Mark Cloutier appointed Aspen’s Executive
Chairman and Group Chief Executive Officer
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 the
Apollo Funds have completed the previously announced acquisition of
Aspen. The transaction, which was first announced on August 28,
2018, closed following receipt of regulatory approvals and the
approval of Aspen’s shareholders.
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Under the terms of the previously announced agreement and plan
of merger, the Apollo Funds have acquired all of the outstanding
ordinary shares of Aspen for $42.75 per share in cash, representing
an equity value of approximately $2.6 billion.
Aspen is now wholly owned by the Apollo Funds, and Aspen’s
ordinary shares have ceased trading on the New York Stock Exchange
(the “NYSE”) and the Bermuda Stock Exchange with effect from
February 15, 2019. Aspen’s 5.95% Fixed-to-Floating Rate Perpetual
Non-Cumulative Preference Shares and 5.625% Perpetual
Non-Cumulative Preference Shares will remain issued and outstanding
and listed on the NYSE.
Glyn Jones has stepped down from his position as Chairman of
Aspen’s Board and Chris O’Kane has stepped down as Group Chief
Executive Officer and as a Director with immediate effect. Mark
Cloutier has been appointed as Executive Chairman of Aspen’s Board
and Group Chief Executive Officer with immediate effect.
In addition to Glyn Jones and Chris O’Kane, Albert Beer, Matthew
Botein, Gary Gregg, Heidi Hutter, Karl Mayr, Bret Pearlman and Ron
Pressman have also ceased to be directors on the Aspen Board with
immediate effect. John Cavoores and Gordon Ireland will remain as
Directors on the Aspen Board and will be joined by Josh Black, Alex
Humphreys, Gernot Lohr, Gary Parr and Michael Saffer, each of whom
have been appointed to the Aspen Board (in addition to Mark
Cloutier) with immediate effect.
Alex Humphreys, Partner at Apollo, commented: “We are excited
for our funds to be acquiring Aspen as it embarks on the next
chapter of its development. We are delighted to be working with
Mark again following our successful investment together in Brit
Insurance. Mark has a long and successful track-record in the
insurance sector and we believe he is ideally placed to lead Aspen
through a period of transition to substantially improved
profitability. We look forward to working with him and Aspen’s
talented management team to drive value creation over the coming
years.”
Chris O’Kane said: “Seventeen years ago, with 38 colleagues,
$600 million of assets and a vision, we formed Aspen. As a
result of hard work, determination and an unwavering dedication to
our clients, Aspen is now a force in the reinsurance and insurance
markets with over $12 billion of assets and around 1,150
employees. I am extremely proud of our accomplishments and I
cherish the relationships and friendships, both within Aspen and in
the broader market, which we formed along the way. I would
like to thank all my colleagues at Aspen as well as our clients and
brokers for all their considerable support over the years and it
delights me to see Aspen poised to go from strength to strength
under the new leadership of Mark Cloutier. I wish Mark and Aspen
every success for the future.”
Mark Cloutier added: “I am honored to be appointed as the next
CEO of Aspen. I truly believe that the company benefits from strong
underwriting talent and specialized expertise, which makes it
ideally positioned to deliver innovative solutions to the
increasingly complex risks faced by its customers. I am very
excited about what Aspen can achieve in the coming years. I would
like to thank Chris for his key role and support over the last few
months and for making the transition from public to private so
seamless. He has built an impressive franchise over the past 17
years and we wish him well in his future endeavors.”
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, San Diego, Houston, Bethesda,
London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore,
Hong Kong, Shanghai and Tokyo. Apollo had assets under management
of approximately $280 billion as of December 31, 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.apollo.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,
2018, Aspen reported $12.5 billion in total assets, $7.1 billion in
gross reserves, $2.7 billion in total shareholders’ equity and $3.4
billion in gross written premiums. Aspen's operating subsidiaries
have been assigned a rating of “A” by Standard & Poor’s
Financial Services LLC (“S&P”), an “A” (“Excellent”) by A.M.
Best Company Inc. (“A.M. Best”) and an “A2” by Moody’s Investors
Service, Inc. (“Moody’s”). For more information about Aspen, please
visit www.aspen.co.
About Mark Cloutier
Mark Cloutier has over 35 years of experience working in the
international insurance and reinsurance sector in multiple
jurisdictions and most recently, he served as Executive Chairman
and Chief Executive Officer of the Brit Group. Prior to this, he
held a number of CEO and senior executive positions, including CEO
of the Alea Group, CEO of Overseas Partners Re and President of
E.W. Blanch Insurance Services Inc. He has been a member of the
Franchise Board and Audit committee of the Society of Lloyd's since
February 2015 and was appointed to the Nominations and Governance
Committee in February 2017. During his career, Mark has worked with
a variety of private equity investors including Apollo Management
International LP, CVC Capital Partners, Kohlberg Kravis Roberts
(KKR) and Fortress.
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 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, 2018, which is incorporated herein by reference.
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For Apollo Global
ManagementFor investors please contact:Gary M.
SteinHead of Corporate CommunicationsApollo Global Management,
LLC(212) 822-0467gstein@apollo.comFor media enquiries please
contact:Charles ZehrenRubenstein Associates, Inc. for Apollo
Global Management, LLC(212)
843-8590czehren@rubenstein.comFor Aspen
Insurance HoldingsFor investors please
contact:Mark Jones, +1 646-289-4945Senior Vice President,
Investor Relationsmark.p.jones@aspen.coFor media enquiries
please contact:Steve Colton, +44 20 7184 8337Global Head of
Communicationssteve.colton@aspen.co
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