Company: AHL
Filing Date: 2025-06-09
Form Type: 424B5
Source: 0001628280-25-030114
Chunk: 26

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-06-09
Form: 424B5
Chunk 26
---
 not our subsidiaries in either public offerings or private placements.

“ Qualifying Securities ” means any securities (other than our ordinary shares, rights to purchase our ordinary shares and securities convertible into or exchangeable for our ordinary shares, such as preference shares that are convertible into our ordinary shares) having equal or better capital treatment as the capital represented by the notes under the Group Rules (as defined below).

“ Solvency Test Date ” means , 20 (the date that is six months prior to the Scheduled Maturity Date).

“ Winding-Up ” will occur, with respect to any person, if: (i) at any time an order is made, or an effective resolution is passed, for the winding-up of such person (except, in any such case, a solvent winding-up solely for the purpose of a reorganization, merger or amalgamation or the substitution in place of such person of a successor in business of such person, the terms of which reorganization, merger, amalgamation or substitution (A) have previously been approved in writing by the holders of a majority in aggregate principal amount of the outstanding notes and (B) do not provide that the notes or any amount in respect thereof shall thereby become payable); or (ii) an administrator of such person is appointed and such administrator gives notice that it intends to declare and distribute a dividend.

For the definitions of “Enhanced Capital Requirement” and “BMA Redemption Requirements,” see “— Conditions to Redemption and Repayment ” below.

A “ Market Disruption Event ” means the occurrence or existence of any of the following events or sets of circumstances:

(1) trading in securities generally (or in our ordinary shares, preference shares or other securities specifically) on the New York Stock Exchange, any other U.S. national or international securities exchange or over-the-counter market on which our ordinary shares, preference shares and/or other securities are then listed or traded shall have been suspended or settlement on any such exchange generally shall have been materially disrupted or minimum prices shall have been established on any such exchange or market by the relevant exchange or by any other regulatory body or governmental agency having jurisdiction, and the establishment of such minimum prices materially disrupts or otherwise has a material adverse effect on trading in, or the issuance and sale of, Qualifying Securities;

(2) we would be required to obtain the consent or approval of our ordinary or preference shareholders (to the extent required) or of a regulatory body (including, without limitation, any securities exchange) or governmental authority to issue or sell Qualifying Securities in order to