Dec 03, 2003

Aspen Insurance Holdings Limited Initial Public Offering Priced At $22.50 Per Share

Hamilton, Bermuda, December 3, 2003 – Aspen Insurance Holdings Limited (“Aspen”) today announced that the initial public offering of 10,524,000 of its ordinary shares was priced at $22.50 per share. The underwriters also have an option to purchase up to an additional 1,578,600 shares to cover over-allotments. All of the proceeds of the offering, after deducting the underwriting discounts and commissions and the offering expenses, will go to Aspen. The shares are expected to begin trading on the New York Stock Exchange on December 4, 2003 under the symbol “AHL”.

Aspen plans to use the approximately $212 million in net proceeds from the offering to provide initial or additional capital to its subsidiaries, to repay a portion of the short-term debt under its revolving credit facilities and for other general corporate purposes.

Credit Suisse First Boston and Goldman, Sachs & Co. are acting as joint book- running managers for the offering. A copy of the prospectus relating to the offering may be obtained at or from Credit Suisse First Boston at Prospectus Department, 11 Madison Avenue, New York, N.Y. 10010, or by phone at (212) 325-2580 and Goldman, Sachs & Co. at Prospectus Department, 85 Broad Street, New York, N.Y. 10004, or by phone at (212) 902-1171.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission and was declared effective on December 3, 2003. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offer or sale will be made only by means of the written prospectus forming a part of the effective registration statement.

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 surplus lines insurance in the United States. Aspen’s operations are conducted through its wholly-owned subsidiaries located in London, Bermuda and the United States: Aspen Insurance UK Limited, formerly Wellington Re, Aspen Insurance Limited and Aspen Specialty Insurance Company. Aspen's reinsurance segment consists of property reinsurance, casualty reinsurance and specialty reinsurance lines of business. Aspen's insurance segment consists of commercial property insurance and commercial liability insurance lines of business. Aspen’s principal existing shareholders include The Blackstone Group, Candover Partners Limited, Wellington Underwriting plc and Credit Suisse First Boston Private Equity.

This press release contains, and Aspen may from time to time make, written or oral "forward-looking statements" within the meaning of the U.S. federal securities laws. 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 of Aspen’s control that could cause actual results to differ materially from such statements. For a detailed description of these uncertainties and other factors that could cause the actual results to differ, please see the "Risk Factors" section in Aspen’s Registration Statement on Form F-1 with respect to the ordinary shares, filed with the U.S. Securities and Exchange Commission.