Aspen: Mandatory Conversion Of PIERS
Bermuda’s Aspen Insurance Holdings Limited announced that it is mandatorily converting its Perpetual PIERS with effect on Thursday [Apr. 25]. 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.
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.
