Aspen announces adjustment to the Conversion Rate on its 5.625% Perpetual Preferred Income Equity Replacement Securities

  Aspen announces adjustment to the Conversion Rate on its 5.625% Perpetual
  Preferred Income Equity Replacement Securities (Perpetual PIERS)

Business Wire

HAMILTON, Bermuda -- April 04, 2013

Aspen Insurance Holdings Limited (“Aspen”) (NYSE: AHL) announced today an
adjustment to the conversion rate on its 5.625% Perpetual Preferred Income
Equity Replacement Securities (Perpetual PIERS) in connection with its
previously announced dividends payable on May 25, 2012, August 28, 2012,
November 26, 2012 and March 7, 2013. As a result of these dividends, the
conversion rate was adjusted to 1.7121 shares of Aspen’s ordinary shares per
$50 liquidation preference of the Perpetual PIERS. The adjusted conversion
rate is equivalent to an adjusted conversion price of $29.20 per share. The
original conversion rate was 1.7077 of Aspen’s ordinary shares, equivalent to
an original conversion price of $29.28.

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
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 contains "forward-looking" statements regarding future
results and events, including, without limitation, statements regarding the
Company's securities and their conversion into ordinary shares.
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 our ability to consummate the transactions contemplated by the terms
of the accelerated share repurchase agreement, the share price and share
volumes which may impact timing of repurchases, changes in market conditions
and the impact on our business of such factors. For a 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

For further information

Please visit or contact:


Kerry Calaiaro, Senior Vice President, Investor Relations, Aspen
+1 646 502 1076
Steve Colton, Head of Communications, Aspen
+44 20 7184 8337
International – Citigate Dewe Rogerson
Caroline Merrell or Jos Bieneman
+44 20 7638 9571
North America – Abernathy MacGregor
Allyson Vento
+1 212 371 5999
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