Aspen Insurance Completes $300 Million Share Repurchase Program
Aspen Insurance Holdings Limited ("Aspen") today announced that it has entered into an accelerated share repurchase program with Goldman, Sachs & Co. to buy back $50 million of Aspen's ordinary shares, completing the $300 million share repurchase program authorized by the Board of Directors and announced on November 8, 2006. The agreement includes collar provisions that establish the minimum and maximum numbers of shares to be repurchased.
Based on Aspen's closing share price on November 9, 2007, the $50 million share repurchase represents approximately two percent of the Company's total issued ordinary shares.
"Aspen is committed to actively managing its capital throughout the insurance cycle to finance the business and deliver attractive investor returns. We are confident about our outlook, which is reflected by our completion of this substantial repurchase program, " stated Richard Houghton, Chief Financial Officer of Aspen.
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, the United States, the United Kingdom, and Switzerland. For the nine months ended September 30, 2007, Aspen reported gross written premiums of $1.5 billion, net income of $353.8 million and total assets of $7.3 billion.
Published on November 12, 2007
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