Business: Aspen Insurance Holdings Ltd 7.00% Depositary Shares each representing a 1/1000 interest in a share of the Non-cumulative Perpetual Preference Share, liquidation preference $25 per share, redeemable at the issuer's option on or after 11/30/2029 at $25 per share plus declared and unpaid dividends, and with no stated maturity. <p> Non-cumulative distributions of 7.00% per annum ($1.75 per annum or $0.4375 per quarter) will be paid quarterly on 1/1, 4/1, 7/1 & 10/1 to holders of record on 12/15, 3/15, 6/15, & 9/15 respectively (NOTE: the ex-dividend date is at least 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 preference 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-34 of the prospectus for further information). <p> The issuer may redeem the Preference Shares prior to 10/01/2024 within 90 days following a Capital Disqualification Event at $25 per Depositary Share or a Rating Agency Event at $25.50 per Depositary Share plus an amount equal to the portion of the quarterly dividend attributable to the then-current dividend period (see the prospectus for further information). The issuer may redeem the Preference Shares prior to 11/30/2029 at $25 per share plus an amount equal to the portion of the quarterly dividend attributable to the then-current dividend period following an occurrence of a Tax Event. The issuer may redeem the Preference Shares prior to 11/30/2029 if the issuer submits to the holders of the company's ordinary shares a proposal for an amalgamation or merger at $26 per Depositary share plus an amount equal to the portion of the quarterly dividend attributable to the then-current dividend period. <p> This security was rated as Ba1 by Moody’s and BB+ by S&P at the date of its IPO. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds 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.