Aspen Founders to Sell Shares

Bermuda-based Aspen Insurance Holdings Limited announced that two of its shareholders, The Blackstone Group and DLJ Merchant Banking Partners, a private equity investment affiliate of Credit Suisse, have agreed to sell 5,707,625 ordinary shares of Aspen and 2,219,668 ordinary shares of Aspen, respectively, in an underwritten public offering.

Based on Aspen’s current share price of around $28 per share, Blackstone’s sale would be worth approximately $160 million, and DLJ Merchant’s $62 million.

Following the completion of the offering, neither Blackstone nor DLJ Merchant will own any shares of Aspen.

Aspen CEO Chris O’Kane commented: “After five years, Blackstone and DLJMB, two of our founding shareholders, are selling their shares as part of their liquidity strategy. We want to thank them for their support in our establishment and growth since 2002.”