ASPEN INSURANCE HOLDINGS REPORTS RESULTS FOR FOURTH QUARTER AND TWELVE MONTHS OF 2009

Hamilton, BERMUDA - 10 February, 2010 — Aspen Insurance Holdings Limited (the “Company”) (NYSE:AHL) reported a net profit after tax for 2009 of $473.9 million or an operating profit of $5.16 per diluted ordinary share and net profit after tax for the fourth quarter of 2009 of $126.3 million or an operating profit of $1.44 per diluted ordinary share. This compares to a net profit after tax of $103.8 million for 2008, or operating earnings of $1.44 per diluted share and net profit after tax of $21.8 million, or operating earnings of $0.17 per diluted share for the fourth quarter last year.

Book value per share on a diluted basis of $34.04 increased by 21.1% when compared to December 31, 2008 and by 2.9% since the end of September 2009, as a result of $400.3 million of retained income and a $101.8 million increase in unrealized gains, net of tax, from the fixed income investment portfolio generated during 2009.

Chris O’Kane, Chief Executive Officer said: “2009 was a very good year and I am delighted to report a combined ratio of 84.1% and an operating return on equity of 18.0% for the group against a challenging pricing environment and historically low interest rates. We have entered 2010 in a very strong position and our $200 million share buy-back in early January demonstrated our continued commitment to active capital management. Trading conditions are demanding but I remain confident of achieving a 2010 ROE that reaches into the teens assuming normal loss experience as we seek to maximize the advantages of our diversified business model.”

Fourth Quarter and Full Year 2009 Operating Highlights

1. Cash flows from operating activities were $157.5 million for the quarter and $646.6 million for the full year in 2009 compared with $86.2 million and $530.5 million, respectively in 2008.
2. Reserve releases were $13.4 million for the quarter compared with $12.1 million of reserve strengthening for the same period in 2008. For the full year, reserve releases were $84.4 million and $83.5 million in 2008.
3. Unrealized gains in the fixed income portfolio, gross of tax, increased by $118.2 million when compared to December 31, 2008. For the fourth quarter in 2009 unrealized gains decreased by $33.1 million compared with a $138.3 million increase in the same period in 2008.
4. The fourth quarter of 2009 benefited from a small tax credit of $0.2 million, which is a product of lowering the full year estimated effective tax rate from 15.0% at the end of the third quarter of 2009 to an actual rate of 11.4% at the end of the year. This compares with an effective tax rate for the fourth quarter of 47.3% and 26.0% for the full year in 2008.

Outlook for 2010 and Share Repurchase Authorization

At this early stage in the year and given the state of the market, the Company anticipates gross written premium for the full year to be $2.2 billion +/- 5%, premium ceded to be between 8% and 12% of gross earned premium and the combined ratio to be in the range of 88%-94% including a cat load of $170 million assuming normal loss experience in the year. The Company expects the effective tax rate to be in the range of 10% to 14%.

At a Board meeting on 9 February, 2010, the Board authorized a new share repurchase program for up to $400 million over two years, the previous authorization having been fully utilized following a $200 million accelerated share repurchase entered into on 5 January, 2010.

Earnings conference call

Aspen will hold a conference call to discuss its financial results on Wednesday, February 10, 2010 at 8:30 a.m. (Eastern Time).

CONFERENCE CALL PARTICIPATION DETAILS

10 February, 2010 at 8:30 a.m. (ET)

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

+1 (404) 665-9920 (International)    Conference ID: 49500217

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: 49500217

About Aspen Insurance Holdings Limited

Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Bermuda, France, Ireland, Singapore, the United States, the United Kingdom, and Switzerland. For the nine months ended September 30, 2009, Aspen reported gross written premiums of $1,661.4 million, net income of $347.6 million and total assets of $8.2 billion. Its operating subsidiaries have been assigned a rating of "A" ("Strong") by Standard & Poor's, an "A" ("Excellent") by A.M. Best and an "A2" ("Good") by Moody's Investors Service. For more information about Aspen, please visit www.aspen.bm