ASPEN INSURANCE HOLDINGS REPORTS RESULTS FOR THIRD QUARTER AND NINE MONTHS OF 2009

HAMILTON, BERMUDA - 28 October, 2009 €” Aspen Insurance Holdings Limited (NYSE: AHL) today reported a net profit after tax for the third quarter of 2009 of $144.7 million and operating earnings of $1.40 per diluted ordinary share. This compares to a net loss after tax of $126.1 million, and an operating loss of $1.02 per diluted share for the third quarter last year.

Book value per share on a diluted basis of $33.07 increased by 26.2% when compared to September 30, 2008 and by 17.7% since December 31, 2008, as a result of $291.0 million of retained income and a $130.4 million increase in unrealized gains, net of tax, from the fixed income investment portfolio generated during 2009.

Chris O'Kane, Chief Executive Officer said, "I am delighted  to report record earnings for the quarter of $145 million which reflect both a benign period for cat losses and the welcome  improvement in investment markets.  Our combined ratio for the quarter was 80.3% reflecting particularly strong performance from our property reinsurance segment.  The book yield on our investment portfolio has held well at 4.4% and unrealized gains for the quarter increased by just over $107 million from the half year stage. Such good results, however, could lead to even greater challenges for 2010. Responsible underwriting remains the watchword and we continue to manage our business with consideration of both risk and opportunity in equal measure."

Third Quarter and Year to Date 2009 Operating Highlights

§ Cash flows from operating activities were $186.8 million for the quarter and $489.1 million for the nine months in 2009 compared with $124.5 million and $444.3 million respectively in 2008.

§ Reserve releases were $44.2 million for the quarter and $71.0 million for the nine months in 2009 compared with $15.6 million and $95.6 million respectively in 2008. 

§ Unrealized gains in the fixed income portfolio increased by $107.4 million this quarter compared with unrealized losses of $46.6 million in the third quarter of 2008.

For more detail and a complete break-down of the results please visit www.aspen.bm

Outlook for 2009

The Company anticipates total gross written premium of $2 billion +/- 5%, premium ceded of 10% to 12% of gross earned premium, a combined ratio in the range of 84% to 88%, a tax rate of 13% to 16% and a cat-load of $40 million for the last quarter of 2009, assuming normal loss experience.

Earnings conference call

Aspen will hold a conference call to discuss its financial results on Thursday, October 29, 2009 at 8:30 a.m. (Eastern Time).

CONFERENCE CALL PARTICIPATION DETAILS - 29 October, 2009 at 8:30 a.m. (ET)

Participant Dial-In Numbers:        +1 (888) 459-5609 (US Toll Free)

                                                         +1 (404) 665-9920 (International)

Conference ID:                                        31917197

Please call to register at least 10 minutes before the conference call begins.

The conference call will be webcast live in the €˜presentations' section of the Investor Relations page of Aspen's website, which is located at www.aspen.bm.  The earnings press release and a detailed financial supplement will be posted to the website, as well as a brief slide presentation which may be used for reference during the earnings call. 

REPLAY DETAILS

A replay of the call will be available for 14 days via telephone and Internet starting two hours following the end of the live call.

Replay Access:                           +1 (800) 642-1687 (US Toll Free)

                                                     +1 (706) 645-9291 (International)

                                                                  www.aspen.bm

Replay ID:                                                 31917197