Aspen Insurance (NYSE:AHL)
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Aspen Insurance Holdings Limited Announces Exercise of Over-Allotment Option
HAMILTON, Bermuda, December 15 /PRNewswire/ -- Aspen Insurance Holdings
Limited (NYSE: AHL) 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 www.sec.gov or from Credit Suisse First
Boston at Prospectus Department, 11 Madison Avenue, New York, N.Y. 10010, or
by phone at +1 (212) 325-2580 and Goldman, Sachs & Co. at Prospectus
Department, 85 Broad Street, New York, N.Y. 10004, or by phone at
+1 (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
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