A.M. Best Co. has assigned an indicative rating of “bb” to preferred shares of the recently filed universal shelf registration of Maiden Holdings, Ltd. (Maiden) (Hamilton, Bermuda) [NASDAQ: MHLD]. Concurrently, A.M. Best has assigned indicative ratings of “bbb-” to senior unsecured debt, “bb+” to subordinated debt and “bb” to junior subordinated debt of Maiden Holdings North America, Ltd. (Maiden NA) (Delaware), a direct and wholly owned subsidiary of Maiden. The outlook assigned to all ratings is stable. The new shelf registration replaces Maiden and Maiden NA’s previous shelf, which was fully utilized. Consequently, the indicative ratings for the previous shelf registration have been withdrawn. All remaining ratings of Maiden and its subsidiaries are unchanged. (For further information, please see A.M. Best’s press release dated May 24, 2013.) As of September 30, 2013, Maiden’s adjusted debt-to-total capital and adjusted debt-to-tangible capital are approximately 24% and 26%, respectively. These measures are within A.M. Best’s guidelines for its current rating level. In addition, Maiden’s interest coverage ratio is expected to remain solid for its ratings. The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology. A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.