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AHL > SEC Filings for AHL > Form 8-K on 20-Feb-2014All Recent SEC Filings

Show all filings for ASPEN INSURANCE HOLDINGS LTD

Form 8-K for ASPEN INSURANCE HOLDINGS LTD


20-Feb-2014

Other Events


Item 8.01 Other Events

Correction to Earnings Press Release for the Quarter and Year Ended December 31, 2013

On February 6, 2014, Aspen Insurance Holdings Limited (the "Company") issued a press release announcing the results for the quarter and year ended December 31, 2013 (the "2013 Earnings Release").

During the preparation of its Annual Report on Form 10-K for the year ended December 31, 2013, the Company identified a need for a re-classification of items previously reported in the 2013 Earnings Release related to the presentation of the Series 2014-1 Participating Notes (the "Notes") issued by Silverton Re Ltd. ("Silverton Re"), the sidecar established by the Company to attract third party capital and to provide additional collateralized capacity in support of its global reinsurance business. As previously announced, on December 23, 2013, Silverton Re issued $65 million aggregate principal amount of its Notes with a maturity date of September 16, 2016 ($50 million of which was subscribed for by third parties). The Notes were previously classified as a non-controlling interest within total shareholders' equity and have been reclassified in the Company's Annual Report on Form 10-K as long term debt.

As a result, the Company's long-term debt on a consolidated basis has increased from $549.0 million to $599.0 million as at December 31, 2013 and total shareholders' equity on a consolidated basis as at December 31, 2013 has reduced from $3,349.6 million to $3,299.6 million.


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