Exhibit 99.2

Aspen Insurance Holdings Limited

Financial Supplement

As of March 31, 2010

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
Financial Highlights		2
Consolidated Statements of Operations — Quarterly Results		3
Consolidated Statements of Operations — Year to Date Results		4
Consolidated Balance Sheets		5
Earnings Per Share and Book Value Per Share		6
Return on Average Equity		7
New Segment Mapping		8
Consolidated Underwriting Results By Operating Segment		9
Operating Segment — Quarterly Results		10-11
Gross Written Premiums by Segment and Line of Business		12
Accident Year Loss Ratios		13
Consolidated Statements of Changes In Shareholders’ Equity		14
Consolidated Statements of Comprehensive Income		15
Consolidated Statements of Cash Flows		16
Reserves For Losses and Loss Expenses		17
Reserves By Operating Segment		18
Prior Year Reserve Releases		19
Ratings Of Reinsurers		20
Consolidated Investment Portfolio		21
Investment Analysis		22
Book Value Per Ordinary Share		23
Diluted Share Analysis		24
Operating Income Reconciliation		25
Appendix		26

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, 2009 (except for the represented segmental analysis). 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 25 for a reconciliation of 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 changes in credit spreads, 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 Group’s non-functional currencies. 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 25 for a reconciliation of operating income to net income and page 7 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 25 for a reconciliation of diluted and basic operating earnings per share to basic earnings per share.

Diluted book value per ordinary share (a non-GAAP financial measure): Aspen has included diluted book value per ordinary share as 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 23 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 page 13 for a reconciliation of accident year loss ratios to underwriting ratios calculated in accordance with U.S. GAAP.

1

Aspen Insurance Holdings Limited

Financial Highlights

	Three Months Ended March 31,
(in US$ millions except for percentages, share and per share amounts)	2010			2009			Change
Gross written premium	$	702.8		$	636.8			10.4	%
Net written premium	$	580.1		$	506.6			14.5	%
Net earned premium	$	467.6		$	447.3			4.5	%
Net income after tax	$	18.3		$	91.4			(80.0	%	)
Operating income after tax	$	6.1		$	105.7			(94.2	%	)
Net investment income	$	59.4		$	59.2			0.3	%
Underwriting (loss)/income	$	(48.2)		$	69.4			(169.5	%	)
Earnings Per Share and Book Value Per Share
Basic earnings per ordinary share
Net income adjusted for preference share dividend and cancellation of preference shares	$	0.16		$	1.42			(88.7	%	)
Operating income adjusted for preference share dividend	$	0.01		$	1.21			(99.2	%	)
Diluted earnings per ordinary share
Net income adjusted for preference share dividend and cancellation of preference shares	$	0.16		$	1.39			(88.5	%	)
Operating income adjusted for preference share dividend	$	0.01		$	1.18			(99.2	%	)
Book value per ordinary share	$	36.25		$	29.95			21.0	%
Diluted book value per ordinary share (treasury stock method)	$	34.62		$	29.22			18.5	%
Weighted average number of ordinary shares outstanding (in millions of shares)		77.023			81.535			(5.5	%	)
Diluted weighted average number of ordinary shares outstanding (in millions of shares)		80.267			83.572			(4.0	%	)
Underwriting Ratios
Loss ratio		81.0	%		56.1	%
Policy acquisition cost ratio		18.1	%		17.6	%
General and administrative expense ratio		11.2	%		10.8	%
Expense ratio		29.3	%		28.4	%
Combined ratio		110.3	%		84.5	%
Return On Equity
Average equity (1)	$	2,595.9		$	2,270.5
Return on average equity
Net income adjusted for preference share dividend		0.5	%		3.7	%
Operating income adjusted for preference share dividend		0.0	%		4.4	%
Annualized return on average equity
Net income		2.0	%		14.8	%
Operating income		0.0	%		17.6	%

See pages 7, 23 and 25 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.

2

Aspen Insurance Holdings Limited

Consolidated Statements Of Operations — Quarterly

(in US$ millions except for percentages and per share amounts)	Q1 2010			Q4 2009			Q3 2009			Q2 2009			Q1 2009			Q1 2008
UNDERWRITING REVENUES
Gross written premiums		$702.8			$405.7			$490.3			$534.3			$636.8			$596.2
Premiums ceded		(122.7	)		(22.3	)		(28.2	)		(49.6	)		(130.2	)		(76.6	)
Net written premiums		580.1			383.4			462.1			484.7			506.6			519.6
Change in unearned premiums		(112.5	)		92.8			8.8			(56.1	)		(59.3	)		(128.0	)
Net earned premiums		467.6			476.2			470.9			428.6			447.3			391.6
UNDERWRITING EXPENSES
Losses and loss expenses		378.8			227.5			235.1			234.7			250.8			207.2
Acquisition expenses		84.5			95.1			79.6			80.8			78.6			76.4
General and administrative expenses		52.5			80.3			63.7			59.9			48.5			50.8
Total underwriting expenses		515.8			402.9			378.4			375.4			377.9			334.4
Underwriting (loss)/income		(48.2	)		73.3			92.5			53.2			69.4			57.2
OTHER OPERATING REVENUE
Net investment income		59.4			58.2			58.9			72.2			59.2			39.1
Interest expense		(3.8	)		(3.8	)		(3.9	)		(4.0	)		(3.9	)		(3.9	)
Total other operating revenue		55.6			54.4			55.0			68.2			55.3			35.2
Other (expense)/income		(0.9	)		0.9			1.1			0.7			(2.7	)		(2.2	)
OPERATING INCOME BEFORE TAX		6.5			128.6			148.6			122.1			122.0			90.2
OTHER
Net realized and unrealized exchange gains/(losses)		1.5			(6.7	)		7.9			3.1			(2.3	)		4.3
Net realized and unrealized investment gains/(losses)		12.3			4.2			14.6			4.8			(12.2	)		1.0
INCOME BEFORE TAX		20.3			126.1			171.1			130.0			107.5			95.5
Income tax (expense)/recovery		(2.0	)		0.2			(25.3	)		(19.6	)		(16.1	)		(14.3	)
NET INCOME AFTER TAX		18.3			126.3			145.8			110.4			91.4			81.2
Dividends paid on ordinary shares		(11.8	)		(12.6	)		(12.6	)		(12.3	)		(12.3	)		(12.9	)
Dividend paid on preference shares		(5.7	)		(5.5	)		(5.6	)		(5.8	)		(6.9	)		(6.9	)
Retained income		$0.8			$108.2			$127.6			$92.3			$72.2			$61.4
Components of net income after tax
Operating income		$6.1			$129.2			$125.6			$103.8			$105.7			$76.0
Net realized and unrealized exchange gains/(losses) after tax		1.0			(6.7	)		7.9			3.1			(2.3	)		4.3
Net realized and unrealized investment gains/(losses) after tax		11.2			3.8			12.3			3.5			(12.0	)		0.9
NET INCOME AFTER TAX		$18.3			$126.3			$145.8			$110.4			$91.4			$81.2
Loss ratio		81.0%			47.8%			49.9%			54.8%			56.1%			52.9%
Policy acquisition expense ratio		18.1%			20.0%			16.9%			18.9%			17.6%			19.5%
Operating and administrative expense ratio		11.2%			16.9%			13.5%			14.0%			10.8%			13.0%
Expense ratio		29.3%			36.9%			30.4%			32.9%			28.4%			32.5%
Combined ratio		110.3%			84.7%			80.3%			87.7%			84.5%			85.4%
Basic earnings per share (1)		$0.16			$1.45			$1.69			$1.26			$1.42			$0.87
Diluted earnings per share		$0.16			$1.40			$1.63			$1.22			$1.39			$0.85
Annualized return on average equity
Net income		2.0%			18.4%			22.4%			17.6%			14.8%			12.8%
Operating income		0.0%			18.8%			19.2%			16.4%			17.6%			12.0%

See pages 7, 23 and 25 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.

3

Aspen Insurance Holdings Limited

Consolidated Statements of Operations — Year To Date

	Three Months Ended March 31,
(in US$ millions except for percentages)	2010			2009			2008
UNDERWRITING REVENUES
Gross written premiums		$702.8			$636.8			$596.2
Premiums ceded		(122.7	)		(130.2	)		(76.6	)
Net written premiums		580.1			506.6			519.6
Change in unearned premiums		(112.5	)		(59.3	)		(128.0	)
Net earned premiums		467.6			447.3			391.6
UNDERWRITING EXPENSES
Losses and loss expenses		378.8			250.8			207.2
Acquisition expenses		84.5			78.6			76.4
General and administrative expenses		52.5			48.5			50.8
Total underwriting expenses		515.8			377.9			334.4
Underwriting (loss)/income		(48.2	)		69.4			57.2
OTHER OPERATING REVENUE
Net investment income		59.4			59.2			39.1
Interest expense		(3.8	)		(3.9	)		(3.9	)
Total other operating revenue		55.6			55.3			35.2
Other expense		(0.9	)		(2.7	)		(2.2	)
OPERATING INCOME BEFORE TAX		6.5			122.0			90.2
OTHER
Net realized and unrealized exchange gains/(losses)		1.5			(2.3	)		4.3
Net realized and unrealized investment gains/(losses)		12.3			(12.2	)		1.0
INCOME BEFORE TAX		20.3			107.5			95.5
Income tax expense		(2.0	)		(16.1	)		(14.3	)
NET INCOME AFTER TAX		18.3			91.4			81.2
Dividends paid on ordinary shares		(11.8	)		(12.3	)		(12.9	)
Dividends paid on preference shares		(5.7	)		(6.9	)		(6.9	)
Retained income		$0.8			$72.2			$61.4
Components of net income after tax
Operating income		$6.1			$105.7			$76.0
Net realized and unrealized exchange gains/(losses) after tax		1.0			(2.3	)		4.3
Net realized and unrealized investment gains/(losses) after tax		11.2			(12.0	)		0.9
NET INCOME AFTER TAX		$18.3			$91.4			$81.2
Loss ratio		81.0%			56.1%			52.9%
Policy acquisition expense ratio		18.1%			17.6%			19.5%
Operating and administrative expense ratio		11.2%			10.8%			13.0%
Expense ratio		29.3%			28.4%			32.5%
Combined ratio		110.3%			84.5%			85.4%

See pages 7, 23 and 25 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

4

Aspen Insurance Holdings Limited
Consolidated Balance Sheets

	March 31,		December 31,		September 30,		June 30,		March 31,
(in US$ millions, except for per share amounts)	2010		2009		2009		2009		2009
ASSETS
Investments
Fixed income maturities		$5,661.8		$5,598.0		$5,184.3		$4,943.9		$4,566.6
Other investments		27.5		27.3		25.9		24.7		290.9
Short-term investments		251.9		371.7		431.6		315.7		291.8
Total investments		5,941.2		5,997.0		5,641.8		5,284.3		5,149.3
Cash and cash equivalents		701.4		748.4		948.8		718.3		913.2
Reinsurance recoverables
Unpaid losses		262.9		321.5		333.5		326.3		297.9
Ceded unearned premiums		210.2		103.8		114.9		135.7		138.8
Receivables
Underwriting premiums		914.0		708.3		755.7		850.0		793.6
Other		62.2		64.1		65.5		47.0		44.3
Funds withheld		73.6		85.1		85.2		87.5		71.9
Deferred policy acquisition costs		202.7		165.5		180.1		186.0		166.6
Derivatives at fair value		4.9		6.7		3.6		5.4		7.2
Receivable for securities sold		13.5		11.9		47.3		324.3		5.1
Office properties and equipment		27.6		27.5		27.6		29.6		27.0
Other assets		14.9		9.2		14.8		15.4		16.7
Intangible assets		12.0		8.2		8.2		8.2		8.2
Total assets		$8,441.1		$8,257.2		$8,227.0		$8,018.0		$7,639.8
LIABILITIES
Insurance reserves
Losses and loss adjustment expenses		$3,452.0		$3,331.1		$3,314.0		$3,265.1		$3,096.2
Unearned premiums		1,107.8		907.6		1,006.3		1,039.6		963.8
Total insurance reserves		4,559.8		4,238.7		4,320.3		4,304.7		4,060.0
Payables
Reinsurance premiums		193.2		110.8		121.3		169.5		197.1
Taxation		77.4		94.2		112.1		97.8		84.6
Accrued expenses and other payables		213.5		249.3		205.6		216.2		206.7
Liabilities under derivative contracts		7.4		9.2		6.0		7.7		9.4
Total payables		491.5		463.5		445.0		491.2		497.8
Long-term debt		249.6		249.6		249.6		249.6		249.6
Total liabilities		5,300.9		4,951.8		5,014.9		5,045.5		4,807.4
SHAREHOLDERS’ EQUITY
Ordinary shares		0.1		0.1		0.1		0.1		0.1
Preference shares		—		—		—		—		—
Additional paid-in capital		1,565.0		1,763.0		1,760.6		1,754.1		1,749.9
Retained earnings		1,285.8		1,285.0		1,176.8		1,049.2		956.9
Accumulated other comprehensive income, net of taxes		289.3		257.3		274.6		169.1		125.5
Total shareholders’ equity		3,140.2		3,305.4		3,212.1		2,972.5		2,832.4
Total liabilities and shareholders’ equity		$8,441.1		$8,257.2		$8,227.0		$8,018.0		$7,639.8
Book value per ordinary share		$36.25		$35.42		$34.40		$31.54		$29.95

See pages 7, 23 and 25 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

5

Aspen Insurance Holdings Limited

Earnings Per Share and Book Value Per Share

	Three Months Ended
(in US$ except for number of shares)	March 31, 2010		March 31, 2009
Basic earnings per ordinary share
Net income adjusted for preference share dividend and cancellation of preference shares		$0.16		$1.42
Operating income adjusted for preference share dividend		$0.01		$1.21
Diluted earnings per ordinary share
Net income adjusted for preference share dividend and cancellation of preference shares		$0.16		$1.39
Operating income adjusted for preference share dividend		$0.01		$1.18
Weighted average number of ordinary shares outstanding (in millions)		77.023		81.535
Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)		80.267		83.572
Book value per ordinary share		$36.25		$29.95
Diluted book value per ordinary share (treasury stock method)		$34.62		$29.22
Ordinary shares outstanding at end of the period (in millions)		76.865		82.763
Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (treasury stock method) (in millions)		80.495		84.832

See pages 7, 23 and 25 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

6

Aspen Insurance Holdings Limited

Return On Average Equity

	Three Months Ended
(in US$ millions except for percentages)	March 31, 2010			March 31, 2009
Closing shareholders’ equity	$	3,140.2			$2,832.4
Average adjustment		(544.3	)		(561.9	)
Average equity (1)	$	2,595.9			$2,270.5
Return on average equity:
Net income adjusted for preference share dividend		0.5%			3.7%
Operating income adjusted for preference share dividend		0.0%			4.4%
Annualized return on average equity:
Net income		2.0%			14.8%
Operating income		0.0%			17.6%
Components of return on average equity:
Return on average equity from underwriting activity (2)		(1.9%	)		3.1%
Return on average equity from investment and other activity (3)		1.9%			2.0%
Pre-tax operating income return on average equity		0.0%			5.1%
Post-tax operating income return on average equity (4)		0.0%			4.4%

See pages 7, 23 and 25 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.

7

Aspen Insurance Holdings Limited

Changes to Segmental Reporting

As a result of a shift in the Company’s operating structure and the implementation of a number of strategic initiatives in 2010, the Company changed the composition of its business segments to reflect the manner in which the business is managed. The Company is currently organized into two underwriting segments: insurance and reinsurance, with an additional segment for corporate and other. These segments form the basis of how the Company monitors the performance of its operations.

* Structured business was previously allocated to Property Reinsurance, Casualty Reinsurance and International Insurance on an individual contract basis. In the new basis, all structured business will be included in Specialty Reinsurance within the reinsurance segment.

8

Aspen Insurance Holdings Limited

Consolidated Underwriting Results by Operating Segment

Management has changed the composition of its business segments as a result of a shift in the Company’s operating structure in 2010. An explanation of the changes to the segments is included on page 8. The results under the previous segments are shown in the appendix, pages A1 to A5. Information related to prior periods has been re-presented to conform to the current period presentation. There was no effect on net income as a result of these changes.

	Three Months Ended March 31, 2010								Three Months Ended March 31, 2009
(in US$ millions except for percentages)	Reinsurance			Insurance		Total			Reinsurance		Insurance			Total
Gross written premiums		$490.1			$212.7		$702.8			$452.8		$184.0			$636.8
Net written premiums		461.3			118.8		580.1			413.3		93.3			506.6
Gross earned premiums		301.9			215.2		517.1			287.7		205.5			493.2
Net earned premiums		291.0			176.6		467.6			275.2		172.1			447.3
Losses and loss expenses		256.8			122.0		378.8			122.1		128.7			250.8
Policy acquisition expenses		52.4			32.1		84.5			51.4		27.2			78.6
Operating and administrative expenses		22.3			20.4		42.7			18.4		20.3			38.7
Underwriting (loss)/income		$(40.5	)		$2.1		$(38.4	)		$83.3		$(4.1	)		$79.2
Net investment income							59.4								59.2
Net realized gains/(losses)							12.3								(12.2	)
Corporate (expenses)							(9.8	)							(9.8	)
Other (expenses)							(0.9	)							(2.7	)
Interest (expenses)							(3.8	)							(3.9	)
Net foreign exchange gains/(losses)							1.5								(2.3	)
Income before income taxes							20.3								107.5
Income tax (expense)							(2.0	)							(16.1	)
Net income							$18.3								$91.4
Ratios
Loss ratio		88.2%			69.1%		81.0%			44.4%		74.8%			56.1%
Policy acquisition expense ratio		18.0%			18.2%		18.1%			18.7%		15.8%			17.6%
Operating and administrative expense ratio		7.7%			11.6%		11.2%			6.7%		11.8%			10.8%
Expense ratio		25.7%			29.8%		29.3%			25.4%		27.6%			28.4%
Combined ratio		113.9%			98.9%		110.3%			69.8%		102.4%			84.5%

9

Aspen Insurance Holdings Limited

Reinsurance Segment — Quarterly Results

(in US$ millions except for percentages)	Q1 2010			Q4 2009		Q3 2009		Q2 2009		Q1 2009
Gross written premiums		$490.1			$169.7		$296.1		$257.4		$452.8
Net written premiums		461.3			158.3		289.3		255.8		413.3
Gross earned premiums		301.9			306.5		301.4		268.8		287.7
Net earned premiums		291.0			289.0		288.4		255.5		275.2
Net losses and loss expenses		256.8			115.3		127.1		102.8		122.1
Policy acquisition expenses		52.4			62.1		49.3		51.8		51.4
Operating and administrative expenses		22.3			30.3		25.7		23.1		18.4
Underwriting (loss)/income		$(40.5	)		$81.3		$86.3		$77.8		$83.3
Ratios
Loss ratio		88.2%			39.9%		44.1%		40.2%		44.4%
Policy acquisition expense ratio		18.0%			21.5%		17.1%		20.3%		18.7%
Operating and administrative expense ratio		7.7%			10.5%		8.9%		9.0%		6.7%
Expense ratio		25.7%			32.0%		26.0%		29.3%		25.4%
Combined ratio		113.9%			71.9%		70.1%		69.5%		69.8%

10

Aspen Insurance Holdings Limited

Insurance Segment — Quarterly Results

(in US$ millions except for percentages)	Q1 2010		Q4 2009		Q3 2009		Q2 2009			Q1 2009
Gross written premiums		$212.7		$236.0		$194.2		$276.9			$184.0
Net written premiums		118.8		225.1		172.8		228.9			93.3
Gross earned premiums		215.2		222.2		220.8		222.5			205.5
Net earned premiums		176.6		187.2		182.5		173.1			172.1
Net losses and loss expenses		122.0		112.2		108.0		131.9			128.7
Policy acquisition expenses		32.1		33.0		30.3		29.0			27.2
Operating and administrative expenses		20.4		30.0		23.3		27.1			20.3
Underwriting income/(loss)		$2.1		$12.0		$20.9		$(14.9	)		$(4.1	)
Ratios
Loss ratio		69.1%		59.9%		59.2%		76.2%			74.8%
Policy acquisition expense ratio		18.2%		17.6%		16.6%		16.8%			15.8%
Operating and administrative expense ratio		11.6%		16.0%		12.8%		15.7%			11.8%
Expense ratio		29.8%		33.7%		29.4%		32.4%			27.6%
Combined ratio		98.9%		93.6%		88.6%		108.6%			102.4%

11

Aspen Insurance Holdings Limited

Gross Written Premiums By Segment And Line Of Business

(in US$ millions)	Q1 2010		Q4 2009			Q3 2009		Q2 2009			Q1 2009
Gross Written Premium
Reinsurance
Property Catastrophe Reinsurance		$146.2		$0.9			$58.1		$78.5			$116.7
Other Property Reinsurance		73.7		63.9			75.5		85.8			88.8
Casualty Reinsurance		174.5		50.3			79.1		46.7			175.8
Specialty Reinsurance		95.7		54.6			83.4		46.4			71.5
Total Reinsurance		$490.1		$169.7			$296.1		$257.4			$452.8
Insurance
Property Insurance		$36.7		$28.5			$30.5		$54.9			$25.3
Casualty Insurance		37.2		47.9			53.1		52.9			42.2
Marine, Energy and Transportation Insurance		110.6		124.9			75.0		149.4			94.1
Financial and Professional Lines Insurance		28.2		34.7			35.6		19.7			22.4
Total Insurance		$212.7		$236.0			$194.2		$276.9			$184.0
Total Gross Written Premiums		$702.8		$405.7			$490.3		$534.3			$636.8
Net Written Premium
Reinsurance
Property Catastrophe Reinsurance		$130.9		$(3.7	)		$48.3		$76.6			$87.2
Other Property Reinsurance		65.5		57.6			76.1		86.1			80.0
Casualty Reinsurance		169.6		51.0			81.5		46.6			174.8
Specialty Reinsurance		95.3		53.4			83.4		46.5			71.3
Total Reinsurance		$461.3		$158.3			$289.3		$255.8			$413.3
Insurance
Property Insurance		$14.9		$19.5			$23.9		$45.4			$(1.9	)
Casualty Insurance		27.4		36.7			45.2		45.1			36.4
Marine, Energy and Transportation Insurance		70.3		125.4			68.9		144.4			55.4
Financial and Professional Lines Insurance		6.2		43.5			34.8		(6.0	)		3.4
Total Insurance		$118.8		$225.1			$172.8		$228.9			$93.3
Total Net Written Premiums		$580.1		$383.4			$462.1		$484.7			$506.6
Net Earned Premium
Reinsurance
Property Catastrophe Reinsurance		$70.6		$49.8			$55.3		$52.7			$49.4
Other Property Reinsurance		63.5		79.3			67.4		68.9			81.2
Casualty Reinsurance		89.0		93.3			94.6		87.7			96.6
Specialty Reinsurance		67.9		66.6			71.1		46.2			48.0
Total Reinsurance		$291.0		$289.0			$288.4		$255.5			$275.2
Insurance
Property Insurance		$25.8		$17.3			$21.9		$19.1			$18.9
Casualty Insurance		38.9		42.7			43.6		43.2			46.2
Marine, Energy and Transportation Insurance		94.3		103.8			98.1		99.7			88.0
Financial and Professional Lines Insurance		17.6		23.4			18.9		11.1			19.0
Total Insurance		$176.6		$187.2			$182.5		$173.1			$172.1
Total Net Earned Premiums		$467.6		$476.2			$470.9		$428.6			$447.3

12

Aspen Insurance Holdings Limited

Accident Year Loss Ratios

	Three Months Ended March 31, 2010								Three Months Ended March 31, 2009
	Reinsurance			Insurance		Total			Reinsurance			Insurance			Total
Before Accident Year Adjustment
Loss ratio		88.2%			69.1%		81.0%			44.4%			74.8%			56.1%
Policy acquisition expense ratio		18.0%			18.2%		18.1%			18.7%			15.8%			17.6%
Operating and administrative expense ratio		7.7%			11.6%		11.2%			6.7%			11.8%			10.8%
Expense ratio		25.7%			29.8%		29.3%			25.4%			27.6%			28.4%
Combined ratio		113.9%			98.9%		110.3%			69.8%			102.4%			84.5%
Accident Year Adjustment
Loss ratio		6.1%			0.6%		4.1%			10.6%			(0.1%	)		6.9%
Policy acquisition expense ratio		(1.0%	)		0.1%		(0.6%	)		(0.2%	)		—			(0.2%	)
Operating and administrative expense ratio		0.1%			0.3%		0.2%			0.9%			0.6%			0.9%
Expense ratio		(0.9%	)		0.4%		(0.4%	)		0.7%			0.6%			0.7%
Combined ratio		5.2%			1.0%		3.7%			11.3%			0.5%			7.6%
Accident Year Ratios
Current accident year loss ratio		94.3%			69.7%		85.1%			55.0%			74.7%			63.0%
Policy acquisition expense ratio		17.0%			18.3%		17.5%			18.5%			15.8%			17.4%
Operating and administrative expense ratio		7.8%			11.9%		11.4%			7.6%			12.4%			11.7%
Expense ratio		24.8%			30.2%		28.9%			26.1%			28.2%			29.1%
Combined ratio		119.1%			99.9%		114.0%			81.1%			102.9%			92.1%

13

Aspen Insurance Holdings Limited

Consolidated Statements of Changes in Shareholders’ Equity

	Three Months Ended March 31,
(in US$ millions)	2010			2009
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		1,763.0			1,754.8
New shares issued		—			25.1
Ordinary shares repurchased		(200.0	)		—
Preference shares repurchased		—			(34.1	)
Share-based compensation		2.0			4.1
End of period		1,565.0			1,749.9
Retained earnings
Beginning of period		1,285.0			884.7
Net income for the period		18.3			91.4
Dividends paid on ordinary and preference shares		(17.5	)		(19.2	)
End of period		1,285.8			956.9
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustments, net of taxes:
Beginning of period		103.4			87.6
Change for the period		10.0			(15.2	)
End of period		113.4			72.4
Loss on derivatives:
Beginning of period		(1.2	)		(1.4	)
Reclassification to interest payable		—			—
End of period		(1.2	)		(1.4	)
Unrealized appreciation (depreciation) on investments, net of taxes:
Beginning of period		155.1			53.3
Change for the period		22.0			1.2
End of period		177.1			54.5
Total accumulated other comprehensive income		289.3			125.5
Total shareholders’ equity		$3,140.2			$2,832.4

14

Aspen Insurance Holdings Limited

Consolidated Statements of Comprehensive Income

	Three Months Ended March 31,
(in US$ millions)	2010			2009
Net income		$18.3			$91.4
Other comprehensive income/(loss), net of taxes:
Available for sale investments:
Reclassification adjustment for net realized (gains)/losses included in net income		(8.6	)		4.1
Change in net unrealized gains and losses on available for sale securities held		30.6			(2.9	)
Change in foreign currency translation adjustment		10.0			(15.2	)
Other comprehensive income/(loss)		32.0			(14.0	)
Comprehensive income		$50.3			$77.4

15

Aspen Insurance Holdings Limited

Condensed Consolidated Statements of Cash Flows

	Three Months Ended March 31,
(in US$ millions)	2010			2009
Net cash from/(used in) operating activities		$22.8		$	203.2
Net cash from/(used in) investing activities		75.4			(53.2	)
Net cash from/(used in) financing activities		(217.5	)		(28.2	)
Effect of exchange rate movements on cash and cash equivalents		72.3			(17.7	)
(Decrease)/increase in cash and cash equivalents		(47.0	)		104.1
Cash at beginning of period		748.4			809.1
Cash at end of period		$701.4		$	913.2

16

Aspen Insurance Holdings Limited

Reserves For Losses And Loss Expenses

	As at			As at
	March 31,			December 31,
(in US$ millions)	2010			2009
Provision for losses and loss expenses at start of period		$3,331.1		$	3,070.3
Reinsurance recoverables		(321.5	)		(283.3	)
Net loss and loss expenses at start of period		3,009.6			2,787.0
Net loss and loss expenses disposed		(32.7	)		(10.0	)
Provision for losses and loss expenses for claims incurred
Current period		391.7			1,032.5
Prior period release		(12.9	)		(84.4	)
Total incurred		378.8			948.1
Losses and loss expense payments for claims incurred		(139.7	)		(808.6	)
Foreign exchange (gains)/losses		(26.9	)		93.1
Net loss and loss expense reserves at end of period		3,189.1			3,009.6
Reinsurance recoverables on unpaid losses at end of period		262.9			321.5
Gross loss and loss expense reserves at end of period		$3,452.0		$	3,331.1

17

Aspen Insurance Holdings Limited

Reserves By Operating Segment

	As at March 31, 2010							As at December 31, 2009
			Reinsurance							Reinsurance
(in US$ millions)	Gross		Recoverables			Net		Gross		Recoverables			Net
Reinsurance		$2,237.8		$(76.1	)		$2,161.7		$2,069.4		$(81.0	)		$1,988.4
Insurance		1,214.2		(186.8	)		1,027.4		1,261.7		(240.5	)		1,021.2
Total losses and loss expense reserves		$3,452.0		$(262.9	)		$3,189.1		$3,331.1		$(321.5	)		$3,009.6

18

Aspen Insurance Holdings Limited

Prior Year Reserve Releases

	Three Months Ended March 31, 2010								Three Months Ended March 31, 2009
				Reinsurance								Reinsurance
(in US$ millions)	Gross			Recoverables		Net			Gross			Recoverables		Net
Reinsurance		$15.1			—		$15.1			$14.8			$1.0		$15.8
Insurance		(4.2	)		2.0		(2.2	)		(13.5	)		7.5		(6.0	)
Release in reserves for prior years during the period		$10.9			$2.0		$12.9			$1.3			$8.5		$9.8

19

Aspen Insurance Holdings Limited

Ratings Of Reinsurers

(in US$ millions except for percentages)	As at March 31, 2010			As at December 31, 2009
S&P
AAA		$—	—		$11.8	3.7%
AA+		9.9	3.8%		—	—
AA-		58.2	22.1%		76.0	23.6%
A+		128.1	48.7%		173.9	54.1%
A		14.4	5.5%		10.9	3.3%
A-		11.3	4.3%		12.5	3.9%
Fully collateralized		—	—		0.5	0.2%
Not rated		41.0	15.6%		35.9	11.2%
		$262.9	100.0%		$321.5	100.0%
A.M. Best
A++		$9.9	3.8%		$13.2	4.1%
A+		66.6	25.3%		57.0	17.7%
A		159.2	60.6%		226.2	70.4%
A-		20.8	7.9%		21.3	6.6%
Fully collateralized		—	—		0.5	0.2%
Not rated		6.4	2.4%		3.3	1.0%
		$262.9	100.0%		$321.5	100.0%

20

Aspen Insurance Holdings Limited

Consolidated Investment Portfolio

	As At March 31, 2010									Percentage Of Total Fair Value
			Gross		Gross					As At		As At		As At		As At
	Amortized		Unrealized		Unrealized					March 31,		December 31,		December 31,		December 31,
(in US$ millions except for percentages)	Cost		Gains		Losses			Fair Value		2010		2009		2008		2007
Marketable Securities — Available For Sale
U.S. government securities		$634.8		$18.4		$(2.3	)		$650.9		9.7%		7.5%		10.9%		10.9%
U.S. agency securities		327.3		19.9		(0.1	)		347.1		5.2%		5.7%		6.6%		5.6%
Municipal securities		23.1		0.2		(0.2	)		23.1		0.4%		0.3%		0.1%		—
Corporate securities		2,138.3		100.1		(1.3	)		2,237.1		33.4%		33.3%		23.8%		25.6%
Foreign government securities		549.0		15.3		(0.9	)		563.4		8.4%		7.7%		6.4%		7.2%
Asset-backed securities		83.2		5.0		—			88.2		1.3%		1.7%		3.4%		3.8%
Mortgage-backed securities		1,329.7		57.8		(1.0	)		1,386.5		20.7%		21.1%		22.9%		20.8%
Total fixed income maturities		5,085.4		216.7		(5.8	)		5,296.3		79.1%		77.3%		74.1%		73.9%
Short-term investments		251.8		—		—			251.8		3.8%		5.4%		3.8%		4.8%
Total Available For Sale		$5,337.2		$216.7		$(5.8	)		$5,548.1		82.9%		82.7%		77.9%		78.7%
Marketable Securities — Trading
U.S. government securities		$7.3		—		$(0.1	)		$7.2		0.1%		0.1%		—		—
U.S. agency securities		0.4		—		—			0.4		—		—		—		—
Municipal securities		2.9		—		—			2.9		—		—		—		—
Corporate securities		325.9		17.9		(0.3	)		343.5		5.1%		4.8%		—		—
Foreign government securities		6.2		0.3		—			6.5		0.1%		0.1%		—		—
Asset-backed securities		5.0		—		—			5.0		0.1%		0.1%		—		—
Mortgage-backed securities		—		—		—			—		—		—		—		—
Total fixed income maturities		347.7		18.2		(0.4	)		365.5		5.4%		5.1%		—		—
Short-term investments		0.1		—		—			0.1		—		—		—		—
Total Trading		$347.8		$18.2		$(0.4	)		$365.6		5.4%		5.1%		—		—
Other investments									$27.5		0.4%		0.4%		4.9%		9.5%
Cash									701.4		10.5%		11.0%		13.5%		11.0%
Accrued interest									53.3		0.8%		0.8%		3.7%		0.8%
Total Cash and Accrued Interest									$754.7		11.3%		11.8%		17.2%		11.8%
Total Cash and Investments									$6,695.9		100.0%		100.0%		100.0%		100.0%

	As At March 31, 2010				As At December 31, 2009
	Amortized		Fair Market		Amortized		Fair Market
Maturity of Available For Sale Portfolio	Cost		Value		Cost		Value
Due in one year or less	$	339.7	$	345.3	$	296.4	$	301.4
Due after one year through five years		2,114.4		2,199.6		2,057.1		2,133.2
Due after five years through ten years		1,134.7		1,189.3		1,094.2		1,143.5
Due after ten years		83.7		87.4		121.0		124.9
Subtotal		3,672.5		3,821.6		3,568.7		3,703.0
Non-agency residential mortgage-backed securities		32.5		41.9		34.2		42.2
Non-agency commercial mortgage-backed securities		167.4		174.0		178.5		180.0
Agency mortgage-backed securities		1,129.8		1,170.6		1,172.9		1,209.6
Other asset-backed securities		83.2		88.2		110.0		115.1
Total	$	5,085.4	$	5,296.3	$	5,064.3	$	5,249.9

21

Aspen Insurance Holdings Limited

Investment Analysis

(in US$ millions except for percentages)	Q1 2010			Q4 2009			Q3 2009			Q2 2009			Q1 2009
Net investment income from fixed income investments and cash		$59.4			$58.6			$58.9			$56.0			$55.2
Net investment income/(loss) from funds of hedge funds		—			(0.4	)		—			16.2			4.0
Net investment income		59.4			58.2			58.9			72.2			59.2
Net realized investment gains		12.6			7.5			16.4			7.7			3.1
Other-than-temporary impairment charges		(0.3	)		(3.3	)		(1.8	)		(2.9	)		(15.3	)
Change in unrealized gains/(losses) on investments (gross of tax)		25.3			(33.1	)		106.3			41.7			3.3
Total return on investments		$97.0			$29.3			$179.8			$118.7			$50.3
Portfolio Characteristics
Fixed income portfolio book yield		4.23%			4.22%			4.13%			4.43%			4.42%
Fixed income portfolio duration		3.3 years			3.3 years			3.3 years			3.2 years			2.9 years

22

Aspen Insurance Holdings Limited

Book Value Per Ordinary Share

(in US$ millions except for number of shares and per share amounts)	March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008
Net assets		$3,140.2			$3,305.4			$3,212.1			$2,972.5			$2,832.4			$2,779.1
Less: Preference shares		(353.6	)		(353.6	)		(353.6	)		(353.6	)		(353.6	)		(419.2	)
Total		$2,786.6			$2,951.8			$2,858.5			$2,618.9			$2,478.8			$2,359.9
Ordinary shares outstanding (in millions)		76.865			83.328			83.095			83.022			82.763			81.507
Ordinary shares and dilutive potential ordinary shares (in millions)		80.495			86.465			86.193			85.985			84.832			83.706
Book value per ordinary share		$36.25			$35.42			$34.40			$31.54			$29.95			$28.95
Diluted book value per ordinary share (treasury stock method)		$34.62			$34.14			$33.16			$30.46			$29.22			$28.19

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.

23

Aspen Insurance Holdings Limited

Diluted Share Analysis

	Three Months Ended March 31,
	2010		2009
Weighted average ordinary shares outstanding (millions)
Basic		77.023		81.535
Dilutive share equivalents:
Employee options		0.955		0.645
Options issued to Appleby Trust (Bermuda) Limited (Names Trust)		0.449		0.335
Performance shares		1.616		0.872
Restricted share units		0.224		0.185
Weighted average diluted shares outstanding		80.267		83.572

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.

24

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
	March 31, 2010			March 31, 2009
(in US$ millions except where stated)
Net income as reported		$18.3			$91.4
Preference share dividends		(5.7	)		(6.9	)
Preference share repurchase gain		—			31.5
Net income available to ordinary shareholders		12.6			116.0
Add (deduct) after tax income:
Net foreign exchange (gains)/losses		(1.0	)		2.3
Net realized (gains)/losses on investments		(11.2	)		12.0
Preference share repurchase gain		—			(31.5	)
Operating income after tax available to ordinary shareholders		0.4			98.8
Tax on operating income		0.4			16.3
Operating income before tax available to ordinary shareholders		$0.8			$115.1
Weighted average ordinary shares outstanding (millions)
Basic		77.023			81.535
Dilutive share equivalents:
Employee options		0.955			0.645
Options issued to Appleby Trust (Bermuda) Limited (Names Trust)		0.449			0.335
Performance shares		1.616			0.872
Restricted share units		0.224			0.185
Weighted average diluted shares outstanding		80.267			83.572
Basic earnings per ordinary share
Net income adjusted for preference share dividend and preference share repurchase gain		$0.16			$1.42
Add (deduct) after tax income:
Net foreign exchange (gains)/losses		(0.01	)		0.03
Net realized (gains)/losses on investments		(0.14	)		0.15
Preference share repurchase gain		—			(0.39	)
Operating income adjusted for preference shares dividend		$0.01			$1.21
Diluted earnings per ordinary share
Net income adjusted for preference share dividend and preference share repurchase gain		$0.16			$1.39
Add (deduct) after tax income:
Net foreign exchange (gains)/losses		(0.01	)		0.03
Net realized (gains)/losses on investments		(0.14	)		0.14
Preference share repurchase gain		—			(0.38	)
Operating income adjusted for preference shares dividend		$0.01			$1.18

25

Aspen Insurance Holdings Limited
Appendix

Table Of Contents

	Page
Consolidated Underwriting Results By Previous Operating Segment		A-1
Gross Written Premiums by Previous Segment and Line of Business		A-2
Accident Year Loss Ratios		A-3
Reserves By Previous Operating Segment		A-4
Prior Year Reserve Releases		A-5

26

Aspen Insurance Holdings Limited

Consolidated Underwriting Results by Previous Operating Segment

	Three Months Ended March 31, 2010														Three Months Ended March 31, 2009
	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		$248.7			$180.9			$236.1		$37.1			$702.8			$220.5		$186.8		$194.7		$34.8		$636.8
Net written premiums		225.7			175.9			152.8		25.7			580.1			182.1		185.8		124.8		13.9		506.6
Gross earned premiums		162.8			104.9			209.3		40.1			517.1			150.9		110.0		198.8		33.5		493.2
Net earned premiums		153.0			103.8			178.2		32.6			467.6			139.1		109.5		175.0		23.7		447.3
Losses and loss expenses		166.7			78.7			115.4		18.0			378.8			40.2		72.2		127.0		11.4		250.8
Policy acquisition expenses		25.0			20.9			30.7		7.9			84.5			24.8		21.9		28.0		3.9		78.6
Operating and administrative expenses		18.4			9.0			15.3		9.8			52.5			15.2		9.0		18.6		5.7		48.5
Underwriting (loss)/income		$(57.1	)		$(4.8	)		$16.8		$(3.1	)		$(48.2	)		$58.9		$6.4		$1.4		$2.7		$69.4
Ratios
Loss ratio		109.0%			75.8%			64.8%		55.2%			81.0%			28.9%		65.9%		72.6%		48.1%		56.1%
Policy acquisition expense ratio		16.3%			20.1%			17.2%		24.2%			18.1%			17.8%		20.0%		16.0%		16.5%		17.6%
Operating and administrative expense ratio		12.0%			8.7%			8.6%		30.1%			11.2%			10.9%		8.2%		10.6%		24.1%		10.8%
Expense ratio		28.3%			28.8%			25.8%		54.3%			29.3%			28.7%		28.2%		26.6%		40.6%		28.4%
Combined ratio		137.3%			104.6%			90.6%		109.5%			110.3%			57.6%		94.1%		99.2%		88.7%		84.5%

A-1

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

(in US$ millions)	Q1 2010		Q4 2009		Q3 2009		Q2 2009		Q1 2009		Q1 2008
Property Reinsurance
Treaty Catastrophe		$145.8		$2.3		$63.8		$78.4		$116.7		$111.6
Treaty Risk Excess		26.8		9.2		26.8		37.2		31.3		29.9
Treaty Pro Rata		41.0		48.2		40.5		44.5		48.2		32.7
Global Property Facultative		13.3		11.4		12.8		11.6		17.0		10.0
Credit and Surety Reinsurance		18.7		5.9		27.3		8.3		7.3		—
Agriculture		3.1		—		—		—		—		—
		$248.7		$77.0		$171.2		$180.0		$220.5		$184.2
Casualty Reinsurance
U.S. Casualty Treaty		$104.5		$52.3		$74.8		$43.7		$106.3		$89.6
International Casualty Treaty		71.5		8.3		16.3		12.5		77.0		89.5
Global Casualty Facultative		4.9		5.2		5.4		2.8		3.5		3.0
		$180.9		$65.8		$96.5		$59.0		$186.8		$182.1
International Insurance
M.E.C. Liability		$61.3		$36.7		$19.7		$70.2		$50.8		$54.8
Energy Property		14.3		9.6		16.5		41.0		16.4		23.4
Marine Hull		19.1		18.8		13.1		14.8		16.5		18.6
Aviation		13.5		57.3		23.5		21.6		10.4		11.2
U.K. Commercial Property & Construction		15.5		12.4		13.2		20.2		10.9		9.4
U.K. Commercial Liability		9.8		8.6		15.9		11.8		9.1		20.1
Excess Casualty (including Non-Marine & Transportation)		13.0		23.4		18.3		19.2		12.7		9.1
Professional Liability		8.0		10.7		17.8		9.7		7.7		7.6
Financial Institutions		5.4		10.6		7.9		3.7		3.7		2.9
Financial and Political Risks		12.0		12.3		7.4		3.6		9.2		4.5
Management and Technology Liability		2.7		1.1		2.5		2.7		1.8		—
Specie		2.4		2.5		2.2		1.8		—		—
Specialty Reinsurance		59.1		26.4		25.9		18.4		45.5		37.7
		$236.1		$230.4		$183.9		$238.7		$194.7		$199.3
U.S. Insurance
Property		$21.2		$16.1		$17.3		$34.7		$14.4		$10.5
Casualty		14.4		15.9		18.9		21.9		20.4		20.1
Risk Solutions		1.5		0.5		2.5		—		—		—
		$37.1		$32.5		$38.7		$56.6		$34.8		$30.6
Total Gross Written Premiums		$702.8		$405.7		$490.3		$534.3		$636.8		$596.2

A-2

Aspen Insurance Holdings Limited
Accident Year Loss Ratios

	Three Months Ended March 31, 2010					Three Months Ended March 31, 2009
	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	109.0%	75.8%	64.8%	55.2%	81.0%	28.9%	65.9%	72.6%	48.1%	56.1%
Policy acquisition expense ratio	16.3%	20.1%	17.2%	24.2%	18.1%	17.8%	20.0%	16.0%	16.5%	17.6%
Operating and administrative expense ratio	12.0%	8.7%	8.6%	30.1%	11.2%	10.9%	8.2%	10.6%	24.1%	10.8%
Expense ratio	28.3%	28.8%	25.8%	54.3%	29.3%	28.7%	28.2%	26.6%	40.6%	28.4%
Combined ratio	137.3%	104.6%	90.6%	109.5%	110.3%	57.6%	94.1%	99.2%	88.7%	84.5%
Accident Year Adjustment
Loss ratio	3.0%	(0.3)%	7.3%	(0.6)%	4.1%	8.4%	9.2%	3.7%	8.9%	6.9%
Policy acquisition expense ratio	0.1%	0.1%	(1.9)%	—	(0.6)%	(0.9)%	(0.6)%	0.7%	(0.2)%	(0.2)%
Operating and administrative expense ratio	(0.2)%	(0.2)%	0.6%	—	0.2%	1.1%	0.8%	0.7%	(0.1)%	0.9%
Expense ratio	(0.1)%	(0.1)%	(1.3)%	—	(0.4)%	0.2%	0.2%	1.4%	(0.3)%	0.7%
Combined ratio	2.9%	(0.4)%	6.0%	(0.6)%	3.7%	8.6%	9.4%	5.1%	8.6%	7.6%
Accident Year Ratios
Current accident year loss ratio	112.0%	75.5%	72.1%	54.6%	85.1%	37.3%	75.1%	76.3%	57.0%	63.0%
Policy acquisition expense ratio	16.4%	20.2%	15.3%	24.2%	17.5%	16.9%	19.4%	16.7%	16.3%	17.4%
Operating and administrative expense ratio	11.8%	8.5%	9.2%	30.1%	11.4%	12.0%	9.0%	11.3%	24.0%	11.7%
Expense ratio	28.2%	28.7%	24.5%	54.3%	28.9%	28.9%	28.4%	28.0%	40.3%	29.1%
Combined ratio	140.2%	104.2%	96.6%	108.9%	114.0%	66.2%	103.5%	104.3%	97.3%	92.1%

A-3

Aspen Insurance Holdings Limited

Reserves By Previous Operating Segment

	As At March 31, 2010							As At December 31, 2009
			Reinsurance							Reinsurance
(in US$ millions)	Gross		Recoverables			Net		Gross		Recoverables			Net
Property Reinsurance		$508.5		$(27.3	)		$481.2		$390.6		$(35.4	)		$355.2
Casualty Reinsurance		1,511.2		(0.1	)		1,511.1		1,518.9		(6.4	)		1,512.5
International Insurance		1,222.9		(183.2	)		1,039.7		1,220.1		(227.7	)		992.4
U.S. Insurance		209.4		(52.3	)		157.1		201.5		(52.0	)		149.5
Total losses and loss expense reserves		$3,452.0		$(262.9	)		$3,189.1		$3,331.1		$(321.5	)		$3,009.6

A-4

Aspen Insurance Holdings Limited

Prior Year Reserve Releases

	Three Months Ended March 31, 2010									Three Months Ended March 31, 2009
				Reinsurance									Reinsurance
(in US$ millions)	Gross			Recoverables			Net			Gross			Recoverables		Net
Property Reinsurance		$7.3			$(0.1	)		$7.2			$6.1			$0.6		$6.7
Casualty Reinsurance		1.2			—			1.2			3.1			—		3.1
International Insurance		6.0			(0.7	)		5.3			(8.6	)		6.6		(2.0	)
U.S. Insurance		(3.6	)		2.8			(0.8	)		0.7			1.3		2.0
Release in reserves for prior years during the period		$10.9			$2.0			$12.9			$1.3			$8.5		$9.8

A-5