Aspen Announces Mandatory Conversion of Perpetual PIERS

  Aspen Announces Mandatory Conversion of Perpetual PIERS

Business Wire

HAMILTON, Bermuda -- April 25, 2013

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 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
Press spacebar to pause and continue. Press esc to stop.