Simpson Thacher recently represented Lehman Brothers in connection with the sale of 4,000,000 5.625% Perpetual Preferred Income Equity Replacement Securities (Perpetual PIERS) issued by Aspen Insurance Holdings Limited, and Lehman Brothers and Deutsche Bank Securities in connection with the sale of 14,333,333 ordinary shares of Aspen, of which 6,000,000 were sold by Wellington Underwriting plc, a selling shareholder. The Perpetual PIERS and ordinary shares offerings raised gross proceeds of $200 million and approximately $344 million, respectively. Simpson Thacher also represented the underwriters in connection with Aspen's initial public offering in December 2003.
Aspen is a Bermudian holding company that provides property and casualty reinsurance in the global market, property and liability insurance principally in the United Kingdom and the United States and marine and aviation insurance and reinsurance worldwide through Aspen Insurance UK Limited.
The Simpson Thacher team working on this transaction included Gary Horowitz, Roxane Reardon, Juan Mendez, Robert Griffith and Keri Richardson (corporate), Dickson Brown, Marcy Geller and Diane Gipstein (tax), Steve DeLott (insurance) and Mark Lab (blue sky). Invaluable paralegal assistance was also provided by Matt Goldberg and Leigh Abrams.