Montpelier investors sell their shares

Montpelier Re Holdings Ltd. yesterday announced that some of its original investors had sold shares worth more than $125 million.

Montpelier, which was formed after the September 11, 2001 terrorists attacks, said Cypress Associates II (Cayman) L.P. and entities associated with it and DLJMB Overseas Partners III, C.V. and associated funds had sold 3.5 million shares to Credit Suisse First Boston LLC at a price of $36.65 per share.

ASA moves HQ to Bermuda

Precious metals mutual fund company ASA Ltd. yesterday said it had relocated from South Africa to Bermuda.

The newly-reorganised ASA (Bermuda) Ltd.'s shares started trading on the New York Stock Exchange yesterday. As a result of the transaction, ASA Ltd. shareholders are now shareholders of ASA (Bermuda).

"ASA sought to effect the reorganisation primarily because of certain taxes it had recently become subject to, or would have been subject to, in South Africa," the company said in a statement.

"As a result of the reorganisation, the net asset value per share of ASA (Bermuda) as of the close of business November 19, 2004 was approximately $0.90 per share higher than the net asset value per share of its predecessor.

"This increase results from the elimination of an accrued deferred tax liability for potential South African capital gains taxes on the books of ASA, reduced by an accrual of South African transfer taxes payable by ASA (Bermuda) in connection with this transaction."

ASA said the executive offices of ASA (Bermuda) will continue to be located in Buffalo, New York.

Aspen declares dividend

Aspen Insurance Holdings Ltd. yesterday declared a quarterly cash dividend of three cents per ordinary share.

The payment of the dividend will be made on December 14, 2004 to shareholders of record at close of trading on December 2, 2004.