Exhibit 8.1

SUBSIDIARIES OF THE COMPANY

NAME OF SUBSIDIARY	JURISDICTION OF INCORPORATION
Acorn Limited	Bermuda
Aspen Bermuda Limited	Bermuda
Aspen Capital Management, Ltd	Bermuda
Aspen Cat Fund Limited	Bermuda
Peregrine Reinsurance Ltd	Bermuda
Silverton Re Ltd.	Bermuda
Aspen Insurance UK Limited	United Kingdom
Aspen (UK) Holdings Limited	United Kingdom
Aspen (US) Holdings Limited	United Kingdom
Aspen European Holdings Limited	United Kingdom
Aspen Insurance UK Services Limited	United Kingdom
AIUK Trustees Limited	United Kingdom
Aspen Risk Management Limited	United Kingdom
Aspen Managing Agency Limited	United Kingdom
Aspen Underwriting Limited	United Kingdom
Aspen UK Syndicate Services Limited	United Kingdom
Aspen Recoveries Limited	United Kingdom
APJ Asset Protection Jersey Limited	Jersey
Aspen Specialty Insurance Solutions LLC	California
Aspen U.S. Holdings, Inc.	Delaware
Aspen Capital Advisors Inc.	Delaware
Aspen Insurance U.S. Services Inc.	Delaware
Aspen Re America, Inc.	Delaware
Aspen Specialty Insurance Management, Inc.	Massachusetts
Aspen Specialty Insurance Company	North Dakota
Aspen American Insurance Company	Texas
Aspen Singapore Pte. Ltd.	Singapore
Blue Waters Insurers, Corp.	Puerto Rico
Aspen Insurance Ireland Holdings Limited	Ireland