Aspen Insurance Holdings Announces $150 million Accelerated Share Repurchase Program
February 26 2013 - 6:58PM
Business Wire
Aspen Insurance Holdings Limited (“Aspen” or "the
Company") (NYSE: AHL) today announces that it has entered into an
Accelerated Share Repurchase (“ASR”) agreement with Goldman, Sachs
& Co. (“Goldman”) to repurchase an aggregate of $150 million of
Aspen's ordinary shares under an accelerated share repurchase
program. From January 1 through February 26, 2013, Aspen
also repurchased approximately $47 million of its ordinary shares
in the open market.
Under the ASR agreement, Aspen will pay $150 million to Goldman
in exchange for Aspen’s ordinary shares. Aspen expects the
substantial majority of shares to be delivered on March 1, 2013.
The total number of shares ultimately repurchased under the
agreement will be determined based on a discount to the average
daily volume-weighted average price of Aspen’s ordinary shares
during the ASR period. At settlement, Goldman may be obligated to
deliver additional shares to Aspen, or Aspen may be obligated to
make a delivery of shares or a payment of cash to Goldman, at
Aspen's election. Aspen anticipates that all repurchases under the
ASR will be completed no later than October 3, 2013.
Based on Aspen's closing share price on February 26, 2013, the
ASR program and the completed open market share repurchases from
January 1, 2013 together represent approximately 8 per cent of the
Company's current total market capitalization. Aspen will have
approximately $335 million remaining under its current $500 million
share repurchase program authorized by the Board of Directors and
announced on February 7, 2013. The ordinary shares will be retired
once repurchased.
About Aspen Insurance Holdings Limited
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.
Its operating subsidiaries have been assigned a rating of “A”
(“Strong”) by Standard & Poor’s, an “A” (“Excellent”) by A.M.
Best and an “A2” (“Good”) by Moody’s Investors Service.
Application of the Safe Harbor of the Private Securities
Litigation Reform Act of 1995
This press release contains "forward-looking" statements
regarding future results and events, including, without limitation,
statements regarding the Company's intention to repurchase its
ordinary shares from time to time under the Company’s share
repurchase program, the timing and amounts of repurchases, the
intended use of any repurchased shares and the source of funding
for the share repurchase program. 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,
estimates and data concerning future results and events and are
subject to a number of uncertainties and other factors, many of
which are outside Aspen’s control that could cause actual results
to differ materially from such statements, including our ability to
consummate the transactions contemplated by the terms of the
accelerated share repurchase agreement, the share price and share
volumes which may impact timing of repurchases, changes in market
conditions and the impact on our business of such factors. For a
detailed description of uncertainties and other factors that could
impact the forward-looking statements in this press release, please
see the “Risk Factors” section in Aspen’s Annual Report on Form
10-K for the year ended December 31, 2012, filed with the U.S.
Securities and Exchange Commission on February 26, 2013. Aspen
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
For further informationPlease visit www.aspen.co
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