Aspen Announces Exercise of Over-Allotment Option

December 17, 2003

Bermuda’s Aspen Insurance Holdings Limited announced that the underwriters of its previously announced initial public offering of ordinary shares have exercised in full their over-allotment option to purchase an additional 1,578,600 shares.

“This completes the Company’s ordinary share offering whereby a total of 12,102,600 shares were sold with net proceeds to the Company of approximately $245.5 million,” said the announcement.

Aspen indicated that it “intends to use the proceeds from the offering to provide initial or additional capital to its subsidiaries, to repay a portion of the outstanding debt under its revolving credit facilities and for other general corporate purposes.”

It also noted that “following the offering and the exercise of the over-allotment option, and upon the issuance of 152,583 ordinary shares due to the exercise of 440,144 options by the Names’ Trustee on a cash and cashless basis, the Company will have 69,179,303 shares outstanding.”

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