Aspen Accelerates Repurchase of Goldman Sachs Shares

Bermuda-based Aspen Insurance Holdings Limited has entered into an accelerated share repurchase program with Goldman, Sachs & Co. to buy back $44 million of Aspen’s ordinary shares.

“The agreement includes collar provisions that establish the minimum and maximum numbers of shares to be repurchased,” said the bulletin. “The program is expected to be completed within three months.” Based on the closing share price on December 21, the $44 million represents approximately 1.9 percent of the Aspen’s total market capitalization.

The bulletin noted: “The repurchase was made under the terms of Aspen’s share repurchase program authorized by the Board of Directors and announced on November 8, 2006, for a total repurchase program of up to $300 million of its ordinary shares within two years. Following this repurchase there will be approximately $100 million remaining of the Board authorized repurchase program. The majority of the purchase price is funded with the proceeds of the sale of Aspen’s 7.401 percent perpetual non-cumulative preference shares, which closed on November 15, 2006. The ordinary shares will be retired once purchased.”

Aspen CFO Julian Cusack commented: “This repurchase is further evidence of Aspen’s commitment to capital management and improving returns to shareholders. We are very optimistic about Aspen’s business prospects for 2007 and believe our willingness to repurchase shares is a testament to our confidence in Aspen’s continued success.”