Business: Aspen Insurance Holdings Ltd., 5.625% Perpetual Non-Cumulative Preference Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 1/1/2027 at $25 per share plus declared and unpaid dividends, and with no stated maturity. <p> Non-cumulative distributions of 5.625% per annum ($1.40625 per annum or $0.3515625 per quarter) will be paid quarterly on 1/1, 4/1, 7/1 & 10/1 to holders of record on the record date that will be 12/15, 3/15, 6/15 & 9/15 respectively (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. <p> Dividends paid by these preferred shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders (see page S-31 of the prospectus for further information). <p> At any time prior to 1/1/2027, the company may redeem the preference shares in whole at a redemption price of $26 per preference share, plus declared and unpaid dividends, only if they submit to the holders of their ordinary shares a proposal for an amalgamation or merger or if they submit any proposal for any other matter that requires, as a result of a change in Bermuda law after the date of this prospectus, for its validation or effectuation an affirmative vote of the holders of the Preference Shares. In addition, following the occurrence of a tax event, they may redeem the preference shares, in whole or in part, at a redemption price of $25 per share, plus declared and unpaid dividends (see prospectus for details). <p> This security was rated as Ba1 by Moody’s and BBB- by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.