Aspen: $275 Million Preference Share Offering

April 27, 2013

Bermuda-based Aspen Insurance Holdings Limited has priced an underwritten public offering of 11,000,000 shares of 5.95% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares.

The Preference Shares have a liquidation preference of $25 per share or $275,000,000 in aggregate liquidation preference.

The offering was made pursuant to an effective shelf registration statement and is expected to close on May 2, 2013, subject to customary closing conditions.

Aspen intends to use the net proceeds from the offering for settling the cash portion of the mandatory conversion of its 5.625% Perpetual PIERS and the remainder for general corporate purposes, including supporting its insurance and reinsurance activities through its operating subsidiaries.

The Preference Shares rank equally with preference shares previously issued by Aspen, and have no fixed maturity date. Aspen may redeem all or a portion of the shares at a redemption price of $25 per share on or after July 1, 2023 and in certain other circumstances. Aspen intends to list the Preference Shares on the New York Stock Exchange under the symbol “AHLPRC”.

The offering was led by Barclays Capital Inc., Citigroup Global Markets Inc. and Goldman, Sachs & Co. as joint book-running managers.

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