Market Overview

Aspen Insurance Holdings Limited Enters into a Definitive Agreement to be Acquired by Certain Investment Funds Affiliated with Apollo Global Management in an All-Cash Transaction Valued at $2.6 Billion

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Affiliates of certain investment funds (the "Apollo Funds") managed by
affiliates of Apollo Global Management, LLC (together with its
consolidated subsidiaries, "Apollo") (NYSE:APO), a leading global
alternative investment manager and Aspen Insurance Holdings Limited
("Aspen") (NYSE:AHL) announced today that they have entered into a
definitive agreement under which Aspen will be acquired by the Apollo
Funds.

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Under the terms of the agreement, which has been approved by Aspen's
Board of Directors, the Apollo Funds will acquire all of the outstanding
shares of Aspen for $42.75 per share in cash, representing an equity
value of approximately $2.6 billion.

"We are tremendously excited for the Apollo Funds to acquire Aspen,"
said Alex Humphreys, Partner at Apollo. "We believe that Aspen benefits
from strong underwriting talent, specialized expertise and longstanding
client relationships which makes them well positioned in the market. We
look forward to working with Aspen to build on the existing high quality
specialty insurance and reinsurance business and we aim to leverage
Apollo's resources and deep expertise in financial services to support
the Company as it embarks on its next chapter."

Glyn Jones, Chairman of Aspen's Board of Directors, said: "We are
delighted to have reached this agreement with the Apollo Funds. This
transaction, which is the outcome of a thorough strategic review by
Aspen's Board of Directors, provides shareholders with immediate value
and will allow Aspen to work with an investor that has substantial
expertise and a successful track record in the (re)insurance industry."

Chris O'Kane, Aspen's Group Chief Executive Officer, added: "This
transaction is a testament to the strength of Aspen's franchise, the
quality of our business and the talent and expertise of our people.
Under the ownership of the Apollo Funds, Aspen will have additional
scale and access to Apollo's investment and strategic guidance, which
will help us to accelerate our strategy and take Aspen to the next
level. We are excited about the future as we embark on a new chapter in
our history with a partner that understands our strengths, culture and
customer-centric philosophy."

Additional Transaction Details

The transaction is expected to close in the first half of 2019, subject
to approval of regulators and Aspen's shareholders and the satisfaction
of other closing conditions. Consummation of the transaction is not
subject to any financing contingencies. Upon completion of the
transaction, Aspen will be a privately held portfolio company of the
Apollo Funds and Aspen's ordinary shares will no longer be listed on the
New York Stock Exchange.

Apollo was advised by Willis Towers Watson and Libero Ventures and
Sidley Austin LLP served as its legal counsel on this transaction.
Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC acted as
financial advisors to Aspen and Willkie Farr & Gallagher LLP served as
its legal counsel on this transaction.

ENDS –

NOTES TO EDITORS:

About Apollo

Apollo is a leading global alternative investment manager with offices
in New York, Los Angeles, Houston, Bethesda, London, Frankfurt, Madrid,
Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had
assets under management of approximately $270 billion as of June 30,
2018 in private equity, credit and real assets funds invested across a
core group of nine industries where Apollo has considerable knowledge
and resources. For more information about Apollo, please visit www.agm.com.

About Aspen Insurance Holdings Limited

Aspen provides reinsurance and insurance coverage to clients in various
domestic and global markets through wholly-owned subsidiaries and
offices in Australia, Bermuda, Canada, Ireland, Singapore, Switzerland,
the United Arab Emirates, the United Kingdom and the United States. For
the year ended December 31, 2017, Aspen reported $12.9 billion in total
assets, $6.7 billion in gross reserves, $2.9 billion in total
shareholders' equity and $3.4 billion in gross written premiums. Its
operating subsidiaries have been assigned a rating of "A" by Standard &
Poor's Financial Services LLC, an "A" ("Excellent") by A.M. Best Company
Inc. and an "A2" by Moody's Investors Service, Inc.

For more information about Aspen, please visit www.aspen.co.

Additional Important Information About the
Proposed Merger and Where to Find It:

This communication relates to a proposed merger between Aspen and an
affiliate of investment funds affiliated with Apollo that will be the
subject of a proxy statement that Aspen intends to file with the U.S.
Securities and Exchange Commission (the "SEC"). This communication does
not constitute an offer to sell or the solicitation of an offer to buy
any securities or a solicitation of any vote or approval, and is not a
substitute for the proxy statement or any other document that Aspen may
file with the SEC or send to its shareholders in connection with the
proposed merger. Investors and shareholders are urged to read the proxy
statement and all other relevant documents filed with the SEC or sent to
Aspen's shareholders as they become available because they will contain
important information about the proposed merger. All documents, when
filed, will be available free of charge at the SEC's website (www.sec.gov).
You may also obtain documents filed by Aspen with the SEC by writing to
Investor Relations, c/o Aspen Insurance, 590 Madison Avenue, 7th floor,
New York, New York 10022, United States of America, emailing mark.p.jones@aspen.co
or visiting Aspen's website at www.aspen.co.

Participants in the Solicitation:

Aspen and its directors, executive officers and other members of
management and employees may be deemed to be participants in any
solicitation of proxies in connection with the proposed merger.
Information about Aspen's directors and executive officers is available
in Aspen's proxy statement filed with the SEC on March 19, 2018. Other
information regarding the participants in the proxy solicitation and a
description of their direct and indirect interests, by security holdings
or otherwise, will be contained in the proxy statement and other
relevant materials to be filed with the SEC regarding the merger when
they become available. Investors and shareholders should read the proxy
statement carefully when it becomes available before making any
investment or voting decisions.

Cautionary Statement Regarding Forward-Looking
Statements:

This communication and other written or oral statements made by or on
behalf of Aspen contain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended, that are made under
the "safe harbor" provisions of The Private Securities Litigation Reform
Act of 1995. In particular, statements using words such as "may,"
"seek," "will," "likely," "assume," "estimate," "expect," "anticipate,"
"intend," "believe," "do not believe," "aim," "predict," "plan,"
"project," "continue," "potential," "guidance," "objective," "outlook,"
"trends," "future," "could," "would," "should," "target," "on track" or
their negatives or variations, and similar terminology and words of
similar import, generally involve future or forward-looking statements.
Forward-looking statements reflect Aspen's current views, plans or
expectations with respect to future events and financial performance.
They are inherently subject to significant business, economic,
competitive and other risks, uncertainties and contingencies. The
inclusion of forward-looking statements in this or any other
communication should not be considered as a representation by Aspen or
any other person that current plans or expectations will be achieved.
Forward-looking statements speak only as of the date on which they are
made, and Aspen undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information,
future developments or otherwise, except as otherwise required by law.

There are or will be important factors that could cause actual results
to differ materially from those expressed in any such forward-looking
statements, including but not limited to the following: the occurrence
of any event, change or other circumstance that could give rise to the
termination of the merger agreement; required governmental approvals of
the merger may not be obtained or may not be obtained on the terms
expected or on the anticipated schedule, and adverse regulatory
conditions may be imposed in connection with any such governmental
approvals; Aspen's shareholders may fail to approve the merger; Aspen
may fail to satisfy other conditions required for the completion of the
merger, or may not be able to meet expectations regarding the timing and
completion of the merger; operating costs, customer loss and business
disruption (including, without limitation, difficulties in maintaining
relationships with employees, customers, reinsurers or suppliers) may be
greater than expected following the announcement of the proposed merger;
Aspen may be unable to retain key personnel; the amount of the costs,
fees, expenses and other charges related to the proposed merger; and
other factors affecting future results disclosed in Aspen's filings with
the SEC, including but not limited to those discussed under Item 1A,
"Risk Factors", in Aspen's Annual Report on Form 10-K for the year ended
December 31, 2017, which are incorporated herein by reference.

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