Aspen Insurance Holdings Limited Announces Ordinary Share Offering
October 05 2005 - 9:15AM
PR Newswire (US)
HAMILTON, Bermuda, Oct. 5 /PRNewswire-FirstCall/ -- Aspen Insurance
Holdings Limited ("Aspen") (NYSE:AHL)(BSX:AHLBSX:BH) announced
today that it has agreed to sell 17,551,558 ordinary shares to
Lehman Brothers in a block trade. A registration statement relating
to these securities has been filed with, and declared effective by,
the Securities and Exchange Commission and a prospectus supplement
relating to the offering will be filed with the Securities and
Exchange Commission. 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. A written prospectus meeting the requirements of
Section 10 of the Securities Act of 1933 may be obtained from
Lehman Brothers by contacting Lehman Brothers, c/o ADP Financial
Services, Prospectus Fulfillment, 1155 Long Island Avenue,
Edgewood, NY 11717, email: , fax: 631- 254-7268. 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 the United States and marine and aviation insurance worldwide
through Aspen Insurance UK Limited. 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 has
four operating segments: property reinsurance, casualty
reinsurance, specialty insurance and reinsurance and property and
casualty insurance. Aspen's principal existing shareholders include
The Blackstone Group, Candover Partners Limited, Wellington
Underwriting plc and Credit Suisse First Boston Private Equity. For
more information about Aspen, please visit the Company's website at
http://www.aspen.bm/. Application of the Safe Harbor of the Private
Securities Litigation Reform Act of 1995: This press release
contains "forward-looking statements" within the meaning of the
U.S. federal securities laws. These statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include all
statements that do not relate solely to historical or current
facts, and can be identified by the use of words such as "expect,"
"intend," "plan," "believe," "project," "anticipate," "seek,"
"will," "estimate," "may," "continue," and similar expressions of a
future or forward-looking nature. 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 the Company's control that could cause actual
results to differ materially from such statements. Important events
that could cause the actual results to differ include, but are not
limited to: the impact of acts of terrorism and acts of war and
related legislations; the possibility of greater frequency or
severity of or unanticipated losses from natural or man-made
catastrophes, including Hurricanes Katrina and Rita and the New
Orleans Flood; evolving interpretive issues with respect to
coverage as a result of Hurricanes Katrina and Rita and the New
Orleans Flood; the level of inflation in repair costs due to
limited availability of labor and materials after catastrophes, the
effectiveness of the Company's loss limitation methods; changes in
the availability, cost or quality of reinsurance or retrocessional
coverage; the loss of key personnel; a decline in the operating
subsidiaries' ratings with Standard & Poor's, A.M. Best or
Moody's; changes in general economic conditions; increased
competition on the basis of pricing, capacity, coverage terms or
other factors; decrease in demand for the Company's insurance or
reinsurance products and cyclical downturn of the industry; changes
in governmental regulation or tax laws in the jurisdictions where
the Company conducts business; the total industry losses resulting
from Hurricanes Katrina and Rita and the New Orleans Flood; the
actual number of the Company's insureds incurring losses from these
storms; the limited actual loss reports received from the Company's
insureds to date; the preliminary nature of possible loss
information received by brokers to date on behalf of cedants; the
Company's reliance on industry loss estimates and those generated
by modeling techniques; the impact of these storms on the Company's
reinsurers; the amount and timing of reinsurance recoverables and
reimbursements actually received by the Company from its
reinsurers; the overall level of competition, and the related
demand and supply dynamics as contracts come up for renewal. For a
more detailed description of these uncertainties and other factors,
please see the "Risk Factors" section in Aspen's Annual Report on
Form 10-K for the year ended December 31, 2004, filed with the U.S.
Securities and Exchange Commission on March 14, 2005. Aspen
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the dates on which they are made. DATASOURCE: Aspen
Insurance Holdings Limited CONTACT: Noah Fields, Head of Investor
Relations of Aspen Insurance Holdings Limited, +1-441-297-9382; or
UK Contacts: Brian Hudspith of The Maitland Consultancy,
+44-20-7379-5151, for Aspen Insurance Holdings Limited Web site:
http://www.aspen.bm/
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