Aspen Insurance Holdings Limited Announces Repurchase Of $156 Million Of Ordinary Shares From Founding Shareholders

Hamilton, Bermuda: December 1, 2006 €” Aspen Insurance Holdings Limited ("Aspen") (NYSE:AHL; BSX:AHL.BH) today announced it has agreed to repurchase approximately $156 million of its ordinary shares, representing approximately 5.9 million shares, from two of its founding shareholders: The Blackstone Group and CSFB Private Equity.  The shares are to be repurchased at a price per share of $26.50, representing a 1.7% discount to the closing price on November 30, 2006. 

Following the share repurchase, Blackstone Group will hold approximately 11.4 million shares and CSFB Private Equity will hold approximately 4.4 million shares. 

The repurchase was made under the terms of Aspen's share repurchase program authorized by the Board of Directors and announced on November 8, 2006, for a total repurchase program of up to $300 million of its ordinary shares within two years.  The purchase price will be funded with the proceeds of the sale of Aspen's 7.401% perpetual non-cumulative preference shares, which closed on November 15, 2006. The ordinary shares will be retired once purchased.

"The opportunity to buy back a meaningful block of shares is part of our very deliberate and considered capital management strategy to enhance returns for investors.  We were able to purchase these shares, which were restricted in the hands of these investors, in a manner which does not impact our current public float and yet reduces the number of shares which could be subject to future sales. We are also very pleased that both of the shareholders who took part in this share repurchase program remain holders of Aspen stock." said Chris O'Kane, Chief Executive Officer.

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. 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.