HAMILTON, Bermuda--(BUSINESS WIRE)--
Aspen Insurance Holdings Limited (“Aspen”) (NYSE:AHL) announced that it
is mandatorily converting its Perpetual PIERS (CUSIP Number:
BMG053841133) with effect today. Aspen will be converting all of its
4,600,000 Perpetual PIERS. Each holder of a Perpetual PIER will receive
$50 in cash plus a number of ordinary shares as determined during the
Stock Settlement Averaging Period as the Settlement Amount in accordance
with the terms of the Perpetual PIERS. The conversion rate is 1.7121
shares of Aspen’s ordinary shares per $50 liquidation preference of the
Perpetual PIERS. Aspen expects to deliver the Settlement Amount on May
30, 2013. In accordance with the terms of the Perpetual PIERS, no
further dividends will be paid on the Perpetual PIERS as a result of
such Mandatory Conversion.
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in various
domestic and global markets through wholly-owned subsidiaries and
offices in Bermuda, France, Germany, Ireland, Singapore, Switzerland,
the United Kingdom and the United States. For the year ended December
31, 2012, Aspen reported $10.3 billion in total assets, $4.8 billion in
gross reserves, $3.5 billion in total shareholders’ equity and $2.6
billion in gross written premiums. Its operating subsidiaries have been
assigned a rating of “A” (“Strong”) by Standard & Poor’s, an “A”
(“Excellent”) by A.M. Best and an “A2” (“Good”) by Moody’s Investors
Service.
Application of the Safe Harbor of the Private Securities Litigation
Reform Act of 1995
This press release may contain written “forward-looking statements”
within the meaning of the U.S. federal securities laws. These statements
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
include all statements that do not relate solely to historical or
current facts, and can be identified by the use of words such as
“expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “seek,”
“will,” “estimate,” “may,” “continue,” and similar expressions of a
future or forward-looking nature.
All forward-looking statements rely on a number of assumptions,
estimates and data concerning future results and events and are subject
to a number of uncertainties and other factors, many of which are
outside Aspen’s control that could cause actual results to differ
materially from such statements, including changes in market conditions
and their impact on our business, as well as factors such as the
availability of financing to fund the cash portion of the settlement of
the mandatory conversion of the Perpetual PIERS on favorable terms and
the possibility, if Aspen cannot obtain adequate replacement capital on
favorable terms, or at all, that its financial condition and operating
results could be adversely affected. For a more detailed description of
uncertainties and other factors that could impact the forward-looking
statements in this press release, please see the “Risk Factors” section
in Aspen’s Annual Report on Form 10-K for the year ended December 31,
2012, filed with the U.S. Securities and Exchange Commission on February
26, 2013. Aspen undertakes no obligation to update or revise publicly
any forward-looking statements, whether as a result of new information,
future events or otherwise.
Please visit www.aspen.co
or contact:
Investors:
Kerry Calaiaro, Senior Vice
President, Investor Relations, Aspen
Kerry.Calaiaro@aspen.co
+1
646 502 1076
or
Media:
Steve Colton, Head of
Communications, Aspen
Steve.Colton@aspen.co
+44
20 7184 8337
or
International – Citigate Dewe Rogerson
Caroline
Merrell or Jos Bieneman
caroline.merrell@citigatedr.co.uk
jos.bieneman@citigatedr.co.uk
+44
20 7638 9571
or
North America – Abernathy MacGregor
Allyson
Vento
amv@abmac.com
+1
(212) 371 5999
Source: Aspen Insurance Holdings Limited