Standard And Poor's Revises Outlook To €˜Stable' From €˜Negative' For Aspen Rated Entities

Hamilton, Bermuda: November 28, 2006 €” Aspen Insurance Holdings Limited ("Aspen", "the group" ) (NYSE:AHL; BSX:AHL.BH) today announced that Standard and Poor's (€˜S&P') has revised its Group Outlook for Aspen to "Stable" from "Negative."  In accordance with S&P's announcement issued yesterday, Aspen's ratings have been revised as follows:

Aspen Insurance Holdings Limited

BBB+/Stable

Aspen Insurance UK Limited

Issuer credit rating:  A/ Stable

Financial strength rating:  A/Stable

Aspen Insurance Limited (Bermuda)

Issuer credit rating:  A/ Stable

Financial strength rating:  A/Stable

 "The outlook revision reflects enhancements made over the past year to the group's enterprise risk management (ERM) processes in general and those relating to catastrophe risk in particular€¦The ratings continue to reflect Aspen's proven management team, strong ERM, strong earnings, strong competitive position, and strong capitalization," according to a press release issued yesterday by S&P regarding Aspen's ratings

Chris O'Kane, Chief Executive of Aspen said, "This is a very positive vote of confidence in our strategy and our future, reflecting the strides we have taken to improve risk management and extend our underwriting franchise."

Julian Cusack, Chief Financial Officer added, "S&P's improved outlook highlights the strength of the Aspen franchise and validates the efforts we have made to improve our ERM.  We look forward to continuing to work closely with all of the rating agencies who cover Aspen and further improve our ratings through improved execution and competitiveness."

For more information and the complete Standard and Poor's statement, please visit the Aspen website.

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 specialty insurance and reinsurance consisting mainly of marine and energy and aviation worldwide. 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. For more information about Aspen, please visit the Company's website at www.aspen.bm.  

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

This press release contains written, and Aspen's officers may make related oral, "forward-looking statements" within the meaning of the U.S. federal securities laws regarding the possible repurchase of Aspen's ordinary shares and the financing of any such repurchases.  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 Aspen's control that could cause actual results to differ materially from such statements.  Any ordinary share repurchases by Aspen are subject to rating agency considerations, the market price of its ordinary shares, Aspen's ongoing sources and uses of cash and the liquidity requirements of its insurance and reinsurance business.  Any issuance by Aspen of any perpetual preference shares or other security is subject to market conditions for such security, the satisfactory agreement with any underwriters or other purchasers in relation to the terms and price of such security and customary conditions to the completion of any such financing transaction. For a more detailed description of additional uncertainties and other factors that could impact the forward-looking statements in this release, please see the "Risk Factors" section in Aspen's Annual Report on Form 10-K for the year ended December 31, 2005, filed with the U.S. Securities and Exchange Commission on March 6, 2006.