Aspen Insurance announces mandatory conversion of perpetual Piers

By Marisa Wong

Madison, Wis., April 25 - Aspen Insurance Holdings Ltd. said it is mandatorily converting its perpetual preferred income equity replacement securities, effective April 25.

Aspen will be converting all of its 4.6 million perpetual Piers at a rate of 1.7121 shares of ordinary stock per $50 liquidation preference.

The conversion rate was recently adjusted from 1.7077 shares per $50 liquidation preference, as reported by Prospect News.

Holders will receive $50 in cash in addition to the ordinary shares.

Settlement is slated for May 30.

Aspen is an insurance and reinsurance company based in Hamilton, Bermuda.

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