April 6, 2012

Aspen Insurance Holdings Limited announces an underwritten public offering of Perpetual Non-Cumulative Preference Shares.

On April 3, 2012, Aspen Insurance Holdings Limited announced that it had launched and priced an underwritten public offering of $150 million of its 7.250% Perpetual Non-Cumulative Preference Shares. The Preference Shares are intended to qualify for Tier 2 capital treatment under the recently adopted Insurance (Group Supervision) Rules 2011 of the Bermuda Monetary Authority. Aspen will be entitled to vary the terms of the Preference Shares or to exchange them in the event the desired Tier 2 regulatory capital treatment is not recognized by the BMA under the new rules.

The underwriters for the offering were led by Citigroup Global Markets Inc., Barclays Capital Inc., UBS Securities LLC and Wells Fargo Securities, LLC as joint book-running managers. Bermuda-based Aspen Insurance, which trades on the NYSE with a market capitalization of approximately $2 billion, provides property, casualty and specialty insurance and reinsurance on a worldwide basis through its wholly owned insurance subsidiaries in London, Bermuda and the United States.

The corporate deal team included partners Joseph Ferraro in London and Michael Groll in New York, and associates Jennifer Tait and Silvia Martinez in London and Nicholas Cirella in New York. English corporate and regulatory advice was provided by U.K. partner Nicholas Bugler in London and tax advice was provided by of counsel Arthur Lynch in New York. The Willkie insurance transactions team has advised Aspen Insurance on a variety of matters since its IPO in 2003.