Aspen Insurance Holdings Reports Results for First Quarter of 2010

Hamilton, Bermuda - 29 April, 2010 - Aspen Insurance Holdings Limited (the 'Company') (NYSE:AHL) reported a net profit after tax for the first quarter of 2010 of $18.3 million and operating earnings of $0.01 per diluted ordinary share. This compares to a net profit after tax of $91.4 million, and operating earnings of $1.18 per diluted share for the first quarter last year. Losses from the Chilean earthquake of $100.3 million, after tax and net of reinstatement premiums, accounted for a reduction of $1.25 in diluted earnings per share for the quarter.

Book value per share on a diluted basis of $34.62 increased by 18.5% when compared to March 31, 2009 and by 1.4% since the end of December 2009, mainly as a result of a $22.0 million increase in unrealized gains, net of tax, from the fixed income investment portfolio generated during the first quarter of 2010.

Chris O'Kane, Chief Executive Officer said: "The first quarter of 2010 saw an exceptionally high number of natural catastrophes around the world. Catastrophic events in France, Australia and the U.S. had minimal impact on our performance, while our experience in the earthquake in Chile is in line with our expectations but nevertheless has had a significant impact on results in the quarter. Underwriting conditions generally have continued to deteriorate and we are therefore continuing with our approach, whereby we tend to reduce exposure where prices are falling while carefully allocating more capital where appropriate to the areas where prices are being maintained and to those few areas where we are seeing price increases."

First Quarter 2010 Operating Highlights

• Gross written premiums for the quarter increased to $702.8 million from $636.8 million for the same period in 2009 due to moderate increases in both the insurance and reinsurance segments.
• Reserve releases were $12.9 million for the quarter compared with $9.8 million for the equivalent period in 2009.
• Unrealized gains in the fixed income portfolio, gross of tax, increased by $25.3 million when compared to December 31, 2009.
• Entered into a $200.0 million accelerated share repurchase resulting in the repurchase and cancellation of 6.5 million ordinary shares during the first quarter of 2010.

Earnings conference call

Aspen will hold a conference call to discuss its financial results on Thursday, 29 April, 2010 at 9:30 a.m. (Eastern Time).

CONFERENCE CALL PARTICIPATION DETAILS – 29 April, 2010 at 9:30 a.m. (ET)

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

+1 (404) 665-9920 (International)

Conference ID: 65001677

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 http://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)

http://www.aspen.bm

Replay ID: 65001677

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 three months ended March 31, 2010, Aspen reported gross written premiums of $702.8 million, net income of $18.3 million and total assets of $8.5 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.