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Bret Pearlman To Depart Aspen's Board

05 5 2004

Hamilton, Bermuda: August 5, 2004 - Aspen Insurance Holdings Limited (NYSE: AHL; BSX: AHL.BH) today announced that Bret Pearlman will step down from the company's Board of Directors.. Mr. Pearlman's resignation coincides with his move to Elevation Partners. His resignation is effective immediately. Aspen will seek to fill the vacant directorship left by Mr. Pearlman as soon as practicable and has commenced a search for independent director candidates.

"On behalf of the entire Board, I thank Bret for his manifold contributions to Aspen's success," said Chris O'Kane, chief executive officer. "The insights and experiences he brought to bear on Aspen's behalf have made our company stronger. We wish Bret all the best in his new endeavors with Elevation Partners."

About Aspen Insurance Holdings Limited

Aspen Insurance Holdings Limited (Aspen) was established in June 2002. Aspen is a Bermudian holding company that provides property and casualty reinsurance in the global market, property and liability insurance principally in the United Kingdom and surplus lines insurance in the United States. Aspen's operations are conducted through its wholly owned subsidiaries located in London, Bermuda and the United States: Aspen Insurance UK Limited (Aspen Re), Aspen Insurance Limited (Aspen), Aspen Specialty Insurance Company (Aspen Specialty) and Aspen Re America Inc (Aspen Re America). Aspen's reinsurance segment consists of property reinsurance, casualty reinsurance and specialty reinsurance lines of business. Aspen's insurance segment consists of commercial property, commercial liability and U.S. surplus insurance lines of business. Aspen's principal existing shareholders include The Blackstone Group, Candover Partners Limited, Wellington Underwriting plc and Credit Suisse First Boston Private Equity.

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Investor Contacts:

Aspen Insurance Holdings Limited T +441-297-9382

Noah Fields, Head of Investor Relations

Julian Cusack, Chief Financial Officer

US Contacts:

The Abernathy MacGregor Group T +212-371-5999

Carina Thate

Jason Thompson

UK Contacts:

The Maitland Consultancy T +44 20 7379 5151

Emma Burdett

Brian Hudspith