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): February 7, 2011

ASPEN INSURANCE HOLDINGS LIMITED

(Exact name of registrant as specified in its charter)

Bermuda
(State or other jurisdiction
of incorporation) 001-31909
(Commission
File Number) Not Applicable
(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))

TABLE OF CONTENTS

	Item 2.02 Results of Operations and Financial Condition
	Item 7.01 Regulation FD Disclosure
	Item 9.01- Financial Statements and Exhibits
SIGNATURES
Exhibit 99.1
EX-99.2
EX-99.3

Section 2 — Financial Information

Item 2.02 Results of Operations and Financial Condition

     On February 7, 2011, Aspen Insurance Holdings Limited issued a press release announcing results for the quarter and year ended December 31, 2010, 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 year ended December 31, 2010 is attached hereto as Exhibit 99.2.

Section 7 — Regulation FD

Item 7.01 Regulation FD Disclosure

     On February 7, 2011, Aspen Insurance Holdings Limited issued a press release announcing results for the quarter and year ended December 31, 2010, 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 year ended December 31, 2010 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 February 8, 2011.

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 February 7, 2011.
99.2	Earnings Release Supplement for the quarter and year ended December 31, 2010.
99.3	Fourth Quarter and Year End 2010 Earnings Conference Call Slide Presentation, to be held on February 8, 2011.

     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.

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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: February 7, 2011	By:	/s/ Richard Houghton
		Name:	Richard Houghton
		Title:	Chief Financial Officer

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EX-99.1

Exhibit 99.1

ASPEN INSURANCE HOLDINGS REPORTS RESULTS FOR
FOURTH QUARTER AND TWELVE MONTHS OF 2010

§	Diluted book value per share of $38.90, up 13.9% over the end of the fourth quarter of 2009 and up 1.8% from third quarter of 2010.
§	Fourth quarter net income after tax of $92.7 million, down from $126.3 million in the same quarter last year.
§	Annualized net income return on equity of 13.2% for the fourth quarter and 11.2% for the twelve-month period.
§	Annualized operating return on equity of 12.0% for the quarter and 9.4% for the twelve-month period.
§	Diluted operating earnings per share of $1.02 for the quarter, down from $1.44 for the fourth quarter of 2009.

HAMILTON, BERMUDA, February 7, 2011 — Aspen Insurance Holdings Limited (NYSE: AHL) today reported net income after tax for the fourth quarter of 2010 of $92.7 million and operating earnings of $1.02 per diluted ordinary share. Book value per share on a diluted basis of $38.90 increased by 13.9% when compared to December 31, 2009 and by 1.8% since September 30, 2010.

Fourth Quarter 2010 Financial Highlights

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

(Unaudited)

	Q4 2010		Q4 2009		Change
Gross written premium		$412.8		$405.7		1.8%
Net earned premium		$499.7		$476.2		4.9%
Net investment income		$57.0		$58.2		(2.1)%
Net income after tax		$92.7		$126.3		(26.6)%
Operating income after tax		$85.0		$129.2		(34.2)%
Diluted net income per share		$1.12		$1.40		(20.0)%
Diluted operating earnings per share		$1.02		$1.44		(29.2)%
Net income annualized return on equity		13.2%		18.4%
Annualized operating return on equity		12.0%		18.8%
Combined ratio		95.3%		84.7%
Book value per ordinary share		$40.96		$35.42		15.6%
Diluted book value per ordinary share		$38.90		$34.14		13.9%

1

Twelve Months Ended December 31 Financial Highlights

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

(Unaudited)

	2010		2009		Change
Gross written premium		$2,076.8		$2,067.1		0.5%
Net earned premium		$1,898.9		$1,823.0		4.2%
Net investment income		$232.0		$248.5		(6.6)%
Net income after tax		$312.7		$473.9		(34.0)%
Operating income after tax		$265.7		$464.3		(42.8)%
Diluted net income per share		$3.62		$5.64		(35.8)%
Diluted operating earnings per share		$3.03		$5.16		(41.3)%
Net income annualized return on equity		11.2%		18.4%
Annualized operating return on equity		9.4%		18.0%
Combined ratio		96.7%		84.1%

Chris O’Kane, Chief Executive Officer said: “I am very pleased to report that we grew BVPS by 13.9% in 2010 and 1.8% in Q4 against a backdrop of continued low interest rates and a challenging underwriting environment. The performance of our Reinsurance business was particularly strong and, in a year which saw a significant impact from natural catastrophes, the combined ratio of 88.2% reflects the benefits of our diversified approach. We made good progress in furthering our key strategic objectives in 2010 such as developing our Insurance franchise in the US and parts of Europe and will continue selectively to seek out opportunities to further our aims in 2011 as market conditions allow.”

Overview of Operations for the Fourth Quarter and Full Year 2010

§	Gross written premiums of $412.8 million in the quarter, up 1.8% on last year, with the increase coming mainly from the insurance segment.
§	Underwriting income for the quarter of $35.4 million included $32.8 million of further losses from the New Zealand earthquake, as previously announced on December 16, 2010, against underwriting income of $93.3 million in the previous year, which had no recorded catastrophic losses.
§	Prior year reserve releases of $12.6 million in the quarter compared with $13.4 million of reserve releases in the equivalent period in 2009. For the twelve months ended December 31, 2010, reserve releases were $21.4 million compared with $84.4 million in 2009.
§	Cash flows from operating activities were $122.3 million for the quarter and $624.6 million for the twelve months ended December 31, 2010 compared with $157.5 million and $646.6 million, respectively in 2009.
§	The effective tax rate for the fourth quarter of 3.3% is a product of lowering the estimated annual effective tax rate from 10.0% at the end of the third quarter of 2010 to an actual rate of 8.1% at the end of the year. This compares with an effective tax rate of 11.4% for the full year in 2009.

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Operating Segment Highlights

Reinsurance Segment

Reinsurance segment underwriting income for the quarter was $53.7 million compared with $81.3 million last year. This underwriting result reflects a combined ratio of 81.6% compared with 71.9% for the fourth quarter in 2009. The combined ratio for the quarter includes 11.2 percentage points of losses from the earthquake in New Zealand bringing total pre-tax losses for this event to $52.8 million, an increase of $32.8 million over losses included in the third quarter of 2010 results. Net favorable reserve development was $36.1 million compared with $22.7 million for the fourth quarter of 2009 with the increase attributable to the property and specialty reinsurance lines of business. Gross written premiums in the reinsurance segment for the quarter were $152.8 million compared to $169.7 million in 2009 with decreases in property and casualty reinsurance.

Underwriting income for the twelve months ended December 31, 2010 was $133.6 million compared with $328.7 million in 2009. The combined ratio for the twelve months ended December 31, 2010 of 88.2% has been impacted by 15.3 percentage points, or $168.7 million of losses, net of reinstatement premiums, from the earthquakes in Chile and New Zealand and compares with 70.4% for the same period in 2009. The accident year combined ratio for the twelve-month period of 79.1%, excluding the impact of the earthquakes is in line with 2009, which had no material catastrophic losses. Gross written premiums for the twelve months ended December 31, 2010 were $1,162.2 million compared with $1,176.0 million in 2009.

Insurance Segment

Insurance segment underwriting loss for the quarter was $18.3 million compared with an underwriting profit of $12.0 million in the fourth quarter of 2009. The combined ratio was 108.8% for the fourth quarter compared with 93.5% in 2009. There has been net reserve strengthening in the insurance segment of $23.5 million for the quarter compared with $9.3 million of strengthening in the fourth quarter last year arising mainly in casualty insurance. Gross written premium was $260.0 million compared with $236.0 million in 2009 with the increase attributable to the marine, energy and transportation lines and financial and professional lines.

The underwriting loss for the twelve-month period was $23.6 million compared with an underwriting profit of $13.9 million in 2009. The 2010 combined ratio was 103.1% compared with 98.1% for the same period in 2009. The accident year combined ratio was 99.2% compared with 98.0% in 2009. For the twelve months ended December 31, 2010, gross written premium was $914.6 million compared with $891.1 million in 2009.

Investment Performance

Net investment income for the quarter was $57.0 million, compared with $58.2 million in the fourth quarter of 2009. Net realized and unrealized investment gains included in income for the quarter were $10.5 million compared with $7.5 million in the fourth quarter of 2009. There were no securities selected for other-than-temporary impairment in the quarter compared with $3.3 million for the same period in 2009.

Unrealized gains on the available-for-sale fixed income portfolio at the end of the fourth quarter of 2010 were $239.6 million, a decrease of $122.1 million, gross of tax, from the end of the third quarter in 2010 driven by rising interest rates.

Book yield on the fixed income portfolio of 3.7% was down from 3.9% at the end of the third quarter of 2010. The average credit quality of the portfolio remains AA+ with an average duration of 2.9 years, including the impact of interest rate swaps.

3

Capital Position

As previously announced, in November 2010, the Company entered into an accelerated share repurchase program to repurchase $184.0 million of its ordinary shares. An initial amount of 5.7 million ordinary shares was retired in the quarter. The Company may be entitled to receive additional ordinary shares based on the average of the daily market price of its ordinary shares during the term of the agreement. The program is expected to be completed within seven months from the date of the agreement. During the quarter, the Company also repurchased 0.5 million ordinary shares in the open market at an average price of $28.87 per share, for a total cost of $15.9 million. As of December 31, 2010, the Company had approximately $192 million of remaining authorization for ordinary share repurchases through March 2012.

On December 7, 2010, Aspen issued $250 million, 6% coupon 10-year senior notes with the proceeds used for general corporate purposes.

Outlook for 2011

Given current market conditions, the Company anticipates gross written premium for 2011 to be $2.1 billion +/- 5%, premium ceded to be between 8% and 12% of gross earned premium and the combined ratio to be in the range of 93%-98% including a cat load of $170 million assuming normal loss experience in the year. The Company expects the effective tax rate in 2011 to be in the range of 8% to 12%.

Earnings conference call

Aspen will hold a conference call to discuss its financial results on Tuesday, February 8, 2011 at 8:30 a.m. (Eastern Time).

CONFERENCE CALL PARTICIPATION DETAILS — February 8, 2011 at 8:30 a.m. (ET)

Participant Dial-In Numbers:	+1 (888) 459-5609 (US Toll Free) +1 (404) 665-9920 (International)
Conference ID:	34759395

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.

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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:	34759395

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

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

	As at December 31,		As at December 31,
(in US$ millions)	2010		2009
ASSETS
Total investments		$6,086.3		$5,997.0
Cash and cash equivalents		1,179.1		748.4
Reinsurance recoverables		342.3		425.3
Premiums receivable		821.7		708.3
Other assets		402.7		378.2
Total assets		$8,832.1		$8,257.2
LIABILITIES
Losses and loss adjustment expenses		$3,820.5		$3,331.1
Unearned premiums		859.0		907.6
Other payables		411.9		463.5
Long-term debt		498.8		249.6
Total liabilities		$5,590.2		$4,951.8
SHAREHOLDERS’ EQUITY
Total shareholders’ equity		3,241.9		3,305.4
Total liabilities and shareholders’ equity		$8,832.1		$8,257.2
Tangible book value per share		$40.96		$35.42
Diluted book value per share (treasury stock method)		$38.90		$34.14

6

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

	Three Months Ended		Three Months Ended
(in US$ millions)	December 31, 2010		December 31, 2009
UNDERWRITING REVENUES
Gross written premiums		$412.8		$405.7
Premiums ceded		(17.6)		(22.3)
Net written premiums		395.2		383.4
Change in unearned premiums		104.5		92.8
Net earned premiums		499.7		476.2
UNDERWRITING EXPENSES
Losses and loss expenses		307.4		227.5
Acquisition expenses		90.6		95.1
General, administrative and corporate expenses		78.5		80.3
Total underwriting expenses		476.5		402.9
Underwriting income including corporate expenses		23.2		73.3
OTHER OPERATING REVENUE
Net investment income		57.0		58.2
Interest expense		(4.8)		(3.8)
Total other operating revenue		52.2		54.4
Other income (expense)		10.1		0.9
OPERATING INCOME BEFORE TAX		85.5		128.6
OTHER
Net realized and unrealized exchange gains/(losses)		(0.1)		(6.7)
Net realized and unrealized investment gains/(losses)		10.5		4.2
INCOME BEFORE TAX		95.9		126.1
Income taxes expense		(3.2)		0.2
NET INCOME AFTER TAX		92.7		126.3
Dividends paid on ordinary shares		(11.5)		(12.6)
Dividend paid on preference shares		(5.7)		(5.5)
Retained income		$75.5		$108.2
Components of net income (after tax)
Operating income		$85.0		$129.2
Net realized and unrealized exchange gains/(losses) after tax		0.2		(6.7)
Net realized investment gains/(losses) after tax		7.5		3.8
NET INCOME AFTER TAX		$92.7		$126.3
Loss ratio		61.5%		47.8%
Policy acquisition expense ratio		18.1%		20.0%
General and administrative expense ratio		15.7%		16.9%
Expense ratio		33.8%		36.9%
Combined ratio		95.3%		84.7%

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

	Twelve Months Ended		Twelve Months Ended
(in US$ millions)	December 31, 2010		December 31, 2009
UNDERWRITING REVENUES
Gross written premiums		$2,076.8		$2,067.1
Premiums ceded		(185.7)		(230.3)
Net written premiums		1,891.1		1,836.8
Change in unearned premiums		7.8		(13.8)
Net earned premiums		1,898.9		1,823.0
UNDERWRITING EXPENSES
Losses and loss expenses		1,248.7		948.1
Acquisition expenses		328.5		334.1
General, administrative and corporate expenses		258.6		252.4
Total underwriting expenses		1,835.8		1,534.6
Underwriting income including corporate expenses		63.1		288.4
OTHER OPERATING REVENUE
Net investment income		232.0		248.5
Interest expense		(16.5)		(15.6)
Total other operating revenue		215.5		232.9
Other income (expense)		8.9		0.0
OPERATING INCOME BEFORE TAX		287.5		521.3
OTHER
Net realized and unrealized exchange gains/(losses)		2.2		2.0
Net realized and unrealized investment gains/(losses)		50.6		11.4
INCOME BEFORE TAX		340.3		534.7
Income taxes expense		(27.6)		(60.8)
NET INCOME AFTER TAX		312.7		473.9
Dividends paid on ordinary shares		(46.5)		(49.8)
Dividend paid on preference shares		(22.8)		(23.8)
Retained income		$243.4		$400.3
Components of net income (after tax)
Operating income		$265.7		$464.3
Net realized and unrealized exchange gains/(losses) after tax		2.9		2.0
Net realized investment gains/(losses) after tax		44.1		7.6
NET INCOME AFTER TAX		$312.7		$473.9
Loss ratio		65.8%		52.0%
Policy acquisition expense ratio		17.3%		18.3%
General and administrative expense ratio		13.6%		13.8%
Expense ratio		30.9%		32.1%
Combined ratio		96.7%		84.1%

8

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

	Three Months Ended				Twelve Months Ended
	December 31,		December 31,		December 31,		December 31,
(in US$ except for number of shares)	2010		2009		2010		2009
Basic earnings per ordinary share
Net income adjusted for preference share dividend		$1.18		$1.45		$3.80		$5.82
Operating income adjusted for preference dividend		$1.08		$1.48		$3.18		$5.33
Diluted earnings per ordinary share
Net income adjusted for preference share dividend		$1.12		$1.40		$3.62		$5.64
Operating income adjusted for preference dividend		$1.02		$1.44		$3.03		$5.16
Weighted average number of ordinary shares outstanding (in millions)		73.996		83.239		76.343		82.698
Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)		77.733		86.412		80.016		85.327
Book value per ordinary share						$40.96		$35.42
Diluted book value (treasury stock method)						$38.90		$34.14
Ordinary shares outstanding at end of the period (in millions)						70.508		83.328
Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (treasury stock method) (in millions)						74.253		86.465

9

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

	Three Months Ended December 31, 2010						Three Months Ended December 31, 2009
(in US$ millions except for ratios)	Reinsurance		Insurance		Total		Reinsurance		Insurance		Total
Gross written premiums		$152.8		$260.0		$412.8		$169.7		$236.0		$405.7
Net written premiums		148.5		246.7		395.2		158.3		225.1		383.4
Gross earned premiums		303.9		246.5		550.4		306.5		222.2		528.7
Net earned premiums		292.1		207.6		499.7		289.0		187.2		476.2
Losses and loss expenses		146.8		160.6		307.4		115.3		112.2		227.5
Policy acquisition expenses		58.8		31.8		90.6		62.1		33.0		95.1
Operating and administrative expenses		32.8		33.5		66.3		30.3		30.0		60.3
Underwriting income/(loss)		$53.7		$(18.3)		$35.4		$81.3		$12.0		$93.3
Net investment income						57.0						58.2
Net realized gains						10.5						4.2
Corporate (expenses)						(12.2)						(20.0)
Other (expenses)/income						10.1						0.9
Interest (expenses)						(4.8)						(3.8)
Net foreign exchange gains/(losses)						(0.1)						(6.7)
Income before income taxes						95.9						126.1
Income tax (expense)/recovery						(3.2)						0.2
Net income						$92.7						$126.3
Ratios
Loss ratio		50.3%		77.4%		61.5%		39.9%		59.9%		47.8%
Policy acquisition expense ratio		20.1%		15.3%		18.1%		21.5%		17.6%		20.0%
Operating and administrative expense ratio		11.2%		16.1%		15.7%		10.5%		16.0%		16.9%
Expense ratio		31.3%		31.4%		33.8%		32.0%		33.6%		36.9%
Combined ratio		81.6%		108.8%		95.3%		71.9%		93.5%		84.7%

10

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

	Twelve Months Ended December 31, 2010						Twelve Months Ended December 31, 2009
(in US$ millions except for percentages)	Reinsurance		Insurance		Total		Reinsurance		Insurance		Total
Gross written premiums		$1,162.2		$914.6		$2,076.8		$1,176.0		$891.1		$2,067.1
Net written premiums		1,118.5		772.6		1,891.1		1,116.7		720.1		1,836.8
Gross earned premiums		1,186.4		907.9		2,094.3		1,164.4		871.0		2,035.4
Net earned premiums		1,141.8		757.1		1,898.9		1,108.1		714.9		1,823.0
Losses and loss expenses		693.5		555.2		1,248.7		467.3		480.8		948.1
Policy acquisition expenses		202.4		126.1		328.5		214.6		119.5		334.1
Operating and administrative expenses		112.3		99.4		211.7		97.5		100.7		198.2
Underwriting income/(loss)		$133.6		$(23.6)		$110.0		$328.7		$13.9		$342.6
Net investment income						232.0						248.5
Net realized gains/(losses)						50.6						11.4
Corporate (expenses)						(46.9)						(54.2)
Other (expenses)/income						8.9						—
Interest (expenses)						(16.5)						(15.6)
Net foreign exchange gains/(losses)						2.2						2.0
Income before income taxes						340.3						534.7
Income tax (expense)						(27.6)						(60.8)
Net income						$312.7						$473.9
Ratios
Loss ratio		60.7%		73.3%		65.8%		42.2%		67.3%		52.0%
Policy acquisition expense ratio		17.7%		16.7%		17.3%		19.4%		16.7%		18.3%
Operating and administrative expense ratio		9.8%		13.1%		13.6%		8.8%		14.1%		13.8%
Expense ratio		27.5%		29.8%		30.9%		28.2%		30.8%		32.1%
Combined ratio		88.2%		103.1%		96.7%		70.4%		98.1%		84.1%

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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, Switzerland and Germany. For the twelve months ended December 31, 2010, Aspen reported gross written premiums of $2,076.8 million, net income of $312.7 million and total assets of $8.8 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,” “do not believe,” “aim,” “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 possibility of greater frequency or severity of claims and loss activity, including as a result of natural or man-made (including economic and political risks) catastrophic or material loss events, than our underwriting, reserving, reinsurance purchasing or investment practices have anticipated; the reliability of, and changes in assumptions to, natural and man-made catastrophe pricing, accumulation and estimated loss models; evolving issues with respect to interpretation of coverage after major loss events and any intervening legislative or governmental action; the effectiveness of our loss limitation methods; changes in the total industry losses, or our share of total industry losses, resulting from past events 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; the impact of acts of terrorism and related legislation and acts of war; decreased demand for our insurance or reinsurance products and cyclical changes in the insurance and reinsurance sectors; any changes in our reinsurers’ credit quality and the amount and timing of reinsurance recoverables; changes in the availability, cost or quality of reinsurance or retrocessional coverage; the continuing and uncertain impact of the current depressed economic environment in many of the countries in which we operate; the level of inflation in repair costs due to limited availability of labor and materials after catastrophes; changes in insurance and reinsurance market conditions; 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; a decline in our operating subsidiaries’ ratings with Standard & Poor’s (“S&P”), A.M. Best or Moody’s Investor Service (“Moody’s”); 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; changes in general economic conditions, including inflation, foreign currency exchange rates, interest rates and other factors that could affect our investment portfolio; the risk of a material decline in the value or liquidity of all or parts of our investment portfolio; changes in our ability to exercise capital management initiatives or to arrange banking facilities as a result of prevailing market changes or changes in our financial position; changes in government regulations or tax laws in jurisdictions where we conduct business; Aspen Holdings or Aspen Bermuda becoming subject to income taxes in the United States or the United Kingdom; loss of key personnel; and increased counterparty risk due to the credit impairment of financial institutions. 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, 2010. 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.

12

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 28 of Aspen’s financial supplement for a reconciliation of operating income to net income and page 7 for a reconciliation of average equity.

(2) 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 28 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.

(3) 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 26 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.

(4) 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 28 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.

-end-

13

EX-99.2

Exhibit 99.2

Aspen Insurance Holdings Limited

Financial Supplement

As of December 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		9-10
Operating Segment — Quarterly Results		11-12
Gross Written Premiums by Segment and Line of Business		13
Accident Year Loss Ratios		14-15
Consolidated Statements of Changes in Shareholders’ Equity		16
Consolidated Statements of Comprehensive Income		17
Consolidated Statements of Cash Flows		18
Reserves for Losses and Loss Expenses		19
Reserves by Operating Segment		20
Prior Year Reserve Releases		21
Ratings of Reinsurers		22
Consolidated Investment Portfolio		23-24
Investment Analysis		25
Book Value Per Ordinary Share		26
Diluted Share Analysis		27
Operating Income Reconciliation		28
Appendix		29

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 excluding 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 28 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 28 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 28 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 26 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 14 and 15 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 December 31,										Twelve Months Ended December 31,
(in US$ millions except for percentages, share and per share amounts)	2010			2009			Change				2010			2009			Change
Gross written premium	$	412.8		$	405.7			1.8	%		$	2,076.8		$	2,067.1			0.5	%
Net written premium	$	395.2		$	383.4			3.1	%		$	1,891.1		$	1,836.8			3.0	%
Net earned premium	$	499.7		$	476.2			4.9	%		$	1,898.9		$	1,823.0			4.2	%
Net income after tax	$	92.7		$	126.3			(26.6	%	)	$	312.7		$	473.9			(34.0	%	)
Operating income after tax	$	85.0		$	129.2			(34.2	%	)	$	265.7		$	464.3			(42.8	%	)
Net investment income	$	57.0		$	58.2			(2.1	%	)	$	232.0		$	248.5			(6.6	%	)
Underwriting income	$	23.2		$	73.3			(68.3	%	)	$	63.1		$	288.4			(78.1	%	)
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	$	1.18		$	1.45			(18.6	%	)	$	3.80		$	5.82			(34.7	%	)
Operating income adjusted for preference share dividend	$	1.08		$	1.48			(27.0	%	)	$	3.18		$	5.33			(40.3	%	)
Diluted earnings per ordinary share
Net income adjusted for preference share dividend and cancellation of preference shares	$	1.12		$	1.40			(20.0	%	)	$	3.62		$	5.64			(35.8	%	)
Operating income adjusted for preference share dividend	$	1.02		$	1.44			(29.2	%	)	$	3.03		$	5.16			(41.3	%	)
Book value per ordinary share	$	40.96		$	35.42			15.6	%		$	40.96		$	35.42			15.6	%
Diluted book value per ordinary share (treasury stock method)	$	38.90		$	34.14			13.9	%		$	38.90		$	34.14			13.9	%
Weighted average number of ordinary shares outstanding (in millions of shares)		73.996			83.239			(11.1	%	)		76.343			82.698			(7.7	%	)
Diluted weighted average number of ordinary shares outstanding (in millions of shares)		77.733			86.412			(10.0	%	)		80.016			85.327			(6.2	%	)
Underwriting Ratios
Loss ratio		61.5	%		47.8	%						65.8	%		52.0	%
Policy acquisition cost ratio		18.1	%		20.0	%						17.3	%		18.3	%
Operating and administrative expense ratio		15.7	%		16.9	%						13.6	%		13.8	%
Expense ratio		33.8	%		36.9	%						30.9	%		32.1	%
Combined ratio		95.3	%		84.7	%						96.7	%		84.1	%
Return On Equity
Average equity (1)	$	2,612.7		$	2,639.2						$	2,597.2		$	2,452.4
Return on average equity
Net income adjusted for preference share dividend		3.3	%		4.6	%						11.2	%		18.4	%
Operating income adjusted for preference share dividend		3.0	%		4.7	%						9.4	%		18.0	%
Annualized return on average equity
Net income		13.2	%		18.4	%						11.2	%		18.4	%
Operating income		12.0	%		18.8	%						9.4	%		18.0	%

See pages 7, 26 and 28 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, preference shares 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)	Q4 2010			Q3 2010			Q2 2010			Q1 2010			Q4 2009			Q3 2009			Q2 2009			Q1 2009			Q4 2008
UNDERWRITING REVENUES
Gross written premiums		$412.8			$415.8			$545.4			$702.8			$405.7			$490.3			$534.3			$636.8			$435.4
Premiums ceded		(17.6	)		(38.8	)		(6.6	)		(122.7	)		(22.3	)		(28.2	)		(49.6	)		(130.2	)		(29.3	)
Net written premiums		395.2			377.0			538.8			580.1			383.4			462.1			484.7			506.6			406.1
Change in unearned premiums		104.5			74.7			(58.9	)		(112.5	)		92.8			8.8			(56.1	)		(59.3	)		72.5
Net earned premiums		499.7			451.7			479.9			467.6			476.2			470.9			428.6			447.3			478.6
UNDERWRITING EXPENSES
Losses and loss expenses		307.4			285.8			276.7			378.8			227.5			235.1			234.7			250.8			310.6
Acquisition expenses		90.6			75.6			77.8			84.5			95.1			79.6			80.8			78.6			87.5
General, administrative and corporate expenses		78.5			65.0			62.6			52.5			80.3			63.7			59.9			48.5			48.6
Total underwriting expenses		476.5			426.4			417.1			515.8			402.9			378.4			375.4			377.9			446.7
Underwriting income/(loss) including corporate expenses		23.2			25.3			62.8			(48.2	)		73.3			92.5			53.2			69.4			31.9
OTHER OPERATING REVENUE
Net investment income		57.0			58.1			57.5			59.4			58.2			58.9			72.2			59.2			10.3
Interest expense		(4.8	)		(3.9	)		(4.0	)		(3.8	)		(3.8	)		(3.9	)		(4.0	)		(3.9	)		(3.9	)
Total other operating revenue		52.2			54.2			53.5			55.6			54.4			55.0			68.2			55.3			6.4
Other income/(expense)		10.1			(1.9	)		1.6			(0.9	)		0.9			1.1			0.7			(2.7	)		(0.5	)
OPERATING INCOME BEFORE TAX		85.5			77.6			117.9			6.5			128.6			148.6			122.1			122.0			37.8
OTHER
Net realized and unrealized exchange gains/(losses)		(0.1	)		3.4			(2.6	)		1.5			(6.7	)		7.9			3.1			(2.3	)		(4.8	)
Net realized and unrealized investment gains/(losses)		10.5			22.1			5.7			12.3			4.2			14.6			4.8			(12.2	)		8.4
INCOME BEFORE TAX		95.9			103.1			121.0			20.3			126.1			171.1			130.0			107.5			41.4
Income tax (expense)/recovery		(3.2	)		(10.3	)		(12.1	)		(2.0	)		0.2			(25.3	)		(19.6	)		(16.1	)		(19.6	)
NET INCOME AFTER TAX		92.7			92.8			108.9			18.3			126.3			145.8			110.4			91.4			21.8
Dividends paid on ordinary shares		(11.5	)		(11.5	)		(11.7	)		(11.8	)		(12.6	)		(12.6	)		(12.3	)		(12.3	)		(12.3	)
Dividend paid on preference shares		(5.7	)		(5.7	)		(5.7	)		(5.7	)		(5.5	)		(5.6	)		(5.8	)		(6.9	)		(6.9	)
Retained income		$75.5			$75.6			$91.5			$0.8			$108.2			$127.6			$92.3			$72.2			$2.6
Components of net income after tax
Operating income		$85.0			$69.7			$104.9			$6.1			$129.2			$125.6			$103.8			$105.7			$20.5
Net realized and unrealized exchange gains/(losses) after tax		0.2			3.0			(1.3	)		1.0			(6.7	)		7.9			3.1			(2.3	)		(4.8	)
Net realized and unrealized investment gains/(losses) after tax		7.5			20.1			5.3			11.2			3.8			12.3			3.5			(12.0	)		6.1
NET INCOME AFTER TAX		$92.7			$92.8			$108.9			$18.3			$126.3			$145.8			$110.4			$91.4			$21.8
Loss ratio		61.5%			63.3%			57.7%			81.0%			47.8%			49.9%			54.8%			56.1%			64.9%
Policy acquisition expense ratio		18.1%			16.7%			16.2%			18.1%			20.0%			16.9%			18.9%			17.6%			18.3%
Operating and administrative expense ratio		15.7%			14.4%			13.0%			11.2%			16.9%			13.5%			14.0%			10.8%			10.2%
Expense ratio		33.8%			31.1%			29.2%			29.3%			36.9%			30.4%			32.9%			28.4%			28.5%
Combined ratio		95.3%			94.4%			86.9%			110.3%			84.7%			80.3%			87.7%			84.5%			93.4%
Basic earnings per share(1)		$1.18			$1.14			$1.34			$0.16			$1.45			$1.69			$1.26			$1.42			$0.18
Diluted earnings per share		$1.12			$1.08			$1.28			$0.16			$1.40			$1.63			$1.22			$1.39			$0.18
Annualized return on average equity
Net income		13.2%			13.2%			16.4%			2.0%			18.4%			22.4%			17.6%			14.8%			2.8%
Operating income		12.0%			9.6%			15.6%			—			18.8%			19.2%			16.4%			17.6%			2.4%

See pages 7, 26 and 28 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

	Twelve Months Ended December 31,
(in US$ millions except for percentages)	2010			2009			2008
UNDERWRITING REVENUES
Gross written premiums		$2,076.8			$2,067.1			$2,001.7
Premiums ceded		(185.7	)		(230.3	)		(166.2	)
Net written premiums		1,891.1			1,836.8			1,835.5
Change in unearned premiums		7.8			(13.8	)		(133.8	)
Net earned premiums		1,898.9			1,823.0			1,701.7
UNDERWRITING EXPENSES
Losses and loss expenses		1,248.7			948.1			1,119.5
Acquisition expenses		328.5			334.1			299.3
General, administrative and corporate expenses		258.6			252.4			208.1
Total underwriting expenses		1,835.8			1,534.6			1,626.9
Underwriting income including corporate expenses		63.1			288.4			74.8
OTHER OPERATING REVENUE
Net investment income		232.0			248.5			139.2
Interest expense		(16.5	)		(15.6	)		(15.6	)
Total other operating revenue		215.5			232.9			123.6
Other income/(expense)		8.9			—			(2.1	)
OPERATING INCOME BEFORE TAX		287.5			521.3			196.3
OTHER
Net realized and unrealized exchange gains/(losses)		2.2			2.0			(8.2	)
Net realized and unrealized investment gains/(losses)		50.6			11.4			(47.9	)
INCOME BEFORE TAX		340.3			534.7			140.2
Income tax expense		(27.6	)		(60.8	)		(36.4	)
NET INCOME AFTER TAX		312.7			473.9			103.8
Dividends paid on ordinary shares		(46.5	)		(49.8	)		(50.2	)
Dividends paid on preference shares		(22.8	)		(23.8	)		(27.7	)
Retained income		$243.4			$400.3			$25.9
Components of net income after tax
Operating income		$265.7			$464.3			$151.5
Net realized and unrealized exchange gains/(losses) after tax		2.9			2.0			(8.2	)
Net realized and unrealized investment gains/(losses) after tax		44.1			7.6			(39.5	)
NET INCOME AFTER TAX		$312.7			$473.9			$103.8
Loss ratio		65.8%			52.0%			65.8%
Policy acquisition expense ratio		17.3%			18.3%			17.6%
Operating and administrative expense ratio		13.6%			13.8%			12.2%
Expense ratio		30.9%			32.1%			29.8%
Combined ratio		96.7%			84.1%			95.6%

See pages 7, 26 and 28 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

4

Aspen Insurance Holdings Limited
Consolidated Balance Sheets

	December 31,		September 30,		June 30,		March 31,		December 31,
(in US$ millions, except for per share amounts)	2010		2010		2010		2010		2009
ASSETS
Investments
Fixed income maturities		$5,766.6		$5,963.1		$5,753.6		$5,661.8		$5,598.0
Other investments		30.0		28.7		27.8		27.5		27.3
Short-term investments		289.7		299.5		304.3		251.9		371.7
Total investments		6,086.3		6,291.3		6,085.7		5,941.2		5,997.0
Cash and cash equivalents		1,179.1		914.3		726.1		701.4		748.4
Reinsurance recoverables
Unpaid losses		279.9		263.8		247.6		262.9		321.5
Ceded unearned premiums		62.4		43.4		106.2		210.2		103.8
Receivables
Underwriting premiums		821.7		880.7		981.0		914.0		708.3
Other		67.9		81.9		73.4		62.2		64.1
Funds withheld		83.3		79.0		83.5		73.6		85.1
Deferred policy acquisition costs		166.8		187.2		201.2		202.7		165.5
Derivatives at fair value		6.8		1.5		4.3		4.9		6.7
Receivable for securities sold		0.2		2.1		16.9		13.5		11.9
Office properties and equipment		34.8		32.3		28.4		27.6		27.5
Other assets		21.9		20.7		16.0		14.9		9.2
Intangible assets		21.0		21.4		11.5		12.0		8.2
Total assets		$8,832.1		$8,819.6		$8,581.8		$8,441.1		$8,257.2
LIABILITIES
Insurance reserves
Losses and loss adjustment expenses		$3,820.5		$3,672.2		$3,485.7		$3,452.0		$3,331.1
Unearned premiums		859.0		951.6		1,061.2		1,107.8		907.6
Total insurance reserves		4,679.5		4,623.8		4,546.9		4,559.8		4,238.7
Payables
Reinsurance premiums		113.7		141.9		159.3		193.2		110.8
Taxation		60.2		91.7		74.2		77.4		94.2
Accrued expenses and other payables		238.0		268.0		242.3		213.5		249.3
Liabilities under derivative contracts		—		3.8		5.6		7.4		9.2
Total payables		411.9		505.4		481.4		491.5		463.5
Long-term debt		498.8		249.7		249.6		249.6		249.6
Total liabilities		5,590.2		5,378.9		5,277.9		5,300.9		4,951.8
SHAREHOLDERS’ EQUITY
Ordinary shares		0.1		0.1		0.1		0.1		0.1
Minority interest		0.5		0.6		—		—		—
Preference shares		—		—		—		—		—
Additional paid-in capital		1,388.3		1,561.5		1,566.2		1,565.0		1,763.0
Retained earnings		1,528.7		1,452.9		1,377.3		1,285.8		1,285.0
Accumulated other comprehensive income, net of taxes		324.3		425.6		360.3		289.3		257.3
Total shareholders’ equity		3,241.9		3,440.7		3,303.9		3,140.2		3,305.4
Total liabilities and shareholders’ equity		$8,832.1		$8,819.6		$8,581.8		$8,441.1		$8,257.2
Book value per ordinary share		$40.96		$40.28		$38.46		$36.25		$35.42

See pages 7, 26 and 28 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				Twelve Months Ended
	December 31,		December 31,		December 31,		December 31,
(in US$ except for number of shares)	2010		2009		2010		2009
Basic earnings per ordinary share
Net income adjusted for preference share dividend and cancellation of preference shares		$1.18		$1.45		$3.80		$5.82
Operating income adjusted for preference share dividend		$1.08		$1.48		$3.18		$5.33
Diluted earnings per ordinary share
Net income adjusted for preference share dividend and cancellation of preference shares		$1.12		$1.40		$3.62		$5.64
Operating income adjusted for preference share dividend		$1.02		$1.44		$3.03		$5.16
Weighted average number of ordinary shares outstanding (in millions)		73.996		83.239		76.343		82.698
Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)		77.733		86.412		80.016		85.327
Book value per ordinary share		$40.96		$35.42		$40.96		$35.42
Diluted book value per ordinary share (treasury stock method)		$38.90		$34.14		$38.90		$34.14
Ordinary shares outstanding at end of the period (in millions)		70.508		83.328		70.508		83.328
Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (treasury stock method) (in millions)		74.253		86.465		74.253		86.465

See pages 7, 26 and 28 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						Twelve Months Ended
(in US$ millions except for percentages)	December 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009
Average shareholders’ equity for the quarter and the year to date		$3,341.3			$3,258.8			$3,288.4			$3,016.9
Average preference shares for the quarter and the year to date		(353.6	)		(353.6	)		(353.6	)		(368.7	)
Average cumulative foreign currency translation adjustments, net of taxes, for the quarter and the year to date		(111.8	)		(98.4	)		(109.5	)		(86.2	)
Average unrealized (appreciation)/depreciation on investments, net of taxes, for the quarter and the year to date		(263.2	)		(167.6	)		(228.1	)		(109.6	)
Average equity		$2,612.7			$2,639.2			$2,597.2			$2,452.4
Return on average equity:
Net income adjusted for preference share dividend		3.3%			4.6%			11.2%			18.4%
Operating income adjusted for preference share dividend		3.0%			4.7%			9.4%			18.0%
Annualized return on average equity:
Net income		13.2%			18.4%			11.2%			18.4%
Operating income		12.0%			18.8%			9.4%			18.0%
Components of return on average equity:
Return on average equity from underwriting activity (1)		0.9%			2.8%			2.4%			11.8%
Return on average equity from investment and other activity (2)		2.2%			1.9%			7.8%			8.5%
Pre-tax operating income return on average equity		3.1%			4.7%			10.2%			20.3%
Post-tax operating income return on average equity (3)		3.0%			4.7%			9.4%			18.0%

See pages 7, 26 and 28 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

1.   Calculated by using underwriting income.

2.   Calculated by using total other operating revenue and other income/expense adjusted for preference share dividend.

3.   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 A7. 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 December 31, 2010								Three Months Ended December 31, 2009
(in US$ millions except for percentages)	Reinsurance		Insurance			Total			Reinsurance		Insurance		Total
Gross written premiums		$152.8		$260.0			$412.8			$169.7		$236.0		$405.7
Net written premiums		148.5		246.7			395.2			158.3		225.1		383.4
Gross earned premiums		303.9		246.5			550.4			306.5		222.2		528.7
Net earned premiums		292.1		207.6			499.7			289.0		187.2		476.2
Losses and loss expenses		146.8		160.6			307.4			115.3		112.2		227.5
Policy acquisition expenses		58.8		31.8			90.6			62.1		33.0		95.1
Operating and administrative expenses		32.8		33.5			66.3			30.3		30.0		60.3
Underwriting income/(loss)		$53.7		$(18.3	)		$35.4			$81.3		$12.0		$93.3
Net investment income							57.0							58.2
Net realized gains/(losses)							10.5							4.2
Corporate (expenses)							(12.2	)						(20.0	)
Other income							10.1							0.9
Interest (expenses)							(4.8	)						(3.8	)
Net foreign exchange gains/(losses)							(0.1	)						(6.7	)
Income before income taxes							95.9							126.1
Income tax (expense)/recovery							(3.2	)						0.2
Net income							$92.7							$126.3
Ratios
Loss ratio		50.3%		77.4%			61.5%			39.9%		59.9%		47.8%
Policy acquisition expense ratio		20.1%		15.3%			18.1%			21.5%		17.6%		20.0%
Operating and administrative expense ratio		11.2%		16.1%			15.7%			10.5%		16.0%		16.9%
Expense ratio		31.3%		31.4%			33.8%			32.0%		33.6%		36.9%
Combined ratio		81.6%		108.8%			95.3%			71.9%		93.5%		84.7%

9

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 A7. 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.

	Twelve Months Ended December 31, 2010								Twelve Months Ended December 31, 2009
(in US$ millions except for percentages)	Reinsurance		Insurance			Total			Reinsurance		Insurance		Total
Gross written premiums		$1,162.2		$914.6			$2,076.8			$1,176.0		$891.1		$2,067.1
Net written premiums		1,118.5		772.6			1,891.1			1,116.7		720.1		1,836.8
Gross earned premiums		1,186.4		907.9			2,094.3			1,164.4		871.0		2,035.4
Net earned premiums		1,141.8		757.1			1,898.9			1,108.1		714.9		1,823.0
Losses and loss expenses		693.5		555.2			1,248.7			467.3		480.8		948.1
Policy acquisition expenses		202.4		126.1			328.5			214.6		119.5		334.1
Operating and administrative expenses		112.3		99.4			211.7			97.5		100.7		198.2
Underwriting income/(loss)		$133.6		$(23.6	)		$110.0			$328.7		$13.9		$342.6
Net investment income							232.0							248.5
Net realized gains/(losses)							50.6							11.4
Corporate (expenses)							(46.9	)						(54.2	)
Other income							8.9							—
Interest (expenses)							(16.5	)						(15.6	)
Net foreign exchange gains/(losses)							2.2							2.0
Income before income taxes							340.3							534.7
Income tax (expense)							(27.6	)						(60.8	)
Net income							$312.7							$473.9
Ratios
Loss ratio		60.7%		73.3%			65.8%			42.2%		67.3%		52.0%
Policy acquisition expense ratio		17.7%		16.7%			17.3%			19.4%		16.7%		18.3%
Operating and administrative expense ratio		9.8%		13.1%			13.6%			8.8%		14.1%		13.8%
Expense ratio		27.5%		29.8%			30.9%			28.2%		30.8%		32.1%
Combined ratio		88.2%		103.1%			96.7%			70.4%		98.1%		84.1%

10

Aspen Insurance Holdings Limited

Reinsurance Segment — Quarterly Results

(in US$ millions except for percentages)	Q4 2010		Q3 2010		Q2 2010		Q1 2010			Q4 2009		Q3 2009		Q2 2009		Q1 2009
Gross written premiums		$152.8		$236.0		$283.3		$490.1			$169.7		$296.1		$257.4		$452.8
Net written premiums		148.5		229.6		279.1		461.3			158.3		289.3		255.8		413.3
Gross earned premiums		303.9		277.9		302.7		301.9			306.5		301.4		268.8		287.7
Net earned premiums		292.1		267.5		291.2		291.0			289.0		288.4		255.5		275.2
Net losses and loss expenses		146.8		143.5		146.4		256.8			115.3		127.1		102.8		122.1
Policy acquisition expenses		58.8		43.9		47.3		52.4			62.1		49.3		51.8		51.4
Operating and administrative expenses		32.8		27.1		30.1		22.3			30.3		25.7		23.1		18.4
Underwriting income/(loss)		$53.7		$53.0		$67.4		$(40.5	)		$81.3		$86.3		$77.8		$83.3
Ratios
Loss ratio		50.3%		53.6%		50.3%		88.2%			39.9%		44.1%		40.2%		44.4%
Policy acquisition expense ratio		20.1%		16.4%		16.2%		18.0%			21.5%		17.1%		20.3%		18.7%
Operating and administrative expense ratio		11.2%		10.1%		10.3%		7.7%			10.5%		8.9%		9.0%		6.7%
Expense ratio		31.3%		26.5%		26.5%		25.7%			32.0%		26.0%		29.3%		25.4%
Combined ratio		81.6%		80.1%		76.8%		113.9%			71.9%		70.1%		69.5%		69.8%

11

Aspen Insurance Holdings Limited

Insurance Segment — Quarterly Results

(in US$ millions except for percentages)	Q4 2010			Q3 2010			Q2 2010		Q1 2010		Q4 2009		Q3 2009		Q2 2009			Q1 2009
Gross written premiums		$260.0			$179.8			$262.1		$212.7		$236.0		$194.2		$276.9			$184.0
Net written premiums		246.7			147.4			259.7		118.8		225.1		172.8		228.9			93.3
Gross earned premiums		246.5			225.4			220.8		215.2		222.2		220.8		222.5			205.5
Net earned premiums		207.6			184.2			188.7		176.6		187.2		182.5		173.1			172.1
Net losses and loss expenses		160.6			142.3			130.3		122.0		112.2		108.0		131.9			128.7
Policy acquisition expenses		31.8			31.7			30.5		32.1		33.0		30.3		29.0			27.2
Operating and administrative expenses		33.5			23.6			21.9		20.4		30.0		23.3		27.1			20.3
Underwriting (loss)/income		$(18.3	)		$(13.4	)		$6.0		$2.1		$12.0		$20.9		$(14.9	)		$(4.1	)
Ratios
Loss ratio		77.4%			77.3%			69.1%		69.1%		59.9%		59.2%		76.2%			74.8%
Policy acquisition expense ratio		15.3%			17.2%			16.2%		18.2%		17.6%		16.6%		16.8%			15.8%
Operating and administrative expense ratio		16.1%			12.8%			11.6%		11.6%		16.0%		12.8%		15.7%			11.8%
Expense ratio		31.4%			30.0%			27.8%		29.8%		33.6%		29.4%		32.5%			27.6%
Combined ratio		108.8%			107.3%			96.9%		98.9%		93.5%		88.6%		108.7%			102.4%

12

Aspen Insurance Holdings Limited

Gross Written Premiums by Segment And Line Of Business

(in US$ millions)	Q4 2010		Q3 2010		Q2 2010		Q1 2010		Q4 2009			Q3 2009		Q2 2009			Q1 2009
Gross Written Premium
Reinsurance
Property Catastrophe Reinsurance		$4.2		$51.3		$91.2		$146.2		$0.9			$58.1		$78.5			$116.7
Other Property Reinsurance		48.2		66.3		80.7		73.7		63.9			75.5		85.8			88.8
Casualty Reinsurance		44.5		70.0		51.5		174.5		50.3			79.1		46.7			175.8
Specialty Reinsurance		55.9		48.4		59.9		95.7		54.6			83.4		46.4			71.5
Total Reinsurance		$152.8		$236.0		$283.3		$490.1		$169.7			$296.1		$257.4			$452.8
Insurance
Property Insurance		$28.7		$37.0		$69.3		$36.7		$28.5			$30.5		$54.9			$25.3
Casualty Insurance		42.7		23.6		44.7		37.2		47.9			53.1		52.9			42.2
Marine, Energy and Transportation Insurance		136.3		70.1		118.1		110.6		124.9			75.0		149.4			94.1
Financial and Professional Lines Insurance		52.3		49.1		30.0		28.2		34.7			35.6		19.7			22.4
Total Insurance		$260.0		$179.8		$262.1		$212.7		$236.0			$194.2		$276.9			$184.0
Total Gross Written Premiums		$412.8		$415.8		$545.4		$702.8		$405.7			$490.3		$534.3			$636.8
Net Written Premium
Reinsurance
Property Catastrophe Reinsurance		$3.9		$45.4		$88.1		$130.9		$(3.7	)		$48.3		$76.6			$87.2
Other Property Reinsurance		46.1		65.3		79.6		65.5		57.6			76.1		86.1			80.0
Casualty Reinsurance		44.5		70.0		51.3		169.6		51.0			81.5		46.6			174.8
Specialty Reinsurance		54.0		48.9		60.1		95.3		53.4			83.4		46.5			71.3
Total Reinsurance		$148.5		$229.6		$279.1		$461.3		$158.3			$289.3		$255.8			$413.3
Insurance
Property Insurance		$25.3		$30.7		$62.4		$14.9		$19.5			$23.9		$45.4			$(1.9	)
Casualty Insurance		36.4		20.6		41.7		27.4		36.7			45.2		45.1			36.4
Marine, Energy and Transportation Insurance		136.0		57.5		130.8		70.3		125.4			68.9		144.4			55.4
Financial and Professional Lines Insurance		49.0		38.6		24.8		6.2		43.5			34.8		(6.0	)		3.4
Total Insurance		$246.7		$147.4		$259.7		$118.8		$225.1			$172.8		$228.9			$93.3
Total Net Written Premiums		$395.2		$377.0		$538.8		$580.1		$383.4			$462.1		$484.7			$506.6
Net Earned Premium
Reinsurance
Property Catastrophe Reinsurance		$63.1		$66.5		$66.2		$70.6		$49.8			$55.3		$52.7			$49.4
Other Property Reinsurance		63.0		61.0		67.8		63.5		79.3			67.4		68.9			81.2
Casualty Reinsurance		90.0		84.8		90.3		89.0		93.3			94.6		87.7			96.6
Specialty Reinsurance		76.0		55.2		66.9		67.9		66.6			71.1		46.2			48.0
Total Reinsurance		$292.1		$267.5		$291.2		$291.0		$289.0			$288.4		$255.5			$275.2
Insurance
Property Insurance		$31.0		$33.2		$30.1		$25.8		$17.3			$21.9		$19.1			$18.9
Casualty Insurance		26.7		24.9		39.8		38.9		42.7			43.6		43.2			46.2
Marine, Energy and Transportation Insurance		124.3		94.6		97.4		94.3		103.8			98.1		99.7			88.0
Financial and Professional Lines Insurance		25.6		31.5		21.4		17.6		23.4			18.9		11.1			19.0
Total Insurance		$207.6		$184.2		$188.7		$176.6		$187.2			$182.5		$173.1			$172.1
Total Net Earned Premiums		$499.7		$451.7		$479.9		$467.6		$476.2			$470.9		$428.6			$447.3

13

Aspen Insurance Holdings Limited

Accident Year Loss Ratios

	Three Months Ended December 31, 2010									Three Months Ended December 31, 2009
	Reinsurance			Insurance			Total			Reinsurance			Insurance			Total
Before Accident Year Adjustment
Loss ratio		50.3%			77.4%			61.5%			39.9%			59.9%			47.8%
Policy acquisition expense ratio		20.1%			15.3%			18.1%			21.5%			17.6%			20.0%
Operating and administrative expense ratio		11.2%			16.1%			15.7%			10.5%			16.0%			16.9%
Expense ratio		31.3%			31.4%			33.8%			32.0%			33.6%			36.9%
Combined ratio		81.6%			108.8%			95.3%			71.9%			93.5%			84.7%
Accident Year Adjustment
Loss ratio		13.1%			(7.7%	)		4.5%			10.2%			(3.9%	)		5.1%
Policy acquisition expense ratio		(3.6%	)		0.4%			(1.9%	)		(0.1%	)		0.2%			—
Operating and administrative expense ratio		0.2%			1.1%			0.5%			0.8%			0.6%			0.9%
Expense ratio		(3.4%	)		1.5%			(1.4%	)		0.7%			0.8%			0.9%
Combined ratio		9.7%			(6.2%	)		3.1%			10.9%			(3.1%	)		6.0%
Accident Year Ratios
Current accident year loss ratio		63.4%			69.7%			66.0%			50.1%			56.0%			52.9%
Policy acquisition expense ratio		16.5%			15.7%			16.2%			21.4%			17.8%			20.0%
Operating and administrative expense ratio		11.4%			17.2%			16.2%			11.3%			16.6%			17.8%
Expense ratio		27.9%			32.9%			32.4%			32.7%			34.4%			37.8%
Combined ratio		91.3%			102.6%			98.4%			82.8%			90.4%			90.7%

14

Aspen Insurance Holdings Limited

Accident Year Loss Ratios

	Twelve Months Ended December 31, 2010									Twelve Months Ended December 31, 2009
	Reinsurance			Insurance			Total			Reinsurance			Insurance			Total
Before Accident Year Adjustment
Loss ratio		60.7%			73.3%			65.8%			42.2%			67.3%			52.0%
Policy acquisition expense ratio		17.7%			16.7%			17.3%			19.4%			16.7%			18.3%
Operating and administrative expense ratio		9.8%			13.1%			13.6%			8.8%			14.1%			13.8%
Expense ratio		27.5%			29.8%			30.9%			28.2%			30.8%			32.1%
Combined ratio		88.2%			103.1%			96.7%			70.4%			98.1%			84.1%
Accident Year Adjustment
Loss ratio		7.0%			(4.3%	)		2.5%			9.7%			(0.7%	)		5.7%
Policy acquisition expense ratio		(1.0%	)		—			(0.6%	)		(0.3%	)		0.1%			(0.1%	)
Operating and administrative expense ratio		0.2%			0.4%			0.3%			0.1%			0.5%			0.3%
Expense ratio		(0.8%	)		0.4%			(0.3%	)		(0.2%	)		0.6%			0.2%
Combined ratio		6.2%			(3.9%	)		2.2%			9.5%			(0.1%	)		5.9%
Accident Year Ratios
Current accident year loss ratio		67.7%			69.0%			68.3%			51.9%			66.6%			57.7%
Policy acquisition expense ratio		16.7%			16.7%			16.7%			19.1%			16.8%			18.2%
Operating and administrative expense ratio		10.0%			13.5%			13.9%			8.9%			14.6%			14.1%
Expense ratio		26.7%			30.2%			30.6%			28.0%			31.4%			32.3%
Combined ratio		94.4%			99.2%			98.9%			79.9%			98.0%			90.0%

15

Aspen Insurance Holdings Limited

Consolidated Statements of Changes in Shareholders’ Equity

	Twelve Months Ended December 31,
(in US$ millions)	2010			2009
Ordinary shares
Beginning and end of period		$0.1		$	0.1
Preference shares
Beginning and end of period		—			—
Minority Interest
Beginning of period		—			—
Introductory capital		0.8			—
Change in Minority Interest for the year		(0.3	)		—
End of period		0.5			—
Additional paid-in capital
Beginning of period		1,763.0			1,754.8
New shares issued		20.3			25.1
Ordinary shares repurchased		(407.8	)		—
Preference shares repurchased		—			(34.1	)
Share-based compensation		12.8			17.2
End of period		1,388.3			1,763.0
Retained earnings
Beginning of period		1,285.0			884.7
Net income for the period		312.7			473.9
Dividends paid on ordinary and preference shares		(69.3	)		(73.6	)
Proportion of net (income)/loss due to Minority Interest		0.3			—
End of period		1,528.7			1,285.0
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			15.8
End of period		113.4			103.4
Loss on derivatives:
Beginning of period		(1.2	)		(1.4	)
Reclassification to interest payable		0.2			0.2
End of period		(1.0	)		(1.2	)
Unrealized appreciation (depreciation) on investments, net of taxes:
Beginning of period		155.1			53.3
Change for the period		56.8			101.8
End of period		211.9			155.1
Total accumulated other comprehensive income		324.3			257.3
Total shareholders’ equity		$3,241.9		$	3,305.4

16

Aspen Insurance Holdings Limited

Consolidated Statements of Comprehensive Income

	Three Months Ended December 31,						Twelve Months Ended December 31,
(in US$ millions)	2010			2009			2010			2009
Net income		$92.7		$	126.3		$	312.7		$	473.9
Other comprehensive income/(loss), net of taxes:
Available for sale investments:
Reclassification adjustment for net realized (gains)/losses included in net income		(10.3	)		(11.2	)		(21.0	)		3.8
Change in net unrealized gains and losses on available for sale securities held		(94.3	)		(16.3	)		77.8			98.0
Loss on derivatives reclassified to interest expense		—			0.1			0.2			0.2
Change in foreign currency translation adjustment		3.3			10.1			10.0			15.8
Other comprehensive income/(loss)		(101.3	)		(17.3	)		67.0			117.8
Comprehensive income		$(8.6	)	$	109.0		$	379.7		$	591.7

17

Aspen Insurance Holdings Limited

Condensed Consolidated Statements of Cash Flows

	Three Months Ended December 31,						Twelve Months Ended December 31,
(in US$ millions)	2010			2009			2010			2009
Net cash from/(used in) operating activities		$122.3		$	157.5		$	624.6		$	646.6
Net cash from/(used in) investing activities		98.7			(345.8	)		17.6			(682.4	)
Net cash from/(used in) financing activities		52.4			(18.1	)		(207.1	)		(82.6	)
Effect of exchange rate movements on cash and cash equivalents		(8.6	)		6.0			(4.4	)		57.7
Increase/(decrease) in cash and cash equivalents		264.8			(200.4	)		430.7			(60.7	)
Cash at beginning of period		914.3			948.8			748.4			809.1
Cash at end of period		$1,179.1		$	748.4		$	1,179.1		$	748.4

18

Aspen Insurance Holdings Limited

Reserves for Losses and Loss Expenses

	As At			As At
	December 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		(35.5	)		(10.0	)
Provision for losses and loss expenses for claims incurred
Current period		1,270.1			1,032.5
Prior period release		(21.4	)		(84.4	)
Total incurred		1,248.7			948.1
Losses and loss expense payments for claims incurred		(666.8	)		(808.6	)
Foreign exchange (gains)/losses		(15.4	)		93.1
Net loss and loss expense reserves at end of period		3,540.6			3,009.6
Reinsurance recoverables on unpaid losses at end of period		279.9			321.5
Gross loss and loss expense reserves at end of period		$3,820.5		$	3,331.1

19

Aspen Insurance Holdings Limited

Reserves By Operating Segment

	As At December 31, 2010							As At December 31, 2009
			Reinsurance							Reinsurance
(in US$ millions)	Gross		Recoverables			Net		Gross		Recoverables			Net
Reinsurance		$2,304.6		$(60.7	)		$2,243.9		$2,069.4		$(81.0	)		$1,988.4
Insurance		1,515.9		(219.2	)		1,296.7		1,261.7		(240.5	)		1,021.2
Total losses and loss expense reserves		$3,820.5		$(279.9	)		$3,540.6		$3,331.1		$(321.5	)		$3,009.6

20

Aspen Insurance Holdings Limited

Prior Year Reserve Releases

	Three Months Ended								Three Months Ended
	December 31, 2010								December 31, 2009
				Reinsurance								Reinsurance
(in US$ millions)	Gross			Recoverables		Net			Gross			Recoverables			Net
Reinsurance		$34.1			$2.0		$36.1			$23.6			$(0.9	)		$22.7
Insurance		(48.6	)		25.1		(23.5	)		(28.6	)		19.3			(9.3	)
(Strengthening)/release in reserves for prior years during the period		$(14.5	)		$27.1		$12.6			$(5.0	)		$18.4			$13.4

	Twelve Months Ended									Twelve Months Ended
	December 31, 2010									December 31, 2009
				Reinsurance									Reinsurance
	Gross			Recoverables			Net			Gross			Recoverables		Net
Reinsurance		$66.4			$(0.8	)		$65.6			$99.2			$4.6		$103.8
Insurance		(73.6	)		29.4			(44.2	)		(70.8	)		51.4		(19.4	)
(Strengthening)/release in reserves for prior years during the period		$(7.2	)		$28.6			$21.4			$28.4			$56.0		$84.4

21

Aspen Insurance Holdings Limited

Ratings of Reinsurers

(in US$ millions except for percentages)	As at December 31, 2010			As at December 31, 2009
S&P
AAA		$—	—		$11.8	3.7%
AA+		7.5	2.7%		—	—
AA−		73.4	26.2%		76.0	23.6%
A+		133.0	47.5%		173.9	54.1%
A		12.9	4.6%		10.9	3.3%
A−		11.3	4.1%		12.5	3.9%
BBB+		2.5	0.9%		—	—
BBB+		0.6	0.2%		—	—
Fully collateralized		—	—		0.5	0.2%
Not rated		38.7	13.8%		35.9	11.2%
		$279.9	100.0%		$321.5	100.0%
A.M. Best
A++		$7.5	2.7%		$13.2	4.1%
A+		74.0	26.4%		57.0	17.7%
A		173.5	62.0%		226.2	70.4%
A−		15.7	5.6%		21.3	6.6%
F		0.7	0.3%		—	—
Fully collateralized		—	—		0.5	0.2%
Not rated		8.5	3.0%		3.3	1.0%
		$279.9	100.0%		$321.5	100.0%

22

Aspen Insurance Holdings Limited
Consolidated Investment Portfolio

	As At December 31, 2010
			Gross		Gross					As At		As At		As At		As At		As At
	Amortized		Unrealized		Unrealized					December 31,		September 30,		June 30,		March 31,		December 31,
(in US$ millions except for percentages)	Cost		Gains		Losses			Fair Value		2010		2010		2010		2010		2009
Marketable Securities — Available For Sale
U.S. government securities		$701.5		$25.5		$(1.6	)		$725.4		9.9%		10.9%		10.4%		9.7%		7.5%
U.S. agency securities		278.7		23.6		—			302.3		4.1%		4.8%		5.0%		5.2%		5.7%
Municipal securities		31.1		0.4		(0.8	)		30.7		0.4%		0.4%		0.6%		0.4%		0.3%
Corporate securities		2,208.4		121.0		(3.7	)		2,325.7		31.8%		33.3%		33.8%		33.4%		33.3%
Foreign government securities		601.0		16.9		(1.0	)		616.9		8.4%		8.2%		7.9%		8.4%		7.7%
Asset-backed securities		54.0		4.8		—			58.8		0.8%		1.1%		1.1%		1.3%		1.7%
Mortgage-backed securities		1,246.1		57.1		(2.6	)		1,300.6		17.8%		17.8%		19.6%		20.7%		21.1%
Total fixed income maturities		5,120.8		249.3		(9.7	)		5,360.4		73.2%		76.5%		78.4%		79.1%		77.3%
Short-term investments		286.1		—		(0.1	)		286.0		3.9%		4.1%		4.4%		3.8%		5.4%
Total Available For Sale		$5,406.9		$249.3		$(9.8	)		$5,646.4		77.1%		80.6%		82.8%		82.9%		82.7%
Marketable Securities — Trading
U.S. government securities		$48.9		$0.1		$(0.7	)		$48.3		0.7%		0.6%		0.4%		0.1%		0.1%
U.S. agency securities		0.5		—		—			0.5		—		—		—		—		—
Municipal securities		3.2		0.1		—			3.3		0.1%		—		—		—		—
Corporate securities		322.4		18.4		(1.0	)		339.8		4.6%		4.8%		4.8%		5.1%		4.8%
Foreign government securities		8.9		0.5		—			9.4		0.1%		0.1%		0.1%		0.1%		0.1%
Asset-backed securities		4.9		—		—			4.9		0.1%		0.1%		0.1%		0.1%		0.1%
Total fixed income maturities		388.8		19.1		(1.7	)		406.2		5.6%		5.6%		5.4%		5.4%		5.1%
Short-term investments		3.7		—		—			3.7		0.1%		—		—		—		—
Total Trading		$392.5		$19.1		$(1.7	)		$409.9		5.7%		5.6%		5.4%		5.4%		5.1%
Other investments									$30.0		0.4%		0.4%		0.4%		0.4%		0.4%
Cash									1,179.1		16.1%		12.6%		10.6%		10.5%		11.0%
Accrued interest									54.4		0.7%		0.8%		0.8%		0.8%		0.8%
Total Cash and Accrued Interest									$1,233.5		16.8%		13.4%		11.4%		11.3%		11.8%
Total Cash and Investments									$7,319.8		100.0%		100.0%		100.0%		100.0%		100.0%

23

Aspen Insurance Holdings Limited

Consolidated Investment Portfolio

	As At December 31, 2010				As At December 31, 2009
	Amortized		Fair Market		Amortized		Fair Market
(in US$ millions except for percentages)	Cost		Value		Cost		Value
Maturity of Available For Sale Portfolio
Due in one year or less		$337.7		$343.8		$296.4		$301.4
Due after one year through five years		2,236.3		2,330.9		2,057.1		2,133.2
Due after five years through ten years		1,146.6		1,222.2		1,094.2		1,143.5
Due after ten years		100.1		104.1		121.0		124.9
Subtotal		3,820.7		4,001.0		3,568.7		3,703.0
Non-agency residential mortgage-backed securities		—		—		34.2		42.2
Non-agency commercial mortgage-backed securities		119.7		128.1		178.5		180.0
Agency mortgage-backed securities		1,126.4		1,172.5		1,172.9		1,209.6
Other asset-backed securities		54.0		58.8		110.0		115.1
Total		$5,120.8		$5,360.4		$5,064.3		$5,249.9

24

Aspen Insurance Holdings Limited

Investment Analysis

(in US$ millions except for percentages)	Q4 2010			Q3 2010		Q2 2010		Q1 2010			Q4 2009			Q3 2009			Q2 2009			Q1 2009
Net investment income from fixed income investments and cash		$57.0			$58.1		$57.5		$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		57.0			58.1		57.5		59.4			58.2			58.9			72.2			59.2
Net realized investment gains		10.5			22.1		5.7		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)		(122.1	)		68.3		82.4		25.3			(33.1	)		106.3			41.7			3.3
Total return on investments		$(54.6	)		$148.5		$145.6		$97.0			$29.3			$179.8			$118.7			$50.3
Portfolio Characteristics
Fixed income portfolio book yield		3.70%			3.91%		4.05%		4.23%			4.22%			4.13%			4.43%			4.42%
Fixed income portfolio duration		3.3 years			3.1 years		3.0 years		3.3 years			3.3 years			3.3 years			3.2 years			2.9 years

25

Aspen Insurance Holdings Limited

Book Value Per Ordinary Share

(in US$ millions except for number of shares and per share amounts)	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009
Net assets		$3,241.9			$3,440.7			$3,303.9			$3,140.2			$3,305.4
Less: Preference shares		(353.6	)		(353.6	)		(353.6	)		(353.6	)		(353.6	)
Total		$2,888.3			$3,087.1			$2,950.3			$2,786.6			$2,951.8
Ordinary shares outstanding (in millions)		70.508			76.642			76.701			76.865			83.328
Ordinary shares and dilutive potential ordinary shares (in millions)		74.253			80.765			79.831			80.495			86.465
Book value per ordinary share		$40.96			$40.28			$38.46			$36.25			$35.42
Diluted book value per ordinary share (treasury stock method)		$38.90			$38.23			$36.96			$34.62			$34.14

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.

26

Aspen Insurance Holdings Limited

Diluted Share Analysis

	Three Months Ended December 31,				Twelve Months Ended December 31,
Weighted average ordinary shares outstanding (millions)	2010		2009		2010		2009
Basic		73.996		83.239		76.343		82.698
Dilutive share equivalents:
Employee options		0.870		0.925		0.874		0.775
Options issued to Appleby Trust (Bermuda) Limited (Names Trust)		0.451		0.362		0.430		0.275
Performance shares		2.061		1.703		2.071		1.396
Restricted share units		0.285		0.183		0.261		0.183
PIERS*		0.070		—		0.037		—
Weighted average diluted shares outstanding		77.733		86.412		80.016		85.327

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.

* Preferred Income Equity Replacement Securities (PIERS)

27

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						Twelve Months Ended
(in US$ millions except where stated)	December 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009
Net income as reported		$92.7			$126.3			$312.7			$473.9
Preference share dividends		(5.7	)		(5.5	)		(22.8	)		(23.8	)
Preference share repurchase gain		—			—			—			31.5
Net income available to ordinary shareholders		87.0			120.8			289.9			481.6
Add (deduct) after tax income:
Net foreign exchange (gains)/losses		(0.2	)		6.7			(2.9	)		(2.0	)
Net realized (gains)/losses on investments		(7.5	)		(3.8	)		(44.1	)		(7.6	)
Preference share repurchase gain		—			—			—			(31.5	)
Operating income after tax available to ordinary shareholders		79.3			123.7			242.9			440.5
Tax on operating income		0.5			(0.6	)		21.8			57.0
Operating income before tax available to ordinary shareholders		$79.8			$123.1			$264.7			$497.5
Weighted average ordinary shares outstanding (millions)
Basic		73.996			83.239			76.343			82.698
Dilutive share equivalents:
Employee options		0.870			0.925			0.874			0.775
Options issued to Appleby Trust (Bermuda) Limited (Names Trust)		0.451			0.362			0.430			0.275
Performance shares		2.061			1.703			2.071			1.396
Restricted share units		0.285			0.183			0.261			0.183
PIERS*		0.070			—			0.037			—
Weighted average diluted shares outstanding		77.733			86.412			80.016			85.327
Basic earnings per ordinary share
Net income adjusted for preference share dividend and preference share repurchase gain		$1.18			$1.45			$3.80			$5.82
Add (deduct) after tax income:
Net foreign exchange (gains)/losses		—			0.08			(0.04	)		(0.02	)
Net realized (gains)/losses on investments		(0.10	)		(0.05	)		(0.58	)		(0.09	)
Preference share repurchase gain		—			—			—			(0.38	)
Operating income adjusted for preference shares dividend		$1.08			$1.48			$3.18			$5.33
Diluted earnings per ordinary share
Net income adjusted for preference share dividend and preference share repurchase gain		$1.12			$1.40			$3.62			$5.64
Add (deduct) after tax income:
Net foreign exchange (gains)/losses		—			0.08			(0.04	)		(0.02	)
Net realized (gains)/losses on investments		(0.10	)		(0.04	)		(0.55	)		(0.09	)
Preference share repurchase gain		—			—			—			(0.37	)
Operating income adjusted for preference shares dividend		$1.02			$1.44			$3.03			$5.16

* Preferred Income Equity Replacement Securities (PIERS)

28

Aspen Insurance Holdings Limited
Appendix

Table Of Contents

	Page
Consolidated Underwriting Results By Previous Operating Segment — Quarterly		A-1
Consolidated Underwriting Results By Previous Operating Segment — Year to Date		A-2
Gross Written Premiums by Previous Segment and Line of Business		A-3
Accident Year Loss Ratios — Quarterly		A-4
Accident Year Loss Ratios — Year to Date		A-5
Reserves By Previous Operating Segment		A-6
Prior Year Reserve Releases		A-7

29

Aspen Insurance Holdings Limited

Consolidated Underwriting Results by Previous Operating Segment

	Three Months Ended December 31, 2010												Three Months Ended December 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		$74.4		$51.1			$257.5		$29.8			$412.8		$77.0		$65.8			$230.4		$32.5			$405.7
Net written premiums		74.4		51.1			245.8		23.9			395.2		67.2		66.5			227.6		22.1			383.4
Gross earned premiums		170.9		100.2			239.0		40.3			550.4		165.3		109.4			214.3		39.7			528.7
Net earned premiums		161.4		99.1			210.7		28.5			499.7		148.0		109.8			193.1		25.3			476.2
Losses and loss expenses		59.8		70.5			131.1		46.0			307.4		24.4		79.6			86.2		37.3			227.5
Policy acquisition expenses		34.2		18.6			32.3		5.5			90.6		34.7		21.6			33.7		5.1			95.1
Operating and administrative expenses		21.7		10.9			34.9		11.0			78.5		26.8		12.8			32.4		8.3			80.3
Underwriting income/(loss)		$45.7		$(0.9	)		$12.4		$(34.0	)		$23.2		$62.1		$(4.2	)		$40.8		$(25.4	)		$73.3
Ratios
Loss ratio		37.1%		71.1%			62.2%		161.4%			61.5%		16.5%		72.5%			44.6%		147.4%			47.8%
Policy acquisition expense ratio		21.2%		18.8%			15.3%		19.3%			18.1%		23.4%		19.7%			17.5%		20.2%			20.0%
Operating and administrative expense ratio		13.4%		11.0%			16.6%		38.6%			15.7%		18.1%		11.7%			16.8%		32.8%			16.9%
Expense ratio		34.6%		29.8%			31.9%		57.9%			33.8%		41.5%		31.4%			34.3%		53.0%			36.9%
Combined ratio		71.7%		100.9%			94.1%		219.3%			95.3%		58.0%		103.9%			78.9%		200.4%			84.7%

A-1

Aspen Insurance Holdings Limited

Consolidated Underwriting Results by Previous Operating Segment

	Twelve Months Ended December 31, 2010												Twelve Months Ended December 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		$651.1		$361.4			$908.3		$156.0			$2,076.8		$648.7		$408.1		$847.7		$162.6			$2,067.1
Net written premiums		618.8		356.3			790.8		125.2			1,891.1		591.1		410.0		723.4		112.3			1,836.8
Gross earned premiums		656.8		395.6			886.2		155.7			2,094.3		616.8		434.1		836.7		147.8			2,035.4
Net earned premiums		619.8		391.1			769.1		118.9			1,898.9		560.0		435.7		726.1		101.2			1,823.0
Losses and loss expenses		329.1		306.2			505.7		107.7			1,248.7		121.7		293.4		443.6		89.4			948.1
Policy acquisition expenses		116.3		63.7			123.9		24.6			328.5		111.8		82.7		122.6		17.0			334.1
Operating and administrative expenses		80.8		39.8			100.2		37.8			258.6		78.1		42.8		98.3		33.2			252.4
Underwriting income/(loss)		$93.6		$(18.6	)		$39.3		$(51.2	)		$63.1		$248.4		$16.8		$61.6		$(38.4	)		$288.4
Ratios
Loss ratio		53.1%		78.3%			65.8%		90.6%			65.8%		21.7%		67.3%		61.1%		88.3%			52.0%
Policy acquisition expense ratio		18.8%		16.3%			16.1%		20.7%			17.3%		20.0%		19.0%		16.9%		16.8%			18.3%
Operating and administrative expense ratio		13.0%		10.2%			13.0%		31.8%			13.6%		13.9%		9.8%		13.5%		32.8%			13.8%
Expense ratio		31.8%		26.5%			29.1%		52.5%			30.9%		33.9%		28.8%		30.4%		49.6%			32.1%
Combined ratio		84.9%		104.8%			94.9%		143.1%			96.7%		55.6%		96.1%		91.5%		137.9%			84.1%

A-2

Aspen Insurance Holdings Limited

Gross Written Premiums By Previous Segment And Line of Business

(in US$ millions)	Q4 2010		Q3 2010		Q2 2010		Q1 2010		Q4 2009		Q3 2009		Q2 2009		Q1 2009
Property Reinsurance
Treaty Catastrophe		$4.2		$50.8		$90.7		$145.8		$2.3		$63.8		$78.4		$116.7
Treaty Risk Excess		0.3		25.9		31.3		26.8		9.2		26.8		37.2		31.3
Treaty Pro Rata		34.9		25.9		33.2		41.0		48.2		40.5		44.5		48.2
Global Property Facultative		10.0		11.6		11.0		13.3		11.4		12.8		11.6		17.0
Credit and Surety Reinsurance		17.5		20.0		18.2		18.7		5.9		27.3		8.3		7.3
Agriculture		7.5		3.0		6.4		3.1		—		—		—		—
		$74.4		$137.2		$190.8		$248.7		$77.0		$171.2		$180.0		$220.5
Casualty Reinsurance
U.S. Casualty Treaty		$40.3		$45.5		$43.1		$104.5		$52.3		$74.8		$43.7		$106.3
International Casualty Treaty		5.6		22.3		10.1		71.5		8.3		16.3		12.5		77.0
Global Casualty Facultative		5.2		4.5		3.9		4.9		5.2		5.4		2.8		3.5
		$51.1		$72.3		$57.1		$180.9		$65.8		$96.5		$59.0		$186.8
International Insurance
M.E.C. Liability		$56.5		$14.7		$53.6		$61.3		$36.7		$19.7		$70.2		$50.8
Energy Property		10.3		23.0		23.5		14.3		9.6		16.5		41.0		16.4
Marine Hull		10.8		9.8		15.9		19.1		18.8		13.1		14.8		16.5
Aviation		56.0		20.4		21.6		13.5		57.3		23.5		21.6		10.4
U.K. Commercial Property & Construction		11.4		14.1		30.7		15.5		12.4		13.2		20.2		10.9
U.K. Commercial Liability		8.3		12.6		9.3		9.8		8.6		15.9		11.8		9.1
Global Casualty		26.9		8.6		18.1		15.7		24.5		20.8		21.9		14.5
Professional Liability		15.2		14.6		9.6		8.0		10.7		17.8		9.7		7.7
Financial Institutions		13.7		3.9		3.8		5.4		10.6		7.9		3.7		3.7
Financial and Political Risks		15.4		15.5		14.2		12.0		12.3		7.4		3.6		9.2
Specie		2.7		2.2		3.5		2.4		2.5		2.2		1.8		—
Specialty Reinsurance		22.2		23.6		31.1		59.1		26.4		25.9		18.4		45.5
		$249.4		$163.0		$234.9		$236.1		$230.4		$183.9		$238.7		$194.7
U.S. Insurance
Property		$17.3		$22.9		$38.6		$21.2		$16.1		$17.3		$34.7		$14.4
Casualty		15.6		17.3		19.9		14.4		15.9		18.9		21.9		20.4
Risk Solutions		5.0		3.1		4.1		1.5		0.5		2.5		—		—
		$37.9		$43.3		$62.6		$37.1		$32.5		$38.7		$56.6		$34.8
Total Gross Written Premiums		$412.8		$415.8		$545.4		$702.8		$405.7		$490.3		$534.3		$636.8

A-3

Aspen Insurance Holdings Limited

Accident Year Loss Ratios

	Three Months Ended December 31, 2010															Three Months Ended December 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		37.1%			71.1%			62.2%			161.4%			61.5%			16.5%			72.5%		44.6%		147.4%			47.8%
Policy acquisition expense ratio		21.2%			18.8%			15.3%			19.3%			18.1%			23.4%			19.7%		17.5%		20.2%			20.0%
Operating and administrative expense ratio		13.4%			11.0%			16.6%			38.6%			15.7%			18.1%			11.7%		16.8%		32.8%			16.9%
Expense ratio		34.6%			29.8%			31.9%			57.9%			33.8%			41.5%			31.4%		34.3%		53.0%			36.9%
Combined ratio		71.7%			100.9%			94.1%			219.3%			95.3%			58.0%			103.9%		78.9%		200.4%			84.7%
Accident Year Adjustment
Loss ratio		15.6%			3.3%			8.2%			(76.5%	)		4.5%			8.4%			10.4%		6.6%		(49.5%	)		5.1%
Policy acquisition expense ratio		(3.8%	)		(2.0%	)		(0.9%	)		—			(1.9%	)		(0.8%	)		—		0.2%		0.9%			—
Operating and administrative expense ratio		(0.1%	)		0.7%			0.9%			—			0.5%			0.4%			0.3%		1.5%		2.7%			0.9%
Expense ratio		(3.9%	)		(1.3%	)		—			—			(1.4%	)		(0.4%	)		0.3%		1.7%		3.6%			0.9%
Combined ratio		11.7%			2.0%			8.2%			(76.5%	)		3.1%			8.0%			10.7%		8.3%		(45.9%	)		6.0%
Accident Year Ratios
Current accident year loss ratio		52.7%			74.4%			70.4%			84.9%			66.0%			24.9%			82.9%		51.2%		97.9%			52.9%
Policy acquisition expense ratio		17.4%			16.8%			14.4%			19.3%			16.2%			22.6%			19.7%		17.7%		21.1%			20.0%
Operating and administrative expense ratio		13.3%			11.7%			17.5%			38.6%			16.2%			18.5%			12.0%		18.3%		35.5%			17.8%
Expense ratio		30.7%			28.5%			31.9%			57.9%			32.4%			41.1%			31.7%		36.0%		56.6%			37.8%
Combined ratio		83.4%			102.9%			102.3%			142.8%			98.4%			66.0%			114.6%		87.2%		154.5%			90.7%

A-4

Aspen Insurance Holdings Limited

Accident Year Loss Ratios

	Twelve Months Ended December 31, 2010														Twelve Months Ended December 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		53.1%			78.3%		65.8%			90.6%			65.8%			21.7%			67.3%		61.1%		88.3%			52.0%
Policy acquisition expense ratio		18.8%			16.3%		16.1%			20.7%			17.3%			20.0%			19.0%		16.9%		16.8%			18.3%
Operating and administrative expense ratio		13.0%			10.2%		13.0%			31.8%			13.6%			13.9%			9.8%		13.5%		32.8%			13.8%
Expense ratio		31.8%			26.5%		29.1%			52.5%			30.9%			33.9%			28.8%		30.4%		49.6%			32.1%
Combined ratio		84.9%			104.8%		94.9%			143.1%			96.7%			55.6%			96.1%		91.5%		137.9%			84.1%
Accident Year Adjustment
Loss ratio		6.6%			2.7%		3.3%			(22.6%	)		2.5%			10.6%			6.6%		4.9%		(18.6%	)		5.7%
Policy acquisition expense ratio		(1.1%	)		0.3%		(0.8%	)		—			(0.6%	)		(0.8%	)		—		0.1%		0.1%			(0.1%	)
Operating and administrative expense ratio		—			0.2%		0.5%			—			0.3%			0.3%			0.1%		0.5%		(0.4%	)		0.3%
Expense ratio		(1.1%	)		0.5%		(0.3%	)		—			(0.3%	)		(0.5%	)		0.1%		0.6%		(0.3%	)		0.2%
Combined ratio		5.5%			3.2%		3.0%			(22.6%	)		2.2%			10.1%			6.7%		5.5%		(18.9%	)		5.9%
Accident Year Ratios
Current accident year loss ratio		59.7%			81.0%		69.1%			68.0%			68.3%			32.3%			73.9%		66.0%		69.7%			57.7%
Policy acquisition expense ratio		17.7%			16.6%		15.3%			20.7%			16.7%			19.2%			19.0%		17.0%		16.9%			18.2%
Operating and administrative expense ratio		13.0%			10.4%		13.5%			31.8%			13.9%			14.2%			9.9%		14.0%		32.4%			14.1%
Expense ratio		30.7%			27.0%		28.8%			52.5%			30.6%			33.4%			28.9%		31.0%		49.3%			32.3%
Combined ratio		90.4%			108.0%		97.9%			120.5%			98.9%			65.7%			102.8%		97.0%		119.0%			90.0%

A-5

Aspen Insurance Holdings Limited

Reserves by Previous Operating Segment

	As At December 31, 2010							As At December 31, 2009
			Reinsurance							Reinsurance
(in US$ millions)	Gross		Recoverables			Net		Gross		Recoverables			Net
Property Reinsurance		$515.6		$(21.2	)		$494.4		$390.6		$(35.4	)		$355.2
Casualty Reinsurance		1,604.8		(3.2	)		1,601.6		1,518.9		(6.4	)		1,512.5
International Insurance		1,421.9		(200.0	)		1,221.9		1,220.1		(227.7	)		992.4
U.S. Insurance		278.2		(55.5	)		222.7		201.5		(52.0	)		149.5
Total losses and loss expense reserves		$3,820.5		$(279.9	)		$3,540.6		$3,331.1		$(321.5	)		$3,009.6

A-6

Aspen Insurance Holdings Limited

Prior Year Reserve Releases

	Three Months Ended								Three Months Ended
	December 31, 2010								December 31, 2009
				Reinsurance								Reinsurance
(in US$ millions)	Gross			Recoverables		Net			Gross			Recoverables			Net
Property Reinsurance		$24.4			$0.5		$24.9			$12.8			$(0.9	)		$11.9
Casualty Reinsurance		(1.6	)		1.0		(0.6	)		8.9			—			8.9
International Insurance		2.8			7.8		10.6			(1.0	)		5.9			4.9
U.S. Insurance		(39.9	)		17.6		(22.3	)		(25.7	)		13.4			(12.3	)
(Strengthening)/release in reserves for prior years during the period		$(14.3	)		$26.9		$12.6			$(5.0	)		$18.4			$13.4

	Twelve Months Ended									Twelve Months Ended
	December 31, 2010									December 31, 2009
				Reinsurance									Reinsurance
	Gross			Recoverables			Net			Gross			Recoverables		Net
Property Reinsurance		$37.1			$1.3			$38.4			$54.8			$3.7		$58.5
Casualty Reinsurance		6.4			(2.3	)		4.1			27.5			—		27.5
International Insurance		(0.5	)		7.6			7.1			(4.5	)		22.2		17.7
U.S. Insurance		(50.2	)		22.0			(28.2	)		(49.4	)		30.1		(19.3	)
(Strengthening)/release in reserves for prior years during the period		$(7.2	)		$28.6			$21.4			$28.4			$56.0		$84.4

A-7

EX-99.3

Exhibit 99.3

Aspen Insurance Holdings Limited February 8, 2011 Q4 2010 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," "do not believe," "aim," "project," "anticipate," "seek," "will," "estimate," "may," "continue," "guidance," and similar expressions of a future or forward-looking nature. This presentation contains written or oral "forward-looking statements" within the meaning of the U.S. federal 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," "do not believe," "aim," "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 possibility of greater frequency or severity of claims and loss activity, including as a result of natural or man-made (including economic and political risks) catastrophic or material loss events, than our underwriting, reserving, reinsurance purchasing or investment practices have anticipated; the reliability of, and changes in assumptions to, natural and man-made catastrophe pricing, accumulation and estimated loss models; evolving issues with respect to interpretation of coverage after major loss events; the effectiveness of our loss limitation methods; changes in the total industry losses, or our share of total industry losses, resulting from past events and any intervening legislative or governmental action 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; the impact of acts of terrorism and related legislation and acts of war; decreased demand for our insurance or reinsurance products and cyclical changes in the insurance and reinsurance sectors; any changes in our reinsurers' credit quality and the amount and timing of reinsurance recoverables; changes in the availability, cost or quality of reinsurance or retrocessional coverage; the continuing and uncertain impact of the current depressed economic environment in many of the countries in which we operate; the level of inflation in repair costs due to limited availability of labor and materials after catastrophes; changes in insurance and reinsurance market conditions; 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; a decline in our operating subsidiaries' ratings with S&P, A.M. Best Company, Inc. ("A.M. Best") or Moody's; 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; changes in general economic conditions, including inflation, foreign currency exchange rates, interest rates and other factors that could affect our investment portfolio; the risk of a material decline in the value or liquidity of all or parts of our investment portfolio; changes in our ability to exercise capital management initiatives or to arrange banking facilities as a result of prevailing market changes or changes in our financial position; changes in government regulations or tax laws in jurisdictions where we conduct business; Aspen Holdings or Aspen Insurance Limited becoming subject to income taxes in the United States or the United Kingdom; loss of key personnel; and increased counterparty risk due to the credit impairment of financial institutions. 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, 2010. 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 in the setting of reserves 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. The actuarial range of reserves and management's best estimate represents a distribution from our internal capital model for reserving risk based on our then current state of knowledge and explicit and implicit assumptions relating to the incurred pattern of claims, the expected ultimate settlement amount, inflation and dependencies between lines of business. Due to the complexity of factors contributing to the losses and the preliminary nature of the information used to prepare these estimates and reserves, there can be no assurance that Aspen's ultimate losses will remain within the stated amounts.

Financial Highlights: Q4 2010 (US$ in millions, except per share data) (*) Note: See Aspen's quarterly financial supplement for a reconciliation of operating income to net income, average equity to closing shareholders' equity and diluted book value per share to basic book value per share in the Investor Relations section of Aspen's website at www.aspen.bm

Financial Highlights: YTD 2010 (US$ in millions, except per share data) (*) Note: See Aspen's quarterly financial supplement for a reconciliation of operating income to net income, average equity to closing shareholders' equity and diluted book value per share to basic book value per share in the Investor Relations section of Aspen's website at www.aspen.bm

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 and reconciliation of average equity to closing shareholders' equity in the Investor Relations section of Aspen's website at www.aspen.bm Diluted Book Value per Share up 14% since December 31, 2009

Business Performance and Market Outlook Q4 2010* * As at December 31, 2010. Key located on page 22 AHL: NYSE

Financial Highlights: Group Summary Q4 2010 Property Marine, Energy and Transportation Financial and Professional Lines Property Catastrophe Other Property Specialty

Financial Highlights: Group Summary YTD 2010 Casualty Property Marine, Energy and Transportation Financial and Professional Lines Property Catastrophe Other Property Specialty

Financial Highlights: Group Summary Q4 2010 Underwriting Revenues 406 23 383 476 413 18 395 500 0 100 200 300 400 500 600 700 800 GWP Premiums Ceded NWP NEP $m Expenses 228 95 60 20 403 308 91 12 477 66 0 100 200 300 400 500 600 Loss & Loss Expenses Acquisition Expenses Operating Admin Expenses Corporate Expenses Total Expenses $m Income 129 126 126 108 86 96 93 76 0 20 40 60 80 100 120 140 Operating Income Before Tax Income Before Tax Income After Tax Retained Income $m Contribution 73 58 23 57 0 10 20 30 40 50 60 70 80 Underwriting Income Net Investment Income $m n Q4 2009 n Q4 2010

Financial Highlights: Group Summary YTD 2010 Underwriting Revenues 2,067 230 1,837 1,823 2,077 186 1,891 1,899 0 500 1,000 1,500 2,000 2,500 GWP Premiums Ceded NWP NEP $m Expenses 948 334 199 54 1,535 1,249 328 212 47 1,836 0 400 800 1,200 1,600 2,000 Loss & Loss Expenses Acquisition Expenses Operating Admin Expenses Corporate Expenses Total Expenses $m Income 521 535 474 400 288 340 313 243 0 100 200 300 400 500 600 Operating Income Before Tax Income Before Tax Income After Tax Retained Income $m Contribution 288 249 63 232 0 50 100 150 200 250 300 350 Underwriting Income Net Investment Income $m n YTD 2009 n YTD 2010

Key Performance Metrics: Q4 2010 and YTD 2010 * n YTD 2009 n YTD 2010 n Q4 2009 n Q4 2010

Results by Business Segment: Q4 2010 (*) Underwriting income is calculated as underwriting revenues, less underwriting expenses n Q4 2009 n Q4 2010

Results by Business Segment: YTD 2010 (*) Underwriting income is calculated as underwriting revenues, less underwriting expenses n YTD 2009 n YTD 2010

Key Performance Metrics: Q4 2010 * Reinsurance 82.8% 78.7% (10.9)% (9.7)% 12.6% - -20% 0% 20% 40% 60% 80% 100% 120% Q4 2009 Q4 2010 Combined Ratio 71.9% 81.6% Insurance 90.4% 3.1% 6.2% 102.6% 0% 20% 40% 60% 80% 100% 120% Q4 2009 Q4 2010 Combined Ratio Prior Year Adj. Prior Year Adj. AY Combined Ratio 108.8% 93.5% Total 90.7% 91.0% (6.0)% (3.1)% 7.4% - -20% 0% 20% 40% 60% 80% 100% 120% Q4 2009 Q4 2010 Combined Ratio Prior Year Adj. AY Combined Ratio (excl. Cats) Catastrophe Losses 95.3% 84.7% (*) Catastrophe losses from the New Zealand and Chile earthquakes have been removed from the accident year combined ratios for comparative purposes

Key Performance Metrics: YTD 2010 (*) Catastrophe losses from the New Zealand and Chile earthquakes have been removed from the accident year combined ratios for comparative purposes Prior Year Adj. AY Combined Ratio (excl. Cats) Catastrophe Losses Prior Year Adj. Prior Year Adj. AY Combined Ratio

Financial Highlights: Total Investment Return - Q4 2010 58.2 7.5 (33.1) 29.3 57.0 10.5 (54.6) (3.3) (122.1) - -150 - -120 - -90 - -60 - -30 0 30 60 90 Net Investment Income Realized Investment Gains Other-Than- Temporary Impairment Charges Movement in Unrealized Investment Gains/Losses Total Investment Return $m Q4 2009 Q4 2010 (0)

Financial Highlights: Total Investment Return - YTD 2010 Annualized Investment Return for the Year to Date of 4.8% 248.5 34.6 118.2 232.0 50.9 53.9 336.5 (23.2) 378.1 - -50 0 50 100 150 200 250 300 350 400 Net Investment Income Realized Investment Gains Other-Than- Temporary Impairment Charges Movement in Unrealized Investment Gains/Losses Total Investment Return $m YTD 2009 YTD 2010 (0.3)

Fixed Income Portfolio by Asset Type (US$ in millions) ASSETS: INVESTMENT PORTFOLIO DECEMBER 31, 2010

Australian Cat Events Aspen Property Reinsurance 1st Flood Event Central Queensland Dec 24 - 31, 2010 <= $1.5bn => $1-2bn notable uncertainty on mining losses Losses not expected to be material $0.5bn Losses expected to be less than 1% of estimated market loss No losses expected Approx. $10m, included within Q410 IBNR Insured Market Loss Estimate ICA Reported Claims $0.5 -1bn AIR initial range $0.36 -1.52bn n/a n/a $2-4bn likely to trigger main domestic cat placements. Upper end of range could trigger worldwide placements Aspen's Cat Lines are Biased Towards Upper Layers No Aggregates, Sub-Layers or Frequency Driven Sideways Covers 2nd Flood Event SE Queensland Jan 4, 2011 3rd Flood Event Brisbane Jan 10 - 17, 2011 4th Flood Event Victoria Jan 13, 2011 (ongoing) Cyclone Yasi N Queensland Feb 2, 2011 ICA: Insurance Council of Australia Losses expected to be less than 1% of estimated market loss

Aspen's Modelled Worldwide Natural Catastrophe Exposures - Major Peril Zones Source: Aspen analysis using RMS v9.0 occurrence exceedance probability as at January 1, 2011 and Shareholders' Equity of $3,241.9 million. 1 in 100 Year Tolerance: 17.5% of Total Shareholders' Equity 1 in 250 Year Tolerance: 25% of Total Shareholders' Equity

2011 Guidance Actual 2010 Results Initial Guidance February 7, 2011 Gross Written Premium $2.1 billion $2.1 billion +- 5% % Premium Ceded 10.4% of GEP 8% - 12% of GEP Combined Ratio 96.7% 93% - 98% Tax Rate 8.1% 8% - 12% Cat-Load $181 million $170 million (assuming normal loss experience)

Business Performance and Market Outlook: Key Key Performance Absolute Pricing Relative Price Movement Terms and Conditions Volume change Outlook Key 1 2 3 4 5 6 Excellent Excellent Significantly Up Excellent Significantly Up Excellent Good Good Up Good Up Good Satisfactory Satisfactory Flat Satisfactory Flat Satisfactory Of Concern Of Concern Down Of Concern Down Of Concern Unsatisfactory Unsatisfactory Significantly Down Unsatisfactory Significantly Down Unsatisfactory