Aspen Insurance Holdings Prices Notes

August 12, 2004

Aspen Insurance Holdings Limited announced the pricing of a 10 year $250 million 6 percent Senior Notes offering under Rule 144A and Regulation S of the Securities Act of 1933.

Aspen Insurance Holdings Limited announced the pricing of a 10 year $250 million 6 percent Senior Notes offering under Rule 144A and Regulation S of the Securities Act of 1933.

“The Senior Notes will mature on August 15, 2014, unless previously redeemed,” said the announcement. It also indicated that the company “has granted certain customary exchange and shelf registration rights to noteholders under the terms of the Senior Notes.”

Aspen said “The offering is expected to close on August 16, 2004 and will result in net proceeds to the Company of approximately $247 million. A portion of the proceeds of the offering are intended to be used to repay $40 million in principal amount of outstanding borrowings under the Company’s existing credit facilities. The remainder of the net proceeds will be contributed to one or more of the Company’s insurance subsidiaries in order to increase their respective capital and surplus, and consequently, their respective underwriting capacity.”

Aspen cautioned that “the Senior Notes have not been registered under the Securities Act and may not be offered or sold in the United States unless registered under the Securities Act or under an exemption from such requirements. The securities are being sold in offshore transactions to non-U.S. persons or in privately negotiated exempt transactions under circumstances that permit resale under Rule 144A.”

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