Aspen Announces Adjusted Conversion Rate
Bermuda’s Aspen Insurance Holdings Limited announced today [Apr. 4] an adjustment to the conversion rate on its 5.625 percent Perpetual Preferred Income Equity Replacement Securities [Perpetual PIERS] in connection with its previously announced dividends payable on May 25, 2012, August 28, 2012, November 26, 2012 and March 7, 2013.
As a result of these dividends, the conversion rate was adjusted to 1.7121 shares of Aspen’s ordinary shares per $50 liquidation preference of the Perpetual PIERS.
The adjusted conversion rate is equivalent to an adjusted conversion price of $29.20 per share. The original conversion rate was 1.7077 of Aspen’s ordinary shares, equivalent to an original conversion price of $29.28.
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 shareholders’ equity, and $2.6 billion in gross written premiums.
