Aspen Holdings Limited Reports Fourth Quarter Net Profit Of $30.3 Million

Hamilton, Bermuda: February 16, 2006 -- Aspen Insurance Holdings Limited (NYSE: AHL;BSX:AHL.BH) today reported a net profit of $30.3 million, or $0.31 per diluted share, for the three months ended December 31, 2005 and a net loss of $(177.8) million, or $(2.40) per diluted share for the twelve months ended December 31, 2005.

Gross written premiums were $245.0 million for the fourth quarter 2005 and $2,092.5 million for the twelve months ended December 31, 2005.

Net investment income was $39.3 million for the fourth quarter 2005 and $121.3 million for the twelve months ended December 31, 2005.

Chris O'Kane, chief executive officer, said, "Our results for 2005 are clearly very disappointing and do not meet our expectations.  The insurance industry, including Aspen, has a great deal to learn from the hurricanes of 2004 and 2005 and I am confident that Aspen is in the vanguard of putting these new insights to work.  We have benefited in the past from our diversified underwriting strategy and 2006 will see greater diversification of our portfolio as we redeploy our capital in favor of the best underwriting opportunities"

Shareholders' equity increased from $1,481.5 million at December 31, 2004 to $2,039.8 million at December 31, 2005.

During the quarter the company raised $597 million through issuance of common equity and a further $194 million through the issuance of Perpetual Preferred Income Equity Replacement Securities.   Of the proceeds raised, $560 million was downstreamed to Aspen Insurance Limited and $15 million to Aspen Specialty Insurance Company prior to the year end and $150 million is being downstreamed to Aspen Insurance UK Limited in 2006.

Earnings conference call

Aspen will hold a conference call tomorrow, February 17, 2006 at 8:30 a.m. (ET) to discuss its 2005 fourth quarter and year-end financial results.  Investors may participate in the live conference call by dialing 800-473-6123 (toll-free domestic U.S.) or 973-582-2706 (international); conference ID: 6903649  Please call to register at least 10 minutes before the conference call begins.  A replay of the call will be available for 10 days via telephone starting approximately two hours following the live call on February 17, 2006,  and can be accessed at 877-519-4471 (toll-free domestic U.S.) or 973-341-3080 (international); digital pin: 6903649. The live call and a replay can also be heard via Aspen's website at www.aspen.bm.

In addition, a financial supplement relating to the Company's financial results for the fourth quarter 2005 and twelve months ended December 31, 2005 is available in the Investor Relations section of the Company's website at www.aspen.bm.

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 the United States and marine and aviation insurance and reinsurance worldwide through Aspen Insurance UK Limited. Aspen's operations are conducted through its wholly-owned subsidiaries located in London, Bermuda and the United States: Aspen Insurance UK Limited, Aspen Insurance Limited and Aspen Specialty Insurance Company. Aspen has four operating segments: property reinsurance, casualty reinsurance, specialty insurance and reinsurance and property and casualty insurance. Aspen's principal existing shareholders include The Blackstone Group, Candover Partners Limited, Wellington Investment Holdings (Jersey) Limited and Credit Suisse First Boston Private Equity.  For more information about Aspen, please visit the Company's website at www.aspen.bm.