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): April 28, 2005

                        ASPEN INSURANCE HOLDINGS LIMITED
             (Exact name of registrant as specified in its charter)

           BERMUDA                     001-31909               NOT APPLICABLE
(State or other jurisdiction          (Commission             (I.R.S. Employer
      of incorporation)               File Number)           Identification No.)

                                  VICTORIA HALL
                               11 VICTORIA 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:

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

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

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

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





SECTION 2 - FINANCIAL INFORMATION

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

         On April 28, 2005, Aspen Insurance Holdings Limited issued a press
release announcing results for the first quarter ended March 31, 2005, which has
been attached as Exhibit 99.1. In addition, a copy of the Aspen Insurance
Holdings Limited Earnings Release Supplement for the quarter ended March 31,
2005 is attached hereto as Exhibit 99.2.

SECTION 7 - REGULATION FD

ITEM 7.01 REGULATION FD DISCLOSURE

         On April 28, 2005, Aspen Insurance Holdings Limited issued a press
release announcing results for the first quarter ended March 31, 2005, which has
been attached as Exhibit 99.1. In addition, a copy of the Aspen Insurance
Holdings Limited Earnings Release Supplement for the quarter ended March 31,
2005 is attached hereto as Exhibit 99.2.

SECTION 9.  FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01- FINANCIAL STATEMENTS AND EXHIBITS

(c) 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 April 28, 2005.

         99.2  Earnings Release Supplement for the quarter ended March 31, 2005.

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

                                        2






                                   SIGNATURES

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

                                            ASPEN INSURANCE HOLDINGS LIMITED
                                                       (Registrant)

Dated:  April 28, 2005                      By: /s/ Julian Cusack
                                                ----------------------------
                                             Name:  Julian Cusack
                                             Title: Chief Financial Officer







                                        3






                                INDEX TO EXHIBITS

EXHIBIT NO.                          DESCRIPTION
- -----------  ------------------------------------------------------------------
99.1         Press Release of the Registrant dated April 28, 2005
..
99.2         Earnings Release Supplement for the quarter ended March 31, 2005.







                                        4

EX-99.1

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

Investor Contact:

Aspen Insurance Holdings Limited				Tel: 441-297-9382
Noah Fields, Head of Investor Relations Julian Cusack, Chief Financial Officer

U.K. Contacts:

The Maitland Consultancy				Tel: 44 20 7379 5151
Brian Hudspith

ASPEN INSURANCE HOLDINGS LIMITED REPORTS FIRST QUARTER 2005 FINANCIAL RESULTS

•	Net income of $70.1 million for first quarter 2005

•	First quarter combined ratio of 81%

HAMILTON, BERMUDA, April 28, 2005 -- Aspen Insurance Holdings Limited (NYSE: AHL;BSX:AHL BH) today reported a net income of $70.1 million, or $0.98 per diluted share, for the three months ended March 31, 2005.

Gross written premiums were $804.1 million for the first quarter 2005.

Net investment income was $25.5 million for the first quarter 2005.

Chris O'Kane, chief executive officer, said, "I am pleased with our continued progress in executing our diversified specialty insurance and reinsurance strategy. The strength of our first quarter results is encouraging and I believe we have established a solid foundation from which to build throughout the remainder of the year. In general, we have seen pricing discipline maintained in our industry and we remain highly focused on ensuring the business we write is appropriately rated."

Shareholders' equity increased from $1,481.5 million at December 31, 2004 to $1,529.1 million at March 31, 2005.

Earnings conference call

Aspen will hold a conference call tomorrow, April 29, 2005 at 8:30 a.m. (ET) to discuss first quarter 2005 financial results. Investors may participate in the live conference call by dialing 800-473-6123 (toll-free domestic U.S.) or 973-582-2706 (international). Please call to register at least 10 minutes before the conference call begins. A replay of the call will be available for 10 days via telephone starting approximately two hours following the live call on April 29, 2005, and can be accessed at 877-519-4471 (toll-free domestic U.S.) or 973-341-3080 (international); passcode: 5903987. The live call and a replay can also be heard via Aspen's website at www.aspen.bm.

In addition, a financial supplement relating to the Company's financial results for the first quarter 2005 is available in the Investor Relations section of the Company's website at www.aspen.bm. The financial supplement includes further information about the Company's new business segments.

About Aspen Insurance Holdings Limited

Aspen Insurance Holdings Limited was established in June 2002. Aspen is a Bermudian holding company that provides property and casualty reinsurance in the global market, property and liability

insurance principally in the United Kingdom and the United States and marine and aviation insurance worldwide through Aspen Insurance UK Limited. Aspen's operations are conducted through its wholly-owned subsidiaries located in London, Bermuda and the United States: Aspen Insurance UK Limited, Aspen Insurance Limited and Aspen Specialty Insurance Company. Aspen has four operating segments: property reinsurance, casualty reinsurance, specialty insurance and reinsurance and property and casualty insurance. Aspen's principal existing shareholders include The Blackstone Group, Candover Partners Limited, Wellington Underwriting plc and Credit Suisse First Boston Private Equity. For more information about Aspen, please visit the Company's website at 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 may contain, written or oral "forward-looking statements" within the meaning of the U.S. federal securities laws. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as "expect," "intend," "plan," "believe," "project," "anticipate," "seek," "will," "estimate," "may," "continue," and similar expressions of a future or forward-looking nature.

All forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the Company's control that could cause actual results to differ materially from such statements. Important events that could cause the actual results to differ include, but are not limited to: the impact of acts of terrorism and acts of war and related legislations; the possibility of greater frequency or severity of or unanticipated losses from natural or man-made catastrophes, including losses developing from the 2004 windstorms in the southeastern U.S. and Japan; the effectiveness of the Company's loss limitation methods; changes in the availability, cost or quality of reinsurance or retrocessional coverage; the loss of key personnel; a decline in the operating subsidiaries' ratings with Standard & Poor's, A.M. Best or Moody's; changes in general economic conditions; increased competition on the basis of pricing, capacity, coverage terms or other factors; decrease in demand for the Company's insurance or reinsurance products and cyclical downturn of the industry; and changes in governmental regulation or tax laws in the jurisdictions where the Company conducts business, the total industry losses resulting from the 2004 windstorms, the actual number of the Company's insureds incurring losses from these storms, the limited actual loss reports received from the Company's insureds to date, the Company's reliance on industry loss estimates and those generated by modeling techniques, the impact of these storms on the Company's reinsurers, the amount and timing of reinsurance recoverables and reimbursements actually received by the Company from its reinsurers and the overall level of competition, and the related demand and supply dynamics, in the wind exposed property reinsurance lines as contracts come up for renewal. For a more detailed description of these uncertainties and other factors, please see the "Risk Factors" section in Aspen's Annual Report on Form 10-K for the year ended December 31, 2004, filed with the U.S. Securities and Exchange Commission on March 14, 2005. 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.

Summary of Results – Consolidated Income Statements

				Three Months Ended March 31, 2005				Three Months Ended March 31, 2004
(in US$ millions)
UNDERWRITING REVENUES
Gross premiums written					804.1				640.2
Premiums ceded					(171.7	)			(130.8	)
Net premiums written					632.4				509.4
Change in unearned premiums					(253.7	)			(203.6	)
Net premiums earned					378.7				305.8
UNDERWRITING EXPENSES
Losses and loss expenses					(207.4	)			(124.1	)
Acquisition expenses					(70.2	)			(59.0	)
General and administrative expenses					(29.4	)			(18.1	)
Total Underwriting Expenses					(307.0	)			(201.2	)
Underwriting Income					71.7				104.6
OTHER OPERATING REVENUE
Net investment income					25.5				12.0
Interest expense					(4.0	)			(0.4	)
Total other operating revenue					21.5				11.6
Other expense					(1.1	)			0.0
OPERATING INCOME BEFORE TAX					92.1				116.2
OTHER
Net realized exchange (losses)					(1.3	)			(0.8	)
Net realized investment (losses)					(0.9	)			(0.3	)
INCOME BEFORE INCOME TAX					89.9				115.1
Income taxes					(19.8	)			(30.1	)
NET INCOME AFTER TAX					70.1				85.0
Dividends Paid					(10.4	)			(2.1	)
Retained Income					59.7				82.9
Components of Net Income (after tax)
Operating income					72.1				85.7
Net realized investment (losses)					(0.7	)			(0.2	)
Net realized exchange (losses)					(1.3	)			(0.5	)
NET INCOME AFTER TAX					70.1				85.0

Per share data

				Three Months Ended March 31, 2005				Three Months Ended March 31, 2004
(In US$ except for number of shares)
Basic earnings per share
Net income					1.01				1.23
Operating income					1.04				1.24
Diluted earnings per share
Net income					0.98				1.18
Operating income					1.01				1.19
Weighted average ordinary shares outstanding					69,330,495				69,178,203
Weighted average ordinary shares outstanding and dilutive potential ordinary shares					71,709,008				72,020,678
Book value per share					21.96				20.04
Diluted book value (treasury stock method)					21.23				19.24
Ordinary shares outstanding at end of the period					69,329,931				69,174,303
Ordinary shares outstanding and dilutive potential ordinary shares at end of the period					71,708,444				72,046,579

Consolidated Balance Sheet

(in US$ millions)				As at March 31, 2005				As at December 31, 2004
ASSETS
Investments
Fixed Maturities					2,369.0				2,207.2
Short term investments					450.4				528.7
Total Investments					2,819.4				2,735.9
Cash and cash equivalents					358.3				284.9
Reinsurance Recoverables
Unpaid losses					227.8				197.7
Ceded unearned premiums					157.3				40.4
Receivables
Underwriting premiums					763.8				494.2
Other					80.9				39.2
Deferred policy acquisition costs					170.4				115.6
Derivative at fair value					22.4				23.6
Office properties and equipment					5.5				5.0
Intangible assets					6.6				6.6
Total Assets					4,612.4				3,943.1
LIABILITIES
Insurance Reserves
Losses and loss adjustment expenses					1,391.5				1,277.9
Unearned premiums					1,079.4				714.0
Total insurance reserves					2,470.9				1,991.9
Payables
Reinsurance premiums					149.3				54.2
Taxation					53.6				57.7
Accrued expenses and other payables					138.4				84.3
Liabilities under derivative contracts					21.8				24.2
Total Payables					363.1				220.4
Long term debt					249.3				249.3
Total Liabilities					3,083.3				2,461.6
SHAREHOLDERS' EQUITY
Ordinary shares					1,098.4				1,096.1
Retained earnings					427.2				367.5
Accumulated other comprehensive income, net of taxes					3.5				17.9
Total shareholders' equity					1,529.1				1,481.5
Total Liabilities and Shareholders' Equity					4,612.4				3,943.1

Summarized Cash Flow

(in US$ millions)				Three Months Ended March 31, 2005				Three Months Ended March 31, 2004
Net cash from operating activities					210.6				208.6
Net cash from investing activities					(126.0	)			(254.0	)
Net cash from financing activities					(10.1	)			(2.1	)
Effect of exchange rate movements on cash and cash equivalents					(1.1	)			2.5
Increase in cash and cash equivalents:					73.4
Cash at beginning of the period					284.9				230.8
Cash at end of the period					358.3				185.8

Non-GAAP Financial Measures

In presenting the Company'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 the Company's results of operations in a manner that allows for a more complete understanding of the underlying trends in the Company'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 Aspen's website at www.aspen.bm.

(1)    Annualized Operating Return on Average Equity (ROAE) is a non-GAAP financial measure. Annualized Operating Return on Average Equity is calculated using 1) 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. Unrealized appreciation (depreciation) on foreign exchange on investments is primarily the result of interest rate movements and the resultant impact on fixed income securities, and unrealized appreciation (depreciation) is the result of exchange rate movements between the US 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 the Company believes that excluding this unrealized appreciation (depreciation) 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.

The Company presents ROAE as a measure that it is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information.

See page 19 of the Company's financial supplement for a reconciliation of operating income to net income and page 14 for a reconciliation of average equity.

(2)    Operating income is a non-GAAP financial measure. Operating income is an internal performance measure used by the Company 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.

The Company 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. The Company 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, the Company believes that showing operating income enables investors, analysts, rating agencies and other users of its financial information to more easily analyze the Company's results of operations in a manner similar to how management analyzes the Company's underlying business performance. Operating income should not be viewed as a substitute for GAAP

net income. Please see above and page 19 of the Company's financial supplement for a reconciliation of operating income to net income. The Company's financial supplement can be obtained from Aspen's website at www.aspen.bm.

(3)    Diluted book value per share is a non-GAAP financial measure. The Company has included diluted book value per share because it takes into account the effect of dilutive securities; therefore, the Company believes it is a better measure of calculating shareholder returns than book value per share. Please see page 19 of the company's financial supplement for a reconciliation of diluted book value per share to basic book value per share. The company's financial supplement can be obtained from Aspen's website at www.aspen.bm.

# # #

EX-99.2

EXHIBIT 99.2

ASPEN INSURANCE HOLDINGS LIMITED
EARNINGS RELEASE SUPPLEMENT
AS OF MARCH 31, 2005

INDEX TO SUPPLEMENT

				PAGE
BASIS OF PREPARATION					2
INCOME STATEMENT					3
PER SHARE DATA					4
FINANCIAL RATIOS					5
UNDERWRITING RESULTS BY OPERATING SEGMENT					6
CONSOLIDATED BALANCE SHEET					11
CONSOLIDATED CHANGE IN SHAREHOLDERS' EQUITY					12
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME					13
SUMMARIZED CASH FLOW					13
SUPPLEMENTAL FINANCIAL INFORMATION					14

1

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

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

This financial supplement may contain, and Aspen may from time-to-time make, written or oral "forward-looking statements" within the meaning of the U.S. federal securities laws. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as "expect," "intend," "plan," "believe," "project," "anticipate," "seek," "will," "estimate," "may," "continue," and similar expressions of a future or forward-looking nature.

All forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the Company's control that could cause actual results to differ materially from such statements. Important events that could cause the actual results to differ include, but are not limited to: the impact of acts of terrorism and acts of war and related legislations; the possibility of greater frequency or severity of or unanticipated losses from natural or man-made catastrophes, including losses developing from the 2004 windstorms in the southeastern U.S. and Japan; the effectiveness of the Company's loss limitation methods; changes in the availability, cost or quality of reinsurance or retrocessional coverage; the loss of key personnel; a decline in the operating subsidiaries' ratings with Standard & Poor's, A.M. Best or Moody's; changes in general economic conditions; increased competition on the basis of pricing, capacity, coverage terms or other factors; decrease in demand for the Company's insurance or reinsurance products and cyclical downturn of the industry; and changes in governmental regulation or tax laws in the jurisdictions where the Company conducts business, the total industry losses resulting from the 2004 windstorms, the actual number of the Company's insureds incurring losses from these storms, the limited actual loss reports received from the Company's insureds to date, the Company's reliance on industry loss estimates and those generated by modeling techniques, the impact of these storms on the Company's reinsurers, the amount and timing of reinsurance recoverables and reimbursements actually received by the Company from its reinsurers and the overall level of competition, and the related demand and supply dynamics, in the wind exposed property reinsurance lines as contracts come up for renewal. For a more detailed description of these uncertainties and other factors, please see the "Risk Factors" section in Aspen's Annual Report on Form 10-K for the year ended December 31, 2004, filed with the U.S. Securities and Exchange Commission on March 14, 2005. 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.

BASIS OF PREPARATION

Definitions and presentation

All financial information contained herein is unaudited except for information for the 12 months ended December 31, 2004.

Unless otherwise noted, all data is in US dollars millions, except for per share, percentage and ratio information.

In presenting the Company'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 the Company's results of operations in a manner that allows for a more complete understanding of the underlying trends in the Company'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 the Company 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.

The Company 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. The Company 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, the Company believes that showing operating income enables investors, analysts, rating agencies and other users of its financial information to more easily analyze the Company's results of operations in a manner similar to how management analyzes the Company's underlying business performance. Operating income should not be viewed as a substitute for GAAP net income. Please see page 19 for a reconciliation of operating income to net income.

Annualized Operating Return on Average Equity (ROAE) (a non-GAAP financial measure): Annualized Operating Return on Average Equity is calculated using 1) 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. 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 US 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 the Company believes that excluding this unrealized appreciation (depreciation) 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.

The Company presents ROAE as a measure that it is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information.

See page 19 for a reconciliation of operating income to net income and page 14 for a reconciliation of average equity.

Diluted book value per share (a non-GAAP financial measure): The Company has included diluted book value per share because it takes into account the effect of dilutive securities; therefore, the Company believes it is a better measure of calculating shareholder returns than book value per share. Please see page 19 for a reconciliation of diluted book value per share to basic book value per share.

Underwriting ratios (are GAAP financial measures): Aspen Insurance Holdings Limited, 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 expense to net earned premiums. The acquisition expense ratio is the ratio of underwriting expenses (commissions; premium taxes, licenses and fees; as well as other underwriting expenses) to net earned premiums. The general and administrative expense ratio is the ratio of general and administrative expenses to net earned premiums. 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 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 & administrative expense ratios.

2

INCOME STATEMENT

The following table summarizes the Company's financial performance for the three months to March 31, 2005 and 2004

				Three Months Ended March 31, 2005				Three Months Ended March 31, 2004
(in US$ millions)
UNDERWRITING REVENUES
Gross premiums written					804.1				640.2
Premiums ceded					(171.7	)			(130.8	)
Net premiums written					632.4				509.4
Change in unearned premiums					(253.7	)			(203.6	)
Net premiums earned					378.7				305.8
UNDERWRITING EXPENSES
Losses and loss expenses					(207.4	)			(124.1	)
Acquisition expenses					(70.2	)			(59.0	)
General and administrative expenses					(29.4	)			(18.1	)
Total Underwriting Expenses					(307.0	)			(201.2	)
Underwriting Income					71.7				104.6
OTHER OPERATING REVENUE
Net investment income					25.5				12.0
Interest expense					(4.0	)			(0.4	)
Total other operating revenue					21.5				11.6
Other expense					(1.1	)			0.0
OPERATING INCOME BEFORE TAX					92.1				116.2
OTHER
Net realized exchange (losses)					(1.3	)			(0.8	)
Net realized investment (losses)					(0.9	)			(0.3	)
INCOME BEFORE INCOME TAX					89.9				115.1
Income taxes					(19.8	)			(30.1	)
NET INCOME AFTER TAX					70.1				85.0
Dividends Paid					(10.4	)			(2.1	)
Retained Income					59.7				82.9
Components of Net Income (after tax)
Operating income					72.1				85.7
Net realized investment (losses)					(0.7	)			(0.2	)
Net realized exchange (losses)					(1.3	)			(0.5	)
NET INCOME AFTER TAX					70.1				85.0

3

PER SHARE DATA

				Three Months Ended March 31, 2005				Three Months Ended March 31, 2004
(In US$ except for number of shares)
Basic earnings per share
Net income					1.01				1.23
Operating income					1.04				1.24
Diluted earnings per share
Net income					0.98				1.18
Operating income					1.01				1.19
Weighted average ordinary shares outstanding					69,330,495				69,178,203
Weighted average ordinary shares outstanding and dilutive potential ordinary shares					71,709,008				72,020,678
Book value per share					21.96				20.04
Diluted book value (treasury stock method)					21.23				19.24
Ordinary shares outstanding at end of the period					69,329,931				69,174,303
Ordinary shares outstanding and dilutive potential ordinary shares at end of the period					71,708,444				72,046,579

4

FINANCIAL RATIOS

				Three Months Ended March 31, 2005				Three Months Ended March 31, 2004
(In US$ millions except for percentage figures)
Average Equity					1,495				1,323
Return on average equity
Net income					4.7	%			6.42	%
Operating income					4.8	%			6.48	%
Annualized Return on Average Equity (1)
Net income					18.8	%			25.7	%
Operating income					19.3	%			25.9	%
Loss Ratio					54.8	%			40.6	%
Expense ratio					26.3	%			25.2	%
Combined ratio					81.1	%			65.8	%
Debt to total capital					14.0	%			14.4	%

See pages 14, 18 and 19 for detailed calculation and reconciliation of non-GAAP measures to their respective most directly comparable GAAP financial measures.

(1)	Annualized return on average equity for the quarter is calculated as four times the return on average equity for the quarter.

5

UNDERWRITING RESULTS BY OPERATING SEGMENT

The management has revised the presentation of underwriting results into four segments to more accurately reflect the organizational structure of the business. A chart explaining the movement between segments is shown on page 9.

The following tables summarize gross and net written and earned premium, losses and loss expenses, policy acquisition, operating and administrative expenses, underwriting results, and combined ratios for each of our four business segments for the three months ended March 31, 2005 and 2004.

				Three Months Ended March 31, 2005																				Three Months Ended March 31, 2004
				Property Reinsurance				Casualty Reinsurance				Specialty Insurance and Reinsurance				Property and Casualty Insurance				Total				Property Reinsurance				Casualty Reinsurance				Specialty Insurance and Reinsurance				Property and Casualty Insurance				Total
(in US$ millions)
Gross premiums written					305.0				272.4				149.4				77.3				804.1				284.1				235.5				39.3				81.3				640.2
Net premiums written					185.0				260.0				136.6				50.8				632.4				190.2				227.0				37.7				54.5				509.4
Gross premiums earned					180.9				111.2				47.7				93.9				433.7				157.0				75.4				34.6				91.0				358.0
Net premiums earned					146.7				106.3				46.0				79.7				378.7				122.6				74.2				32.6				76.4				305.8
Losses and loss expenses					(61.3	)			(76.4	)			(21.2	)			(48.5	)			(207.4	)			(17.2	)			(49.9	)			(14.5	)			(42.5	)			(124.1	)
Policy acquisition, operating and administration expenses					(46.9	)			(22.0	)			(10.6	)			(20.1	)			(99.6	)			(36.5	)			(16.1	)			(5.2	)			(19.3	)			(77.1	)
Underwriting profit before investment income					38.5				7.9				14.2				11.1				71.7				68.9				8.2				12.9				14.6				104.6
Net reserves for loss and loss adjustment expenses					243.7				423.9				161.2				334.9				1,163.7				105.1				180.5				107.2				199.9				592.7
Ratios
Loss ratio					41.8	%			71.9	%			46.1	%			60.9	%			54.8	%			14.0	%			67.3	%			44.5	%			55.6	%			40.6	%
Expense ratio					32.0	%			20.7	%			23.0	%			25.2	%			26.3	%			29.8	%			21.7	%			15.9	%			25.3	%			25.2	%
Combined ratio					73.8	%			92.6	%			69.1	%			86.1	%			81.1	%			43.8	%			89.0	%			60.4	%			80.9	%			65.8	%

6

SPECIALTY INSURANCE AND REINSURANCE

				Three Months Ended March 31, 2005												Three Months Ended March 31, 2004
				Specialty Insurance				Specialty Reinsurance				Total				Specialty Insurance				Specialty Reinsurance				Total
(in US$ millions)
Gross premiums written					109.8				39.6				149.4				0.0				39.3				39.3
Net premiums written					97.8				38.8				136.6				0.0				37.7				37.7
Gross premiums earned					22.8				24.9				47.7				0.0				34.6				34.6
Net premiums earned					18.9				27.1				46.0				0.0				32.6				32.6
Losses and loss expenses					(12.9	)			(8.3	)			(21.2	)			0.0				(14.5	)			(14.5	)
Policy acquisition, operating and administration expenses					(5.3	)			(5.3	)			(10.6	)			0.0				(5.2	)			(5.2	)
Underwriting profit before investment income					0.7				13.5				14.2				0.0				12.9				12.9
Ratios
Loss ratio					68.3	%			30.6	%			46.1	%			0.0	%			44.5	%			44.5	%
Expense ratio					28.0	%			19.6	%			23.0	%			0.0	%			15.9	%			15.9	%
Combined ratio					96.3	%			50.2	%			69.1	%			0.0	%			60.4	%			60.4	%

7

PROPERTY AND CASUALTY INSURANCE

				Three Months Ended March 31, 2005												Three Months Ended March 31, 2004
				Property Insurance				Casualty Insurance				Total				Property Insurance				Casualty Insurance				Total
(in US$ millions)
Gross premiums written					24.0				53.3				77.3				23.9				57.4				81.3
Net premiums written					6.3				44.5				50.8				6.0				48.5				54.5
Gross premiums earned					27.8				66.1				93.9				21.1				69.9				91.0
Net premiums earned					21.2				58.5				79.7				14.3				62.1				76.4
Losses and loss expenses					(8.1	)			(40.4	)			(48.5	)			(9.2	)			(33.3	)			(42.5	)
Policy acquisition, operating and administration expenses					(6.4	)			(13.7	)			(20.1	)			(4.1	)			(15.2	)			(19.3	)
Underwriting profit before investment income					6.7				4.4				11.1				1.0				13.6				14.6
Ratios
Loss ratio					38.2	%			69.1	%			60.9	%			64.3	%			53.6	%			55.6	%
Expense ratio					30.2	%			23.4	%			25.2	%			28.7	%			24.5	%			25.3	%
Combined ratio					68.4	%			92.5	%			86.1	%			93.0	%			78.1	%			80.9	%

8

9

PREVIOUS SEGMENTAL SPLIT

(in US$ millions)				Three Months Ended March 31, 2005												Three Months Ended March 31, 2004
				Reinsurance				Insurance				Total				Reinsurance				Insurance				Total
Gross premiums written					617.0				187.1				804.1				558.9				81.3				640.2
Net premiums written					483.8				148.6				632.4				454.9				54.5				509.4
Gross premiums earned					317.0				116.7				433.7				267.0				91.0				358.0
Net premiums earned					280.1				98.6				378.7				229.4				76.4				305.8
Expenses:
Losses and loss expenses					(146.0	)			(61.4	)			(207.4	)			(81.6	)			(42.5	)			(124.1	)
Policy acquisition, operating and administrative expenses					(74.2	)			(25.4	)			(99.6	)			(57.8	)			(19.3	)			(77.1	)
Underwriting profit before investment income					59.9				11.8				71.7				90.0				14.6				104.6
Net reserves for loss and loss adjustment expenses					801.2				362.5				1,163.7				392.8				199.9				592.7
Ratios
Loss ratio					52.1	%			62.3	%			54.8	%			35.6	%			55.6	%			40.6	%
Expense ratio					26.5	%			25.7	%			26.3	%			25.2	%			25.3	%			25.2	%
Combined ratio					78.6	%			88.0	%			81.1	%			60.8	%			80.9	%			65.8	%

10

CONSOLIDATED BALANCE SHEET

(in US$ millions)				As at March 31, 2005				As at December 31, 2004
ASSETS
Investments
Fixed Maturities					2,369.0				2,207.2
Short term investments					450.4				528.7
Total Investments					2,819.4				2,735.9
Cash and cash equivalents					358.3				284.9
Reinsurance Recoverables
Unpaid losses					227.8				197.7
Ceded unearned premiums					157.3				40.4
Receivables
Underwriting premiums					763.8				494.2
Other					80.9				39.2
Deferred policy acquisition costs					170.4				115.6
Derivative at fair value					22.4				23.6
Office properties and equipment					5.5				5.0
Intangible assets					6.6				6.6
Total Assets					4,612.4				3,943.1
LIABILITIES
Insurance Reserves
Losses and loss adjustment expenses					1,391.5				1,277.9
Unearned premiums					1,079.4				714.0
Total insurance reserves					2,470.9				1,991.9
Payables
Reinsurance premiums					149.3				54.2
Taxation					53.6				57.7
Accrued expenses and other payables					138.4				84.3
Liabilities under derivative contracts					21.8				24.2
Total Payables					363.1				220.4
Long term debt					249.3				249.3
Total Liabilities					3,083.3				2,461.6
SHAREHOLDERS' EQUITY
Ordinary shares					1,098.4				1,096.1
Retained earnings					427.2				367.5
Accumulated other comprehensive income, net of taxes					3.5				17.9
Total shareholders' equity					1,529.1				1,481.5
Total Liabilities and Shareholders' Equity					4,612.4				3,943.1

11

CONSOLIDATED CHANGE IN SHAREHOLDERS' EQUITY

(in US$ millions)				Three Months Ended March 31, 2005				Three Months Ended March 31, 2004
Shareholders' Equity
Ordinary shares
Beginning of period					1,096.1				1,090.8
Shares issued:
New share issue costs					0.3
Share-based compensation					2.0				1.0
End of period					1,098.4				1,091.8
Retained earnings
Beginning of period					367.5				180.7
Net income for the period					70.1				85.0
Dividends paid					(10.4	)			(2.1	)
End of period					427.2				263.6
Cumulative foreign currency translation adjustments
Beginning of period					27.9				27.8
Change for the period					6.7				5.6
End of period					34.6				33.4
Gain / loss on derivatives:
Beginning of period					(2.2	)			0.0
Change for the period					0.0				0.0
End of period					(2.2	)			0.0
Unrealized gains (losses) on investments, net of taxes
Beginning of period					(7.8	)			(0.6	)
Change for the period					(21.1	)			4.6
End of period					(28.9	)			4.0
Total accumulated other comprehensive income					3.5				37.4
Total Shareholders' Equity					1,529.1				1,392.8

12

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(in US$ millions)
				Three Months Ended March 31, 2005				Three Months Ended March 31, 2004
Net income					70.1				85.0
Other comprehensive income, net of taxes
Change in unrealized losses on investments					(21.1	)			4.6
Change in unrealized gains on foreign currency translation					6.7				5.6
Other comprehensive income					(14.4	)			10.2
Comprehensive income					55.7				95.2

SUMMARIZED CASH FLOW

(in US$ millions)				Three Months Ended March 31, 2005				Three Months Ended March 31, 2004
Net cash from operating activities					210.6				208.6
Net cash from investing activities					(126.0	)			(254.0	)
Net cash from financing activities					(10.1	)			(2.1	)
Effect of exchange rate movements on cash and cash equivalents					(1.1	)			2.5
Increase in cash and cash equivalents:					73.4
Cash at beginning of the period					284.9				230.8
Cash at end of the period					358.3				185.8

13

SUPPLEMENTAL FINANCIAL INFORMATION

Return on Average Equity Analysis

The return on average equity for the three months ended March 31, 2005 and 2004 was:

				Three Months Ended March 31, 2005				Three Months Ended March 31, 2004
Closing shareholders' equity					1,529				1,393
Average adjustment					(34	)			(70	)
Average equity (1)					1,495				1,323
Return on average equity from underwriting activity (2)					4.8	%			7.9	%
Return on average equity from investment and other activity (3)					1.4	%			0.9	%
Pre-tax operating income return on average equity, for period					6.2	%			8.8	%
Post tax return on average equity (4)					4.8	%			6.5	%
Ratios:
Combined ratio					81.1	%			65.8	%

See page 19 for detailed calculation and reconciliation of non-GAAP measures to their respective most directly comparable GAAP finance measures.

1)	Average equity is calculated by taking the simple average of the closing shareholders' equity at latest month end and each previous month end in the period.

2)	Calculated by using underwriting income.

3)	Calculated by using total other operating revenue.

4)	Calculated by using operating income after tax.

14

INVESTMENT PORTFOLIO

Type of investment

(in US$ millions)				As at March 31, 2005
				Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Fixed maturities
US government and agencies					989.1				0.2				(19.5	)			969.8
Corporate securities					601.3				0.2				(8.1	)			593.4
Foreign government					375.5				0.8				(0.8	)			375.5
Municipals					3.6				0.0				0.0				3.6
Asset backed securities					232.7				0.0				(3.3	)			229.4
Mortgage backed securities					200.1				0.0				(2.8	)			197.3
Total fixed maturities					2,402.3				1.2				(34.5	)			2,369.0
Short - - term investments					451.7				1.4				(2.7	)			450.4
Total Investments					2,854.0				2.6				(37.2	)			2,819.4

15

RESERVES FOR LOSSES AND LOSS ADJUSTMENT EXPENSES

The following table represents a reconciliation of beginning and ending consolidated loss and loss expense reserves:

(in US$ millions)				Three Months Ended March 31, 2005				Twelve Months Ended December 31, 2004
Provision for losses and loss expenses at period start January 1, 2005 and 2004 respectively					1,277.9				525.8
Less reinsurance recoverable					(197.7	)			(43.6	)
Net loss and loss expenses at period start January 1, 2005 and 2004					1,080.2				482.2
Provision for losses and loss expenses for claims incurred:
Current year					219.9				785.6
Prior year					(12.5	)			(62.0	)
Total incurred					207.4				723.6
Losses and loss expense payments for claims incurred:					(112.2	)			(164.6	)
Foreign exchange					(11.7	)			39.0
Net loss and loss expense reserves at March 31 / December 31					1,163.7				1,080.2
Plus reinsurance recoverables on unpaid loss at end of period					227.8				197.7
Gross loss and loss expense reserves at March 31 / December 31					1,391.5				1,277.9

16

RESERVES BY BUSINESS LINES

The following table presents our reserves as at March 31, 2005 and December 31, 2004

(in US$ millions)				As at March 31, 2005												As at December 31, 2004
				Gross				Reinsurance Recoverable				Net				Gross				Reinsurance Recoverable				Net
Property Reinsurance					384.4				(140.7	)			243.7				341.3				(118.3	)			223.0
Casualty Reinsurance					429.8				(5.9	)			423.9				377.8				(4.6	)			373.2
Specialty Insurance					30.4				(2.8	)			27.6				18.2				(1.8	)			16.4
Specialty Reinsurance					161.2				(27.6	)			133.6				168.8				(27.4	)			141.4
Property Insurance					73.6				(16.1	)			57.5				77.3				(13.7	)			63.6
Casualty Insurance					312.1				(34.7	)			277.4				294.5				(31.9	)			262.6
Total losses and loss expense reserve					1,391.5				(227.8	)			1,163.7				1,277.9				(197.7	)			1,080.2

17

DILUTED SHARE ANALYSIS USED FOR EPS CALCULATION

(shares in millions)				Three Months Ended March 31, 2005				Three Months Ended March 31, 2004
Basic weighted average shares outstanding					69.331				69.178
Add: weighted average of employee options					1.393				1.441
Add: weighted average of options issued to Wellington Underwriting Plc					0.613				0.830
Add: weighted average of options issued to Appleby Trust (Bermuda) Limited					0.277				0.564
Add: weighted average of Restricted Share Units					0.095				0.008
Diluted weighted average shares outstanding					71.709				72.021

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 repurchase the Company's ordinary shares at the average market price during the period of calculation.

18

OPERATING INCOME RECONCILIATION

The reconciliation of operating income to net income is set out in the following table:

				Three Months Ended March 31, 2005				Three Months Ended March 31, 2004
Net income after tax					70.1				85.0
Add (deduct) after tax income:
Net realized (gains) losses on investments					0.7				0.2
Net exchange (gains) losses					1.3				0.5
Operating income					72.1				85.7
Tax on operating income					(19.8	)			(30.1	)
Operating income before tax					91.9				115.8
Weighted average common shares outstanding:
Basic					69.3				69.2
Diluted					71.7				72.0
Basic per share data:				$				$
Net income					1.01				1.23
Add (deduct) after tax income:
Net realized (gains) losses on investments					0.01				0.00
Net exchange (gains) losses					0.02				0.01
Operating income					1.04				1.24
Diluted per share data
Net income					0.98				1.18
Add (deduct) after tax income:
Net realized (gains) losses on investments					0.01				0.00
Net exchange (gains) losses					0.02				0.01
Operating income					1.01				1.19
Book value per share
Net Assets (excluding intangible assets)					1,522.5				1,386.2
Number of share in issue at the end of the period					69,329,931				69,174,303
Diluted number of share in issue at the end of the period					71,708,444				72,046,579
Book value per share					21.96				20.04
Diluted book value per share					21.23				19.24

19