Aspen Insurance Holdings Announces Additional $50 Million Accelerated Share Repurchase

HAMILTON, Bermuda: October 1, 2007 -- Aspen Insurance Holdings Limited ("Aspen") (NYSE: AHL) today announced that on September 28, 2007, it entered into an accelerated share repurchase program with Goldman, Sachs & Co. to buy back $50 million of Aspen's ordinary shares. The agreement includes collar provisions that establish the minimum and maximum numbers of shares to be repurchased. The program is expected to be completed within three months.

Based on Aspen's closing share price on September 28, 2007, the $50 million share repurchase represents approximately two percent of the Company's total market capitalization.

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. Following this repurchase there will be approximately $50 million remaining of the Board authorized repurchase program. The purchase is funded with cash on hand. The ordinary shares will be retired once purchased.

Richard Houghton, Chief Financial Officer of Aspen said, "Aspen is committed to actively managing its capital throughout the insurance cycle to finance the business and deliver attractive investor returns. We are confident about Aspen's business outlook for the remainder of 2007 and 2008, which provides us with the comfort to buy back $50 million of shares at this time."

CONTACT:

Aspen Insurance Holdings Limited

Tania Kerno, Head of Communications                    +44-20-7184-8855

Noah Fields, Head of Investor Relations                     +1-441-297-9382

Press Inquires  

Sarah Gestetner, Citigate Dewe Rogerson                    +44-20-7379-5151l

Eliza Johnson, Abernathy MacGregor                  +1-212-371-5999

About Aspen Insurance Holdings Limited ("Aspen")

Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Bermuda, France, the United States, the United Kingdom, and Switzerland. For the six months ended June 30, 2007, Aspen reported gross written premiums of $1.1 billion, net income of $236.6 million and total assets of $7.1 billion. For more information about Aspen, please visit 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 its capital management plans, its outlook and financial results. 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, estimates and data concerning future results and 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. For a detailed description of 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, 2006, filed with the U.S. Securities and Exchange Commission on February 22, 2007.