Business Context and Reporting Period
Company: Aspen Insurance Holdings Ltd.
Filing Type: Form 8-K (Current Report)
Date of Report: August 31, 2004
Event Date: August 25, 2004
Context: The filing reports the entry into a Material Definitive Agreement regarding a Supplemental Executive Retirement Plan (SERP) for a named executive officer.
Key Financial Metrics
This filing does not report consolidated revenue, profit, cash flow, margins, debt, or liquidity metrics. The only financial figures disclosed relate to the specific executive compensation agreement:
- Annual SERP Contribution: $119,500 (subject to satisfactory performance).
- Interest Rate: 6% annual rate credited on account balance.
- Projected Benefit Value: Approximately $1.25 million (present value of projected payments at age 60).
Material Changes
The filing discloses the establishment of a new Supplemental Executive Retirement Plan for Peter Coghlan, President and Chief Executive Officer of Aspen Specialty Insurance Company. The plan is effective retroactively to January 1, 2004. No other material changes to the company's financial condition or operations are reported in this document.
Guidance, Outlook, and Risks
Management Commentary: The filing details the terms of the SERP, including vesting schedules. Annual contributions and interest are 100% vested immediately. Discretionary contributions vest upon death or termination after age 60.
Risks and Contingencies: The annual contribution is contingent upon the satisfactory performance of Aspen Specialty Insurance Company. The company retains discretion to make additional contributions.
Outlook: No forward-looking guidance regarding future earnings or market conditions is provided in this filing.
Key Facts for Investor Verification
- Verify the impact of the $119,500 annual contribution on executive compensation expenses in future quarterly reports.
- Confirm the performance criteria required for Aspen Specialty Insurance Company to trigger the annual contribution.
- Review the full text of Exhibit 10.1 (Supplemental Executive Retirement Plan) for detailed vesting and termination clauses.
- Note that the filing contains no data on the company's overall financial performance for the period.