8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

Current Report
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 28, 2009

ASPEN INSURANCE HOLDINGS LIMITED

(Exact name of registrant as specified in its charter)

Bermuda	001-31909	Not Applicable
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

Maxwell Roberts Building
1 Church Street
Hamilton HM 11
Bermuda
(Address of principal executive offices)
(Zip Code)

Registrant’s telephone number, including area code: (441) 295-8201

Not Applicable
(Former name or former address, if changed since last report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 — Financial Information

Item 2.02 Results of Operations and Financial Condition

          On October 28, 2009, Aspen Insurance Holdings Limited issued a press release announcing results for the quarter and nine months ended September 30, 2009, which has been attached as Exhibit 99.1. In addition, a copy of the Aspen Insurance Holdings Limited Earnings Release Supplement for the quarter and nine months ended September 30, 2009 is attached hereto as Exhibit 99.2.

Section 7 — Regulation FD

Item 7.01 Regulation FD Disclosure

          On October 28, 2009, Aspen Insurance Holdings Limited issued a press release announcing results for the quarter and nine months ended September 30, 2009, which has been attached as Exhibit 99.1. In addition, a copy of the Aspen Insurance Holdings Limited Earnings Release Supplement for the quarter and nine months ended September 30, 2009 is attached hereto as Exhibit 99.2.

          Also, attached as Exhibit 99.3, is a slide presentation to be used for reference during the earnings call to be held on October 29, 2009.

TABLE OF CONTENTS

EX-99.1

EX-99.2

EX-99.3

Section 9. Financial Statements and Exhibits

Item 9.01 — Financial Statements and Exhibits

(d) The following exhibits are furnished under Items 7.01 and 2.02 as part of this report:

99.1	Press Release of the Registrant, dated October 28, 2009.
99.2	Earnings Release Supplement for the quarter and nine months ended September 30, 2009.
99.3	Second Quarter 2009 Earnings Conference Call Slide Presentation, to be held on October 29, 2009.

          The information furnished under Item 7.01 “Regulation FD Disclosure” and Item 2.02 “Results of Operations and Financial Condition” shall not be deemed “filed” for purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

2

SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ASPEN INSURANCE HOLDINGS LIMITED
	(Registrant)
Dated: October 28, 2009	By:	/s/ Richard Houghton
		Name:	Richard Houghton
		Title:	Chief Financial Officer

3

EX-99.1

Exhibit 99.1

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

§	Diluted book value per share of $33.07, up 26.2% over the third quarter of 2008 and up 8.9% over the second quarter of 2009.
§	Record third quarter net income after tax of $144.7 million, compared with a net loss after tax of $126.1 million for the same quarter last year.
§	Net investment income of $58.9 million, up 205.2% over the same quarter last year.
§	Diluted operating earnings per share of $1.40 for the quarter, compared with a diluted operating loss per share of $1.02 for the third quarter of 2008.
§	Annualized net income return on equity of 22.0% for the third quarter and 18.4% for the nine month period.
§	Annualized operating return on equity of 19.2% for the third quarter and 17.7% for the nine month period.

HAMILTON, BERMUDA, October 28, 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.

Third Quarter 2009 Financial Highlights

($ in millions, except per share amounts and percentages)

(Unaudited)

	Q3 2009			Q3 2008			Change
Gross written premium	$	490.3		$	441.3			11.1	%
Net earned premium	$	470.9		$	434.2			8.5	%
Net investment income	$	58.9		$	19.3			205.2	%
Net income/(loss) after tax	$	144.7		$	(126.1	)		214.8	%
Diluted net income/(loss) per share	$	1.62		$	(1.63	)		199.4	%
Diluted operating earnings/(loss) per share	$	1.40		$	(1.02	)		237.3	%
Net income/(loss) annualized return on equity		22.0	%		(23.2	)%
Annualized operating return on equity		19.2	%		(14.4	)%
Combined ratio		80.3	%		123.3	%
Book value per ordinary share	$	34.30		$	27.14			26.4	%
Diluted book value per ordinary share	$	33.07		$	26.21			26.2	%

-1-

Nine Months 2009 Financial Highlights

($ in millions, except per share amounts and percentages)

(Unaudited)

	2009			2008			Change
Gross written premium	$	1,661.4		$	1,566.3			6.1	%
Net earned premium	$	1,346.8		$	1,223.1			10.1	%
Net investment income	$	190.3		$	128.9			47.6	%
Net income after tax	$	346.5		$	82.0			322.6	%
Diluted net income per share	$	4.23		$	0.71			495.8	%
Diluted operating earnings per share	$	3.72		$	1.28			190.6	%
Net income annualized return on equity		18.4	%		3.5	%
Annualized operating return on equity		17.7	%		6.4	%
Combined ratio		84.0	%		96.5	%

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.

Business Segment Highlights

A summary of the operating highlights for each of Aspen’s four business segments is presented below.

Property Reinsurance

The combined ratio for the property reinsurance segment was 58.1% for the third quarter compared with 146.0% in the same period in 2008. The improvement in the combined ratio is driven by the absence of any catastrophic events, with the third quarter of 2008 being dominated by Hurricane Ike losses. The combined ratio for the first nine months of 2009 was 54.8% compared with 93.4% in 2008. Gross written premium increased by 12.0% to $171.2 million for the quarter and increased by 12.7% to $571.7 million for the nine months when compared to the same periods in 2008.

-2-

Casualty Reinsurance

The combined ratio for the casualty reinsurance segment was 88.3% for the third quarter compared with 90.4% for the same period in 2008. For the first nine months of 2009 the combined ratio was 93.5% compared with 92.2% for 2008 with the increase driven by a reduction in reserve releases from $48.0 million in 2008 to $18.6 million in the current period. The accident year combined ratio for the nine month period improved to 99.2% compared with 103.2% in 2008. Gross written premium for the quarter was $96.5 million, an increase of 21.1% over the same period in 2008 due to premium adjustments. Gross written premium for the first nine months of 2009 increased by 7.4% to $342.3 million when compared to 2008.

International Insurance

The combined ratio for the international insurance segment was 89.8% for the third quarter of 2009 compared with 119.4% for the same period in 2008. The improvement in the combined ratio is driven largely by the absence of any catastrophic events, as the third quarter of 2008 included Hurricane Ike losses. The combined ratio for the first nine months of 2009 was 96.2% compared with 97.9% in 2008. Gross written premium for the quarter of $183.9 million is broadly in line with the same period in 2008. Gross written premium for the nine month period in 2009 is down 3.4% to $617.3 million compared to 2008 in response to market conditions in certain lines in this segment.

U.S. Insurance

The combined ratio for the U.S. insurance segment was 96.6% for the third quarter compared with 172.1% in the same period in 2008 with the prior year impacted by Hurricane Ike losses. The combined ratio for the first nine months of 2009 was 117.1% compared with 123.1% in 2008. Gross written premium for the quarter increased to $38.7 million from $28.0 million in 2008 as a result of the repositioning of the property book over the past two years. Gross written premiums for the nine month period increased by 28.6% to $130.1 million when compared to 2008.

Investment Performance

Net investment income for the quarter was $58.9 million compared with $19.3 million in the third quarter of 2008. The third quarter of 2008 featured $42.2 million of losses from funds of hedge funds investments. The fund of hedge fund investments were redeemed effective June 30, 2009.

Net realized and unrealized gains included in income for the quarter were $13.5 million compared with net realized and unrealized losses of $58.1 million in the third quarter of 2008. The current quarter included $7.5 million of mark-to-market gains from the trading portfolios and $1.8 million of other-than-temporary impairment charges. Net realized and unrealized gains included in income for the first nine months of 2009 were $6.1 million compared with net realized and unrealized losses of $56.3 million in the first nine months of 2008. The first nine months of 2009 included $14.5 million of mark-to-market gains from the trading portfolios and other-than-temporary impairment charges of $19.9 million. Other than temporary impairment charges were $55.8 million for the third quarter and nine months in 2008 driven by the collapse of Lehman Brothers.

Unrealized gains on the available for sale fixed income portfolio at the end of the third quarter of 2009 were $219.8 million, an increase of $107.4 million from the end of the second quarter of 2009. Annualized total investment return for the current quarter was 11.4% and 7.6% for the nine months in 2009.

The book yield on the fixed income portfolio of 4.4%, although in line with the second quarter of 2009, has decreased from 4.9% at September 30, 2008. The average credit quality of the portfolio remains AA+ with an average duration of 3.3 years which has increased marginally during the quarter from 3.2 years at June 30, 2009.

-3-

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 – October 29, 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

Investor Contact:
Aspen Insurance Holdings Limited
Noah Fields, Head of Investor Relations	T: +1 441-297-9382
European Press Contact: Citigate Dewe Rogerson
Justin Griffiths/Sarah Gestetner	T: +44 (0) 20 7282 2920
North American Press Contact:
Abernathy MacGregor
Carina Davidson/Allyson Morris	T: +1 212-371-5999

-4-

Aspen Insurance Holdings Limited
Summary Consolidated Balance Sheet
($ in millions, except per share data)
(Unaudited)

	As at September 30,		As at December 31,
(in US$ millions)	2009		2008
ASSETS
Total investments		5,641.8		4,944.9
Cash and cash equivalents		948.8		809.1
Reinsurance recoverables		448.4		329.6
Premiums receivable		755.7		677.5
Other assets		432.3		527.7
Total assets		8,227.0		7,288.8
LIABILITIES
Losses and loss adjustment expenses		3,314.0		3,070.3
Unearned premiums		1,006.3		810.7
Other payables		445.0		379.2
Long-term debt		249.6		249.5
Total liabilities		5,014.9		4,509.7
SHAREHOLDERS’ EQUITY
Total shareholders’ equity		3,212.1		2,779.1
Total liabilities and shareholders’ equity		8,227.0		7,288.8
Tangible book value per share		34.30		28.85
Diluted book value per share (treasury stock method)		33.07		28.10

-5-

Aspen Insurance Holdings Limited
Summary Consolidated Statements of Income
($ in millions, except share, per share data and ratios)
(Unaudited)

	Three Months Ended			Three Months Ended
(in US$ millions)	September 30, 2009			September 30, 2008
UNDERWRITING REVENUES
Gross written premiums		490.3			441.3
Premiums ceded		(28.2	)		(37.5	)
Net written premiums		462.1			403.8
Change in unearned premiums		8.8			30.4
Net earned premiums		470.9			434.2
UNDERWRITING EXPENSES
Losses and loss expenses		235.1			413.4
Acquisition expenses		79.6			70.4
General and administrative expenses		63.7			51.6
Total underwriting expenses		378.4			535.4
Underwriting income		92.5			(101.2	)
OTHER OPERATING REVENUE
Net investment income		58.9			19.3
Interest expense		(3.9	)		(3.8	)
Total other operating revenue		55.0			15.5
Other income (expense)		1.1			0.6
OPERATING INCOME BEFORE TAX		148.6			(85.1	)
OTHER
Net realized exchange gains		7.9			(2.7	)
Net realized investment losses		13.5			(58.1	)
INCOME BEFORE TAX		170.0			(145.9	)
Income taxes expense		(25.3	)		19.8
NET INCOME AFTER TAX		144.7			(126.1	)
Dividends paid on ordinary shares		(12.6	)		(12.2	)
Dividend paid on preference shares		(5.6	)		(6.9	)
Retained income		126.5			(145.2	)
Components of net income (after tax)
Operating Income		125.6			(76.2	)
Net realized exchange gains (after tax)		7.9			(2.7	)
Net realized investment losses (after tax)		11.2			(47.2	)
NET INCOME AFTER TAX		144.7			(126.1	)
Loss ratio		49.9	%		95.2	%
Policy acquisition expense ratio		16.9	%		16.2	%
General and administrative expense ratio		13.5	%		11.9	%
Expense ratio		30.4	%		28.1	%
Combined ratio		80.3	%		123.3	%

-6-

Aspen Insurance Holdings Limited
Summary Consolidated Financial Data
($ in millions, except share, per share data and ratios)
(Unaudited)

	Three Months Ended					Nine Months Ended
(in US$ except for number of shares)	September 30, 2009		September 30, 2008			September 30, 2009		September 30, 2008
Basic earnings per ordinary share
Net income adjusted for preference share dividend	$	1.67		($1.63	)	$	4.36	$	0.73
Operating income adjusted for preference dividend	$	1.44		($1.02	)	$	3.84	$	1.32
Diluted earnings per ordinary share
Net income adjusted for preference share dividend	$	1.62		($1.63	)	$	4.23	$	0.71
Operating income adjusted for preference dividend	$	1.40		($1.02	)	$	3.72	$	1.28
Weighted average number of ordinary shares outstanding (in millions)		83.057		81.376			82.520		83.459
Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)		85.993		81.376			84.952		86.114
Book value per ordinary share						$	34.30	$	27.14
Diluted book value (treasury stock method)						$	33.07	$	26.21
Ordinary shares outstanding at end of the period (in millions)							83.095		81.450
Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (treasury stock method) (in millions)							86.193		84.325

-7-

Aspen Insurance Holdings Limited
Summary Consolidated Segment Information
($ in millions except ratios)
(Unaudited)

	Three Months			Three Months
	Ended September 30,			Ended September 30,
	2009			2008
Gross written premiums
Property Reinsurance		171.2			152.8
Casualty Reinsurance		96.5			79.7
International Insurance		183.9			180.8
U.S. Insurance		38.7			28.0
Total		490.3			441.3
Premiums ceded
Property Reinsurance		7.8			12.6
Casualty Reinsurance		(2.2	)		(0.1	)
International Insurance		13.0			18.6
U.S. Insurance		9.6			6.4
Total		28.2			37.5
Net written premiums
Property Reinsurance		163.4			140.2
Casualty Reinsurance		98.7			79.8
International Insurance		170.9			162.2
U.S. Insurance		29.1			21.6
Total		462.1			403.8
Net earned premiums
Property Reinsurance		140.9			138.8
Casualty Reinsurance		115.2			112.9
International Insurance		187.8			158.6
U.S. Insurance		27.0			23.9
Total		470.9			434.2
Underwriting profit
Property Reinsurance		59.0			(63.9	)
Casualty Reinsurance		13.5			10.8
International Insurance		19.1			(30.8	)
U.S. Insurance		0.9			(17.3	)
Total		92.5			(101.2	)
Combined ratio
Property Reinsurance		58.1	%		146.0	%
Casualty Reinsurance		88.3	%		90.4	%
International Insurance		89.8	%		119.4	%
U.S. Insurance		96.6	%		172.1	%
Total		80.3	%		123.3	%

-8-

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 September 30, 2009, Aspen reported gross written premiums of $490.3 million, net income of $144.7 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.

Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995:

This press release contains, and Aspen’s earnings conference call will contain, written or oral “forward-looking statements” within the meaning of the U.S. federal securities laws. 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,” “guidance,” and similar expressions of a future or forward-looking nature.

All forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in these statements. Aspen believes these factors include, but are not limited to: the continuing and uncertain impact of the current depressed credit environment, the banking crises and economic recessions in many of the countries in which we operate and of the measures being taken by governments to counter these issues; the risk of a material decline in the value or liquidity of all or parts of our investment portfolio; changes in insurance and reinsurance market conditions that could adversely impact execution of the business plan; changes in our ability to exercise capital management or strategic initiatives or to arrange banking facilities as a result of prevailing market changes or changes in our financial position; our ability to execute our business plan to enter new markets, introduce new products and develop new distribution channels, including their integration into our existing operations; increased counterparty risk due to the impairment of financial institutions; changes in the total industry losses, or our share of total industry losses, resulting from past events such as Hurricanes Ike and Gustav and, with respect to such events, our reliance on loss reports received from cedants and loss adjustors, our reliance on industry loss estimates and those generated by modeling techniques, changes in rulings on flood damage or other exclusions as a result of prevailing lawsuits and case law, any changes in our reinsurers’ credit quality and the amount and timing of reinsurance recoverables; the impact of acts of terrorism and related legislation and acts of war; the possibility of greater frequency or severity of claims and loss activity, including as a result of natural or man-made catastrophic events, than our underwriting, reserving, reinsurance purchasing or investment practices have anticipated; evolving interpretive issues with respect to coverage after major loss events; the level of inflation in repair costs due to limited availability of labor and materials after catastrophes; the effectiveness of our loss limitation methods; changes in the availability, cost or quality of reinsurance or retrocessional coverage; the reliability of, and changes in assumptions to, catastrophe pricing, accumulation and estimated loss models; loss of key personnel; a decline in our operating subsidiaries’ ratings with Standard & Poor’s (“S&P”), A.M. Best or Moody’s Investors Service (“Moody’s”); changes in general economic conditions, including inflation, foreign currency exchange rates, interest rates and other factors that could affect our investment portfolio; the number and type of insurance and reinsurance contracts that we wrote at the January 1^st and other renewal periods in 2009 and the premium rates available at the time of such renewals within our targeted business lines; increased competition on the basis of pricing, capacity, coverage terms or other factors and the related demand and supply dynamics as contracts come up for renewal; decreased demand for our insurance or reinsurance products and cyclical changes in the insurance and reinsurance sectors; changes in government regulations or tax laws in jurisdictions where we conduct business; and Aspen or its Bermudian subsidiary becoming subject to income taxes in the United States or the United Kingdom; and the effect on insurance markets, business practices and relationships of ongoing litigation, investigations and regulatory activity by insurance regulators and prosecutors. For a more detailed description of these uncertainties and other factors, please see the “Risk Factors” section in Aspen’s Annual Reports on Form 10-K as filed with the U.S. Securities and Exchange Commission on February 26, 2009. Aspen undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.

In addition, any estimates relating to loss events involve the exercise of considerable judgment and reflect a combination of ground-up evaluations, information available to date from brokers and cedants, market intelligence, initial tentative loss reports and other sources. Due to the complexity of factors contributing to the losses and the preliminary nature of the information used to prepare these estimates, there can be no assurance that Aspen’s ultimate losses will remain within the stated amount.

-9-

Non-GAAP Financial Measures

In presenting Aspen’s results, management has included and discussed certain “non-GAAP financial measures” as such term is defined in Regulation G. Management believes that these non-GAAP measures, which may be defined differently by other companies, better explain Aspen’s results of operations in a manner that allows for a more complete understanding of the underlying trends in Aspen’s business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP. The reconciliation of such non-GAAP financial measures to their respective most directly comparable GAAP financial measures in accordance with Regulation G is included in the financial supplement, which can be obtained from the Investor Relations section of Aspen’s website at www.aspen.bm.

(1) Annualized Operating Return on Average Equity (“Operating ROE”) is a non-GAAP financial measure. Annualized Operating Return on Average Equity 1) is calculated using operating income, as defined below and 2) excludes from average equity, the average after-tax unrealized appreciation or depreciation on investments and the average after-tax unrealized foreign exchange gains or losses and the aggregate value of the liquidation preferences of our preference shares. Unrealized appreciation (depreciation) on investments is primarily the result of interest rate movements and the resultant impact on fixed income securities, and unrealized appreciation (depreciation) on foreign exchange is the result of exchange rate movements between the U.S. dollar and the British pound. Such appreciation (depreciation) is not related to management actions or operational performance (nor is it likely to be realized). Therefore, Aspen believes that excluding these unrealized appreciations (depreciations) provides a more consistent and useful measurement of operating performance, which supplements GAAP information. Average equity is calculated as the arithmetic average on a monthly basis for the stated periods.

Aspen presents Operating ROE as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information.

See page 29 of Aspen’s financial supplement for a reconciliation of operating income to net income and page 8 for a reconciliation of average equity.

(2) Annualized Operating Return on Average Equity excluding gains or losses from funds of hedge funds (“Adjusted Operating ROE”) is a non-GAAP financial measure. Annualized Operating Return on Average Equity excluding gains or losses from funds of hedge funds 1) is calculated using adjusted operating income, as defined below and 2) excludes from average equity, the average after-tax unrealized appreciation or depreciation on investments and the average after-tax unrealized foreign exchange gains or losses and the aggregate value of the liquidation preferences of our preference shares. Unrealized appreciation (depreciation) on investments is primarily the result of interest rate movements and the resultant impact on fixed income securities, and unrealized appreciation (depreciation) on foreign exchange is the result of exchange rate movements between the U.S. dollar and the British pound. Such appreciation (depreciation) is not related to management actions or operational performance (nor is it likely to be realized). Therefore, Aspen believes that excluding these unrealized appreciations (depreciations) provides a more consistent and useful measurement of operating performance, which supplements GAAP information. Average equity is calculated as the arithmetic average on a monthly basis for the stated periods.

Aspen presents Adjusted Operating ROE as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information.

See page 31 of Aspen’s financial supplement for a reconciliation of adjusted operating income to net income and page 8 for a reconciliation of average equity.

(3) Operating income is a non-GAAP financial measure. Operating income is an internal performance measure used by Aspen in the management of its operations and represents after-tax operational results excluding, as applicable, after-tax net realized capital gains or losses and after-tax net foreign exchange gains or losses.

Aspen excludes after-tax net realized capital gains or losses and after-tax net foreign exchange gains or losses from its calculation of operating income because the amount of these gains or losses is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. Aspen believes these amounts are largely independent of its business and underwriting process and including them distorts the analysis of trends in its operations. In addition to presenting net income determined in accordance with GAAP, Aspen believes that showing operating income enables investors, analysts; rating agencies and other users of its financial information to more easily analyze Aspen’s results of operations in a manner similar to how management analyzes Aspen’s underlying business performance. Operating income should not be viewed as a substitute for GAAP net income. Please see above and page 29 of Aspen’s financial supplement for a reconciliation of operating income to net income. Aspen’s financial supplement can be obtained from the Investor Relations section of Aspen’s website at www.aspen.bm.

(4) Adjusted Operating income is a non-GAAP financial measure. Adjusted operating income is an internal performance measure used by Aspen in the management of its operations and represents after-tax operational results excluding, as applicable, after-tax net realized capital gains or losses, after-tax net foreign exchange gains or losses and excludes after tax net gains or losses from our investments in funds of hedge funds.

Aspen excludes after-tax net realized capital gains or losses, after-tax net foreign exchange gains or losses and after tax net gains or losses from our investments in funds of hedge funds from its calculation of operating income because the amount of these gains or losses is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. Aspen believes these amounts are largely independent of its business and underwriting process and including them distorts the analysis of trends in its operations. In addition to presenting net income determined

-10-

in accordance with GAAP, Aspen believes that showing operating income enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Aspen’s results of operations in a manner similar to how management analyzes Aspen’s underlying business performance. Operating income should not be viewed as a substitute for GAAP net income. Please see above and page 31 of Aspen’s financial supplement for a reconciliation of adjusted operating income to net income. Aspen’s financial supplement can be obtained from the Investor Relations section of Aspen’s website at www.aspen.bm.

(5) Diluted book value per ordinary share is a non-GAAP financial measure. Aspen has included diluted book value per ordinary share because it takes into account the effect of dilutive securities; therefore, Aspen believes it is a better measure of calculating shareholder returns than book value per share. Please see page 27 of Aspen’s financial supplement for a reconciliation of diluted book value per share to basic book value per share. Aspen’s financial supplement can be obtained from the Investor Relations section of Aspen’s website at www.aspen.bm.

(6) Diluted Operating Earnings Per Share and Basic Operating Earnings Per Share is a non-GAAP financial measure. Aspen believes that the presentation of diluted operating earnings per share and basic operating earnings per share supports meaningful comparison from period to period and the analysis of normal business operations. Diluted operating earnings per share and basic operating earnings per share are calculated by dividing operating income by the diluted or basic weighted average number of shares outstanding for the period. See page 29 for a reconciliation of diluted and basic operating earnings per share to basic earnings per share. Aspen’s financial supplement can be obtained from the Investor Relations section of Aspen’s website at www.aspen.bm.

-11-

EX-99.2

Exhibit 99.2

Aspen Insurance Holdings Limited

Financial Supplement

As of September 30, 2009

This financial supplement is for information purposes only. It should be read in
conjunction with other documents filed or to be filed by Aspen Insurance
Holdings Limited with the United States Securities and Exchange Commission.

AHL: NYSE

www.aspen.bm

Investor Contact:

Aspen Insurance Holdings Limited

Noah Fields, Head of Investor Relations

T: +1 441-297-9382

email: noah.fields@aspen-re.com

Aspen Insurance Holdings Limited

Table Of Contents

	Page
Basis of Presentation		1-2
Financial Highlights		3
Consolidated Statements of Operations — Quarterly		4
Consolidated Statements of Operations — Year to Date		5
Consolidated Balance Sheets		6
Earnings Per Share and Book Value Per Share		7
Return on Average Equity		8
Consolidated Underwriting Results By Operating Segment		9-10
Operating Segment — Quarterly Results		11-14
Gross Written Premiums by Segment and Line of Business		15
Accident Year Loss Ratios		16-17
Consolidated Statements of Changes In Shareholders’ Equity		18
Consolidated Statements of Comprehensive Income		19
Consolidated Statements of Cash Flows		20
Reserves For Losses and Loss Expenses		21
Reserves By Operating Segment		22
Prior Year Reserve Releases		23
Ratings Of Reinsurers		24
Consolidated Investment Portfolio		25
Investment Analysis		26
Book Value Per Ordinary Share		27
Diluted Share Analysis		28
Operating Income Reconciliation		29
Net Income Reconciliation		30
Adjusted Operating Income Reconciliation		31

Aspen Insurance Holdings Limited

Basis of Presentation

Definitions and presentation: All financial information contained herein is unaudited except for information for the fiscal year ended December 31, 2008. Unless otherwise noted, all data is in U.S. dollars millions, except for per share, percentage and ratio information.

In presenting Aspen’s results, management has included and discussed certain “non-GAAP financial measures”, as such term is defined in Regulation G. Management believes that these non-GAAP measures, which may be defined differently by other companies, better explain Aspen’s results of operations in a manner that allows for a more complete understanding of the underlying trends in Aspen’s business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP. The reconciliation of such non-GAAP financial measures to their respective most directly comparable GAAP financial measures in accordance with Regulation G is included in this financial supplement.

Operating income (a non-GAAP financial measure):  Operating income is an internal performance measure used by Aspen in the management of its operations and represents after-tax operational results excluding, as applicable, after-tax net realized capital gains or losses and after-tax net foreign exchange gains or losses.

Aspen excludes after-tax net realized capital gains or losses and after-tax net foreign exchange gains or losses from its calculation of operating income because the amount of these gains or losses is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. Aspen believes these amounts are largely independent of its business and underwriting process and including them distorts the analysis of trends in its operations. In addition to presenting net income determined in accordance with GAAP, Aspen believes that showing operating income enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Aspen’s results of operations in a manner similar to how management analyzes Aspen’s underlying business performance. Operating income should not be viewed as a substitute for GAAP net income. Please see page 29 for a reconciliation of operating income to net income.

Net income excluding net income or losses from funds of hedge funds (a non-GAAP financial measure): This is an internal performance measure used by Aspen in the management of its operations and represents net income adjusted for preference share dividends excluding after-tax net income or losses from investments accounted for using the equity method.

Aspen excludes net income or loss from funds of hedge funds from its calculation of net income because the amount of these gains or losses are largely independent of its business and underwriting process and including them distorts the analysis of trends in its operations. In addition to presenting net income determined in accordance with GAAP, Aspen believes that showing net income excluding net income or losses from funds of hedge funds enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Aspen’s results of operations in a manner similar to how management analyzes Aspen’s underlying business performance. Net income excluding net income from funds of hedge funds should not be viewed as a substitute for GAAP net income. Please see page 30 for a reconciliation of net income excluding net income or loss from funds of hedge funds to net income.

Adjusted Operating income (a non-GAAP financial measure): Adjusted operating income is an internal performance measure used by Aspen in the management of its operations and represents after-tax operational results excluding, as applicable, after-tax net realized capital gains or losses, after-tax net foreign exchange gains or losses and after-tax gains or losses from our investments in funds of hedge funds.

Aspen excludes after-tax net realized capital gains or losses, after-tax net foreign exchange gains or losses and after-tax gains or losses from our investments in funds of hedge funds from its calculation of adjusted operating income because the amount of these gains or losses is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. Aspen believes these amounts are largely independent of its business and underwriting process and including them distorts the analysis of trends in its operations. In addition to presenting net income determined in accordance with GAAP, Aspen believes that showing adjusted operating income enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Aspen’s results of operations in a manner similar to how management analyzes Aspen’s underlying business performance. Adjusted operating income should not be viewed as a substitute for GAAP net income. Please see page 31 for a reconciliation of adjusted operating income to net income.

Annualized Operating Return on Average Equity (“Operating ROE”) (a non-GAAP financial measure: Annualized Operating Return on Average Equity 1) is calculated using operating income, as defined above and 2) excludes from average equity, the average after-tax unrealized appreciation or depreciation on investments and the average after-tax unrealized foreign exchange gains or losses and the aggregate value of the liquidation preferences of our preference shares. Unrealized appreciation (depreciation) on investments is primarily the result of interest rate movements and the resultant impact on fixed income securities, and unrealized appreciation (depreciation) on foreign exchange is the result of exchange rate movements between the U.S. dollar and the British pound. Such appreciation (depreciation) is not related to management actions or operational performance (nor is it likely to be realized).

1

Aspen Insurance Holdings Limited

Basis of Presentation

Therefore, Aspen believes that excluding these unrealized appreciations (depreciations) provides a more consistent and useful measurement of operating performance, which supplements GAAP information. Average equity is calculated as the arithmetic average on a monthly basis for the stated periods.

Aspen presents Operating ROE as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information. See page 29 for a reconciliation of operating income to net income and page 8 for a reconciliation of average equity to closing shareholders’ equity.

Diluted Operating Earnings Per Share and Basic Operating Earnings Per Share ( a non-GAAP financial measure): Aspen believes that the presentation of diluted operating earnings per share and basic operating earnings per share supports meaningful comparison from period to period and the analysis of normal business operations. Diluted operating earnings per share and basic operating earnings per share is calculated by dividing operating income by the diluted or basic weighted average number of shares outstanding for the period. See page 29 for a reconciliation of diluted and basic operating earnings per share to basic earnings per share.

Annualized Operating Return on Average Equity excluding gains or losses from funds of hedge funds (“Adjusted Operating ROE”) (a non-GAAP financial measure: Annualized Operating Return on Average Equity excluding gains or losses from funds of hedge funds 1) is calculated using operating income, as defined below and 2) excludes from average equity, the average after-tax unrealized appreciation or depreciation on investments and the average after-tax unrealized foreign exchange gains or losses and the aggregate value of the liquidation preferences of our preference shares. Unrealized appreciation (depreciation) on investments is primarily the result of interest rate movements and the resultant impact on fixed income securities, and unrealized appreciation (depreciation) on foreign exchange is the result of exchange rate movements between the U.S. dollar and the British pound. Such appreciation (depreciation) is not related to management actions or operational performance (nor is it likely to be realized). Therefore, Aspen believes that excluding these unrealized appreciations (depreciations) provides a more consistent and useful measurement of operating performance, which supplements GAAP information. Average equity is calculated as the arithmetic average on a monthly basis for the stated periods.

See page 31 for a reconciliation of adjusted operating income to net income and page 8 for a reconciliation of average equity.

Diluted book value per ordinary share (a non-GAAP financial measure): Aspen has included diluted book value per ordinary share because it takes into account the effect of dilutive securities; therefore, Aspen believes it is a better measure of calculating shareholder returns than book value per share. Please see page 27 for a reconciliation of diluted book value per share to basic book value per share.

Underwriting ratios (GAAP financial measures):  Aspen, along with others in the industry, uses underwriting ratios as measures of performance. The loss ratio is the ratio of net claims and claims adjustment expenses to net premiums earned. The acquisition expense ratio is the ratio of underwriting expenses (commissions; premium taxes, licenses and fees; as well as other underwriting expenses) to net premiums earned. The general and administrative expense ratio is the ratio of general and administrative expenses to net premiums earned. The combined ratio is the sum of the loss ratio, the acquisition expense ratio and the general and administrative expense ratio. These ratios are relative measurements that describe for every $100 of net premiums earned or written, the cost of losses and expenses, respectively. The combined ratio presents the total cost per $100 of earned premium. A combined ratio below 100% demonstrates underwriting profit; a combined ratio above 100% demonstrates underwriting loss.

GAAP combined ratios differ from U.S. statutory combined ratios primarily due to the deferral of certain third party acquisition expenses for GAAP reporting purposes and the use of net premiums earned rather than net premiums written in the denominator when calculating the acquisition expense and the general and administrative expense ratios.

Accident Year Loss Ratios (a non-GAAP financial measure): In addition to the underwriting ratios described above, management also uses accident year loss ratios to evaluate current underwriting performance. The accident year loss ratio excludes the effect of prior years’ premium adjustments and reserve developments. This ratio focuses on the relationship between current premiums earned and losses incurred related to the current year. Please see pages   16 and 17 for a reconciliation of accident year loss ratios to underwriting ratios calculated in accordance with U.S. GAAP.

2

Aspen Insurance Holdings Limited
Financial Highlights

	Three Months Ended September 30,									Nine Months Ended September 30,
(in US$ millions except for percentages, share and per share amounts)	2009			2008			Change			2009			2008			Change
Gross written premium	$	490.3		$	441.3			11.1	%	$	1,661.4		$	1,566.3			6.1	%
Net written premium	$	462.1		$	403.8			14.4	%	$	1,453.4		$	1,429.4			1.7	%
Net earned premium	$	470.9		$	434.2			8.5	%	$	1,346.8		$	1,223.1			10.1	%
Net income (loss) after tax	$	144.7		$	(126.1	)		214.8	%	$	346.5		$	82.0			322.6	%
Operating income (loss) after tax	$	125.6		$	(76.2	)		264.8	%	$	335.1		$	131.0			155.8	%
Net investment income	$	58.9		$	19.3			205.2	%	$	190.3		$	128.9			47.6	%
Underwriting income (loss)	$	92.5		$	(101.2	)		191.4	%	$	215.1		$	42.9			401.4	%
Earnings Per Share and Book Value Per Share
Basic earnings per ordinary share
Net income (loss) adjusted for preference share dividend and cancellation of preference shares	$	1.67		$	( 1.63	)		202.5	%	$	4.36		$	0.73			497.3	%
Operating income (loss) adjusted for preference share dividend	$	1.44		$	( 1.02	)		241.2	%	$	3.84		$	1.32			190.9	%
Diluted earnings per ordinary share
Net income (loss) adjusted for preference share dividend and cancellation of preference shares	$	1.62		$	( 1.63	)		199.4	%	$	4.23		$	0.71			495.8	%
Operating income (loss) adjusted for preference share dividend	$	1.40		$	( 1.02	)		237.3	%	$	3.72		$	1.28			190.6	%
Book value per ordinary share	$	34.30		$	27.14			26.4	%	$	34.30		$	27.14			26.4	%
Diluted book value per ordinary share (treasury stock method)	$	33.07		$	26.21			26.2	%	$	33.07		$	26.21			26.2	%
Weighted average number of ordinary shares outstanding (in millions of shares)		83.057			81.376			2.1	%		82.520			83.459			(1.1	)%
Diluted weighted average number of ordinary shares outstanding (in millions of shares)		85.993			81.376			5.7	%		84.952			86.114			(1.3	)%
Underwriting Ratios
Loss ratio		49.9	%		95.2	%					53.5	%		66.1	%
Policy acquisition cost ratio		16.9	%		16.2	%					17.7	%		17.3	%
General and administrative expense ratio		13.5	%		11.9	%					12.8	%		13.1	%
Expense ratio		30.4	%		28.1	%					30.5	%		30.4	%
Combined ratio		80.3	%		123.3	%					84.0	%		96.5	%
Return On Equity
Average equity(1)	$	2,516.3		$	2,289.3					$	2,386.3		$	2,314.2
Return on average equity
Net income (loss) adjusted for preference share dividend		5.5	%		(5.8	)%					13.8	%		2.6	%
Operating income (loss) adjusted for preference share dividend		4.8	%		(3.6	)%					13.3	%		4.8	%
Annualized return on average equity
Net income (loss)		22.0	%		(23.2	)%					18.4	%		3.5	%
Operating income (loss)		19.2	%		(14.4	)%					17.7	%		6.4	%

The basic and diluted number of ordinary shares for the three months ended September 30, 2008 are the same, as the inclusion of dilutive securities in a loss making period would be anti-dilutive.

See pages 8, 27, 29, 30 and 31 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

1. Average equity excludes the average after-tax unrealized appreciation or depreciation on investments and average after-tax unrealized foreign exchange gains or losses.

3

Aspen Insurance Holdings Limited

Consolidated Statements Of Operations — Quarterly

(in US$ millions except for percentages)	Q3 2009			Q2 2009			Q1 2009			Q4 2008			Q3 2008			Q3 2007
UNDERWRITING REVENUES
Gross written premiums		$490.3			$534.3			$636.8			$435.4			$441.3			$373.5
Premiums ceded		(28.2	)		(49.6	)		(130.2	)		(29.3	)		(37.5	)		(24.7	)
Net written premiums		462.1			484.7			506.6			406.1			403.8			348.8
Change in unearned premiums		8.8			(56.1	)		(59.3	)		72.5			30.4			70.9
Net earned premiums		470.9			428.6			447.3			478.6			434.2			419.7
UNDERWRITING EXPENSES
Losses and loss expenses		235.1			234.7			250.8			310.6			413.4			219.9
Acquisition expenses		79.6			80.8			78.6			87.5			70.4			76.1
General and administrative expenses		63.7			59.9			48.5			48.6			51.6			58.6
Total underwriting expenses		378.4			375.4			377.9			446.7			535.4			354.6
Underwriting income (loss)		92.5			53.2			69.4			31.9			(101.2	)		65.1
OTHER OPERATING REVENUE
Net investment income		58.9			72.2			59.2			10.3			19.3			72.4
Interest expense		(3.9	)		(4.0	)		(3.9	)		(3.9	)		(3.8	)		(4.2	)
Total other operating revenue		55.0			68.2			55.3			6.4			15.5			68.2
Other income (expense)		1.1			0.7			(2.7	)		(0.5	)		0.6			(2.7	)
OPERATING INCOME (LOSS) BEFORE TAX		148.6			122.1			122.0			37.8			(85.1	)		130.6
OTHER
Net realized and unrealized exchange gains (losses)		7.9			3.1			(2.3	)		(4.8	)		(2.7	)		9.2
Net realized and unrealized investment gains (losses)		13.5			4.8			(12.2	)		8.4			(58.1	)		(1.9	)
INCOME (LOSS) BEFORE TAX		170.0			130.0			107.5			41.4			(145.9	)		137.9
Income tax (expense) recovery		(25.3	)		(19.6	)		(16.1	)		(19.6	)		19.8			(20.7	)
NET INCOME (LOSS) AFTER TAX		144.7			110.4			91.4			21.8			(126.1	)		117.2
Dividends paid on ordinary shares		(12.6	)		(12.3	)		(12.3	)		(12.3	)		(12.2	)		(13.3	)
Dividend paid on preference shares		(5.6	)		(5.8	)		(6.9	)		(6.9	)		(6.9	)		(6.9	)
Retained income (loss)		$126.5			$92.3			$72.2			$2.6			$(145.2	)		$97.0
Components of net income (loss) after tax
Operating income (loss)		$125.6			$103.8			$105.7			$20.5			$(76.2	)		$109.2
Net realized and unrealized exchange gains (losses) after tax		7.9			3.1			(2.3	)		(4.8	)		(2.7	)		9.2
Net realized investment gains (losses) after tax		11.2			3.5			(12.0	)		6.1			(47.2	)		(1.2	)
NET INCOME (LOSS) AFTER TAX		$144.7			$110.4			$91.4			$21.8			$(126.1	)		$117.2
Loss ratio		49.9%			54.8%			56.1%			64.9%			95.2%			52.4%
Policy acquisition expense ratio		16.9%			18.9%			17.6%			18.3%			16.2%			18.1%
General and administrative expense ratio		13.5%			14.0%			10.8%			10.2%			11.9%			14.0%
Expense ratio		30.4%			32.9%			28.4%			28.5%			28.1%			32.1%
Combined ratio		80.3%			87.7%			84.5%			93.4%			123.3%			84.5%
Basic earnings per share(1)		$1.67			$1.26			$1.42			$0.18			$(1.63	)		$1.24
Diluted earnings per share		$1.62			$1.22			$1.39			$0.18			$(1.63	)		$1.21
Annualized return on average equity
Net income		22.0%			17.6%			14.8%			2.8%			(23.2	)%		20.2%
Operating income		19.2%			16.4%			17.6%			2.4%			(14.4	)%		18.7%

The basic and diluted number of ordinary shares for the three months ended September 30, 2008 are the same, as the inclusion of dilutive securities in a loss making period would be anti-dilutive. See pages   8, 27, 29, 30 and 31 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

1. Adjusted for preference share dividend and cancellation of preference shares.

4

Aspen Insurance Holdings Limited

Consolidated Statements of Operations — Year To Date

	Nine Months Ended September 30,
(in US$ millions except for percentages)	2009			2008			2007
UNDERWRITING REVENUES
Gross written premiums		$1,661.4			$1,566.3			$1,513.5
Premiums ceded		(208.0	)		(136.9	)		(191.1	)
Net written premiums		1,453.4			1,429.4			1,322.4
Change in unearned premiums		(106.6	)		(206.3	)		(12.5	)
Net earned premiums		1,346.8			1,223.1			1,309.9
UNDERWRITING EXPENSES
Losses and loss expenses		720.6			808.9			718.1
Acquisition expenses		239.0			211.8			235.5
General and administrative expenses		172.1			159.5			148.3
Total underwriting expenses		1,131.7			1,180.2			1,101.9
Underwriting income		215.1			42.9			208.0
OTHER OPERATING REVENUE
Net investment income		190.3			128.9			218.7
Interest expense		(11.8	)		(11.7	)		(12.8	)
Total other operating revenue		178.5			117.2			205.9
Other (expense)		(0.9	)		(1.6	)		(8.1	)
OPERATING INCOME BEFORE TAX		392.7			158.5			405.8
OTHER
Net realized and unrealized exchange gains (losses)		8.7			(3.4	)		22.7
Net realized and unrealized investment gains (losses)		6.1			(56.3	)		(12.3	)
INCOME BEFORE TAX		407.5			98.8			416.2
Income tax (expense)		(61.0	)		(16.8	)		(62.4	)
NET INCOME AFTER TAX		346.5			82.0			353.8
Dividends paid on ordinary shares		(37.2	)		(37.9	)		(39.7	)
Dividends paid on preference shares		(18.3	)		(20.8	)		(20.8	)
Retained income		$291.0			$23.3			$293.3
Components of net income after tax
Operating income		$335.1			$131.0			$340.6
Net realized and unrealized exchange gains (losses) after tax		8.7			(3.4	)		22.7
Net realized investment gains (losses) after tax		2.7			(45.6	)		(9.5	)
NET INCOME AFTER TAX		$346.5			$82.0			$353.8
Loss ratio		53.5%			66.1%			54.8%
Policy acquisition expense ratio		17.7%			17.3%			18.0%
General and administrative expense ratio		12.8%			13.1%			11.3%
Expense ratio		30.5%			30.4%			29.3%
Combined ratio		84.0%			96.5%			84.1%

See pages 8, 27, 29, 30 and 31 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

5

Aspen Insurance Holdings Limited

Consolidated Balance Sheets

	September 30,		June 30,		March 31,		December 31,		September 30,
(in US$ millions, except for per share amounts)	2009		2009		2009		2008		2008
ASSETS
Investments
Fixed maturities		$5,184.3		$4,943.9		$4,566.6		$4,433.1		$4,410.7
Other investments		25.9		24.7		290.9		286.9		513.1
Short-term investments		431.6		315.7		291.8		224.9		226.3
Total investments		5,641.8		5,284.3		5,149.3		4,944.9		5,150.1
Cash and cash equivalents		948.8		718.3		913.2		809.1		741.6
Reinsurance recoverables
Unpaid losses		333.5		326.3		297.9		283.3		241.5
Ceded unearned premiums		114.9		135.7		138.8		46.3		77.5
Receivables
Underwriting premiums		755.7		850.0		793.6		677.5		675.4
Other		65.5		47.0		44.3		46.5		102.6
Funds withheld		85.2		87.5		71.9		85.0		77.4
Deferred policy acquisition costs		180.1		186.0		166.6		149.7		166.7
Derivatives at fair value		3.6		5.4		7.2		11.8		10.9
Receivable for securities sold		47.3		324.3		5.1		177.2		—
Office properties and equipment		27.6		29.6		27.0		33.8		32.4
Other assets		14.8		15.4		16.7		15.5		19.8
Intangible assets		8.2		8.2		8.2		8.2		8.2
Total assets		$8,227.0		$8,018.0		$7,639.8		$7,288.8		$7,304.1
LIABILITIES
Insurance reserves
Losses and loss adjustment expenses		$3,314.0		$3,265.1		$3,096.2		$3,070.3		$3,081.9
Unearned premiums		1,006.3		1,039.6		963.8		810.7		940.8
Total insurance reserves		4,320.3		4,304.7		4,060.0		3,881.0		4,022.7
Payables
Reinsurance premiums		121.3		169.5		197.1		103.0		98.0
Taxation		112.1		97.8		84.6		72.6		33.4
Accrued expenses and other payables		205.6		216.2		206.7		192.5		246.2
Liabilities under derivative contracts		6.0		7.7		9.4		11.1		16.7
Total payables		445.0		491.2		497.8		379.2		394.3
Long-term debt		249.6		249.6		249.6		249.5		249.5
Total liabilities		5,014.9		5,045.5		4,807.4		4,509.7		4,666.5
SHAREHOLDERS’ EQUITY
Ordinary shares		0.1		0.1		0.1		0.1		0.1
Preference shares		—		—		—		—		—
Additional paid-in capital		1,760.6		1,754.1		1,749.9		1,754.8		1,754.1
Retained earnings		1,175.7		1,049.2		956.9		884.7		882.1
Accumulated other comprehensive income, net of taxes		275.7		169.1		125.5		139.5		1.3
Total shareholders’ equity		3,212.1		2,972.5		2,832.4		2,779.1		2,637.6
Total liabilities and shareholders’ equity		$8,227.0		$8,018.0		$7,639.8		$7,288.8		$7,304.1
Book value per ordinary share		$34.30		$31.45		$29.85		$28.85		$27.14

See pages 8, 27, 29, 30 and 31 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

6

Aspen Insurance Holdings Limited

Earnings Per Share and Book Value Per Share

	Three Months Ended					Nine Months Ended
	September 30,		September 30,			September 30,		September 30,
(in US$ except for number of shares)	2009		2008			2009		2008
Basic earnings per ordinary share
Net income adjusted for preference share dividend and cancellation of preference shares	$	1.67	$	(1.63	)	$	4.36	$	0.73
Operating income adjusted for preference share dividend	$	1.44	$	(1.02	)	$	3.84	$	1.32
Diluted earnings per ordinary share
Net income adjusted for preference share dividend and cancellation of preference shares	$	1.62	$	(1.63	)	$	4.23	$	0.71
Operating income adjusted for preference share dividend	$	1.40	$	(1.02	)	$	3.72	$	1.28
Weighted average number of ordinary shares outstanding (in millions)		83.057		81.376			82.520		83.459
Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)		85.993		81.376			84.952		86.114
Book value per ordinary share	$	34.30	$	27.14		$	34.30	$	27.14
Diluted book value per ordinary share (treasury stock method)	$	33.07	$	26.21		$	33.07	$	26.21
Ordinary shares outstanding at end of the period (in millions)		83.095		81.450			83.095		81.450
Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (treasury stock method) (in millions)		86.193		84.325			86.193		84.325

The basic and diluted number of ordinary shares for the three months ended September 30, 2008 are the same, as the inclusion of dilutive securities in a loss making period would be anti-dilutive.

See pages 8, 27, 29, 30 and 31 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

7

Aspen Insurance Holdings Limited

Return On Average Equity

	Three Months Ended						Nine Months Ended
(in US$ millions except for percentages)	September 30, 2009			September 30, 2008			September 30, 2009			September 30, 2008
Closing shareholders’ equity	$	3,212.1		$	2,637.6		$	3,212.1		$	2,637.6
Average adjustment		(695.8	)		(348.3	)		(825.8	)		(323.4	)
Average equity(1)	$	2,516.3		$	2,289.3		$	2,386.3		$	2,314.2
Return on average equity:
Net income adjusted for preference share dividend		5.5%			(5.8	)%		13.8%			2.6%
Operating income adjusted for preference share dividend		4.8%			(3.6	)%		13.3%			4.8%
Annualized return on average equity:
Net income		22.0%			(23.2	)%		18.4%			3.5%
Operating income		19.2%			(14.4	)%		17.7%			6.4%
Components of return on average equity:
Return on average equity from underwriting activity(2)		3.7%			(4.4	)%		9.0%			1.9%
Return on average equity from investment and other activity(3)		2.0%			0.4	%		6.7%			4.1%
Pre-tax operating income return on average equity		5.7%			(4.0	)%		15.7%			6.0%
Post-tax operating income return on average equity(4)		4.8%			(3.6	)%		13.3%			4.8%

See pages 8, 27, 29, 30 and 31 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

1.  Average equity is calculated by taking the simple average at latest quarter end and the previous quarter end of the closing shareholders’ equity excluding (i) preference shares, (ii) after-tax unrealized appreciation or depreciation on investments and (iii) the average after-tax unrealized foreign exchange gains and losses.

2.	Calculated by using underwriting income.
3.	Calculated by using total other operating revenue and other income/expense adjusted for preference share dividend.
4.	Calculated by using operating income after-tax adjusted for preference share dividend.

8

Aspen Insurance Holdings Limited

Consolidated Underwriting Results by Operating Segment

	Three Months Ended September 30, 2009										Three Months Ended September 30, 2008
	Property		Casualty		International		U.S.				Property			Casualty		International			U.S.
(in US$ millions except for percentages)	Reinsurance		Reinsurance		Insurance		Insurance		Total		Reinsurance			Reinsurance		Insurance			Insurance			Total
Gross written premiums		$171.2		$96.5		$183.9		$38.7		$490.3		$152.8			$79.7		$180.8			$28.0			$441.3
Net written premiums		163.4		98.7		170.9		29.1		462.1		140.2			79.8		162.2			21.6			403.8
Gross earned premiums		155.4		113.4		214.3		39.1		522.2		152.3			113.7		185.4			31.5			482.9
Net earned premiums		140.9		115.2		187.8		27.0		470.9		138.8			112.9		158.6			23.9			434.2
Losses and loss expenses		36.5		72.6		113.2		12.8		235.1		164.6			75.9		141.8			31.1			413.4
Policy acquisition expenses		24.4		19.2		31.0		5.0		79.6		23.4			16.6		26.5			3.9			70.4
Operating and administrative expenses		21.0		9.9		24.5		8.3		63.7		14.7			9.6		21.1			6.2			51.6
Underwriting income (loss)		$59.0		$13.5		$19.1		$0.9		$92.5		$(63.9	)		$10.8		$(30.8	)		$(17.3	)		$(101.2	)
Ratios
Loss ratio		25.9%		63.0%		60.3%		47.4%		49.9%		118.6%			67.2%		89.4%			130.1%			95.2%
Policy acquisition expense ratio		17.3%		16.7%		16.5%		18.5%		16.9%		16.8%			14.7%		16.7%			16.3%			16.2%
Operating and administrative expense ratio		14.9%		8.6%		13.0%		30.7%		13.5%		10.6%			8.5%		13.3%			25.7%			11.9%
Expense ratio		32.2%		25.3%		29.5%		49.2%		30.4%		27.4%			23.2%		30.0%			42.0%			28.1%
Combined ratio		58.1%		88.3%		89.8%		96.6%		80.3%		146.0%			90.4%		119.4%			172.1%			123.3%

9

Aspen Insurance Holdings Limited

Consolidated Underwriting Results by Operating Segment

	Nine Months Ended September 30, 2009											Nine Months Ended September 30, 2008
	Property		Casualty		International		U.S.					Property		Casualty		International		U.S.
(in US$ millions except for percentages)	Reinsurance		Reinsurance		Insurance		Insurance			Total		Reinsurance		Reinsurance		Insurance		Insurance			Total
Gross written premiums		$571.7		$342.3		$617.3		$130.1			$1,661.4		$507.5		$318.6		$639.0		$101.2			$1,566.3
Net written premiums		523.9		343.5		495.8		90.2			1,453.4		481.1		314.3		555.8		78.2			1,429.4
Gross earned premiums		451.5		324.7		622.4		108.1			1,506.7		437.1		297.1		529.3		87.1			1,350.6
Net earned premiums		412.0		325.9		533.0		75.9			1,346.8		389.4		293.4		471.7		68.6			1,223.1
Losses and loss expenses		97.3		213.8		357.4		52.1			720.6		240.9		191.7		323.1		53.2			808.9
Policy acquisition expenses		77.1		61.1		88.9		11.9			239.0		72.9		46.0		80.5		12.4			211.8
Operating and administrative expenses		51.3		30.0		65.9		24.9			172.1		49.7		32.8		58.2		18.8			159.5
Underwriting income (loss)		$186.3		$21.0		$20.8		$(13.0	)		$215.1		$25.9		$22.9		$9.9		$(15.8	)		$42.9
Ratios
Loss ratio		23.6%		65.6%		67.1%		68.6%			53.5%		61.9%		65.3%		68.5%		77.6%			66.1%
Policy acquisition expense ratio		18.7%		18.7%		16.7%		15.7%			17.7%		18.7%		15.7%		17.1%		18.1%			17.3%
Operating and administrative expense ratio		12.5%		9.2%		12.4%		32.8%			12.8%		12.8%		11.2%		12.3%		27.4%			13.1%
Expense ratio		31.2%		27.9%		29.1%		48.5%			30.5%		31.5%		26.9%		29.4%		45.5%			30.4%
Combined ratio		54.8%		93.5%		96.2%		117.1%			84.0%		93.4%		92.2%		97.9%		123.1%			96.5%

10

Aspen Insurance Holdings Limited

Property Reinsurance Segment — Quarterly Results

(in US$ millions except for percentages)	Q3 2009		Q2 2009		Q1 2009		Q4 2008		Q3 2008			Q2 2008		Q1 2008		Q3 2007
Gross written premiums		$171.2		$180.0		$220.5		$81.5		$152.8			$170.5		$184.2		$139.5
Net written premiums		163.4		178.4		182.1		83.0		140.2			165.5		175.4		131.5
Gross earned premiums		155.4		145.2		150.9		155.3		152.3			144.5		140.3		150.2
Net earned premiums		140.9		132.0		139.1		143.0		138.8			123.6		127.0		125.3
Net losses and loss expenses		36.5		20.6		40.2		73.8		164.6			38.3		38.0		42.9
Policy acquisition expenses		24.4		27.9		24.8		32.1		23.4			23.6		25.9		25.4
Operating and administrative expenses		21.0		15.1		15.2		16.0		14.7			18.4		16.6		18.3
Underwriting income (loss)		$59.0		$68.4		$58.9		$21.1		$(63.9	)		$43.3		$46.5		$38.7
Ratios
Loss ratio		25.9%		15.6%		28.9%		51.6%		118.6%			31.0%		29.9%		34.2%
Policy acquisition expense ratio		17.3%		21.1%		17.8%		22.4%		16.8%			19.1%		20.4%		20.3%
Operating and administrative expense ratio		14.9%		11.4%		10.9%		11.2%		10.6%			14.9%		13.1%		14.6%
Expense ratio		32.2%		32.5%		28.7%		33.6%		27.4%			34.0%		33.5%		34.9%
Combined ratio		58.1%		48.1%		57.6%		85.2%		146.0%			65.0%		63.4%		69.1%

11

Aspen Insurance Holdings Limited

Casualty Reinsurance Segment — Quarterly Results

(in US$ millions except for percentages)	Q3 2009		Q2 2009		Q1 2009		Q4 2008		Q3 2008		Q2 2008		Q1 2008		Q3 2007
Gross written premiums		$96.5		$59.0		$186.8		$97.7		$79.7		$56.8		$182.1		$77.5
Net written premiums		98.7		59.0		185.8		98.7		79.8		54.5		180.0		77.1
Gross earned premiums		113.4		101.3		110.0		121.3		113.7		87.7		95.7		125.5
Net earned premiums		115.2		101.2		109.5		120.1		112.9		85.8		94.7		123.7
Losses and loss expenses		72.6		69.0		72.2		80.5		75.9		54.3		61.5		92.2
Policy acquisition expenses		19.2		20.0		21.9		19.4		16.6		11.7		17.7		19.8
Operating and administrative expenses		9.9		11.1		9.0		10.4		9.6		12.5		10.7		13.8
Underwriting income (loss)		$13.5		$1.1		$6.4		$9.8		$10.8		$7.3		$4.8		$(2.1	)
Ratios
Loss ratio		63.0%		68.2%		65.9%		67.1%		67.2%		63.3%		64.9%		74.5%
Policy acquisition expense ratio		16.7%		19.8%		20.0%		16.2%		14.7%		13.6%		18.7%		16.0%
Operating and administrative expense ratio		8.6%		11.0%		8.2%		8.7%		8.5%		14.6%		11.3%		11.2%
Expense ratio		25.3%		30.8%		28.2%		24.9%		23.2%		28.2%		30.0%		27.2%
Combined ratio		88.3%		99.0%		94.1%		92.0%		90.4%		91.5%		94.9%		101.7%

12

Aspen Insurance Holdings Limited

International Insurance Segment — Quarterly Results

(in US$ millions except for percentages)	Q3 2009		Q2 2009		Q1 2009		Q4 2008			Q3 2008			Q2 2008		Q1 2008		Q3 2007
Gross written premiums		$183.9		$238.7		$194.7		$228.8			$180.8			$258.9		$199.3		$129.0
Net written premiums		170.9		200.1		124.8		202.0			162.2			251.6		142.0		118.1
Gross earned premiums		214.3		209.3		198.8		228.9			185.4			178.6		165.3		164.2
Net earned premiums		187.8		170.2		175.0		190.1			158.6			162.9		150.2		146.7
Losses and loss expenses		113.2		117.2		127.0		150.4			141.8			83.6		97.7		75.3
Policy acquisition expenses		31.0		29.9		28.0		32.9			26.5			26.0		28.0		26.4
Operating and administrative expenses		24.5		22.8		18.6		16.2			21.1			19.2		17.9		17.2
Underwriting income (loss)		$19.1		$0.3		$1.4		$(9.4	)		$(30.8	)		$34.1		$6.6		$27.8
Ratios
Loss ratio		60.3%		68.9%		72.6%		79.1%			89.4%			51.3%		65.0%		51.3%
Policy acquisition expense ratio		16.5%		17.6%		16.0%		17.3%			16.7%			16.1%		18.6%		18.0%
Operating and administrative expense ratio		13.0%		13.4%		10.6%		8.5%			13.3%			11.8%		11.9%		11.7%
Expense ratio		29.5%		31.0%		26.6%		25.8%			30.0%			27.9%		30.5%		29.7%
Combined ratio		89.8%		99.9%		99.2%		104.9%			119.4%			79.2%		95.5%		81.0%

13

Aspen Insurance Holdings Limited

U.S. Insurance Segment — Quarterly Results

(in US$ millions except for percentages)	Q3 2009		Q2 2009			Q1 2009		Q4 2008		Q3 2008			Q2 2008		Q1 2008			Q3 2007
Gross written premiums		$38.7		$56.6			$34.8		$27.4		$28.0			$42.6		$30.6			$27.5
Net written premiums		29.1		47.2			13.9		22.5		21.6			34.4		22.2			22.1
Gross earned premiums		39.1		35.5			33.5		33.0		31.5			29.6		26.0			33.2
Net earned premiums		27.0		25.2			23.7		25.4		23.9			25.0		19.7			24.0
Losses and loss expenses		12.8		27.9			11.4		5.9		31.1			12.1		10.0			9.5
Policy acquisition expenses		5.0		3.0			3.9		3.1		3.9			3.7		4.8			4.5
Operating and administrative expenses		8.3		10.9			5.7		6.0		6.2			7.0		5.6			9.3
Underwriting income (loss)		$0.9		$(16.6	)		$2.7		$10.4		$(17.3	)		$2.2		$(0.7	)		$0.7
Ratios
Loss ratio		47.4%		110.7%			48.1%		23.2%		130.1%			48.4%		50.8%			39.6%
Policy acquisition expense ratio		18.5%		11.9%			16.5%		12.3%		16.3%			14.7%		24.4%			18.8%
Operating and administrative expense ratio		30.7%		43.3%			24.1%		23.5%		25.7%			27.9%		28.4%			38.9%
Expense ratio		49.2%		55.2%			40.6%		35.8%		42.0%			42.6%		52.8%			57.7%
Combined ratio		96.6%		165.9%			88.7%		59.0%		172.1%			91.0%		103.6%			97.3%

14

Aspen Insurance Holdings Limited
Gross Written Premiums By Segment And Line Of Business

(in US$ millions)	Q3 2009		Q2 2009		Q1 2009		Q4 2008			Q3 2008		Q2 2008		Q1 2008		Q3 2007
Property Reinsurance
Treaty Catastrophe		$69.7		$78.4		$116.7		$(2.8	)		$65.0		$79.2		$111.6		$60.1
Treaty Risk Excess		24.8		37.2		31.3		5.9			36.3		40.0		29.9		35.7
Treaty Pro Rata		36.6		44.5		48.2		68.9			36.5		36.5		32.7		34.1
Global Property Facultative		12.8		11.6		17.0		9.5			15.0		14.8		10.0		9.6
Credit, Surety & Political Risk Reinsurance		27.3		8.3		7.3		—			—		—		—		—
		$171.2		$180.0		$220.5		$81.5			$152.8		$170.5		$184.2		$139.5
Casualty Reinsurance
U.S. Casualty Treaty		$74.8		$43.7		$106.3		$80.2			$60.1		$46.9		$89.6		$53.5
International Casualty Treaty		16.3		12.5		77.0		13.3			15.3		5.7		89.5		20.5
Global Casualty Facultative		5.4		2.8		3.5		4.2			4.3		4.2		3.0		3.5
		$96.5		$59.0		$186.8		$97.7			$79.7		$56.8		$182.1		$77.5
International Insurance
M.E.C. Liability		$19.7		$70.2		$50.8		$45.0			$14.1		$47.4		$54.8		$13.8
Energy Property		16.5		41.0		16.4		7.5			22.3		41.7		23.4		21.3
Marine Hull		13.1		14.8		16.5		19.1			10.7		17.5		18.6		11.2
Aviation		23.5		21.6		10.4		48.2			19.3		23.1		11.2		23.7
U.K. Commercial Property & Construction		13.2		20.2		10.9		8.6			18.5		27.2		9.4		16.0
U.K. Commercial Liability		15.9		11.8		9.1		14.6			23.3		17.1		20.1		26.9
Excess Casualty		18.3		19.2		12.7		23.3			17.6		20.6		9.1		—
Professional Liability		17.8		9.7		7.7		15.7			13.3		7.4		7.6		—
Financial Institutions		7.9		3.7		3.7		11.1			15.8		9.2		2.9		—
Financial and Political Risks		7.4		3.6		9.2		7.8			5.5		21.3		4.5		—
Management and Technology Liability		2.5		2.7		1.8		3.5			—		—		—		—
Specie		2.2		1.8		—		—			—		—		—		—
Specialty Reinsurance		25.9		18.4		45.5		24.4			20.4		26.4		37.7		16.1
		$183.9		$238.7		$194.7		$228.8			$180.8		$258.9		$199.3		$129.0
U.S. Insurance
Property		$17.3		$34.7		$14.4		$10.9			$10.7		$21.1		$10.5		$7.9
Casualty		18.9		21.9		20.4		16.5			17.3		21.5		20.1		19.6
Risk Solutions		2.5		—		—		—			—		—		—		—
		$38.7		$56.6		$34.8		$27.4			$28.0		$42.6		$30.6		$27.5
Total Gross Written Premiums		$490.3		$534.3		$636.8		$435.4			$441.3		$528.8		$596.2		$373.5

15

Aspen Insurance Holdings Limited

Accident Year Loss Ratios

	Three Months Ended September 30, 2009														Three Months Ended September 30, 2008
	Property		Casualty			International			U.S.						Property			Casualty			International			U.S.
	Reinsurance		Reinsurance			Insurance			Insurance			Total			Reinsurance			Reinsurance			Insurance			Insurance			Total
Before Accident Year Adjustment
Loss ratio		25.9%		63.0	%		60.3	%		47.4	%		49.9	%		118.6	%		67.2	%		89.4	%		130.1	%		95.2	%
Policy acquisition expense ratio		17.3%		16.7	%		16.5	%		18.5	%		16.9	%		16.8	%		14.7	%		16.7	%		16.3	%		16.2	%
Operating and administrative expense ratio		14.9%		8.6	%		13.0	%		30.7	%		13.5	%		10.6	%		8.5	%		13.3	%		25.7	%		11.9	%
Expense ratio		32.2%		25.3	%		29.5	%		49.2	%		30.4	%		27.4	%		23.2	%		30.0	%		42.0	%		28.1	%
Combined ratio		58.1%		88.3	%		89.8	%		96.6	%		80.3	%		146.0	%		90.4	%		119.4	%		172.1	%		123.3	%
Accident Year Adjustment
Loss ratio		12.0%		8.3	%		8.9	%		1.6	%		9.0	%		3.1	%		14.9	%		—			(3.5)	%		4.9	%
Policy acquisition expense ratio		(0.9)%		(0.1)	%		—			(1.3)	%		(0.4)	%		(0.1)	%		(0.3)	%		—			0.2	%		(0.1)	%
Operating and administrative expense ratio		0.5%		0.9	%		(1.0)	%		(1.1)	%		(0.1)	%		0.1	%		0.7	%		(0.2)	%		(0.3)	%		0.2	%
Expense ratio		(0.4)%		0.8	%		(1.0)	%		(2.4)	%		(0.5)	%		—			0.4	%		(0.2)	%		(0.1)	%		0.1	%
Combined ratio		11.6%		9.1	%		7.9	%		(0.8)	%		8.5	%		3.1	%		15.3	%		(0.2)	%		(3.6)	%		5.0	%
Accident Year Ratios
Current accident year loss ratio		37.9%		71.3	%		69.2	%		49.0	%		58.9	%		121.7	%		82.1	%		89.4	%		126.6	%		100.1	%
Policy acquisition expense ratio		16.4%		16.6	%		16.5	%		17.2	%		16.5	%		16.7	%		14.4	%		16.7	%		16.5	%		16.1	%
Operating and administrative expense ratio		15.4%		9.5	%		12.0	%		29.6	%		13.4	%		10.7	%		9.2	%		13.1	%		25.4	%		12.1	%
Expense ratio		31.8%		26.1	%		28.5	%		46.8	%		29.9	%		27.4	%		23.6	%		29.8	%		41.9	%		28.2	%
Combined ratio		69.7%		97.4	%		97.7	%		95.8	%		88.8	%		149.1	%		105.7	%		119.2	%		168.5	%		128.3	%

16

Aspen Insurance Holdings Limited

Accident Year Loss Ratios

	Nine Months Ended September 30, 2009														Nine Months Ended September 30, 2008
	Property		Casualty			International			U.S.						Property			Casualty			International			U.S.
	Reinsurance		Reinsurance			Insurance			Insurance			Total			Reinsurance			Reinsurance			Insurance			Insurance			Total
Before Accident Year Adjustment
Loss ratio		23.6%		65.6	%		67.1	%		68.6	%		53.5	%		61.9	%		65.3	%		68.5	%		77.6	%		66.1	%
Policy acquisition expense ratio		18.7%		18.7	%		16.7	%		15.7	%		17.7	%		18.7	%		15.7	%		17.1	%		18.1	%		17.3	%
Operating and administrative expense ratio		12.5%		9.2	%		12.4	%		32.8	%		12.8	%		12.8	%		11.2	%		12.3	%		27.4	%		13.1	%
Expense ratio		31.2%		27.9	%		29.1	%		48.5	%		30.5	%		31.5	%		26.9	%		29.4	%		45.5	%		30.4	%
Combined ratio		54.8%		93.5	%		96.2	%		117.1	%		84.0	%		93.4	%		92.2	%		97.9	%		123.1	%		96.5	%
Accident Year Adjustment
Loss ratio		11.4%		5.4	%		3.9	%		(6.8)	%		5.9	%		7.2	%		11.9	%		5.9	%		11.8	%		8.2	%
Policy acquisition expense ratio		(0.7)%		—			—			(0.3)	%		(0.2)	%		(0.2)	%		(0.2)	%		(0.1)	%		0.3	%		(0.1)	%
Operating and administrative expense ratio		0.4%		0.3	%		(0.2)	%		(0.3)	%		0.1	%		0.4	%		(0.7)	%		0.3	%		(0.1)	%		—
Expense ratio		(0.3)%		0.3	%		(0.2)	%		(0.6)	%		(0.1)	%		0.2	%		(0.9)	%		0.2	%		0.2	%		(0.1)	%
Combined ratio		11.1%		5.7	%		3.7	%		(7.4)	%		5.8	%		7.4	%		11.0	%		6.1	%		12.0	%		8.1	%
Accident Year Ratios
Current accident year loss ratio		35.0%		71.0	%		71.0	%		61.8	%		59.4	%		69.1	%		77.2	%		74.4	%		89.4	%		74.3	%
Policy acquisition expense ratio		18.0%		18.7	%		16.7	%		15.4	%		17.5	%		18.5	%		15.5	%		17.0	%		18.4	%		17.2	%
Operating and administrative expense ratio		12.9%		9.5	%		12.2	%		32.5	%		12.9	%		13.2	%		10.5	%		12.6	%		27.3	%		13.1	%
Expense ratio		30.9%		28.2	%		28.9	%		47.9	%		30.4	%		31.7	%		26.0	%		29.6	%		45.7	%		30.3	%
Combined ratio		65.9%		99.2	%		99.9	%		109.7	%		89.8	%		100.8	%		103.2	%		104.0	%		135.1	%		104.6	%

17

Aspen Insurance Holdings Limited

Consolidated Statements of Changes in Shareholders’ Equity

	Nine Months Ended
	September 30,
(in US$ millions)	2009			2008
Ordinary shares
Beginning and end of period		$0.1			$0.1
Preference shares
Beginning and end of period		—			—
Additional paid-in capital
Beginning of period		1,754.8			1,846.1
New shares issued		25.1			—
Ordinary shares repurchased		—			(100.2	)
Preference shares repurchased		(34.1	)		—
Share-based compensation		14.8			8.2
End of period		1,760.6			1,754.1
Retained earnings
Beginning of period		884.7			858.8
Net income for the period		346.5			82.0
Dividends paid on ordinary and preference shares		(55.5	)		(58.7	)
End of period		1,175.7			882.1
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustments, net of taxes:
Beginning of period		87.6			80.2
Change for the period		5.7			(15.0	)
End of period		93.3			65.2
Loss on derivatives
Beginning of period		(1.4	)		(1.6	)
Reclassification to interest payable		0.1			0.1
End of period		(1.3	)		(1.5	)
Unrealized appreciation (depreciation) on investments, net of taxes:
Beginning of period		53.3			34.0
Change for the period		130.4			(96.4	)
End of period		183.7			(62.4	)
Total accumulated other comprehensive income		275.7			1.3
Total shareholders’ equity		$3,212.1			$2,637.6

18

Aspen Insurance Holdings Limited

Consolidated Statements of Comprehensive Income

	Nine Months Ended
	September 30,
(in US$ millions)	2009		2008
Net income		$346.5		$82.0
Other comprehensive income (loss), net of taxes:
Available for sale investments:
Reclassification adjustment for net realized losses (gains) included in net income		14.5		(2.7	)
Change in net unrealized gains and losses on available for sale securities held		115.9		(93.7	)
Loss on derivatives reclassified to interest expense		0.1		0.1
Change in foreign currency translation adjustment		5.7		(15.0	)
Other comprehensive income (loss)		136.2		(111.3	)
Comprehensive income (loss)		$482.7		$(29.3	)

19

Aspen Insurance Holdings Limited

Condensed Consolidated Statements of Cash Flows

	Nine Months Ended
	September 30,
(in US$ millions)	2009			2008
Net cash from/(used in) operating activities	$	489.1		$	444.3
Net cash from/(used in) investing activities		(336.6	)		(209.7	)
Net cash from/(used in) financing activities		(64.5	)		(158.9	)
Effect of exchange rate movements on cash and cash equivalents		51.7			14.5
Increase in cash and cash equivalents		139.7			90.2
Cash at beginning of period		809.1			651.4
Cash at end of period	$	948.8		$	741.6

20

Aspen Insurance Holdings Limited

Reserves For Losses And Loss Expenses

	As At			As At
	September 30,			December 31,
(in US$ millions)	2009			2008
Provision for losses and loss expenses at start of period	$	3,070.3		$	2,946.0
Less reinsurance recoverables		(283.3	)		(304.7	)
Net loss and loss expenses at start of period		2,787.0			2,641.3
Net loss and loss expenses (disposed) acquired		(10.0	)		(27.8	)
Provision for losses and loss expenses for claims incurred
Current period		791.6			1,203.0
Prior period release		(71.0	)		(83.5	)
Total incurred		720.6			1,119.5
Losses and loss expense payments for claims incurred		(620.5	)		(727.0	)
Foreign exchange losses (gains)		103.4			(219.0	)
Net loss and loss expense reserves at end of period		2,980.5			2,787.0
Plus reinsurance recoverables on unpaid losses at end of period		333.5			283.3
Gross loss and loss expense reserves at end of period	$	3,314.0		$	3,070.3

21

Aspen Insurance Holdings Limited
Reserves By Operating Segment

	As At September 30, 2009							As At December 31, 2008
			Reinsurance							Reinsurance
(in US$ millions)	Gross		Recoverables			Net		Gross		Recoverables			Net
Property Reinsurance		$415.2		$(40.0	)		$375.2		$488.5		$(37.9	)		$450.6
Casualty Reinsurance		1,474.0		(6.4	)		1,467.6		$1,311.1		(5.9	)		1,305.2
International Insurance		1,217.2		(241.2	)		976.0		$1,117.4		(210.9	)		906.5
U.S. Insurance		207.6		(45.9	)		161.7		$153.3		(28.6	)		124.7
Total losses and loss expense reserves		$3,314.0		$(333.5	)		$2,980.5		$3,070.3		$(283.3	)		$2,787.0

22

Aspen Insurance Holdings Limited

Prior Year Reserve Releases

	Nine Months Ended September 30, 2009								Nine Months Ended September 30, 2008
				Reinsurance							Reinsurance
(in US$ millions)	Gross			Recoverables		Net			Gross		Recoverables			Net
Property Reinsurance		$42.0			$4.6		$46.6			$12.0		$7.5			$19.5
Casualty Reinsurance		18.6			—		18.6			50.3		(2.3	)		48.0
International Insurance		(3.5	)		16.2		12.7			23.8		(3.8	)		20.0
U.S. Insurance		(23.7	)		16.8		(6.9	)		9.6		(1.5	)		8.1
Release in reserves for prior years during the period		$33.4			$37.6		$71.0			$95.7		$(0.1	)		$95.6

	Three Months Ended September 30, 2009									Three Months Ended September 30, 2008
				Reinsurance								Reinsurance
(in US$ millions)	Gross			Recoverables			Net			Gross		Recoverables			Net
Property Reinsurance		$14.5			$4.6			$19.1			$4.5		$(1.2	)		$3.3
Casualty Reinsurance		9.5			—			9.5			11.5		(1.8	)		9.7
International Insurance		16.5			(0.1	)		16.4			6.3		(4.4	)		1.9
U.S. Insurance		(9.3	)		8.5			(0.8	)		0.7		—			0.7
Release in reserves for prior years during the period		$31.2			$13.0			$44.2			$23.0		$(7.4	)		$15.6

23

Aspen Insurance Holdings Limited

Ratings Of Reinsurers

(in US$ millions except for percentages)	As at September 30, 2009			As at December 31, 2008
S&P
AAA		$5.8	1.7%		$15.9	5.6%
AA−		62.8	18.8%		103.7	36.6%
A+		174.7	52.4%		98.8	34.9%
A		27.1	8.1%		6.9	2.4%
A−		20.2	6.1%		28.7	10.1%
Fully collateralized		2.0	0.6%		2.5	0.9%
Not rated		40.9	12.3%		26.8	9.5%
		$333.5	100.0%		$283.3	100.0%
A.M. Best
A++		$5.9	1.8%		$15.9	5.6%
A+		33.5	10.0%		69.5	24.5%
A		245.7	73.7%		160.8	56.8%
A−		26.0	7.8%		28.6	10.1%
B		0.6	0.2%		—	—
Fully collateralized		2.0	0.6%		2.5	0.9%
Not rated		19.8	5.9%		6.0	2.1%
		$333.5	100.0%		$283.3	100.0%

24

Aspen Insurance Holdings Limited

Consolidated Investment Portfolio

	As At September 30, 2009									Percentage Of Total Fair Value
			Gross		Gross					As At		As At		As At		As At		As At
	Amortized		Unrealized		Unrealized					September 30,		June 30,		March 31,		December 31,		December 31,
(in US$ millions except for percentages)	Cost		Gains		Losses			Fair Value		2009		2009		2009		2008		2007
Marketable Securities — Available For Sale
U.S. government		$588.3		$26.6		$(0.6	)		$614.3		9.2%		10.2%		10.9%		10.9%		10.9%
U.S. government agency securities		387.3		27.1		(0.4	)		414.0		6.2%		7.1%		6.5%		6.6%		5.6%
Municipal securities		20.0		1.0		—			21.0		0.3%		0.1%		0.1%		0.1%		—
Corporate securities		2,048.9		96.8		(1.5	)		2,144.2		32.3%		31.7%		25.5%		23.8%		25.6%
Foreign government		431.8		16.9		(0.2	)		448.5		6.8%		6.6%		5.7%		6.4%		7.2%
Asset-backed securities		139.7		5.8		(0.2	)		145.3		2.2%		2.6%		2.9%		3.4%		3.8%
Mortgage-backed securities		1,152.5		54.1		(5.6	)		1,201.0		18.1%		20.5%		21.4%		22.9%		20.8%
Total fixed maturities		4,768.5		228.3		(8.5	)		4,988.3		75.1%		78.8%		73.0%		74.1%		73.9%
Short-term investments		429.2		—		—			429.2		6.5%		5.1%		4.8%		3.8%		4.8%
Total Available For Sale		$5,197.7		$228.3		$(8.5	)		$5,417.5		81.6%		83.9%		77.8%		77.9%		78.7%
Marketable Securities — Trading
Corporate securities		$177.8		$14.3		—			$192.1		2.9%		2.8%		1.8%		—		—
Municipal securities		1.7		0.1		—			1.8		—		0.1%		—		—		—
U.S. government agency securities		0.4		—		—			0.4		—		—		—		—		—
Foreign government		1.6		0.1		—			1.7		—		—		—		—		—
Total fixed maturities		181.5		14.5		—			196.0		2.9%		2.9%		1.8%		—		—
Short-term investments		2.4		—		—			2.4		—		0.1%		0.1%		—		—
Total Trading		$183.9		$14.5		—			$198.4		2.9%		3.0%		1.9%		—		—
Other investments									$25.9		0.4%		0.4%		4.8%		4.9%		9.5%
Cash									948.8		14.3%		11.9%		15.0%		13.5%		11.0%
Accrued interest									54.0		0.8%		0.8%		0.5%		3.7%		0.8%
Total Cash and Accrued Interest									$1,002.8		15.1%		12.7%		15.5%		17.2%		11.8%
Total Cash and Investments									$6,644.6		100.0%		100.0%		100.0%		100.0%		100.0%

	As At September 30, 2009				As At December 31, 2008
	Amortized		Fair		Amortized		Fair
Maturity of Available For Sale Portfolio	Cost		Market Value		Cost		Market Value
Due in one year or less		$300.3		$305.1		$324.0		$328.9
Due after one year through five years		1,933.6		2,022.4		1,373.2		1,426.0
Due after five years through ten years		1,131.5		1,193.1		905.4		940.9
Due after ten years		1,031.0		1,084.3		152.6		165.1
Subtotal		4,396.4		4,604.9		2,755.2		2,860.9
Mortgage and asset backed securities		372.1		383.4		1,610.5		1,572.2
Total		$4,768.5		$4,988.3		$4,365.7		$4,433.1

25

Aspen Insurance Holdings Limited

Investment Analysis

(in US$ millions except for percentages)	Q3 2009		Q2 2009		Q1 2009			Q4 2008			Q3 2008			Q2 2008			Q1 2008
Net investment income from fixed income investments and cash		$58.9		$56.0		$55.2			$59.3			$61.5			$59.7			$56.0
Net investment income (loss) from funds of hedge funds		—		16.2		4.0			(49.0	)		(42.2	)		10.8			(16.9	)
Net investment income		58.9		72.2		59.2			10.3			19.3			70.5			39.1
Net realized investment gains (losses)		13.5		4.8		(12.2	)		8.4			(58.1	)		0.8			1.0
Change in unrealized gains (losses) on investments (gross of tax)		107.4		41.7		3.3			138.3			(46.6	)		(110.4	)		44.4
Total return on investments		$179.8		$118.7		$50.3			$157.0			$(85.4	)		$(39.1	)		$84.5
Portfolio Characteristics
Fixed income portfolio book yield		4.39%		4.43%		4.42%			4.64%			4.87%			4.84%			4.90%
Fixed income portfolio duration		3.26 years		3.16 years		2.90 years			3.12 years			3.51 years			3.58 years			3.35 years

26

Aspen Insurance Holdings Limited

Book Value Per Ordinary Share

	September 30,			June 30,			March 31,			December 31,			September 30,			June 30,			March 31,
(in US$ millions except for number of shares)	2009			2009			2009			2008			2008			2008			2008
Net assets		$3,212.1			$2,972.5			$2,832.4			$2,779.1			$2,637.6			$2,853.9			$2,922.7
Less: Intangible assets		(8.2	)		(8.2	)		(8.2	)		(8.2	)		(8.2	)		(8.2	)		(8.2	)
Preference shares		(353.6	)		(353.6	)		(353.6	)		(419.2	)		(419.2	)		(419.2	)		(419.2	)
Total		$2,850.3			$2,610.7			$2,470.6			$2,351.7			$2,210.2			$2,426.5			$2,495.3
Ordinary shares outstanding (in millions)		83.095			83.022			82.763			81.507			81.450			81.321			85.395
Ordinary shares and dilutive potential ordinary shares (in millions)		86.193			85.985			84.832			83.706			84.325			83.691			87.607
Book value per ordinary share		$34.30			$31.45			$29.85			$28.85			$27.14			$29.84			$29.22
Diluted book value per ordinary share (treasury stock method)		$33.07			$30.36			$29.12			$28.10			$26.21			$28.99			$28.48

The dilutive effect of options has been calculated using the treasury stock method. The treasury stock method assumes that the proceeds received from the exercise of options will be used to purchase the Company’s ordinary shares at the average market price during the period of calculation.

27

Aspen Insurance Holdings Limited

Diluted Share Analysis

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2009		2008		2009		2008
Weighted Average Ordinary Shares Outstanding (millions)
Basic		83.057		81.376		82.520		83.459
Dilutive share equivalents:
Employee options		0.847		—		0.720		1.178
Options issued to Appleby Trust (Bermuda) Limited (Names Trust)		0.314		—		0.245		0.267
Performance shares		1.600		—		1.288		0.978
Restricted share units		0.175		—		0.179		0.232
Weighted average diluted shares outstanding		85.993		81.376		84.952		86.114

The basic and diluted number of ordinary shares for the three months ended September 30, 2008 are the same, as the inclusion of dilutive securities in a loss making period would be anti-dilutive.

The dilutive effect of options has been calculated using the treasury stock method. The treasury stock method assumes that the proceeds received from the exercise of options will be used to purchase the Company’s ordinary shares at the average market price during the period of calculation.

28

Aspen Insurance Holdings Limited

Operating Income Reconciliation

Net income is adjusted to exclude after-tax net foreign exchange gains and losses, realized gains and losses in investments and preference share repurchase gains in the first quarter of 2009.

	Three Months Ended						Nine Months Ended
	September 30,			September 30,			September 30,			September 30,
(in US$ millions except where stated)	2009			2008			2009			2008
Net income (loss) as reported		$144.7			$(126.1	)		$346.5			$82.0
Preference share dividends		(5.6	)		(6.9	)		(18.3	)		(20.8	)
Preference share repurchase gain		—			—			31.5			—
Net income (loss) available to ordinary shareholders		139.1			(133.0	)		359.7			61.2
Add (deduct) after tax income:
Net foreign exchange (gains) losses		(7.9	)		2.7			(8.7	)		3.4
Net realized (gains) losses on investments		(11.2	)		47.2			(2.7	)		45.6
Preference share repurchase (gain)		—			—			(31.5	)		—
Operating income (loss) after tax available to ordinary shareholders		120.0			(83.1	)		316.8			110.2
Tax on operating income		23.0			(8.9	)		57.6			27.5
Operating income (loss) before tax available to ordinary shareholders		$143.0			$(92.0	)		$374.4			$137.7
Weighted average ordinary shares outstanding (millions)
Basic		83.057			81.376			82.520			83.459
Dilutive share equivalents:
Employee options		0.847			—			0.720			1.178
Options issued to Appleby Trust (Bermuda) Limited (Names Trust)		0.314			—			0.245			0.267
Performance shares		1.600			—			1.288			0.978
Restricted share units		0.175			—			0.179			0.232
Weighted average diluted shares outstanding		85.993			81.376			84.952			86.114
Basic earnings per ordinary share
Net income (loss) adjusted for preference share dividend and preference share repurchase gain		$1.67			$(1.63	)		$4.36			$0.73
Add (deduct) after tax income:
Net foreign exchange (gains) losses		(0.10	)		0.03			(0.11	)		0.04
Net realized (gains) losses on investments		(0.13	)		0.58			(0.02	)		0.55
Preference share repurchase (gain)		—			—			(0.39	)		—
Operating income (loss) adjusted for preference shares dividend		$1.44			$(1.02	)		$3.84			$1.32
Diluted earnings per ordinary share
Net income (loss) adjusted for preference share dividend and preference share repurchase gain		$1.62			$(1.63	)		$4.23			$0.71
Add (deduct) after tax income:
Net foreign exchange (gains) losses		(0.09	)		0.03			(0.10	)		0.04
Net realized (gains) losses on investments		(0.13	)		0.58			(0.03	)		0.53
Preference share repurchase (gain)		—			—			(0.38	)		—
Operating income (loss) adjusted for preference shares dividend		$1.40			$(1.02	)		$3.72			$1.28

The basic and diluted number of ordinary shares for the three months ended September 30, 2008 are the same, as the inclusion of dilutive securities in a loss making period would be anti-dilutive.

29

Aspen Insurance Holdings Limited

Net Income Reconciliation

Net income is adjusted to exclude after-tax net income or losses from investments in funds of hedge funds and preference share repurchase gain. Gains and losses on the hedge funds are recognized through the income statement in accordance with the equity method of accounting.

	Three Months Ended					Nine Months Ended
	September 30,		September 30,			September 30,			September 30,
(in US$ millions except where stated)	2009		2008			2009			2008
Net income (loss) available to ordinary shareholders		$139.1		$(133.0	)		$359.7			$61.2
Add (deduct) after tax income:
(Income) loss from funds of hedge funds		—		42.2			(20.2	)		48.3
Tax on income/loss from funds of hedge funds		—		(7.9	)		1.3			(8.8	)
Preference share repurchase (gain)		—		—			(31.5	)		—
Adjusted net income (loss)		$139.1		$(98.7	)		$309.3			$100.7
Weighted average ordinary shares outstanding (millions)
Basic		83.057		81.376			82.520			83.459
Dilutive share equivalents:
Employee options		0.847		—			0.720			1.178
Options issued to Appleby Trust (Bermuda) Limited (Names Trust)		0.314		—			0.245			0.267
Performance shares		1.600		—			1.288			0.978
Restricted share units		0.175		—			0.179			0.232
Weighted average diluted shares outstanding		85.993		81.376			84.952			86.114
Basic earnings per ordinary share
Net income (loss) adjusted for preference share dividend and cancellation of preference shares		$1.67		$(1.63	)		$4.36			$0.73
Add (deduct) after tax income:
(Income) loss from investments in funds of hedge funds		—		0.52			(0.24	)		0.58
Tax on income/loss from investments in funds of hedge funds		—		(0.10	)		0.02			(0.10	)
Preference share repurchase (gain)		—		—			(0.39	)		—
Adjusted net income (loss) per share		$1.67		$(1.21	)		$3.75			$1.21
Diluted earnings per ordinary share
Net income (loss) adjusted for preference share dividend and cancellation of preference shares		$1.62		$(1.63	)		$4.23			$0.71
Add (deduct) after tax income:
(Income) loss from investments in funds of hedge funds		—		0.52			(0.24	)		0.56
Tax on income/loss from investments in funds of hedge funds		—		(0.10	)		0.02			(0.10	)
Preference share repurchase (gain)		—		—			(0.38	)		—
Adjusted net income (loss) per share		$1.62		$(1.21	)		$3.63			$1.17

The basic and diluted number of ordinary shares for the three months ended September 30, 2008 are the same, as the inclusion of dilutive securities in a loss making period would be anti-dilutive.

30

Aspen Insurance Holdings Limited

Adjusted Operating Income Reconciliation

Net income is adjusted to exclude after-tax net foreign exchange gains and losses, after-tax realized gains and losses on investments, after-tax net gains and losses from our investments in funds of hedge funds and preference share repurchase gains in the first quarter of 2009.

	Three Months Ended						Nine Months Ended
	September 30,			September 30,			September 30,			September 30,
(in US$ millions except where stated)	2009			2008			2009			2008
Net income (loss) available to ordinary shareholders		$139.1			$(133.0	)		$359.7			$61.2
Add (deduct) after tax income:
Net foreign exchange (gains) losses		(7.9	)		2.7			(8.7	)		3.4
Net realized (gains) losses on investments		(11.2	)		47.2			(2.7	)		45.6
(Income) loss from investments in funds of hedge funds		—			34.3			(18.9	)		39.5
Preference share repurchase (gain)		—			—			(31.5	)		—
Adjusted operating income (loss) adjusted for preference share dividend		$120.0			$(48.8	)		$297.9			$149.7
Weighted average ordinary shares outstanding (millions)
Basic		83.057			81.376			82.520			83.459
Dilutive share equivalents:
Employee options		0.847			—			0.720			1.178
Options issued to Appleby Trust (Bermuda) Limited (Names Trust)		0.314			—			0.245			0.267
Performance shares		1.600			—			1.288			0.978
Restricted share units		0.175			—			0.179			0.232
Weighted average diluted shares outstanding		85.993			81.376			84.952			86.114
Basic earnings per ordinary share
Net income (loss) available to ordinary shareholders		$1.67			$(1.63	)		$4.36			$0.73
Add (deduct) after tax income:
Net foreign exchange (gains) losses		(0.10	)		0.03			(0.11	)		0.04
Net realized (gains) losses on investments		(0.13	)		0.58			(0.03	)		0.55
(Income) loss from investments in funds of hedge funds		—			0.42			(0.23	)		0.47
Preference share repurchase (gain)		—			—			(0.39	)		—
Adjusted operating income (loss) adjusted for preference share dividend		$1.44			$(0.60	)		$3.60			$1.79
Diluted earnings per ordinary share
Net income (loss) adjusted for preference share dividend and cancellation of preference shares		$1.62			$(1.63	)		$4.23			$0.71
Add (deduct) after tax income:
Net foreign exchange (gains) losses		(0.09	)		0.03			(0.10	)		0.04
Net realized (gains) losses on investments		(0.13	)		0.58			(0.03	)		0.53
(Income) loss from investments in funds of hedge funds		—			0.42			(0.22	)		0.46
Preference share repurchase (gain)		—			—			(0.38	)		—
Adjusted operating income (loss) adjusted for preference share dividend		$1.40			$(0.60	)		$3.50			$1.74

The basic and diluted number of ordinary shares for the three months ended September 30, 2008 are the same, as the inclusion of dilutive securities in a loss making period would be anti-dilutive.

31

EX-99.3

Exhibit 99.3

Aspen Insurance Holdings Limited October 29, 2009 Q3 2009 Earnings Conference Call AHL: NYSE

Safe Harbor Disclosure This slide presentation is for information purposes only. It should be read in conjunction with our financial supplement posted on our website on the Investor Relations page and with other documents filed or to be filed shortly by Aspen Insurance Holdings Limited (the "Company" or "Aspen") with the U.S. Securities and Exchange Commission. Non-GAAP Financial Measures In presenting Aspen's results, management has included and discussed certain "non-GAAP financial measures", as such term is defined in Regulation G. Management believes that these non-GAAP measures, which may be defined differently by other companies, better explain Aspen's results of operations in a manner that allows for a more complete understanding of the underlying trends in Aspen's business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP. The reconciliation of such non-GAAP financial measures to their respective most directly comparable GAAP financial measures in accordance with Regulation G is included herein or in the financial supplement, as applicable, which can be obtained from the Investor Relations section of Aspen's website at www.aspen.bm. Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995: This presentation contains, and Aspen's earnings conference call will contain, written or oral "forward-looking statements" within the meaning of the U.S. federal securities laws. 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," "guidance," and similar expressions of a future or forward-looking nature. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in these statements. Aspen believes these factors include, but are not limited to: the continuing and uncertain impact of the current depressed credit environment, the banking crises and economic recessions in many of the countries in which we operate and of the measures being taken by governments to counter these issues; the risk of a material decline in the value or liquidity of all or parts of our investment portfolio; changes in insurance and reinsurance market conditions that could adversely impact execution of the business plan; changes in our ability to exercise capital management or strategic initiatives or to arrange banking facilities as a result of prevailing market changes or changes in our financial position; our ability to execute our business plan to enter new markets, introduce new products and develop new distribution channels, including their integration into our existing operations; increased counterparty risk due to the impairment of financial institutions; changes in the total industry losses, or our share of total industry losses, resulting from past events such as Hurricanes Ike and Gustav and, with respect to such events, our reliance on loss reports received from cedants and loss adjustors, our reliance on industry loss estimates and those generated by modeling techniques, changes in rulings on flood damage or other exclusions as a result of prevailing lawsuits and case law, any changes in our reinsurers' credit quality and the amount and timing of reinsurance recoverables; the impact of acts of terrorism and related legislation and acts of war; the possibility of greater frequency or severity of claims and loss activity, including as a result of natural or man-made catastrophic events, than our underwriting, reserving, reinsurance purchasing or investment practices have anticipated; evolving interpretive issues with respect to coverage after major loss events; the level of inflation in repair costs due to limited availability of labor and materials after catastrophes; the effectiveness of our loss limitation methods; changes in the availability, cost or quality of reinsurance or retrocessional coverage; the reliability of, and changes in assumptions to, catastrophe pricing, accumulation and estimated loss models; loss of key personnel; a decline in our operating subsidiaries' ratings with Standard & Poor's ("S&P"), A.M. Best or Moody's Investors Service ("Moody's"); changes in general economic conditions, including inflation, foreign currency exchange rates, interest rates and other factors that could affect our investment portfolio; the number and type of insurance and reinsurance contracts that we wrote at the January 1st and other renewal periods in 2009 and the premium rates available at the time of such renewals within our targeted business lines; increased competition on the basis of pricing, capacity, coverage terms or other factors and the related demand and supply dynamics as contracts come up for renewal; decreased demand for our insurance or reinsurance products and cyclical changes in the insurance and reinsurance sectors; changes in government regulations or tax laws in jurisdictions where we conduct business; and Aspen or its Bermudian subsidiary becoming subject to income taxes in the United States or the United Kingdom; and the effect on insurance markets, business practices and relationships of ongoing litigation, investigations and regulatory activity by insurance regulators and prosecutors. For a more detailed description of these uncertainties and other factors, please see the "Risk Factors" section in Aspen's Annual Reports on Form 10-K as filed with the U.S. Securities and Exchange Commission on February 26, 2009. Aspen undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. In addition, any estimates relating to loss events involve the exercise of considerable judgment and reflect a combination of ground-up evaluations, information available to date from brokers and cedants, market intelligence, initial tentative loss reports and other sources. Due to the complexity of factors contributing to the losses and the preliminary nature of the information used to prepare these estimates, there can be no assurance that Aspen's ultimate losses will remain within the stated amount. 2

AHL: NYSE Financial Highlights: Q3 2009 3 (US$ in millions, except per share data) (*) Note: See Aspen’s quarterly financial supplement for a reconciliation of operating income to net income and average equity to closing shareholders’ equity in the Investor Relations section of Aspen’s website at www.aspen.bm Quarter Ended September 30 2009 2008 Change Gross Written Premiums 490.3 441.3 11.1% Net Written Premiums 462.1 403.8 14.4% Net Earned Premiums 470.9 434.2 8.5% Underwriting Income 92.5 (101.2) 191.4% Net Investment Income 58.9 19.3 205.2% Net Income after Tax 144.7 (126.1) 214.8% Financial Ratios: Loss Ratio 49.9% 95.2% Expense Ratio 30.4% 28.1% Combined Ratio 80.3% 123.3% Annualized Operating ROE* 19.2% (14.4%) Operating EPS* 1.40 (1.02) 237.3% Diluted Book Value per Share* 33.07 26.21 26.2%

AHL: NYSE Financial Highlights: Q3 2009 YTD Period Ended September 30 2009 2008 Change Gross Written Premiums 1,661.4 1,566.3 6.1% Net Written Premiums 1,453.4 1,429.4 1.7% Net Earned Premiums 1,346.8 1,223.1 10.1% Underwriting Income 215.1 4 2.9 401.4% Net Investment Income 190.3 128.9 47.6% Net Income after Tax 346.5 8 2.0 322.6% Financial Ratios: Loss Ratio 53.5% 66.1% Expense Ratio 30.5% 30.4% Combined Ratio 84.0% 96.5% Annualized Operating ROE* 17.7% 6.4% Operating EPS* 3 .72 1.28 190.6% Diluted Book Value per Share* 33.07 26.21 26.2% 4 (US$ in millions, except per share data) (*) Note: See Aspen’s quarterly financial supplement for a reconciliation of operating income to net income and average equity to closing shareholders’ equity in the Investor Relations section of Aspen’s website at www.aspen.bm

Financial Highlights: Group Summary Q3 2009 5

Financial Highlights: Group Summary Q3 2009 YTD 6

AHL: NYSE Key Performance Metrics: Q3 2009 Revenues 434 62 (42) 471 59 -100 - - 100 200 300 400 500 Net Earned Premium Investment Income ex FOHF Funds of Hedge Funds $ms 2008 Q3 2009 Q3 7 Ratio Analysis 95 16 12 123 50 17 14 80 0 20 40 60 80 100 120 140 Loss Ratio Acquisition Expense Ratio Operating Expense Ratio Combined Ratio % 2008 Q3 2009 Q3 * (*) Aspen redeemed Funds of Hedge Funds as at June 30, 2009

Key Performance Metrics: Q3 2009 YTD 8 * (*) Aspen redeemed Funds of Hedge Funds as at June 30, 2009

AHL: NYSE Results by Business Segment: Q3 2009 9 (*) Underwriting income is calculated as underwriting revenues, less underwriting expenses. GWP 153 80 181 28 171 97 184 39 - - 20 40 60 80 100 120 140 160 180 200 Property Re Casualty Re International Insurance U.S. Insurance $ms 2008 Q3 2009 Q3 Underwriting Income (64) 11 (31) (17) 59 14 19 1 -80 - -60 - -40 - -20 0 20 40 60 80 Property Re Casualty Re International Insurance U.S. Insurance % 2008 Q3 2009 Q3 *

AHL: NYSE Results by Business Segment: Q3 2009 YTD GWP 508 319 639 101 572 342 617 130 - - 100 200 300 400 500 600 700 Property Re Casualty Re International Insurance U.S. Insurance $ms 2008 YTD 2009 YTD 10 (*) Underwriting income is calculated as underwriting revenues, less underwriting expenses. Underwriting Income 26 23 10 (16) 186 21 21 (13) -50 0 50 100 150 200 Property Re Casualty Re International Insurance U.S. Insurance % 2008 YTD 2009 YTD *

AHL: NYSE Financial Highlights: Total Investment Return — Q3 2009 11 62 (42) (56) (47) (85) 59 16 107 180 (2) (2) -120 - -80 - -40 - - 40 80 120 160 200 Income From Fixed Term Investments and Cash Return on Funds of Hedge Funds* Realized Investment Gains/Losses Other Than Temporary Impairment Charges Movement in Unrealized Investment Gains/Losses Total Investment Return $ms 2008 Q3 2009 Q3 (*) Aspen redeemed Funds of Hedge Funds as at June 30, 2009

AHL: NYSE Financial Highlights: Total Investment Return — Q3 2009 YTD 12 177 (48) (56) (113) (40) 170 20 26 (20) 153 349 (1) -150 - -100 - -50 - - 50 100 150 200 250 300 350 400 Income From Fixed Term Investments and Cash Return on Funds of Hedge Funds* Realized Investment Gains/Losses Other Than Temporary Impairment Charges Movement in Unrealized Investment Gains/Losses Total Investment Return $ms 2008 YTD 2009 YTD (*) Aspen redeemed Funds of Hedge Funds as at June 30, 2009

AHL: NYSE Aspen’s Modelled Worldwide Natural Catastrophe Exposures Source: Aspen analysis using RMS v8.0 occurrence exceedance probability as at 1 September 2009 Major Peril Zones, 100 Year Return Period as a Percentage Of Total Shareholders’ Major Peril Zones, 100 Year Return Period as a Percentage Of Total Shareholders’ EEqquuiittyy 1.8% 3.6% 9.0% 11.3% 11.4% 13.0% 0% 2% 4% 6% 8% 10% 12% 14% US Eastern EQ US Pacific NW EQ Japanese EQ & Typhoon European Wind California EQ US All Wind 13 Aspen’s Group Risk Tolerance for a 1-in-100 Year Event is 17.5% of Total Shareholders’ Equity

AHL: NYSE Growth in Book Value Per Share and ROE (*) Note: See Aspen’s quarterly financial supplement for a reconciliation of diluted book value per share to basic book value per share, reconciliation of average equity to closing shareholders’ equity in the Investor Relations section of Aspen’s website at www.aspen.bm Diluted BVPS has increased 26.2% since September 30, 2008 Diluted BVPS has increased 26.2% since September 30, 2008 aanndd 1177..77%% ssiinnccee DDeecceemmbbeerr 3311,, 22000088 14 0 5 10 15 20 25 30 35 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 $ Diluted BV Per Share - -30% - -20% - -10% 0% 10% 20% 30% Annualized ROE% BVPS (LH Scale) Annualized ROE (RH Scale) 2006 2007 2008 2009

AHL: NYSE Fixed Income Portfolio by Asset Type (US$ in millions) As at September 30, 2009 15 73% of the Fixed Income Portfolio ‘AA’ 73% of the Fixed Income Portfolio ‘AA’ oorr BBeetttteerr,, TToottaall IInnvveesstteedd AAsssseettss AAvveerraaggee ''AAAA++’’ TOTAL INVESTMENT PORTFOLIO AT MARKET VALUE: 6,606.9 Short-term Securities 431.6 6 14.3 Asset-backed securities 145.3 Corporate bonds 1,618.8 Cash and Cash Equivalents 948.8 4 14.4 962.9 148.5 25.9 4 50.2 Foreign corporates 569.0 - - CMBS 189.6 Hedge Funds Receivable 16.3 - - RMBS 4 8.5 Municipal bonds 22.8 Q3 2009 1 ,422.6 1,478.9 1,346.3 2 ,359.1 Q2 2009 1 ,410.4 1,448.8 1,399.6 2 ,095.6 Unsecured Credit Agency Debentures Agency Rated Mortgagebacked securities (GNMA, FNMA, FHLB) U.S. Government FDIC Guaranteed Corporate bonds Foreign governments Non-Agency Rated Mortgagebacked securities Cash, Short-Term Securites and FOHF Government/Agency Structured Securities Other Investments (Cartesian Iris)

2009 Guidance 16 Guidance February 5, 2009 Guidance April 30, 2009 Guidance July 30, 2009 Guidance October 29, 2009 Gross Written Premium $2 billion +- 5% $2 billion +- 5% $2 billion +- 5% $2 billion +- 5% % Premium Ceded 10% - 12% of GEP 10% - 12% of GEP 10% - 12% of GEP 10% - 12% of GEP Combined Ratio 90% - 96% 88% - 94% 88% - 94% 84% - 88% Tax Rate 13% to 16% 13% to 16% 13% to 16% 13% to 16% Cat-Load $170 million (Full Year assuming normal loss experience) $140 million (assuming normal loss experience) $105 million (assuming normal loss experience) $40 million (assuming normal loss experience)