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A.M. Best Places Credit Ratings of Aspen Insurance Holdings Limited and Its Subsidiaries Under Review With Developing Implications


A.M. Best has placed under review with developing implications
the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term
Issuer Credit Ratings (Long-Term ICR) of "a" of Aspen Insurance UK
Limited (AIUK) (United Kingdom), Aspen Bermuda Limited (ABL) (Bermuda),
Aspen American Insurance Company (AAIC) (Dallas, TX) and Aspen Specialty
Insurance Company (ASIC) (Bismarck, ND). Concurrently, the Long-Term ICR
of "bbb" of Aspen Insurance Holdings Limited (Aspen) (Bermuda) (NYSE: AHL), the non-operating holding company of the Aspen group of companies,
and the Long-Term Issue Credit Ratings (Long-Term IRs) on the debt
instruments and preference shares of Aspen have been placed under review
with developing implications. (Please see below for a detailed listing
of the Long-Term IRs.)

The Credit Rating (rating) actions follow Aspen's announcement on 28
August 2018, that it has entered into a definitive agreement to be
acquired by certain investment funds affiliated with Apollo Global
Management. Under the terms of the agreement, the Apollo Funds will
acquire all of the outstanding shares of Aspen for USD 42.75 per share
in cash, representing an equity value of approximately USD 2.6 billion.
The transaction is subject to regulatory and shareholder approvals, as
well as to certain closing conditions, and is expected to complete in
the first half of 2019.

The ratings have been placed under review with developing implications,
as A.M. Best needs to assess the impact of the planned change in
ownership on Aspen's balance sheet strength, operating performance and
business profile. A.M. Best will conduct detailed discussions with Aspen
regarding its planned strategy as a privately held portfolio company of
the Apollo Funds. A.M. Best expects the ratings to remain under review
pending the completion of the transaction.

The following Long-Term IRs have been placed under review with
developing implications:

Aspen Insurance Holdings Limited—

-- "bbb" on USD 300 million 4.65% senior unsecured notes, due 2023

-- "bbb" on USD 250 million 6% senior unsecured notes, due 2020 (of
which USD 125 million remains outstanding)

-- "bb+" on USD 275 million 5.95% perpetual non-cumulative preference

-- "bb+" on USD 250 million 5.625% perpetual non-cumulative preference

The following indicative Long-Term IRs under the universal shelf
registration have been placed under review with developing implications:

Aspen Insurance Holdings Limited—

-- "bbb" on senior unsecured debt

-- "bbb-" on senior subordinated debt

-- "bb+" on junior subordinated debt

-- "bb+" on preferred stock

This press release relates to Credit Ratings that have been published
on A.M. Best's website. For all rating information relating to the
release and pertinent disclosures, including details of the office
responsible for issuing each of the individual ratings referenced in
this release, please see A.M. Best's
Rating Activity
web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view
Best's Credit Ratings
. For information on the proper media
use of Best's Credit Ratings and A.M. Best press releases, please view
for Media - Proper Use of Best's Credit Ratings and A.M. Best Rating
Action Press Releases

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