Investment Funds Affiliated with Apollo Global Management Complete Acquisition of Aspen

Mark Cloutier appointed Aspen’s Executive Chairman and Group Chief
Executive Officer

NEW YORK & HAMILTON, Bermuda–(BUSINESS WIRE)–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

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 –


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

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

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

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.


For Apollo Global Management
investors please contact:

Gary M. Stein
Head of Corporate
Apollo Global Management, LLC
(212) 822-0467

media enquiries please contact:

Charles Zehren
Associates, Inc. for Apollo Global Management, LLC
(212) 843-8590

Aspen Insurance Holdings

For investors please contact:
Jones, +1 646-289-4945
Senior Vice President, Investor Relations

media enquiries please contact:

Steve Colton, +44 20 7184 8337
Head of Communications

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