EX-99.1 2 d537560dex991.htm EX-99.1 EX-99.1
Aspen Insurance Holdings Limited
INVESTOR PRESENTATION
FIRST QUARTER 2013
EXHIBIT 99.1

SAFE HARBOR DISCLOSURE
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This  presentation contains, written or oral "forward-looking statements" within the meaning of the US 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 
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 and changing judicial interpretation
and judgments on insurers’ liability to various risks; 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 one or more large losses from events
other than natural catastrophes or by an unexpected accumulation of attritional losses; the impact of acts of terrorism and acts of war and related legislation; 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 persistence of the global financial crisis and the Eurozone debt crisis; 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 Company, Inc. (“A.M. Best”) or Moody’s Investor Service (“Moody’s”); the failure of our reinsurers, policyholders, brokers or other intermediaries to honor
their payment obligations; 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; our reliance on the assessment and pricing of individual risks by third parties; our dependence on a few brokers for a large portion of our revenues; the
persistence of heightened financial risks, including excess sovereign debt, the banking system and the Eurozone debt crisis; changes in general economic conditions, including
inflation, foreign currency exchange rates, interest rates and other factors that could affect our financial results; 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; our reliance on information technology and third party service providers for our operations and systems; loss of one or more of our senior
underwriters or 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 Report on Form 10-K as filed with the U.S. Securities and Exchange Commission on February 26, 2013.  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. 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, there can be no assurance that Aspen’s ultimate losses will remain within the stated amounts.
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 financial 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.co.
Non-GAAP Financial Measures
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 US Securities and Exchange Commission.
Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995:
identified by the use of words such as "expect," "intend," "plan," "believe," “do not believe,”
“aim,”
"project," "anticipate," "seek," "will," “likely,”
"estimate," "may," "continue,"
“guidance,”
and similar expressions of a future or forward-looking nature.

CONTENTS
•
Framework for Creating Shareholder Value
•
Who We Are & What We Do
•
Financial Highlights Q1 2013 and Full Year 2012
•
Strong Historical Performance
•
Creating Shareholder Value
-
The Aspen Approach
-
Building a Specialty Niche Business in the U.S.
-
Proactive Management of Capital
-
Delivering Strong Investment Returns with High Quality Portfolio
•
Appendix
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ASPEN GROUP
FRAMEWORK FOR CREATING SHAREHOLDER VALUE
•
Deep underwriting expertise and understanding of client needs and risks
•
Executing plan to achieve 10% Operating ROE in 2014
(1)
through:
1.
Optimization of business portfolio: Improving risk-adjusted returns and reducing
volatility
through
significant,
controlled
reduction
of
wind
and
quake
exposure
in
U.S. property insurance
2.
Capital efficiency
-
Estimated $200 million of excess capital at March 31, 2013
-
$500 million share repurchase authorization, with expected repurchases of at
least $300 million in 2013
-
Longer term, we expect to use most of comprehensive earnings to repurchase
shares after dividends and amount needed for organic growth
3.
Enhancing investment return within acceptable risk parameters
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(1)
As at April 24, 2013: Given the interest rate and pricing environments, assuming normal loss experience and including a
pretax cat load of $190 million per annum

WHO WE ARE
ASPEN GROUP
•
Bermuda-domiciled Specialty Insurer and Reinsurer
•
$2.6bn gross written premiums in 2012
•
Industry-leading underwriting expertise
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Figures for twelve months ended December 31, 2012
.
GWP BY SEGMENT
GWP BY BRANCH
GWP BY BROKER
48% REINSURANCE
52% INSURANCE
29.6 %  LONDON
28.2 %  US
16.2 %  LLOYDS
12.8 %  BERMUDA
7.6 %  ZURICH
5.6 % OTHER
51% OTHERS
18% AON
16% MARSH
15% WILLIS

WHAT WE DO: REINSURANCE
ESTABLISHED LEADER, POSITIONED FOR CONTINUED PROFITABLE GROWTH
•
STRATEGY:
-
Leverage deep expertise and understanding of client needs and risks
-
Local market strategy with hubs in: Zurich (Continental Europe),
Singapore (Asia), Miami (Latin America)
-
Continue to diversify by product and geography
•
PRIORITIES:
-
Ensure rate adequacy by product and territory
-
Cross-sell between Property, Casualty and Specialty Lines
-
Established a new division, Aspen Capital Markets, in recognition of
developments in the reinsurance market as the influence of alternative
capital has increased
-
Aspen Capital Markets intends to develop an asset management
business that leverages Aspen Re’s existing underwriting and technical
expertise into managing reinsurance risks on behalf of third-party
investors
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GWP BY BUSINESS LINE
(1)
PROPERTY CATASTROPHE
REINSURANCE
OTHER PROPERTY
REINSURANCE
CASUALTY REINSURANCE
SPECIALTY REINSURANCE
•
Treaty Catastrophe
•
Treaty Risk Excess
•
Treaty Pro Rata
•
Global Property Facultative
•
U.S. Casualty Treaty
•
International Casualty Treaty
•
Global Casualty Facultative
•
Credit & Surety
•
Agriculture
•
Other Specialty including Aviation,
Energy and Marine
(1)
Gross Written Premium for the last twelve months through March 31, 2013
25%
26%
27%
21%
Property Catastrophe
Reinsurance
Other Property
Reinsurance
Casualty Reinsurance
Specialty Reinsurance

WHAT WE DO: INSURANCE
INNOVATIVE SPECIALIST, BESPOKE UNDERWRITING APPROACH
•
STRATEGY:
-
Focus on complex, specialized risks and maintain portfolio diversification
•
PRIORITIES:
-
International: Further develop UK regional platform and continue
to build presence in Switzerland; capitalize on strong demand for
Marine, Energy, Political Risk and Kidnap & Ransom
-
U.S.: Drive towards profitability by building scale in attractive lines;
Announced the formation of a specialty Marine, Energy and
Construction unit in the U.S. to underwrite onshore energy and
construction sector classes of business; complements our global
Marine and Energy product offering and enables us to offer a full
array of upstream and downstream insurance products across the
global energy market
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MARINE, ENERGY
AND
TRANSPORTATION
FINANCIAL AND
PROFESSIONAL
LINES
PROPERTY
INSURANCE
CASUALTY
INSURANCE
PROGRAMS
•
Marine, Energy and
Construction (Property
and Liability)
•
Energy Physical Damage
•
Marine Hull
•
Specie
•
Inland Marine and Ocean
Risks
•
Aviation
•
Financial Institutions
•
UK Professional  Liability
•
UK Management Liability
•
U.S. Professional Liability
•
U.S. Management Liability
•
Credit, Political & Terrorism
•
Kidnap & Ransom
•
Technology Liability
•
Surety
•
U.S. Property
•
UK Property
•
UK Regional Property
•
Global Casualty
•
UK Liability
•
UK Regional Liability
•
Environmental Liability
•
U.S. Primary Casualty
•
U.S. Excess Casualty
•
U.S. Property and Casualty
•
Habitation
•
Commercial Property
•
Self Storage
•
Retail
•
Light manufacturing
(1)
Gross Written Premium for the last twelve months through March 31, 2103
GWP BY BUSINESS LINE
(1)
38%
21%
18%
15%
9%
Marine, Energy and
Transportation
Financial and
Professional Lines
Property Insurance
Casualty Insurance
Programs

FINANCIAL HIGHLIGHTS: FIRST QUARTER 2013
8
Q1 2013
Q1 2012
Comments
Optimization of Business Portfolio
Gross Premiums Written
$773.4
$782.1
•
Increase primarily driven by Insurance segment, led by U.S.
•
Offset by reductions in Reinsurance
Net Premiums Written
$597.0
$633.5
Combined Ratio
90.1%
93.8%
•
Combined ratio ex catastrophes: 90.1% (2013) vs. 90.1% (2012)
Annualized Operating ROE
(1)
10.8%
9.2%
•
Positive result due to absence of catastrophe losses and limited
attritional losses
Diluted Operating EPS
(1)
$1.06
$0.88
Capital Efficiency
Share Repurchases
$208.2
$0
•
$500M authorization in 1Q2013; expect at least $300M repurchases
in 2013
•
$150M ASR initiated in 1Q2013
Diluted BVPS
$40.68
$38.58
•
5% increase
•
7%+ increase after adding back dividends
Enhancing Investment Return
Book Yield on Fixed Income
portfolio
2.80%
3.31%
•
Seeking to mitigate impact of continuing low rates through increased
allocation to equities and BB-rated securities
Avg Duration –
Fixed Income
portfolio
3.2 years
3.0 years
($ in millions, except per share data)
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(1)
See Aspen's quarterly financial supplement for a reconciliation of operating income to net income, average equity to closing shareholders’
equity
diluted book value per share to basic book value per share in the Investor Relations section of Aspen's website at www.aspen.co.

STRONG HISTORICAL PERFORMANCE
SOLID VALUE CREATION SINCE IPO
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(1)
See Aspen's quarterly financial supplement for a reconciliation of operating income to net income, average equity to closing shareholders’
equity, diluted book value per share to basic book value per share in the Investor Relations section of Aspen's website at www.aspen.co.
GROWTH
IN
DILUTED
BOOK
VALUE
PER
COMMON
SHARE
(1)
AND
CUMULATIVE
DIVIDENDS
FROM
DECEMBER
31,
2003
–
DECEMBER
31,
2012

STRONG HISTORICAL PERFORMANCE: UNDERWRITING EXPERTISE
REFLECTED IN SUPERIOR ACCIDENT YEAR LOSS RATIOS
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Peers include AWH, ACGL, AXS, ENH, MRH, PRE, RE, RNR, PTP, VR and XL
Source: company filings
ACCIDENT YEAR LOSS RATIO
5-Year Average
Aspen:   69.5%
Peers:    72.5%

STRONG HISTORICAL PERFORMANCE:
MODEST CATASTROPHE EXPOSURE LIMITS VOLATILITY
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Source: Credit Suisse report March 11, 2013
CATASTROPHE LOSSES/NET PREMIUMS EARNED AVERAGE 2008-2012
CATASTROPHE LOSSES/SHAREHOLDERS EQUITY AVERAGE 2008-2012

CREATING SHAREHOLDER VALUE
THE ASPEN APPROACH
1.
Optimization of business portfolio
Focus on profitable growth markets and lines delivering attractive risk-adjusted returns
Ongoing process of evaluating business line return, risk and volatility
Reducing
volatility
through
significant,
controlled
reduction
of
wind
and
quake
exposure
in
U.S. property insurance
2.
Capital efficiency
First priority: underwrite profitable business
Return excess capital to shareholders
Current repurchase authorization: $500 million
3.
Enhancing investment return
Constantly evaluating ways to increase return on assets within our risk tolerance
Invested a further $200 million in equities in Q1 2013
Tactically adding to positions in BB Bank Loans and High Yield
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Enhanced focus on ROE
Expect to achieve 10% ROE in 2014
(1)
(1)
As at April 24, 2013 : Given the interest rate and pricing environments, assuming normal loss experience and including a
pretax cat load of $190 million per annum
-
-
-
-
-
-
-
-
-

CREATING SHAREHOLDER VALUE
OPTIMIZATION OF BUSINESS PORTFOLIO
•
Regular review of returns, risk and volatility for each of our product lines
•
In last 3 years, we have stopped or scaled back underwriting of several lines:
Structured reinsurance
UK motor reinsurance
New or contracted liability insurance
Primary pharmaceuticals products liability
•
Overwhelming majority of product lines have been validated by latest review process
•
Review resulted in decision to initiate a significant, controlled reduction of wind and
quake exposure in U.S. property insurance
Expected to free up $140 million of capital within 2 years and ultimately $200 million
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-
-
-
-
-

LTM
U.S.
INSURANCE
TEAMS
GWP:
$483
MILLION
(1)
CREATING SHAREHOLDER VALUE
BUILDING A SPECIALTY NICHE BUSINESS IN THE U.S.
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Property:
reduce
volatility
and
rebalance
U.S.
insurance portfolio by reducing wind and
earthquake exposure
Programs:
targets
premier
program
business
on a direct basis or through a reinsurance
intermediary; classes of business written
include habitation, commercial property, self
storage, retail and light manufacturing; will
continue to build out and diversify product
offering
Financial
and
Professional
lines:
continue
development of this established line; rates
stable to improving
Casualty
Lines:
focus
on
organic
growth
in
improving rate environment
Marine, Energy and Transportation:
provides creative risk management solutions
for the marine, energy, and transportation
industries
Moving towards scale and profitability
31% Property
25% Programs
14% Professional Lines
11% Casualty
6% Marine
5% Environmental
4% Management Liability
2% Excess Casualty
2% Surety
(1)
Gross Written Premium for the last twelve months through March 31, 2013
•
U.S. INSURANCE STRATEGY:
•
•
•
•

CREATING SHAREHOLDER VALUE
PROACTIVE MANAGEMENT OF CAPITAL
•
Maintain strong balance sheet with capital at levels that satisfy all regulatory and rating agency
requirements as well as internal metrics
-
Ratings of A/Stable (S&P), A2/Stable (Moody’s) and A/Stable (A.M. Best)
•
Competitive dividend yield; quarterly dividend increased 6% in Q1 2013
•
Return capital to shareholders through share repurchases
-
In Q1 2013, announced new $500 million share repurchase authorization, including $150 million Accelerated
Share Repurchase
-
Expect to repurchase at least $300 million in 2013 (~11% of current market capitalization), assuming normal
loss experience, using:
-
Excess capital (approximately $200 million as of March 31, 2013)
-
Capital released from reduction in U.S. property insurance wind and quake exposure
-
YTD 2013 repurchases: $208 million
(1)
-
Longer term, we expect to use most of comprehensive earnings to repurchase shares after dividends and
amount needed for organic growth
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CAPITAL MANAGEMENT STRATEGY
(1)
For the quarter ended March 31, 2013.

CREATING SHAREHOLDER VALUE: DELIVERING STRONG INVESTMENT
RETURNS WITH HIGH QUALITY PORTFOLIO
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PORTFOLIO ALLOCATIONS AT 03/31/13
5
YEAR
TOTAL
RETURN
1
(1)
5 year cumulative performance as at December 31 , 2012.  Peers include ACE, ACGL, AWH, AXS, ENH, MKL, MRH,
PRE, PTP, RE, RNR, WRB, XL –
VR data not available for 5 years
Source: company filings
$7.9 BILLION AS AT 03/31/13
st

THE ASPEN APPROACH: CONCLUSION
FOCUSED ON SHAREHOLDER VALUE
•
Deep underwriting expertise and understanding of client needs and risks
•
Executing plan to drive higher ROE and BVPS growth
-
Optimizing business portfolio to free up capital and improve risk-adjusted returns
-
Improving capital efficiency
-
Enhancing investment return within acceptable risk parameters
•
Pursuing selective, profitable growth in exposures we know and understand, subject
to market conditions
-
Diversified platform allows us to take advantage of areas where rates are improving
-
Significant portion of growth expected to be in diversifying lines
-
Longer term, we expect to use most of comprehensive earnings to repurchase shares after
dividends and amount needed for organic growth
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Goal: 10% ROE in 2014
(1)
(1) 
As at April 24, 2013: Given the interest rate and pricing environments, assuming normal loss experience and including a
pretax cat load of $190 million per annum

APPENDIX

CREATING SHAREHOLDER VALUE
IMPROVING RATE ENVIRONMENT
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LINE
% 2012
GPW
2012
RATE
CHANGE
COMMENTS
Reinsurance
48%
5%
Property
25%
9%
•
Hardening in U.S. market due to Sandy losses
Casualty
13%
1%
•
Up to 5% increases in U.S. General & Professional E&S
Specialty
10%
-2%
•
Marine rates up 30% at 1/1/13 due to Sandy and Concordia muted by continued soft
rate environment in Credit and Surety
Insurance
52%
3%
Property
19%
5%
•
U.S. property up 6%; further increases expected in 2013
Casualty
7%
3%
•
8% increase in U.S. Primary Casualty
Marine, Energy &
Transportation
21%
2%
•
Marine, energy and construction liability up 9%
•
Aviation down 9%
Financial &
Professional Lines
10%
1%
•
Financial Institutions up 7%
•
U.S. management liability up 5%
•
UK management liability and prof. indemnity rates remain pressured
U.S. Programs
5%
3%
•
Expect further increases in 2013 due to Sandy losses
Grand Total
100%
4%

ASPEN’S NATURAL CATASTROPHE EXPOSURES:
MAJOR PERIL ZONES
100 YEAR RETURN PERIOD AS % OF TOTAL
SHAREHOLDERS’
EQUITY
250 YEAR RETURN PERIOD AS % OF TOTAL
SHAREHOLDERS’
EQUITY
1 in 100 year tolerance:
17.5%
of
total
shareholders’
equity
1 in 250 year tolerance:
25.0%
of
total
shareholders’
equity
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Based on shareholders' equity of $3,339.6 million at March 31, 2013. The estimates reflect Aspen's own view of the modeled
maximum losses at the return periods shown which include input from various third party vendor models and our own
proprietary adjustments to these models. Catastrophe loss experience may materially differ from the modeled PML’s due to
limitations
in
one
or
more
of
the
models
or
uncertainties
in
the
application
of
policy
terms
and
limits.
15.5%
8.3%
6.7%
5.0%
3.7%
1.8%
0%
5%
10%
15%
20%
U.S. All Wind
California EQ
European Wind
Japan All Perils
U.S. Pacific NW EQ
U.S. Eastern Quake
21.7%
12.9%
9.7%
7.7%
6.9%
6.1%
0%
5%
10%
15%
20%
25%
U.S. All Wind
California EQ
European Wind
Japan All Perils
U.S. Pacific NW EQ
U.S. Eastern Quake

INVESTMENT PORTFOLIO BY ASSET TYPE
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CASH, SHORT-TERM
SECURITIES AND EQUITY
SECURITIES
GOVERNMENT / AGENCY
STRUCTURED SECURITIES
CREDIT SECURITIES
Short-term securities
353.1
U.S. government
1,203.0
Asset-backed
80.3
Corporate bonds
1,930.4
Equities
414.1
U.S. Agency
314.2
Agency rated mortgage-
backed (GNMA, FINMA,
FHLB)
1,087.8
Foreign corporates
471.5
Cash and cash
equivalents
1,212.7
Foreign governments
671.9
Non-agency Commercial
Mortgage-backed
67.6
Bonds backed by
foreign government
85.3
Other Investments
45.0
Municipal bonds
40.8
Bank loans
9.1
Q1 2013
2,024.9
Q1 2013
2,189.1
Q1 2013
1,235.7
Q1 2013
2,537.1
Q4 2012
2,142.6
Q4 2012
2,111.8
Q4 2012
1,305.0
Q4 2012
2,596.6
Increased
portfolio
allocation
to
equities
by
$200
million
in
Q1
2013
(1)
As at March 31, 2013, including cash and cash equivalents
TOTAL
INVESTMENT
PORTFOLIO
AT
MARKET
VALUE
($
MILLIONS)
1
:
$7,986.8

22
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Aspen takes the lower of the Moody’s and S&P ratings
EUROPEAN INVESTMENT EXPOSURE
($ IN MILLIONS EXCEPT FOR PERCENTAGES)
•
Eurozone exposures consist of sovereigns, equities, and high quality corporates with 82% having a rating of “A”
or higher, with de minimus exposure to Italian and Spanish corporate bonds
•
Not Rated “NR”
consists of equity investments
•
Eurozone exposure is approximately 4.7% of Aspen’s aggregate investment portfolio
•
Aspen has no exposure to the sovereign debt of the European peripherals (Greece, Ireland, Italy, Portugal, or
Spain)
RATINGS
COUNTRY
AAA
AA
A
BBB
BB
NR
MARKET
VALUE
UNREALISED
PRE-TAX
GAIN
% TOTAL
INVESTMENT
PORTFOLIO
AUSTRIA
-
6.7
-
-
-
-
6.7
0.0
0.1%
BELGIUM
-
-
19.5  
-
-
9.9
29.4
2.6
0.4%
FINLAND
14.5  
-
-
-
-
4.5
19.0
1.0
0.2%
FRANCE
4.0
56.3
19.5
2.7
-
28.0
110.6
6.9
1.4%
GERMANY
63.2
13.2
28.4
2.4
0.6
-
107.8
3.7
1.3%
ITALY
-
-
-
0.7
-
4.0
4.8
0.0
0.1%
LUXEMBOURG
-
-
-
0.3
-
-
0.3
0.0
0.0%
NETHERLANDS
41.3
30.2
9.5
0.8
-
-
81.8
2.5
1.0%
NORWAY
13.1  
18.0
-
-
-
-
31.1
1.7
0.4%
SPAIN
-
-
-
2.2
-
-
2.2
0.0
0.0%
SWEDEN
-
20.3
-
2.5
-
20.2
43.0
2.9
0.5%
SWITZERLAND
11.2
29.8
44.9
1.5
-
42.0
129.4
13.5
1.6%
UNITED KINGDOM
19.5
229.0
70.3
12.4
-
88.4
419.5
24.9
5.3%
TOTAL EUROPEAN
EXPOSURE
166.9
403.5
192.1
25.5
0.6
197.0
985.6
59.6
12.3%

Aspen Insurance Holdings Limited
INVESTOR PRESENTATION
FIRST QUARTER 2013