Aspen Insurance Holdings Limited Announces Registered Exchange Offer for its 6.00% Senior Notes due 2014

Hamilton, BERMUDA: March 3, 2005 - Aspen Insurance Holdings Limited (the "Company") (NYSE:AHL; BSX:AHL.BH) today commenced an offer to exchange up to $250,000,000 of its outstanding 6.00% Senior Notes due 2014 ("Old Notes") for 6.00% Senior Notes due 2014 ("New Notes") that have been registered under the Securities Act of 1933, as amended (the "Exchange Offer").

The terms of the New Notes are substantially identical to the terms of the Old Notes, except that the transfer restriction and registration rights provisions applicable to the Old Notes do not apply to the New Notes.

The Exchange Offer is being made in order to satisfy certain obligations of the Company contained in the Registration Rights Agreement dated August 16, 2004.

The Exchange Offer will expire at 5:00 P.M. New York City time, on April 4, 2005, unless extended by the Company.  The Company will settle the exchange offer on the third business day following the expiration date or as soon as practicable thereafter.  Tenders of Old Notes may be withdrawn at any time prior to the expiration date.

The terms of the Exchange Offer and other information relating to the Company are set forth in a prospectus dated March 3, 2005.  Copies of the prospectus and related letter of transmittal can be obtained from the exchange agent, Deutsche Bank Trust Company Americas at (800) 735-7777.

This press release does not constitute an offer to purchase any securities or a solicitation of an offer to sell any securities.  The Exchange Offer is being made only pursuant to a prospectus dated March 3, 2005 and related letter of transmittal and only to such persons and in such jurisdictions as is permitted under applicable law.

About Aspen Insurance Holdings Limited

Aspen Insurance Holdings Limited 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, marine and aviation, 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.

Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995

This press release contains, and Aspen's earnings conference call may contain, written or oral "forward-looking statements" within the meaning of the U.S. federal securities laws.  These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as "expect," "intend," "plan," "believe," "project," "anticipate," "seek," "will,"  "estimate," "may," "continue," and similar expressions of a future or forward-looking nature.

All forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the Company's control that could cause actual results to differ materially from such statements.  For a more detailed description of these uncertainties and other factors, please see the "Risk Factors" section in Aspen's Annual Report on Form 10-K for the year ended December 31, 2003, filed with the U.S. Securities and Exchange Commission on March 26, 2004.

Aspen Insurance Holdings Limited      T +441-297-9382

Noah Fields, Head of Investor Relations  

UK Contacts:

The Maitland Consultancy T +44 20 7379 5151

Emma Burdett

Brian Hudspith