain outstanding after the date of termination, the depositary thereafter will discontinue the transfer
of depositary receipts, will suspend the distribution of dividends to the holders thereof, and will not give any further notices
(other than notice of such termination) or perform any further acts under the deposit agreement except that the depositary will
continue (1) to collect dividends on the underlying preference shares and any other distributions with respect thereto and (2)
to deliver the underlying preference shares together with such dividends and distributions and the net proceeds of any sales of
rights, preferences, privileges or other property, without liability for interest thereon, in exchange for depositary receipts
surrendered. At any time after the expiration of two years from the date of termination, the depositary may sell any underlying
preference shares then held by it at public or private sales, at such place or places and upon such terms as it deems proper and
may thereafter hold the net proceeds of any such sale, together with any money and other property then held by it, without liability
for interest thereon, for the pro rata benefit of the holders of our depositary receipts which have not been surrendered.
Payment of Fees and Expenses
We will pay all fees,
charges and expenses of the depositary, including the initial deposit of the preference shares and any redemption of the preference
shares. Holders of our depositary shares will pay transfer and other taxes and governmental charges and any other charges as are
stated in the deposit agreement for their accounts.
Resignation and Removal of Depositary
At any time, the depositary
may resign by delivering written notice to us, and we may remove the depositary. Resignations or removals will take effect upon
the appointment of a successor depositary and its acceptance of the appointment. The successor depositary must be appointed within
60 days after delivery of the notice of resignation or removal and must be a bank or trust company having its principal office
in the United States and having a combined capital and surplus of at least $50 million.
Reports
The depositary will
forward to the holders of our depositary shares all reports and communications from us that are delivered to the depositary and
that we are required by law, the rules of an applicable securities exchange or our amended articles of incorporation to furnish
to the holders of the preference shares. The depositary will not be liable if it is prevented or delayed by law or any circumstances
beyond its control in performing its obligations under the deposit agreement. The deposit agreement limits our obligations and
the depositary’s obligations to performance in good faith of the duties stated in the deposit agreement. The depositary will
not be obligated to prosecute or defend any legal proceeding connected with any depositary shares or preference shares unless the
holders of our depositary shares requesting the depository to do so furnish it with satisfactory indemnity. In performing our obligations,
we and the depositary may rely upon the written advice of our counsel or accountants, on any information that competent people
provide to us and on documents that we believe are genuine.
DESCRIPTION OF DEBT SECURITIES
The debt securities
will be issued in one or more series under an indenture by and among Maiden NA, Maiden, as guarantor, and Wilmington Trust Company,
as trustee. References herein to the “Indenture” refer to such indenture and references to the “Trustee”
refer to such trustee or any other trustee for any particular series of debt securities issued under the Indenture. The terms of
the debt securities of any series will be those specified in or pursuant to the Indenture and in the applicable debt securities
of that series and those made part of the Indenture by the Trust Indenture Act of 1939, as amended.
The following description
of selected provisions of the Indenture and the debt securities is not complete, and the description of selected terms of the debt
securities of a particular series included in the applicable prospectus supplement also will not be complete. You should review
the form of the Indenture and the form of the applicable debt securities, which forms have been or will be filed as exhibits to
the registration statement of which this prospectus is a part or as exhibits to documents which have been or will be incorporated
by reference in this prospectus. To obtain a copy of the Indenture or the form of the applicable debt securities, see “Where
You Can Find More Information” in this prospectus. The following description of debt securities and the description of the
debt securities of the particular series in the applicable prospectus supplement are qualified in their entirety by reference to
all of the provisions of the Indenture and the applicable debt securities, which provisions, including defined terms, are incorporated
by reference in this prospectus. Capitalized terms used but not defined in this section shall have the meanings assigned to those
terms in the Indenture.
The following description
of debt securities describes general terms and provisions of the series of debt securities to which any prospectus supplement may
relate. When the debt securities of a particular series are offered for sale, the specific terms of such debt securities will be
described in the applicable prospectus supplement. If any particular terms of such debt securities described in a prospectus supplement
differ from any of the terms of the debt securities generally described in this prospectus, then the terms described in the applicable
prospectus supplement will supersede the terms described in this prospectus.
General
The debt securities
of each series will constitute the unsecured unsubordinated obligations of Maiden NA and will rank on a parity in right of payment
with all of its other existing and future unsecured and unsubordinated indebtedness. Maiden NA may issue an unlimited principal
amount of debt securities under the Indenture. The Indenture provides that debt securities of any series may be issued up to the
aggregate principal amount which may be authorized from time to time by Maiden NA. Please read the applicable prospectus supplement
relating to the debt securities of the particular series being offered thereby for the specific terms of such debt securities,
including, where applicable:
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the title of the series of debt securities;
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any limit on the aggregate principal amount of debt securities of the series;
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the date or dates on which Maiden NA will pay the principal of and premium, if any, on debt securities
of the series, or the method or methods, if any, used to determine such date or dates;
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the rate or rates, which may be fixed or variable, at which debt securities of the series will
bear interest, if any, or the method or methods, if any, used to determine such rate or rates;
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the basis used to calculate interest, if any, on the debt securities of the series if other than
a 360-day year of twelve 30-day months;
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whether the debt securities are entitled to the benefits of the guarantee of Maiden;
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the date or dates, if any, from which interest on the debt securities of the series will accrue,
or the method or methods, if any, used to determine such date or dates;
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the date or dates, if any, on which the interest on the debt securities of the series will be payable
and the record dates for any such payment of interest;
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the manner in which, or the person to whom, any interest on any bearer security of the series of
debt securities will be payable, if different than upon presentation and surrender of the coupons relating to the bearer security;
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the terms and conditions, if any, upon which Maiden NA is required to, or may, at its option, redeem
debt securities of the series;
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the terms and conditions, if any, upon which Maiden NA will be required to repurchase debt securities
of the series at the option of the holders of debt securities of the series;
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the terms of any sinking fund or analogous provision;
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the portion of the principal amount of the debt securities of the series which will be payable
upon acceleration if other than the full principal amount;
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the authorized denominations in which the series of debt securities will be issued, if other than
minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof, in the case of registered securities, or
minimum denominations of $5,000, in the case of bearer securities;
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the place or places where (1) amounts due on the debt securities of the series will be payable,
(2) the debt securities of the series may be surrendered for registration of transfer and exchange and, if applicable, for exchange
for other securities or property, and (3) notices or demands to or upon Maiden NA in respect of the debt securities of the series
or the Indenture may be served, if different than the corporate trust office of the Trustee;
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if other than U.S. dollars, the currency or currencies in which purchases of, and payments on,
the debt securities of the series must be made and the ability, if any, of Maiden NA or the holders of debt securities of the series
to elect for payments to be made in any other currency or currencies;
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whether the amount of payments on the debt securities of the series may be determined with reference
to an index, formula, or other method or methods (any of those debt securities being referred to as “Indexed Securities”)
and the manner used to determine those amounts;
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any addition to, modification, or deletion of, any covenant or Event of Default with respect to
debt securities of the series;
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whether the debt securities of the series will be issuable in registered or bearer form or both
and whether any debt securities of the series will be issued in temporary or permanent global form and, if so, the identity of
the depositary for the global debt securities;
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whether and under what circumstances Maiden NA will pay Additional Amounts on the debt securities
of the series to any holder who is a United States Alien in respect of any tax, assessment, or other governmental charge and, if
so, whether Maiden NA will have the option to redeem such debt securities rather than pay the Additional Amounts; and
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any other terms of debt securities of the series.
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As used in this prospectus
and any prospectus supplement relating to the offering of debt securities, references to the principal of and premium, if any,
and interest, if any, on the debt securities of a series include Additional Amounts, if any, payable on the debt securities of
such series in that context.
Maiden NA may issue
debt securities as original issue discount securities to be sold at a substantial discount below their principal amount. In the
event of an acceleration of the maturity of any original issue discount security, the amount payable to the holder upon acceleration
will be determined in the manner described in the applicable prospectus supplement. Material federal income tax and other considerations
applicable to original issue discount securities will be described in the applicable prospectus supplement.
The terms of the debt
securities of any series may differ from the terms of the debt securities of any other series, and the terms of particular debt
securities within any series may differ from each other. Unless otherwise specified in the applicable prospectus supplement, Maiden
NA may, without the consent of, or notice to, the holders of the debt securities of any series, reopen an existing series of debt
securities and issue additional debt securities of that series.
Other than to the
extent provided with respect to the debt securities of a particular series and described in an applicable prospectus supplement,
the Indenture will not contain any provisions that would limit our ability or the ability of Maiden NA to incur indebtedness or
to substantially reduce or eliminate our consolidated assets, which may have an adverse effect on the ability of us or Maiden NA
to service our or Maiden NA’s indebtedness (including the debt securities) or that would afford holders of the debt securities
protection in the event of:
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a highly leveraged or similar transaction involving us, our management, or any affiliate of any
of those parties,
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(2)
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a change of control, or
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(3)
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a reorganization, restructuring, merger, or similar transaction involving us or our affiliates
that may adversely affect the holders of our debt securities.
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Registration, Transfer, Payment, and Paying Agent
Unless otherwise specified
in the applicable prospectus supplement, each series of debt securities will be issued in registered form only, without coupons.
The Indenture, however, provides that Maiden NA may also issue debt securities in bearer form only, or in both registered and bearer
form. Purchasers of bearer securities will be subject to certification procedures and may be affected by limitations under United
States tax laws. The terms of the bearer securities of the particular series and the applicable procedures and limitations will
be described in the applicable prospectus supplement.
Unless otherwise specified
in the applicable prospectus supplement, registered securities will be issued in minimum denominations of $2,000 or any integral
multiple of $1,000 in excess thereof, and bearer securities will be issued in minimum denominations of $5,000.
Unless otherwise specified
in the applicable prospectus supplement, the debt securities will be payable and may be surrendered for registration of transfer
or exchange and, if applicable, for exchange for other securities or property, at an office or agency maintained by Maiden NA in
Wilmington, Delaware. However, Maiden NA, at its option, may make payments of interest on any interest payment date on any registered
security by check mailed to the address of the person entitled to receive that payment or by wire transfer to an account maintained
by the payee with a bank located in the United States.
Any interest not punctually
paid or duly provided for on any interest payment date with respect to the debt securities of any series will forthwith cease to
be payable to the holders of those debt securities on the applicable regular record date and may either be paid to the persons
in whose names those debt securities are registered at the close of business on a special record date for the payment of the interest
not punctually paid or duly provided for to be fixed by the Trustee, notice whereof shall be given to the holders of those debt
securities not less than 10 days prior to the special record date, or may be paid at any time in any other lawful manner, all as
completely described in the Indenture.
Subject to certain
limitations imposed on debt securities issued in book-entry form, the debt securities of any series will be exchangeable for other
debt securities of the same series and of a like aggregate principal amount and tenor of different authorized denominations upon
surrender of those debt securities at the designated place or places. In addition, subject to certain limitations imposed upon
debt securities issued in book-entry form, the debt securities of any series may be surrendered for registration of transfer or
exchange thereof at the designated place or places if duly endorsed or accompanied by a written instrument of transfer. No service
charge shall be made for any registration of transfer or exchange, redemption or repayment of debt securities, or for any exchange
of debt securities for other securities or property, but Maiden NA may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with certain of those transactions.
Unless otherwise specified
in the applicable prospectus supplement, Maiden NA will not be required to:
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issue, register the transfer of or exchange debt securities of any series during a period beginning
at the opening of business 15 days before any selection of debt securities of that series of like tenor and terms to be redeemed
and ending at the close of business on the day of that selection;
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register the transfer of or exchange any registered security, or portion of any registered security,
called for redemption, except the unredeemed portion of any registered security being redeemed in part; or
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issue, register the transfer of or exchange a debt security which has been surrendered for repurchase
at the option of the holder, except the portion, if any, of the debt security not to be repurchased.
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Book-Entry Debt Securities
The debt securities
of a series may be issued in whole or in part in the form of one or more global debt securities. Global debt securities will be
deposited with, or on behalf of, a depositary identified in the applicable prospectus supplement relating thereto. Global debt
securities may be issued in either registered or bearer form and in either temporary or permanent form. Unless and until it is
exchanged in whole or in part for individual certificates evidencing debt securities, a global debt security may not be transferred
except as a whole by the depositary to its nominee or by the nominee to the depositary or by the depositary or its nominee to a
successor depositary or to a nominee of the successor depositary.
Maiden NA anticipates
that global debt securities will be deposited with, or on behalf of, The Depository Trust Company, or DTC, New York, New York,
and that global debt securities will be registered in the name of DTC’s nominee, Cede & Co. Maiden NA also anticipates
that the following provisions will apply to the depository arrangements with respect to global debt securities. Additional or differing
terms of the depository arrangements will be described in the applicable prospectus supplement.
DTC has advised us
that it is:
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a limited-purpose trust company organized under the New York Banking Law;
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a “banking organization” within the meaning of the New York Banking Law;
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a member of the Federal Reserve System;
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a “clearing corporation” within the meaning of the New York Uniform Commercial Code;
and
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a “clearing agency” registered pursuant to the provisions of Section 17A of the Exchange
Act.
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DTC holds securities
that its participants deposit with DTC. DTC also facilitates the settlement among its participants of securities transactions,
including transfers and pledges, in deposited securities through electronic computerized book-entry changes in participants’
accounts, which eliminates the need for physical movement of securities certificates. Direct participants include securities brokers
and dealers, banks, trust companies, clearing corporations, and other organizations. DTC is a wholly-owned subsidiary of The Depository
Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation
and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated
subsidiaries. Access to the DTC system is also available to others, sometimes referred to in this prospectus as indirect participants,
that clear transactions through or maintain a custodial relationship with a direct participant either directly or indirectly. Indirect
participants include securities brokers and dealers, banks and trust companies. The rules applicable to DTC and its participants
are on file with the SEC.
Purchases of debt
securities within the DTC system must be made by or through direct participants, which will receive a credit for the debt securities
on DTC’s records. The ownership interest of the actual purchaser or beneficial owner of a debt security is, in turn, recorded
on the direct and indirect participants’ records. Beneficial owners will not receive written confirmation from DTC of their
purchases, but beneficial owners are expected to receive written confirmations providing details of the transactions, as well as
periodic statements of their holdings, from the direct or indirect participants through which they purchased the debt securities.
Transfers of ownership interests in debt securities are to be accomplished by entries made on the books of participants acting
on behalf of beneficial owners. Beneficial owners will not receive certificates representing their ownership interests in the debt
securities except in the limited circumstances described below.
To facilitate subsequent
transfers, all debt securities deposited by participants with DTC will be registered in the name of DTC’s nominee, Cede &
Co. The deposit of debt securities with DTC and their registration in the name of Cede & Co. will not change the beneficial
ownership of the debt securities. DTC has no knowledge of the actual beneficial owners of the debt securities. DTC’s records
reflect only the identity of the direct participants to whose accounts the debt securities are credited. Those participants may
or may not be the beneficial owners. The participants are responsible for keeping account of their holdings on behalf of their
customers.
Conveyance of notices
and other communications by DTC to direct participants, by direct participants to indirect participants and by direct and indirect
participants to beneficial owners will be governed by arrangements among them, subject to any legal requirements in effect from
time to time.
Redemption notices
shall be sent to DTC or its nominee. If less than all of the debt securities of a series are being redeemed, DTC will reduce the
amount of the interest of direct participants in the debt securities in accordance with its procedures.
A beneficial owner
of debt securities shall give notice to elect to have its debt securities repurchased or tendered, through its participant to the
Trustee and shall effect delivery of such debt securities by causing the direct participant to transfer the participant’s
interest in such debt securities, on DTC’s records, to the Trustee. The requirement for physical delivery of debt securities
in connection with a repurchase or tender will be deemed satisfied when the ownership rights in such debt securities are transferred
by direct participants on DTC’s records and followed by a book-entry credit of such debt securities to the Trustee’s
DTC account.
In any case where
a vote may be required with respect to the debt securities of any series, neither DTC nor Cede & Co. will give consents for
or vote such global debt securities. Under its usual procedures, DTC will mail an omnibus proxy to Maiden NA as soon as possible
after the record date. The omnibus proxy assigns the consenting or voting rights of Cede & Co. to those direct participants
to whose accounts the debt securities are credited on the record date identified in a listing attached to the omnibus proxy.
Principal of and premium,
if any, and interest, if any, on the global debt securities will be paid to Cede & Co., as nominee of DTC. DTC’s practice
is to credit direct participants’ accounts on the relevant payment date unless DTC has reason to believe that it will not
receive payments on the payment date. Payments by direct and indirect participants to beneficial owners will be governed by standing
instructions and customary practices, as is the case with securities held for the account of customers in bearer form or registered
in “street name.” Those payments will be the responsibility of participants and not of DTC or Maiden NA, subject to
any legal requirements in effect from time to time. Payment of principal, premium, if any, and interest, if any, to Cede &
Co. is Maiden NA’s responsibility, disbursement of payments to direct participants is the responsibility of DTC, and disbursement
of payments to the beneficial owners is the responsibility of direct and indirect participants.
Except as described
in this prospectus, owners of beneficial interests in a global debt security will not be entitled to have debt securities registered
in their names and will not receive physical delivery of debt securities. Accordingly, each beneficial owner must rely on the procedures
of DTC to exercise any rights under the debt securities and the Indenture.
The laws of some jurisdictions
may require that some purchasers of securities take physical delivery of securities in definitive form. These laws may impair the
ability to transfer or pledge beneficial interests in global debt securities.
DTC is under no obligation
to provide its services as depositary for the debt securities of any series and may discontinue providing its services at any time.
Neither we, Maiden NA nor the Trustee will have any responsibility for the performance by DTC or its participants or indirect participants
under the rules and procedures governing DTC. As noted above, owners of beneficial interests in a global debt security will not
receive certificates representing their interests. However, if
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DTC notifies Maiden NA that it is unwilling or unable to continue as a depositary for the global
debt securities of any series or if DTC ceases to be a clearing agency registered under the Exchange Act and a successor depositary
is not appointed by Maiden NA within 90 days of the notification or of Maiden NA’s becoming aware of DTC’s ceasing
to be so registered, as the case may be,
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Maiden NA determines, in its sole discretion, not to have the debt securities of any series represented
by one or more global debt securities, or
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an Event of Default under the Indenture has occurred and is continuing with respect to the debt
securities of any series and DTC wishes to exchange such global debt securities for definitive certificated debt securities,
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Maiden NA will prepare
and deliver certificates for the debt securities of that series in exchange for beneficial interests in the global debt securities.
Any beneficial interest in a global debt security that is exchangeable under the circumstances described in the preceding sentence
will be exchangeable for debt securities in definitive certificated form registered in the names that the depositary shall direct.
It is expected that these directions will be based upon directions received by the depositary from its participants with respect
to ownership of beneficial interests in the global debt securities.
We obtained the information
in this section and elsewhere in this prospectus concerning DTC and DTC’s book-entry system from sources that we believe
to be reliable, but neither we nor any applicable underwriters, agents or dealers take any responsibility for the accuracy of this
information.
Outstanding Debt Securities
In determining whether
the holders of the requisite principal amount of outstanding debt securities have given any request, demand, authorization, direction,
notice, consent, or waiver under the Indenture:
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the principal amount of an original issue discount security that shall be deemed to be outstanding
for these purposes shall be that portion of the principal amount of the original issue discount security that would be due and
payable upon acceleration of the original issue discount security as of the date of the determination,
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the principal amount of any Indexed Security that shall be deemed to be outstanding for these purposes
shall be the principal amount of the Indexed Security determined on the date of its original issuance,
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the principal amount of a debt security denominated in a foreign currency shall be the U.S. dollar
equivalent, determined on the date of its original issuance, of the principal amount of the debt security, and
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a debt security owned by Maiden NA or any obligor on the debt security or any affiliate of Maiden
NA or such other obligor shall be deemed not to be outstanding.
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Redemption and Repurchase
The debt securities
of any series may be redeemable at Maiden NA’s option or may be subject to mandatory redemption by Maiden NA as required
by a sinking fund or otherwise. In addition, the debt securities of any series may be subject to repurchase by Maiden NA at the
option of the holders. The applicable prospectus supplement will describe the terms and conditions regarding any optional or mandatory
redemption or option to repurchase the debt securities of the related series.
Exchange
The terms and conditions,
if any, on which debt securities of any series are exchangeable for shares of our common shares or other securities or property
will be set forth in the applicable prospectus supplement.
Guarantees by Maiden
Unless specified otherwise
in the applicable prospectus supplement, Maiden NA’s obligations under the debt securities will be fully and unconditionally
guaranteed on an unsecured and unsubordinated basis by Maiden. The guarantee will be Maiden’s direct obligation, ranking
equally and ratably in right of payment with all of its other existing and future unsecured and unsubordinated obligations, other
than obligations preferred by law. Maiden’s obligations under any guarantee will be limited to the maximum amount permitted
under applicable federal or state law.
Certain Covenants
Any material covenants
applicable to the debt securities of any series not described in this prospectus will be specified in the applicable prospectus
supplement.
Merger, Consolidation, and Transfer of Assets
The Indenture provides
that neither Maiden NA nor Maiden, as guarantor, may, in any transaction or series of related transactions, consolidate or amalgamate
with or merge into any other person or sell, lease, assign, transfer, or otherwise convey all or substantially all of their assets
to any other person unless:
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in such transaction or transactions involving Maiden NA, either (1) Maiden NA shall be the continuing
person (in the case of a merger) or (2) the successor person (if other than Maiden NA) formed by or resulting from the consolidation
or amalgamation or merger or to which such sale, assignment, transfer, lease or other conveyance of all or substantially all of
the properties and assets of Maiden NA is made, shall be a corporation organized and existing under the laws of the United States
or Bermuda, and such successor person shall expressly assume the due and punctual payment of the principal of, premium, if any,
and interest, if any, on all the debt securities outstanding under the Indenture and the due and punctual performance of all of
Maiden NA’s other obligations under the Indenture and the debt securities outstanding thereunder, including any applicable
exchange rights of holders;
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in such transaction or transactions involving Maiden, either (1) Maiden shall be the continuing
person (in the case of a merger) or (2) the successor person (if other than Maiden) formed by or resulting from the consolidation
or amalgamation or merger or to which such sale, assignment, transfer, lease or other conveyance of all or substantially all of
the properties and assets of Maiden is made, shall be a corporation organized and existing under the laws of the United States
or Bermuda, and such successor person shall expressly assume the due and punctual performance of all of Maiden’s obligations
under the Indenture and the debt securities outstanding thereunder;
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immediately after giving effect to such transaction or transactions, no Event of Default under
the Indenture, and no event which, after notice or lapse of time or both would become an Event of Default under the Indenture,
shall have occurred and be continuing; and
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the Trustee shall have received an officer’s certificate and opinion of counsel from Maiden
NA or Maiden, as applicable, to the effect that all conditions precedent have been satisfied.
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Upon any consolidation
or amalgamation by Maiden NA or Maiden, as guarantor, with, or Maiden NA’s or Maiden’s merger into, any other person
or any sale, assignment, transfer, lease, or conveyance of all of the properties and assets of Maiden NA or Maiden, as applicable,
to any person in accordance with the provisions of the Indenture described above, the successor person formed by the consolidation
or amalgamation or into which Maiden NA or Maiden, as the case may be, is merged or to which the sale, assignment, transfer, lease,
or other conveyance is made shall succeed to, and be substituted for, Maiden NA or Maiden, as guarantor, and may exercise every
right and power of Maiden NA or Maiden, as applicable, under the Indenture with the same effect as if such successor person had
been named as Maiden NA or Maiden, as applicable, therein; and thereafter, except in the case of a lease, the predecessor person
shall be released from all obligations and covenants under the Indenture and the debt securities issued under that Indenture.
Events of Default
Unless otherwise specified
in the applicable prospectus supplement, an Event of Default with respect to the debt securities of any series is defined in the
Indenture as being:
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(1)
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failure to pay interest for 30 days after the date payment is due and payable on any debt security
of that series;
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(2)
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failure to pay principal or premium, if any, on any debt security of that series when due, either
at maturity, upon any redemption, by declaration or otherwise;
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(3)
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failure to make any sinking fund payment or payment under any analogous provision when due with
respect to any debt security of that series;
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(4)
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other than in accordance with the terms of the Indenture, the cessation of a guarantee of any debt
security of that series to be in full force and effect, or the declaration of a guarantee of any debt security of that series to
be null and void and unenforceable, or the finding of a guarantee of any debt security of that series to be invalid, or the denial
by Maiden, as guarantor, of its liability under its guarantee;
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(5)
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failure to perform any other covenant for 60 days after notice of such performance was required;
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(6)
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specified events of bankruptcy, insolvency, or reorganization with respect to Maiden NA, Maiden
or any Significant Subsidiary of Maiden NA or Maiden; or
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(7)
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any other Event of Default established for the debt securities of that series.
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No Event of Default
with respect to any particular series of debt securities necessarily constitutes an Event of Default with respect to any other
series of debt securities. The Trustee is required to give notice to holders of the debt securities of any series within 90 days
after the Trustee has knowledge of a default relating to such debt securities;
provided, however
, that the Trustee may withhold
such notice except a default in payment of principal, premium, if any, interest, if any, Additional Amounts, if any, or sinking
fund payments, if any, in respect of such debt securities or a default or in the delivery of securities or property upon exchange
of such debt securities in accordance with their terms, if the Trustee, in good faith, determines it is in the best interest of
such holders to do so.
If an Event of Default
specified in clause (6) above occurs with respect to Maiden NA or Maiden and is continuing, then the principal of all the debt
securities and interest, if any, thereon shall automatically become immediately due and payable. If any other Event of Default
with respect to the debt securities of any series occurs and is continuing, either the Trustee or the holders of at least 25% in
aggregate principal amount of the debt securities of that series then outstanding may declare the principal of, or if debt securities
of that series are original issue discount securities, such lesser amount as may be specified in the terms of that series of debt
securities, and interest, if any, thereon to be due and payable immediately. However, upon specified conditions, the holders of
a majority in aggregate principal amount of the debt securities of that series then outstanding may rescind and annul any such
acceleration and its consequences.
The Indenture provides
that no holders of debt securities of any series may institute any proceedings, judicial or otherwise, with respect to the Indenture,
or for the appointment of a receiver or Trustee, or for any remedy thereunder, except in the case of failure of the Trustee, for
60 days, to act after it has received a written request to institute proceedings in respect of an Event of Default from the holders
of at least 25% in aggregate principal amount of the outstanding debt securities of that series, as well as an offer of indemnity
reasonably satisfactory to it, and no inconsistent direction has been given to the Trustee during such 60 day period by the holders
of a majority in aggregate principal amount of the debt securities of that series. Notwithstanding any other provision of the Indenture,
the holder of a debt security will have the right, which is absolute and unconditional, to receive payment of the principal of
and premium, if any, and interest, if any, and any Additional Amounts on that debt security on the respective due dates for those
payments and, in the case of any debt security which is exchangeable for other securities or property, to exchange that debt security
in accordance with its terms, and to institute suit for the enforcement of those payments and any right to effect such exchange,
and this right shall not be impaired without the consent of such holder.
Subject to the provisions
of the Trust Indenture Act requiring the Trustee, during the continuance of an Event of Default under the Indenture, to act with
the requisite standard of care, the Trustee is under no obligation to exercise any of its rights or powers under the Indenture
at the request or direction of any of the holders of debt securities of any series unless those holders have offered the Trustee
reasonable indemnity. The holders of a majority in aggregate principal amount of the outstanding debt securities of any series
will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee,
or of exercising any trust or power conferred upon the Trustee.
Within 120 days after
the close of each fiscal year, Maiden NA and Maiden, as guarantor, must deliver to the Trustee an officers’ certificate stating
whether or not each certifying officer has knowledge of any default under the Indenture and, if so, specifying each such default
and the nature and status thereof.
Modification, Waivers, and Meetings
The Indenture permits
Maiden NA, Maiden, as guarantor, and the Trustee, with the consent of the holders of a majority in aggregate principal amount of
the outstanding debt securities of each series issued under the Indenture and affected by a modification or amendment (voting as
separate classes), to modify or amend any of the provisions of the Indenture or of the debt securities of the applicable series
or the rights of the holders of the debt securities of the applicable series under the Indenture. However, no modification or amendment
shall, among other things:
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change the stated maturity of the principal of, or premium, if any, or any installment of interest,
if any, on or any Additional Amounts, if any, with respect to any debt securities, or
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reduce the principal of or any premium on any debt securities or reduce the rate (or modify the
calculation of such rate) of interest on or the redemption or repurchase price of any debt securities, or any Additional Amounts
with respect to any debt securities, or change Maiden NA’s obligation to pay Additional Amounts, or
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reduce the amount of principal of any original issue discount securities that would be due and
payable upon acceleration of the maturity of any debt security, or
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adversely affect any right of repayment or repurchase at the option of any holder, or
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release Maiden, as guarantor, from any of its obligations under its guarantee or the Indenture
other than in accordance with the terms of the Indenture,
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change any place where or the currency in which any debt securities are payable, or
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adversely affect the right, if any, of holders to exchange any debt securities for other securities
or property in accordance with their terms, or
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impair the holder’s right to institute suit to enforce the payment of any debt securities
on or after their stated maturity or the right to exchange any debt securities in accordance with their terms, or
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reduce the percentage of the outstanding debt securities of any series whose holders must consent
to any modification or amendment or any waiver of compliance with specific provisions of such Indenture or specified defaults under
the Indenture and their consequences, or
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reduce the requirements for a quorum or voting at a meeting of holders of the applicable debt securities,
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without, in each case, obtaining the consent
of the holder of each outstanding debt security affected by the modification or amendment.
The Indenture also
contains provisions permitting Maiden NA, Maiden, as guarantor, and the Trustee, without the consent of the holders of any debt
securities, to modify or amend the Indenture, among other things:
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to add to the Events of Default or covenants in a manner that benefits the holders of all or any
series of debt securities issued under the Indenture;
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to provide for security of debt securities of any series or add guarantees;
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to add to or change any provisions of the Indenture to facilitate the issuance of bearer securities;
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to establish the form or terms of debt securities of any series and any related coupons;
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to cure any ambiguity or correct or supplement any provision in such Indenture which may be defective
or inconsistent with other provisions in the Indenture, or to make any other provisions with respect to matters or questions arising
under the Indenture, or to make any change necessary to comply with any requirement of the SEC in connection with the Indenture
under the Trust Indenture Act, in each case which shall not adversely affect the interests of the holders of any series of debt
securities;
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to amend or supplement any provision contained in the Indenture, provided that the amendment or
supplement does not apply to any outstanding debt securities issued before the date of the amendment or supplement and entitled
to the benefits of that provision; or
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to conform the terms of the Indenture or the debt securities to the description thereof contained
in any prospectus or other offering document or memorandum relating to the offer and sale of those debt securities.
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The holders of a majority
in aggregate principal amount of the outstanding debt securities of any series may waive Maiden NA’s or Maiden’s compliance
with some of the restrictive provisions of the Indenture, which may include covenants, if any, which are specified in the applicable
prospectus supplement. The holders of a majority in aggregate principal amount of the outstanding debt securities of any series
may, on behalf of all holders of debt securities of that series, waive any past default under the Indenture with respect to the
debt securities of that series and its consequences, except a default (i) in the payment of the principal of, or premium, if any,
or interest, if any, on the debt securities of that series, (ii) in the delivery of securities or property upon the exchange of
any debt securities of that series in accordance with their terms, or (iii) in respect of a covenant or provision which cannot
be modified or amended without the consent of the holder of each outstanding debt security of the affected series.
The Indenture contains
provisions for convening meetings of the holders of a series of debt securities. A meeting may be called at any time by the Trustee,
and also, upon Maiden NA’s request, or the request of holders of at least 10% in aggregate principal amount of the outstanding
debt securities of a series. Notice of a meeting must be given in accordance with the provisions of the Indenture. Except for any
consent which must be given by the holder of each outstanding debt security affected in the manner described above, any resolution
presented at a meeting or adjourned meeting duly reconvened at which a quorum, as described below, is present may be adopted by
the affirmative vote of the holders of a majority in aggregate principal amount of the outstanding debt securities of that series.
However, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver, or other action
which may be made, given or taken by the holders of a specified percentage, other than a majority, in aggregate principal amount
of the outstanding debt securities of a series may be adopted at a meeting or adjourned meeting duly reconvened at which a quorum
is present by the affirmative vote of the holders of that specified percentage in aggregate principal amount of the outstanding
debt securities of that series. Any resolution passed or decision taken at any meeting of holders of debt securities of any series
duly held in accordance with the Indenture will be binding on all holders of debt securities of that series and the related coupons,
if any. The quorum at any meeting called to adopt a resolution, and at any reconvened meeting, will be persons holding or representing
a majority in aggregate principal amount of the outstanding debt securities of a series, subject to exceptions; provided, however,
that if any action is to be taken at that meeting with respect to a consent or waiver which may be given by the holders of a supermajority
in aggregate principal amount of the outstanding debt securities of a series, the persons holding or representing that specified
supermajority percentage in aggregate principal amount of the outstanding debt securities of that series will constitute a quorum.
Discharge, Defeasance, and Covenant Defeasance
Satisfaction and Discharge
Upon Maiden NA’s
direction, the Indenture shall cease to be of further effect with respect to the debt securities of any series specified by Maiden
NA, subject to the survival of specified provisions of the Indenture, including Maiden NA’s obligation to repurchase such
debt securities at the option of the holders thereof or to exchange such debt securities into other securities or property in accordance
with their terms, if applicable, and Maiden NA’s obligation to pay Additional Amounts in respect of such debt securities
to the extent described below, when:
(A) all outstanding
debt securities of that series and, in the case of bearer securities, all related coupons have been delivered to the Trustee for
cancellation, subject to exceptions, or
(B) all debt securities
of that series and, if applicable, any related coupons have become due and payable or will become due and payable at their maturity
within one year or are to be called for redemption within one year, and Maiden NA has deposited with the Trustee, in trust, funds
in the currency in which the debt securities of that series are payable in an amount sufficient to pay the entire indebtedness
on the debt securities of that series and, if applicable, related coupons, including the principal thereof and, premium, if any,
and interest, if any, thereon, and, to the extent that (x) the debt securities of that series provide for the payment of Additional
Amounts and (y) the amount of any Additional Amounts which are or will be payable is at the time of deposit reasonably determinable
by Maiden NA, in the exercise of its sole discretion, those Additional Amounts, to the date of such deposit, if the debt securities
of that series have become due and payable, or to the maturity or redemption date of the debt securities of that series, as the
case may be;
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Maiden NA has paid all other sums payable under the Indenture with respect to the debt securities
of that series (including amounts payable to the Trustee); and
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the Trustee has received an officers’ certificate and an opinion of counsel to the effect
that all conditions precedent to the satisfaction and discharge of the Indenture have been satisfied.
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If the debt securities
of any series provide for the payment of Additional Amounts, Maiden NA will remain obligated, following the deposit described above,
to pay Additional Amounts on those debt securities to the extent that they exceed the amount deposited in respect of those Additional
Amounts as described above.
Defeasance and Covenant Defeasance
Unless otherwise specified
in the applicable prospectus supplement, Maiden NA may elect with respect to the debt securities of the particular series either:
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to defease and discharge itself and Maiden, as guarantor, from any and all obligations with respect
to those debt securities (“full defeasance”), except for, among other things:
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(1)
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the obligation to pay Additional Amounts, if any, upon the occurrence of specified events of taxation,
assessment, or governmental charge with respect to payments on those debt securities to the extent that those Additional Amounts
exceed the amount deposited in respect of those amounts as provided below;
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(2)
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the obligations to register the transfer or exchange of those debt securities;
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(3)
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the obligation to replace temporary or mutilated, destroyed, lost, or stolen debt securities;
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(4)
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the obligation to maintain an office or agency in respect of those debt securities;
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(5)
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the obligation to hold moneys for payment in respect of those debt securities in trust; and
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(6)
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the obligation, if applicable, to repurchase those debt securities at the option of the holders
thereof or to exchange those debt securities for other securities or property in accordance with their terms, or
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to be released from its obligations and to release Maiden, as guarantor, of its obligations with
respect to those debt securities under certain covenants in the Indenture and, if applicable, other covenants as may be specified
in the applicable prospectus supplement, and any omission to comply with those obligations shall not constitute a default or an
Event of Default with respect to those debt securities (“covenant defeasance”),
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in either case upon the irrevocable deposit
with the Trustee, or other qualifying Trustee, in trust for that purpose, of an amount in the currency in which those debt securities
are payable at maturity or, if applicable, upon redemption, and/or government obligations which through the payment of principal
and interest in accordance with their terms will provide money, in an amount sufficient to pay the principal of and any premium
and any interest on, and, to the extent that (x) those debt securities provide for the payment of Additional Amounts and (y) the
amount of the Additional Amounts which are or will be payable is at the time of deposit reasonably determinable by Maiden NA, in
the exercise of its sole discretion, the Additional Amounts with respect to, those debt securities, and any mandatory sinking fund
or analogous payments on those debt securities, on the due dates for those payments, whether at maturity, upon redemption, upon
repayment at the option of the holder or otherwise.
The full defeasance
or covenant defeasance described above shall only be effective if, among other things:
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it shall not result in a breach or violation of, or constitute a default under, the Indenture or
any other material agreement or instrument to which Maiden NA, Maiden, as guarantor, or any of their subsidiaries are a party or
are bound;
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in the case of full defeasance, Maiden NA shall have delivered to the Trustee an opinion of independent
counsel reasonably acceptable to the Trustee confirming that:
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(A)
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Maiden NA has received from, or there has been published by, the Internal Revenue Service a ruling;
or
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(B)
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since the date of the Indenture, there has been a change in applicable federal income tax law,
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in either case to the effect that, and
based on this ruling or change the opinion of counsel shall confirm that, the holders of the debt securities of the applicable
series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the full defeasance and will
be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case
if the defeasance had not occurred;
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in the case of covenant defeasance, Maiden NA shall have delivered to the Trustee an opinion of
independent counsel reasonably acceptable to the Trustee to the effect that the holders of the debt securities of the applicable
series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the covenant defeasance and
will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if the covenant defeasance had not occurred;
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if the cash and government obligations deposited are sufficient to pay the outstanding debt securities
of the applicable series on a particular redemption date, Maiden NA shall have given the Trustee irrevocable instructions to redeem
those debt securities on that date;
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no Event of Default or default which with notice or lapse of time or both would become an Event
of Default with respect to debt securities of the applicable series shall have occurred and be continuing on the date of the deposit
into trust; and, solely in the case of full defeasance, no Event of Default arising from specified events of bankruptcy, insolvency,
or reorganization with respect to Maiden NA, Maiden, as guarantor, or any of their Significant Subsidiaries or default which with
notice or lapse of time or both would become such an Event of Default shall have occurred and be continuing during the period ending
on the 91st day after the date of the deposit into trust; and
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Maiden NA shall have delivered to the Trustee an officers’ certificate and legal opinion
to the effect that all conditions precedent to the full defeasance or covenant defeasance, as the case may be, have been satisfied.
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In the event Maiden
NA effects covenant defeasance with respect to debt securities of any series and those debt securities are declared due and payable
because of the occurrence of any Event of Default other than an Event of Default with respect to the covenants as to which covenant
defeasance has been effected, which covenants would no longer be applicable to the debt securities of that series after covenant
defeasance, the amount of monies and/or government obligations deposited with the Trustee to effect covenant defeasance may not
be sufficient to pay amounts due on the debt securities of that series at the time of any acceleration resulting from that Event
of Default. However, Maiden NA would remain liable to make payment of those amounts due at the time of acceleration.
The applicable prospectus
supplement may further describe the provisions, if any, permitting or restricting full defeasance or covenant defeasance with respect
to the debt securities of a particular series.
Concerning the Trustee
The Indenture provides
that there may be more than one Trustee under the Indenture, each with respect to one or more series of debt securities. If there
are different Trustees for different series of debt securities, each Trustee will be a Trustee separate and apart from any other
Trustee under the Indenture. Unless otherwise indicated in any applicable prospectus supplement, any action permitted to be taken
by a Trustee may be taken by such Trustee only with respect to the one or more series of debt securities for which it is the Trustee
under the Indenture. Any Trustee under the Indenture may resign or be removed with respect to one or more series of debt securities.
All payments of principal of, and premium, if any, and interest on, and all registration, transfer, exchange, authentication and
delivery (including authentication and delivery on original issuance of the debt securities) of, the debt securities of a series
will be effected by the Trustee with respect to that series at an office designated by the trustee in Wilmington, Delaware.
Under the Trust Indenture
Act, the Indenture is deemed to contain limitations on the right of the Trustee, should it become a creditor of Maiden NA or Maiden,
as guarantor, to obtain payment of claims in some cases or to realize on certain property received in respect of any such claim
as security or otherwise. The Trustee may engage in other transactions with Maiden NA or Maiden. If it acquires any conflicting
interest relating to any of its duties with respect to the debt securities, however, it must eliminate the conflict or resign as
Trustee.
The holders of a majority
in aggregate principal amount of any series of debt securities then outstanding will have the right to direct the time, method
and place of conducting any proceeding for exercising any remedy available to the Trustee with respect to such series of debt securities,
provided that the direction would not conflict with any rule of law or with the Indenture or with any series of debt securities
or with any series of debt securities, such direction would not be unduly prejudicial to the rights of another holders of the debt
securities (or any other series), and the Trustee may take any other action deemed proper by the Trustee which is not inconsistent
with such direction. The Trustee will be under no obligation to exercise any of its rights or powers under the Indenture at the
request of any of the holders of the debt securities, unless they shall have offered to the Trustee security and indemnity reasonably
satisfactory to the Trustee.
Wilmington Trust Company
is the Trustee under the Indenture. We maintain corporate trust relationships in the ordinary course of business with the Trustee.
Governing Law
The Indenture, the
debt securities and the guarantees will be governed by, and construed in accordance with, the laws of the State of New York.
DESCRIPTION OF WARRANTS
This section describes
the general terms and provisions of the warrants we may issue for the purchase of securities that may be offered under this prospectus.
We may issue warrants independently or together with other securities offered by any prospectus supplement and may attach warrants
to those securities. Each series of warrants will be issued under a separate warrant agreement to be entered into between us and
a bank or trust company, as warrant agent, all as set forth in the applicable prospectus supplement relating to the particular
issue of the warrants. The warrant agent will act solely as our agent in connection with warrant certificates evidencing the warrants
and will not assume any obligation or relationship of agency or trust for or with any holders of certificates evidencing warrants
or beneficial owners of warrants.
The following describes
certain general terms and provisions of warrants we may offer. We will set forth further terms of the warrants and the applicable
warrant agreement in the applicable prospectus supplement.
Warrants
The applicable prospectus
supplement relating to a particular issue of warrants to issue preference shares, depositary shares, common shares or other securities
will describe the terms of those warrants, including the following, if applicable:
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the title of the warrants;
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offering price for the warrants, if any;
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the aggregate number of the warrants;
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the designation and terms of the securities purchasable upon exercise of the warrants;
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the designation and terms of the securities that the warrants are issued with and the number of
warrants issued with each security;
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the date from and after which the warrants and any securities issued with the warrants will be
separately transferable;
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the number of securities that may be purchased upon exercise of a warrant and the price at which
the securities may be purchased upon exercise;
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the dates on which the right to exercise the warrants will commence and expire;
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the minimum or maximum amount of the warrants that may be exercised at any one time;
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the currency or currency units in which the offering price, if any, and the exercise price are
payable;
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a discussion of material United States federal income tax considerations;
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anti-dilution provisions of the warrants, if any;
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redemption or call provisions, if any, applicable to the warrants;
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any additional terms of the warrants, including terms, procedures and limitations relating to the
exchange and exercise of the warrants; and
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any other information we think is important about the warrants.
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Exercise of Warrants
Each warrant will
entitle the holder of the warrant to purchase at the exercise price set forth in the applicable prospectus supplement the principal
amount or number of securities being offered. Holders may exercise warrants at any time up to the close of business on the expiration
date set forth in the applicable prospectus supplement. After the close of business on the expiration date, unexercised warrants
are void. Holders may exercise warrants as set forth in the prospectus supplement relating to the warrants being offered.
Until a holder exercises
the warrants to purchase our securities, the holder will not have any rights as a holder of the applicable underlying securities
by virtue of ownership of warrants.
DESCRIPTION OF UNITS
We may, from time
to time, issue units comprised of one or more of the other securities that may be offered under this prospectus, in any combination.
Each unit will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder
of a unit will have the rights and obligations of a holder of each included security. The unit agreement under which a unit is
issued may provide that the securities included in the unit may not be held or transferred separately at any time, or at any time
before a specified date.
Any applicable prospectus
supplement will describe:
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the material terms of the units and of the securities comprising the units, including whether and
under what circumstances those securities may be held or transferred separately;
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any material provisions relating to the issuance, payment, settlement, transfer or exchange of
the units or of the securities comprising the units; and
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any material provisions of the governing unit agreement that differ from those described above.
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PLAN OF DISTRIBUTION
We or Maiden NA may
sell the offered securities in four ways: (i) to or through underwriters; (ii) to or through dealers; (iii) through agents and
(iv) directly or through our or Maiden NA’s subsidiaries to purchasers. If we or Maiden NA sell the offered securities directly
or through our or Maiden NA’s subsidiaries to purchasers, we or Maiden NA will only do so if our or Maiden NA’s employees,
as applicable, and other associated persons acting on our or Maiden NA’s behalf in connection with the sale of the offered
securities are not deemed to be “brokers” under the Exchange Act or otherwise qualify for the exemption under Rule
3a4-1 of the Exchange Act or any similar rule or regulation as the SEC may adopt and which shall be in effect at the time.
We or Maiden NA may
distribute the offered securities from time to time in one or more transactions at (i) a fixed price or prices, which may be changed,
(ii) at market prices prevailing at the time of sale, (iii) at prices related to such market prices or (iv) at negotiated prices.
If underwriters are
used in the offering of the offered securities, the names of the managing underwriter or underwriters and any other underwriters
and certain terms of the offering, including compensation of the underwriters and dealers, if any, will be set forth in the applicable
prospectus supplement. Only underwriters named in the applicable prospectus supplement will be deemed to be underwriters in connection
with the offered securities described in that prospectus supplement. Firms not so named will have no direct or indirect participation
in the underwriting of such securities, although such a firm may participate in the distribution of those securities under circumstances
entitling that firm to a dealer’s commission. It is anticipated that any underwriting agreement pertaining to any offered
securities will (i) entitle the underwriters to indemnification by us or Maiden NA, as the case may be, against certain civil liabilities,
including liabilities under the Securities Act, or to contribution for payments which the underwriters may be required to make
in respect thereof, (ii) provide that the obligations of the underwriters will be subject to certain conditions precedent and (iii)
provide that the underwriters generally will be obligated to purchase all of the offered securities if any are purchased.
We or Maiden NA also
may sell the offered securities to a dealer as principal. If we or Maiden NA sell the offered securities to a dealer as a principal,
then the dealer may resell those securities to the public at varying prices to be determined by such dealer at the time of resale.
The name of the dealer and the terms of the transactions will be set forth in the applicable prospectus supplement.
The offered securities
also may be offered through agents we or Maiden NA may designate from time to time. The applicable prospectus supplement will contain
the name of any such agent and the terms of its agency. Unless otherwise indicated in the prospectus supplement, any such agent
will act on a best efforts basis for the period of its appointment.
As one of the means
of direct issuance of the offered securities, we or Maiden NA may utilize the services of any available electronic auction system
to conduct an electronic “dutch auction” of the offered securities among potential purchasers who are eligible to participate
in the auction of such securities, if so described in the prospectus supplement.
Dealers and agents
named in a prospectus supplement may be deemed to be underwriters (within the meaning of the Securities Act) of the securities
described in the prospectus supplement and, under agreements which may be entered into with us or Maiden NA, may be entitled to
indemnification by us or Maiden NA, as applicable, against certain civil liabilities, including liabilities under the Securities
Act, or to contribution for payments which they may be required to make in respect of those liabilities.
The preference shares,
depositary shares, debt securities, warrants and units, when first issued, will have no established trading market. Any underwriters
or agents to or through whom offered securities are sold by us or Maiden NA for public offering and sale may make a market in such
offered securities, but the underwriters or agents will not be obligated to do so and may discontinue any market making at any
time without notice. No assurance can be given as to the liquidity of the trading market for any offered securities. The applicable
prospectus supplement will set forth whether or not underwriters or agents may over-allot or effect transactions that stabilize,
maintain or otherwise affect the market price of debt securities offered thereby at levels above those that might otherwise prevail
in the open market, including, for example, by entering stabilizing bids, effecting syndicate covering transactions or imposing
penalty bids.
In compliance with
guidelines of the Financial Industry Regulatory Authority (“FINRA”), the maximum consideration or discount to be received
by any FINRA member or independent broker dealer may not exceed 8% of the aggregate amount of the securities offered pursuant to
this prospectus and any applicable prospectus supplement.
Underwriters, dealers
and agents may engage in transactions with us or Maiden NA, or perform services for us or Maiden NA in the ordinary course of business.
Offers to purchase
the offered securities may be solicited directly by us or Maiden NA or through our or Maiden NA’s subsidiaries and sales
thereof may be made by us or Maiden NA directly to institutional investors or others. The terms of any such sales will be described
in the applicable prospectus supplement.
LEGAL MATTERS
The legality of the
securities under Bermuda law will be passed upon for us by Conyers Dill & Pearman Limited, Bermuda. The legality of the debt
securities, the guarantees and the depositary shares under Delaware and New York law will be passed upon for us and Maiden NA by
Sidley Austin LLP, New York, New York. The legality of the securities for any underwriters, dealers or agents will be passed upon
by counsel as may be specified in the applicable prospectus supplement.
EXPERTS
BDO USA, LLP,
an independent registered public accounting firm, has audited our consolidated financial statements and schedules, included in
our Annual Report on Form 10-K for the year ended December 31, 2011, the effectiveness of our internal control over financial reporting
as of December 31, 2011 (which is included in Management’s Report on Internal Control over Financial Reporting), as set forth
in their reports, which are incorporated by reference in this prospectus and elsewhere in the registration statement. Our financial
statements and schedules and management’s assessment of the effectiveness of internal control over financial reporting audited
by BDO USA, LLP are incorporated by reference in reliance upon their reports, given on their authority as experts in accounting
and auditing.
ENFORCEABILITY OF CIVIL LIABILITIES
UNDER U.S. FEDERAL SECURITIES LAWS
We are a Bermuda exempted
company. As a result, the rights of holders of our common shares will be governed by Bermuda law and our memorandum of association
and bye-laws. The rights of shareholders under Bermuda law may differ from the rights of shareholders of companies incorporated
in other jurisdictions. Some of the experts named in this prospectus reside outside the United States, and a substantial portion
of our assets are located outside the United States. As a result, it may be difficult for investors to effect service of process
on those persons in the United States or to enforce in the United States judgments obtained in U.S. courts against us or those
persons based on the civil liability provisions of the U.S. securities laws. It is doubtful whether courts in Bermuda will enforce
judgments obtained in other jurisdictions, including the United States, against us or our directors or officers under the securities
laws of those jurisdictions or entertain actions in Bermuda against us or our directors or officers under the securities laws of
other jurisdictions.
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 14. Other
Expenses of Issuance and Distribution
The following table
sets forth an estimate of the expenses payable in connection with the issuance and distribution of the securities being registered,
other than underwriting discounts or commissions. All amounts shown are estimates, except the SEC registration fee, and will be
borne by Maiden and/or Maiden NA.
SEC registration fee
|
|
$
|
34,830
|
|
Legal fees and expenses (other than Blue Sky)
|
|
|
200,000
|
|
Accounting fees and expenses
|
|
|
100,000
|
|
Trustee’s fees and expenses
|
|
|
10,000
|
|
Blue Sky fees and expenses
|
|
|
5,000
|
|
Transfer agent fees and expenses
|
|
|
5,000
|
|
Rating agency fees
|
|
|
150,000
|
|
NASDAQ listing fees
|
|
|
10,000
|
|
Printing fees and expenses
|
|
|
75,000
|
|
Miscellaneous
|
|
|
10,170
|
|
Total
|
|
$
|
600,000
|
|
Item 15. Indemnification
of Directors and Officers
Maiden Holdings, Ltd.
Maiden is a Bermuda
exempted company. Section 98 of the Companies Act provides generally that a Bermuda company may indemnify its directors, officers
and auditors against any liability which by virtue of any rule of law would otherwise be imposed on them in respect of any negligence,
default, breach of duty or breach of trust, except in cases where such liability arises from fraud or dishonesty of which such
director, officer or auditor may be guilty in relation to the company. Section 98 further provides that a Bermuda company may indemnify
its directors, officers and auditors against any liability incurred by them in defending any proceedings, whether civil or criminal,
in which judgment is awarded in their favor or in which they are acquitted or granted relief by the Supreme Court of Bermuda pursuant
to section 281 of the Companies Act.
Maiden has adopted
provisions in its bye-laws that provide that Maiden will indemnify its officers and directors in respect of their actions and omissions,
except in respect of their fraud or dishonesty. Maiden’s bye-laws provide that the shareholders waive all claims or rights
of action that they might have, individually or in right of Maiden, against any of Maiden’s directors or officers for any
act or failure to act in the performance of such director’s or officer’s duties, except in respect of any fraud or
dishonesty of such director or officer. Section 98A of the Companies Act permits Maiden to purchase and maintain insurance for
the benefit of any officer or director in respect of any loss or liability attaching to him in respect of any negligence, default,
breach of duty or breach of trust, whether or not Maiden may otherwise indemnify such officer or director. Maiden has purchased
and maintains a directors’ and officers’ liability policy for such a purpose. In addition, Maiden has entered into
indemnification agreements with its directors and officers.
The options granted
to Maiden’s officers, its employees and non-employees will vest in installments over a period of four years. The options
granted to Maiden’s non-employee directors will vest on the first anniversary of the date of grant. The options were granted
pursuant to the exemption provided by Section 4(2) under the Securities Act for transactions not involving a public offering.
Maiden Holdings North America, Ltd.
Certificate of Incorporation
Article Eighth of
the Certificate of Incorporation of Maiden NA provides that a director will not be personally liable to Maiden NA or its stockholders
for monetary damages for breach of fiduciary duty as a director, except for liability (1) for any breach of the director’s
duty of loyalty to Maiden NA or its stockholders, (2) for acts or omissions not in good faith or that involve intentional misconduct
or a knowing violation of the law, (3) under Section 174 of the Delaware General Corporation Law (the “DGCL”) for unlawful
payment of dividends or improper redemption of stock or (4) for any transaction from which the director derived an improper personal
benefit. In addition, if the DGCL is amended to authorize the further elimination or limitation of the liability of directors,
then the liability of a director, in addition to the limitation on personal liability provided for in Maiden NA’s Certificate
of Incorporation, will be limited to the fullest extent permitted by the amended DGCL.
The DGCL
Subsection (a) of
Section 145 of the DGCL empowers a corporation to indemnify any person who was or is a party or is threatened to be made a party
to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other
than an action by or in the right of the corporation), by reason of the fact that such person is or was a director, officer, employee
or agent of the corporation or is or was serving at the request of the corporation as a director, officer, employee or agent of
another corporation or enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement
actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted in good
faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation, and with
respect to any criminal action or proceeding, had no reasonable cause to believe such person’s conduct was unlawful.
Subsection (b) of
Section 145 of the DGCL empowers a corporation to indemnify any person who was or is a party or threatened to be made a party to
any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by
reason of the fact that such person acted in any of the capacities set forth above, against expenses (including attorney’s
fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit if such
person acted under similar standards, except that no indemnification may be made in respect of any claim, issue or matter as to
which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery
or the court in which the action or suit was brought shall determine upon application that, despite the adjudication of liability,
but in view of all the circumstances of the case the person is fairly and reasonably entitled to indemnity for the expenses which
the court shall deem proper.
Section 145 of the
DGCL further provides that, to the extent a present or former director or officer of a corporation has been successful on the merits
or otherwise in defense of any action, suit or proceeding referred to in subsections (a) and (b) or in the defense of any claim,
issue or matter therein, the person shall be indemnified against expenses (including attorneys’ fees) actually and reasonably
incurred in connection therewith; that indemnification provided for by Section 145 of the DGCL shall not be deemed exclusive of
any other rights to which the indemnified party may be entitled; the right to indemnification and advancement of expenses arising
under a provision of the certificate of incorporation or by-laws shall not be eliminated or impaired by an amendment to such provision
after the occurrence of the act or omission that is the subject of civil, criminal, administrative or investigative action, suit
or proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the time of such
act or commission explicitly authorizes such elimination or impairment after such act or omission has occurred; and that the scope
of indemnification extends to directors, officers, employees or agents of a constituent corporation absorbed in a consolidation
or merger and persons serving in that capacity at the request of the constituent corporation for another. Section 145 of the DGCL
also empowers the corporation to purchase and maintain insurance on behalf of a director, officer, employee or agent of the corporation
against any liability asserted against or incurred by the person in any such capacity or arising out of the person’s status
as such, whether or not the corporation would have the power to indemnify the person against such liabilities under Section 145
of the DGCL.
Insurance
Maiden and Maiden
NA have obtained directors’ and officers’ insurance to cover their respective directors, officers and some of Maiden’s
employees for certain liabilities incurred in their capacities as such.
Item 16. Exhibits
Exhibit No.
|
Description of Document
|
1.1
|
Form of Underwriting Agreement (1)
|
4.1
|
Form of Common Share Certificate of Maiden Holdings, Ltd. (2)
|
4.2
|
Indenture by and among Maiden Holdings North America, Ltd., Maiden Holdings, Ltd., as guarantor, and Wilmington Trust Company, as trustee, dated as of June 24, 2011 (3)
|
4.3
|
Form of Debt Securities (3)
|
4.4
|
Form of Guarantee (included as Annex A to the Form of Indenture for Debt Securities filed as Exhibit 4.2 hereto)
|
4.5
|
Form of Certificate of Designation, Preferences and Rights for Preference Shares (1)
|
4.6
|
Form of Deposit Agreement (including form of Deposit Certificate) (1)
|
4.7
|
Form of Warrant Agreement (including form of Warrant Certificate) (1)
|
4.8
|
Form of Unit Agreement (including form of Unit Certificate) (1)
|
5.1
|
Opinion of Conyers Dill & Pearman Limited as to legality of the securities being registered, including consent
|
5.2
|
Opinion of Sidley Austin LLP as to legality of the debt securities and guarantees being registered, including consent
|
12.1
|
Statement re: Computation of Ratio of Earnings to Fixed Charges
|
23.1
|
Consent of BDO USA, LLP, Independent Registered Public Accounting Firm
|
23.2
|
Consent of Conyers Dill & Pearman Limited (included in Exhibit 5.1)
|
23.3
|
Consent of Sidley Austin
llp
(included in Exhibit 5.2)
|
24.1
|
Power of Attorney of Directors of Maiden Holdings, Ltd.
|
24.2
|
Power of Attorney of Directors of Maiden Holdings North America, Ltd.
|
25.1
|
Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939 of the Trustee under the Indenture with respect to the debt securities and guarantees
|
99.1
|
Form F-N (to be filed concurrently with this registration statement)
|
______________
|
(1)
|
To be filed, if necessary, as an exhibit to a post-effective amendment to this registration statement
or as an exhibit to a Current Report on Form 8-K to be filed in connection with a specific offering, and incorporated herein by
reference.
|
|
(2)
|
Incorporated by reference to the filing of such exhibit with Maiden Holdings, Ltd.’s Form
S-1, as initially filed with the SEC on September 18, 2007, and subsequently amended and declared effective May 6, 2008 (File No.
333-146137).
|
|
(3)
|
Incorporated by reference to the filing of such exhibit with Maiden Holdings Ltd.’s and Maiden
N.A.’s Form S-3 (File Nos. 333-172107 and 333-172107-01).
|
Item 17. Undertakings
(a) Each of the undersigned registrants
hereby undertakes:
(1) To file, during
any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i) To
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii) To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate
offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and
(iii) To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;
provided, however
, that paragraphs
(a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the registration statement is on Form S-3 and the information required to
be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission
by such registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration
statement.
(2) That, for the
purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial
bona fide
offering thereof.
(3) To remove from
registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.
(4) That, for the
purpose of determining liability under the Securities Act of 1933 to any purchaser:
(i)(A) Each
prospectus filed by such registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the
date the filed prospectus was deemed part of and included in the registration statement; and
(i)(B) Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on
Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information
required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale
of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any
person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial
bona fide
offering thereof.
Provided, however
, that no statement made
in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed
incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to
a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior
to such effective date.
(b) Each of the undersigned registrants
hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of such registrant’s
annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing
of an employee benefit plan’s annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated
by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(c) Each of the undersigned registrants
hereby undertakes to deliver or cause to be delivered with the prospectus, to each person to whom the prospectus is sent or given,
the latest annual report to security holders that is incorporated by reference in the prospectus and furnished pursuant to and
meeting the requirements of Rule 14a-3 or Rule 14c-3 under the Securities Exchange Act of 1934; and, where interim financial information
required to be presented by Article 3 of Regulation S-X is not set forth in the prospectus, to deliver, or cause to be delivered
to each person to whom the prospectus is sent or given, the latest quarterly report that is specifically incorporated by reference
in the prospectus to provide such interim financial information.
(d) Each of the undersigned registrants
hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection
(a) of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under Section
305(b)(2) of the Trust Indenture Act.
Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of any
registrant pursuant to the provisions described in Item 15 above, or otherwise, each registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933
and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
by such registrant of expenses incurred or paid by a director, officer or controlling person of such registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered, such registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act of 1933 and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Hamilton, Bermuda, on May 14, 2012.
MAIDEN HOLDINGS, LTD.
|
By:
|
/s/ Arturo M. Raschbaum
|
|
Name:
|
Arturo M. Raschbaum
|
|
Title:
|
President and Chief Executive Officer
|
Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the
dates indicated.
Signature
|
Title
|
Date
|
|
|
|
|
President and Chief Executive Officer
|
|
/s/ Arturo M. Raschbaum
|
(Principal Executive Officer)
|
May 14, 2012
|
Arturo M. Raschbaum
|
|
|
|
|
|
|
Chief Financial Officer
|
|
/s/ John Marshaleck
|
(Principal Financial and Accounting Officer)
|
May 14, 2012
|
John Marshaleck
|
|
|
|
|
|
/s/ Barry D. Zyskind*
|
Chairman
|
May 14, 2012
|
Barry D. Zyskind
|
|
|
|
|
|
/s/ Raymond M. Neff*
|
Director
|
May 14, 2012
|
Raymond M. Neff
|
|
|
|
|
|
/s/ Simcha G. Lyons*
|
Director
|
May 14, 2012
|
Simcha G. Lyons
|
|
|
|
|
|
/s/ Yehuda L. Neuberger*
|
Director
|
May 14, 2012
|
Yehuda L. Neuberger
|
|
|
|
|
|
/s/ Steven H. Nigro*
|
Director
|
May 14, 2012
|
Steven H. Nigro
|
|
|
|
|
|
|
Authorized Representative in
|
|
/s/ Lawrence F. Metz
|
the United States
|
May 14, 2012
|
Lawrence F. Metz
|
|
|
|
*
|
The undersigned, pursuant to a Power of Attorney executed by each of the Directors identified above
and filed with the SEC, by signing his name hereto, does hereby sign and execute this Registration Statement on behalf of each
of the persons noted above, in the capacities indicated.
|
/s/ Lawrence F. Metz
|
|
|
Lawrence F. Metz, Attorney-in-Fact
|
|
|
SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Mount Laurel, New Jersey, on May 14, 2012.
MAIDEN HOLDINGS NORTH AMERICA, LTD.
Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the
dates indicated.
Signature
|
Title
|
Date
|
|
|
|
|
President and Director
|
|
/s/ Karen Schmitt
|
(Principal Executive Officer)
|
May 14, 2012
|
Karen Schmitt
|
|
|
|
|
|
|
Vice President, Treasurer and Director
|
|
/s/ Paul W. Hawk
|
(Principal Financial and Accounting Officer)
|
May 14, 2012
|
Paul W. Hawk
|
|
|
|
|
|
/s/ Arturo M. Raschbaum*
|
Chairman
|
May 14, 2012
|
Arturo M. Raschbaum
|
|
|
|
|
|
/s/ Patrick J. Haveron*
|
Director
|
May 14, 2012
|
Patrick J. Haveron
|
|
|
|
|
|
/s/ Lawrence F. Metz
|
Director
|
May 14, 2012
|
Lawrence F. Metz
|
|
|
|
|
|
|
*
|
The undersigned, pursuant to a Power of Attorney executed by each of the Directors identified above
and filed with the SEC, by signing his name hereto, does hereby sign and execute this Registration Statement on behalf of each
of the persons noted above, in the capacities indicated.
|
/s/ Lawrence F. Metz
|
|
|
Lawrence F. Metz, Attorney-in-Fact
|
|
|
EXHIBIT INDEX
Exhibit No.
|
Description of Document
|
1.1
|
Form of Underwriting Agreement (1)
|
4.1
|
Form of Common Share Certificate of Maiden Holdings, Ltd. (2)
|
4.2
|
Indenture by and among Maiden Holdings North America, Ltd., Maiden Holdings, Ltd., as guarantor, and Wilmington Trust Company, as trustee, dated as of June 24, 2011 (3)
|
4.3
|
Form of Debt Securities (3)
|
4.4
|
Form of Guarantee (included as Annex A to the Form of Indenture for Debt Securities filed as Exhibit 4.2 hereto)
|
4.5
|
Form of Certificate of Designation, Preferences and Rights for Preference Shares (1)
|
4.6
|
Form of Deposit Agreement (including form of Deposit Certificate) (1)
|
4.7
|
Form of Warrant Agreement (including form of Warrant Certificate) (1)
|
4.8
|
Form of Unit Agreement (including form of Unit Certificate) (1)
|
5.1
|
Opinion of Conyers Dill & Pearman Limited as to legality of the securities being registered, including consent
|
5.2
|
Opinion of Sidley Austin LLP as to legality of the debt securities and guarantees being registered, including consent
|
12.1
|
Statement re: Computation of Ratio of Earnings to Fixed Charges
|
23.1
|
Consent of BDO USA, LLP, Independent Registered Public Accounting Firm
|
23.2
|
Consent of Conyers Dill & Pearman Limited (included in Exhibit 5.1)
|
23.3
|
Consent of Sidley Austin
llp
(included in Exhibit 5.2)
|
24.1
|
Power of Attorney of Directors of Maiden Holdings, Ltd.
|
24.2
|
Power of Attorney of Directors of Maiden Holdings North America, Ltd.
|
25.1
|
Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939 of the Trustee under the Indenture with respect to the debt securities and guarantees
|
99.1
|
Form F-N (to be filed concurrently with this registration statement)
|
_______________
|
(1)
|
To be filed, if necessary, as an exhibit to a post-effective amendment to this registration statement
or as an exhibit to a Current Report on Form 8-K to be filed in connection with a specific offering, and incorporated herein by
reference.
|
|
(2)
|
Incorporated by reference to the filing of such exhibit with Maiden Holdings, Ltd.’s Form
S-1, as initially filed with the SEC on September 18, 2007, and subsequently amended and declared effective May 6, 2008 (File No.
333-146137).
|
|
(3)
|
Incorporated by reference to the filing of such exhibit with Maiden Holdings Ltd.’s and Maiden
N.A.’s Form S-3 (File Nos. 333-172107 and 333-172107-01)
|
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