Bermudian-based Aspen Insurance Holdings Ltd is to call all 11 million of its outstanding 5.95 per cent fixed-to-floating rate perpetual non-cumulative preference shares for redemption on January 1.

Announcing its decision, the company said the redemption price will be $25 per preference share, representing an aggregate amount of $275 million.

Aspen said the redemption price will be paid on January 2.

The company said it will use the net proceeds from its previously announced offering of depositary shares, each representing a 1/1,000th interest in a share of its 7 per cent perpetual non-cumulative preference shares, which closed on November 26, as well as general corporate funds, to redeem the preference shares.