Aspen Insurance (NYSE:AHL)
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Aspen Insurance Holdings Limited Announces Exercise of Over-Allotment Option
HAMILTON, Bermuda, Dec. 15 /PRNewswire-FirstCall/ -- Aspen Insurance Holdings
Limited today announced that the underwriters of its previously announced
initial public offering of ordinary shares have exercised in full their
over-allotment option to purchase an additional 1,578,600 shares. This
completes the Company's ordinary share offering whereby a total of 12,102,600
shares were sold with net proceeds to the Company of approximately $245.5
million.
The Company intends to use the proceeds from the offering to provide initial or
additional capital to its subsidiaries, to repay a portion of the outstanding
debt under its revolving credit facilities and for other general corporate
purposes. Following the offering and the exercise of the over-allotment option,
and upon the issuance of 152,583 ordinary shares due to the exercise of 440,144
options by the Names' Trustee on a cash and cashless basis, the Company will
have 69,179,303 shares outstanding.
Credit Suisse First Boston and Goldman, Sachs & Co. acted as joint book-running
managers for the offering. A copy of the prospectus relating to the offering may
be obtained at http://www.sec.gov/ or from Credit Suisse First Boston at
Prospectus Department, 11 Madison Avenue, New York, N.Y. 10010, or by phone at
(212) 325-2580 and Goldman, Sachs & Co. at Prospectus Department, 85 Broad
Street, New York, N.Y. 10004, or by phone at (212) 902-1171.
A registration statement relating to these securities has been filed with the
U.S. Securities and Exchange Commission and was declared effective on December
3, 2003. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these securities
in any jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such
jurisdiction. Any offer or sale will be made only by means of the written
prospectus forming a part of the effective registration statement.
About Aspen Insurance Holdings Limited
Aspen Insurance Holdings Limited was established in June 2002. Aspen is a
Bermudian holding company that provides property and casualty reinsurance in the
global market, property and liability insurance principally in the United
Kingdom and surplus lines insurance in the United States. Aspen's operations are
conducted through its wholly-owned subsidiaries located in London, Bermuda and
the United States: Aspen Insurance UK Limited, Aspen Insurance Limited and Aspen
Specialty Insurance Company. Aspen's reinsurance segment consists of property
reinsurance, casualty reinsurance and specialty reinsurance lines of business.
Aspen's insurance segment consists of commercial property insurance and
commercial liability insurance lines of business. Aspen's principal existing
shareholders include The Blackstone Group, Candover Partners Limited, Wellington
Underwriting plc and Credit Suisse First Boston Private Equity.
This press release contains, and Aspen may from time to time make, written or
oral "forward-looking statements" within the meaning of the U.S. federal
securities laws. All forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of uncertainties and other
factors, many of which are outside of Aspen's control that could cause actual
results to differ materially from such statements. For a detailed description of
these uncertainties and other factors that could cause the actual results to
differ, please see the "Risk Factors" section in Aspen's Registration Statement
on Form F-1 with respect to the ordinary shares, filed with the U.S. Securities
and Exchange Commission.
DATASOURCE: Aspen Insurance Holdings Limited
CONTACT: Carina Thate or Erin Moore, both of The Abernathy MacGregor
Group, +1-212-371-5999; or U.K. - Suzanne Bartch or Brian Hudspith, both of
The Maitland Consultancy, +44-20-7379-5151; or Investors - Julian Cusack of
Aspen Insurance Holdings Limited, +1-441-295-8201