Reinsurer continues $300m share repurchase program
Bermuda-based (re)insurer Aspen has agreed to buy back 4.1 million of its ordinary shares from one of its founding shareholders, Candover Partners, for about $100 million as part of its $300m share repurchase program.
Aspen also announced that Candover will sell approximately 2 million ordinary Aspen shares in an underwritten public offering.
It said that Candover would no longer own any Aspen shares after the offering and the share repurchase was completed.
Chris O'Kane, Aspen’s chief executive officer, said: “We are pleased to repurchase $100 million in Aspen stock from Candover, demonstrating our commitment to active capital management which includes buying back shares.
“Candover has been a great owner and I appreciate the support they have given us since our inception.”
Last year Aspen said that it bought out founding shareholders Blackstone and DLJ Merchant Banking Partners for $225m.
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