Investor Day

Document Sample
Investor Day Powered By Docstoc
					                                             Amended as of June 16, 2010




Aspen Insurance Holdings Limited

Investor Day, New York
Diversification and the Specialty Approach


June 10, 2010


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 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; the effectiveness of our loss limitation methods; changes in the total industry losses, or our share of total industry losses,
resulting from past events such as Hurricanes Ike and Gustav 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; our ability to implement successful risk management policies with
respect to, but not limited to, transaction level underwriting limits, natural catastrophe accumulation risks, terrorism accumulation risks, clash risks, financial and political risks and
investment risks; our ability to manage risk successfully by balancing our risk appetites, capital constraints and volatility constraints against shareholder return objectives; changes in
our risk management approach in response to changes in our risk appetite, capital and volatility constraints; 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.


                                                                                                                                                                                                       2

AHL: NYSE
Investor Day Overview
TIME        ITEM                                                           PRESENTER
08.00       •   Purpose                                                    Noah Fields, Head of Investor Relations
08.05       •   Where We Are Headed: Business Overview and Strategy        Chris O’Kane, Chief Executive Officer
08.30       •   Q&A                                                        -
08.45       •   Our Insurance Franchise                                    Rupert Villers, CEO, Aspen Insurance
                  Repositioning US Insurance                               Bill Murray, President, US Insurance
                  Case Study: Financial and Political Risks                Bernie de Haldevang, Head of Financial & Political Risks
                                                                           Rupert Villers
10.15       •   Q&A with Panel                                             Bill Murray
                                                                           Bernie de Haldevang
10.30       •   Break                                                      -
            •   Our Reinsurance Franchise                                  Brian Boornazian, CEO, Aspen Reinsurance
10.45
                                                                           James Few, President, Aspen Reinsurance
                   Case Study: Latin America and why we are interested     Peter Emblin, Executive Vice President, Aspen Reinsurance
                                                                           Brian Boornazian
                                                                           James Few
11.30       •   Q&A with Panel
                                                                           Peter Emblin
                                                                           Emil Issavi, Executive Vice President, Aspen Reinsurance
            •   Integrated Risk Management: How we embed this in our       Stephen Postlewhite, Head of Risk Capital
11.45
                business                                                   Julian Cusack, Group Chief Risk Officer
                                                                           Stephen Postlewhite
12.15       •   Q&A with Panel
                                                                           Julian Cusack
            •   Money Matters: Investments, Capital, Tax and Expense
12.30                                                                      Richard Houghton, Group Chief Financial Officer
                Management
12.50       •   Q&A                                                        -
13.00       •   How It All Adds Up                                         Chris O’Kane
            •   Lunch and presentation: “The Modeler’s Enigma - How well
13.15                                                                      Hemant Shah, CEO Risk Management Solutions Inc.
                can models estimate catastrophes”                                                                                      3

AHL: NYSE
Purpose

•   Who we are

•   What we do

•   Where we are going

•   Why we are going there

•   How we are getting there

•   Key Take-aways

       Strength & depth of senior management

       The embedded value in our franchise

       Integrated risk management approach underpinning everything we do


                             Diversification and the Specialty Approach
                             Diversification and the Specialty Approach

                                                                           4

AHL: NYSE
Where We Are Headed
Business Overview and Strategy


Chris O’Kane
Chief Executive Officer




AHL: NYSE
Our Investment Proposition
The Embedded Value in Our Franchise

                ‘Right’ business model
 Underwriting   • Niche focused
  Excellence    • Expert based
                • Appropriately diversified (Insurance/Reinsurance, Property/Casualty, Geography)

                ‘Right’ Tools
 Operational
Effectiveness   • Significant investment in integrated risk management, actuarial and other quantitative
                    techniques to enhance our business

                ‘Right’ People
                • Motivation
   Talent
 Management     • Experience
                • Appetite to succeed
                • Alignment with shareholders (i.e., the right compensation structures)

                ‘Right’ size and speed of response
    Agility
                • Sufficient scale to withstand ‘shock’ losses and compete effectively in all phases
                    of the cycle
                • Ability to respond rapidly to changes in market conditions

                            Aspen Well Positioned for Future Success
                            Aspen Well Positioned for Future Success
                                                                                                           6

AHL: NYSE
Who We Are

•     Bermuda domiciled Specialty Insurer and Reinsurer
•     Founded 2002; IPO – 2003; $1.9bn market cap – 2010*
•     $2.1bn GWP in 2009; estimate $2.2bn +/- 5% GWP for 2010**


      STRONG BALANCE SHEET
      STRONG BALANCE SHEET                                          MULTI-PLATFORM APPROACH
                                                                    MULTI-PLATFORM APPROACH    WELL DIVERSIFIED PORTFOLIO
                                                                                               WELL DIVERSIFIED PORTFOLIO



    • $3.1bn of total capital, as of                           • 3 main underwriting           • Focus on Specialty Lines
      March 31, 2010                                             locations: London, Bermuda
                                                                 and US                            Insureds tend to be more
    • Ratings of A (S&P), A2                                                                       unusual or higher risk
      (Moody’s) and A (AM Best)                                • Branch offices in Paris,
                                                                 Zurich, Cologne, Singapore,       Typically requires high
    • Diluted BVPS 16% CAGR                                      Dublin and 3 main locations       degree of individual risk
      over four years                                            in the US                         underwriting expertise
                                                                                               • 57% Reinsurance, 43%
                                                                                                 Insurance***
                                                                                               • 53% Property, 47% Casualty***

             Underwriting Led, Diversified Specialty Insurer and Reinsurer Underpinned by Strong Risk
             Underwriting Led, Diversified Specialty Insurer and Reinsurer Underpinned by Strong Risk
                                               Management Culture
                                               Management Culture

* As at June 8, 2010   **Estimated as at April, 29 2010 *** 2010e
                                                                                                                                 7

AHL: NYSE
Who We Are

                                                                        3,000                                                        40



                                                                                                                                     35
 •      Founded June 2002                                               2,500


                                                                                                                                     30
 •      IPO in December 2003




                                                                                                                                          Diluted BVPS $
                                                                        2,000




                                                        Market Cap $m
                                                                                                                                     25
 •      Shareholders’ equity increased by
        $1.84bn since year end 2003**                                   1,500
                                                                                                                                     20


 •      Growth = Growth in BVPS                                         1,000
                                                                                                                                     15



                                                                         500                                                         10




                                                                                     04


                                                                                            05


                                                                                                   06


                                                                                                            07


                                                                                                                     08


                                                                                                                            09
                                                                                   20


                                                                                          20


                                                                                                 20


                                                                                                          20


                                                                                                                   20


                                                                                                                          20
                                                                                Diluted BVPS (RH scale)          Market cap (LH scale)


                      11% CAGR in Diluted BVPS since Year End 2003* and 16% since 2006
                      11% CAGR in Diluted BVPS since Year End 2003* and 16% since 2006
Source: Bloomberg
* To end 2009 ** To end Q1 2010                                                                                                                            8

AHL: NYSE
Who We Are

•   Aspen has experienced:
        Hurricanes Katrina, Rita, Wilma (2005)
        Hurricane Ike (2008)
                                                          4 Soft Markets    3 Hard Markets
        2008-2009 ‘credit crunch’
                                                           1979 – 1985       1986 – 1988
        Hard market 2002-2006
        Market softening since 2006                        1989 – 1992       1993 – 1995

•   Aspen senior management has experienced:
                                                           1996 – 2001       2002 – 2005
        Hurricane Andrew
        Kobe Earthquake                                    2006 - present

        Northridge Earthquake
        3 hard markets
        4 soft markets


                         Highly Experienced Management Team – It Counts!
                         Highly Experienced Management Team – It Counts!
                                                                                             9

AHL: NYSE
Who We Are
                                                                     By Domicile of Insured


              2009 GWP: $2.1bn                                                                             United States
                                                                                                           United Kingdom
                                                                                                           Bermuda
                                                                                                           France
                                                                                                           Japan
                                                                                                           Canada
                                                                                                           Germany
                                                                                                           Australia
                                                                                                           Italy
                                                                                                           Netherlands
                                          43%                                                              Others


    57%
                                                                                     By Segment


                                                                                        1   Marine, Energy and Transportation Insurance
                                                             8           1                  Casualty Insurance
                                                                                        2
                                                                                        3   Property Insurance
                                                         7
                                                                                        4   Financial and Professional Lines Insurance
                                                                                 2
                                                                                        5   Casualty Reinsurance
                                                         6                              6   Other Property Reinsurance
                                                                             3
                                                                     4                  7   Specialty Reinsurance
                                                                 5
                                                                                        8   Property Catastrophe Reinsurance
                Insurance   Reinsurance




            A Specialty Insurer and Reinsurer, Diversified by Product, Peril and Geography
            A Specialty Insurer and Reinsurer, Diversified by Product, Peril and Geography
                                                                                                                                          10

AHL: NYSE
What We Do
The Specialty Approach
                                                           Underwriting Risk Profiles by Segment (2010e)


UW Loss ($M)                 Insurance   Reinsurance   Diversification         Total
StDev                              102           185             13.9%          146
1 in 250                           382           663             19.6%          840
1 in 100                           297           575             17.8%          717
1 in 10                             98           125             23.8%          170
                                                                                                                                             Reinsurance
                                                                                                                                        Higher average return,
                                                                                                                                        significant tail, ‘skewed’
                                                        Insurance                                                                               distributed
                                               Lower average return, less tail
               Probability




                                              risk, more ‘normally’ distributed
                                                                                                                                                         Combined
                                                                                                                                                       Insurance and
                                                                                                                                                        Reinsurance




                   ‐1190 ‐1090 ‐990m ‐890m ‐790m ‐690m ‐590m ‐490m ‐390m ‐290m ‐190m ‐90m 10m
                    -1190 -1090 -990 -890    -790  -690  -590 -490   -390 -290   -190   -90 10               110m 210m 310m 410m 510m 610m
                                                                                                               110 210   310  410  510 610

                                                                           Underwriting Profit ($m)     0
                                                               Accident year underwriting profit ($m)

•     Combined book (insurance and reinsurance) benefits from diversification between the two risk profiles
                                                  ‘Specialty’ Approach Results in Lower Earnings Volatility
                                                   ‘Specialty’ Approach Results in Lower Earnings Volatility
The above data is based on modelled output and contains numerous variables with considerable uncertainty. Actual outcomes may deviate significantly from the above.    11

AHL: NYSE
What We Do

Our strategy has 6 key elements:


     Diversified underwriting platform (product, peril and geography)


2    Measured expansion where Aspen has a competitive advantage consistent with market
     conditions = continuous investment in our franchise


     Execution framework underpinned by strong risk management infrastructure and culture


     Focus on spreading risk and lowering volatility


     Prudent stewardship of capital


     People - hiring and development of talent


                                      Creating Franchise Value
                                      Creating Franchise Value
                                                                                            12

AHL: NYSE
Our Franchise in Practice
Examples


               Example                         Value Proposition                    Why it Matters

• UK Employers’ Liability Insurance       • Willingness and ability to        • Limited number of
                                            underwrite difficult risks          competitors resulting in
     Contractors with JV Partners
                                                                                more favourable supply /
                                                                                demand dynamics

• General Liability Insurance             • Underwriting assessment           • Small set of large
                                            reflects relative merits of         sophisticated buyers;
     Primary general liability / first
                                            individual clients                  prefer to entrust critically
     layer for energy clients
                                                                                important primary
                                          • Claims handling ability and
                                                                                insurance to a restricted
                                            willingness to pay valid
                                                                                group of ~6 leaders
                                            claims quickly

• Aviation Insurance                      • Long standing experience of       • Very few competitors
                                            writing class (limited industry
     Deductible buy-back                                                      • Risks typically written
                                            data available → experience
                                                                                100% → increased
                                            is valued)
                                                                                pricing power


                   Adding ‘Real’ Value to our Clients = Better Underwriting Results
                   Adding ‘Real’ Value to our Clients = Better Underwriting Results
                                                                                                               13

AHL: NYSE
 What We Do
 Investing in our Franchise
            • Specialty RI (Aviation & Marine)                                                               • Financial & Political Risk Insurance
                                                  • Aviation Insurance
            • US Casualty Re                                                                                 • Financial Institutions Insurance
                                                  • Marine Insurance                                                                                                  • Non-US Agriculture
            • US E&S lines                                                   • International Property        • Non-US Management Technology and Liability
                                                  • Energy Insurance                                                                                                    Reinsurance
                                                                               Facultative Reinsurance         Insurance
                                                                                                                                                                      • US Professional Liability
                          • US based reinsurance lines                                      • Non-US Professional Liability               • Specie Insurance
                                                                                                                                                                        Insurance
                            - Property (including Fac)                                        Insurance                                   • International Casualty    • US Directors & Officers
                            - Casualty (including Fac)                                      • Non-US Excess Casualty                        Faculative Reinsurance      Insurance
                                                                                            • Transportation related Liability            • Credit & Surety Reinsurance
                                                                                              Insurance
Products
                   ‘03                    ‘04                   ‘05                ‘06                   ‘07                      ‘08                 ‘09                  ‘10
Platforms
              • Bermuda                                                          • Paris               • Zurich                  • Lloyd’s                              • Miami
              • London                                                                                 • Dublin                  • Singapore                            • Cologne
              • US


                                                                                  Development of GWP

                                        2000

                                                                                                                                                             2009 Lines
                                        1500                                                                                                                 2008 Lines
                                                                                                                                                             2007 Lines
                               GWP $m




                                                                                                                                                             2006 Line
                                        1000
                                                                                                                                                             2005 Lines
                                                                                                                                                             2004 Lines
                                         500                                                                                                                 2003 Lines
                                                                                                                                                             Original Lines

                                           0
                                           2002          2003         2004         2005           2006          2007             2008          2009
                                                                                           Year


                   Incremental Expansion into Adjacent Business Lines Consistent with Diversification
                    Incremental Expansion into Adjacent Business Lines Consistent with Diversification
                                            Strategy and Market Conditions
                                             Strategy and Market Conditions
                                                                                                                                                                                                    14

 AHL: NYSE
What We Do
Investing in our Franchise


                                                                                       ‘Hard Market’             Market Softening
•   New business development reflects market
    conditions                                                      2000


•   Exploiting barriers to entry
                                                                    1500
       Investment in adjacent lines

       -   E.g. Facultative reinsurance and addition




                                                           GWP $m
           of US Casualty Treaty capability in US                   1000


       -   E.g. Aviation, Specie and Excess Casualty
                                                                    500
       Enhanced distribution

       -   Lloyd’s and offices in Paris, Zurich, Dublin,
           Singapore, Miami and Cologne                               0
                                                                      2002     2003       2004    2005    2006    2007    2008      2009
       Broker relationships                                                                            Year

                                                                      Original Lines     2003 Lines      2004 Lines      2005 Lines
                                                                      2006 Line          2007 Lines      2008 Lines      2009 Lines



        Purposeful Investment in Teams and Distribution to Accelerate Growth Once The Cycle Turns
        Purposeful Investment in Teams and Distribution to Accelerate Growth Once The Cycle Turns
                                                                                                                                           15

AHL: NYSE
What We Do
Value in our Franchise
                                       Wellington / Aspen Post World Trade Centre Loss in 2001

            3000                                                                                   350



                                                                                                   300                                        292
            2500                                          2397


                                        2008                                                       250




                                                                          Underwriting profit $m
            2000                                                                                                                               129
                                                          1124
                                                                                                   200
   GWP $m




            1500
                                                                                                   150
                                        1714               45
            1000
                                                                                                   100
                                                                                                                    72                         163
                       1262                               1228
            500                                                                                    50                53
                                         135
                                         159                                                                         14
              0                                                                                    -                  5
                       2001              2002             2003                                                      2002                      2003

               Aspen excluding Wellington QS premium   s.3030    s.2020                                  Aspen excluding wellington contribution    s.3030   s.2020




                     Past Experience Illustrates Scope to Leverage our Franchise when the Time is Right
                     Past Experience Illustrates Scope to Leverage our Franchise when the Time is Right
                                                                                                                                                                      16

AHL: NYSE
What We Do
Targeting Top Quartile Performance

                                    US P&C Insurance Industry Performance (by Category)

                                     Five Year Average Operating Ratio by Peer Group and Quintile, 2002 – 2008*

                                Property       Medical         Workers                                    Other
                                 Lines        Malpractice       Comp        Comm. Auto Gen. Liability    Specialty   Mixed Lines
                        0%


                       20%


                       40%


                       60%
                                                                                                                                   Wide
                       80%                                                                                                         performance
                                                                                                                                   span
                     100%


                     120%


                     140%


                     160%                                        Bottom Quintile   Top Quintile   Mean


              Agility, Underwriting Excellence, Talent Management and Sound Risk Management Key to
              Agility, Underwriting Excellence, Talent Management and Sound Risk Management Key to
                                               Top Quartile Performance
                                               Top Quartile Performance
Source: Conning Research & Consulting
* Operating Ratio: An insurer's Combined Ratio minus the Investment Income Ratio
                                                                                                                                                 17

AHL: NYSE
What We Do
Track Record of Delivery

                                           Property Reinsurance Loss Event Market Share*
                  2%   1.9%



                                                                                                                                 1.5%
                                                                                                                                        1.4%
   Market Share




                              1.0%
                  1%
                                      0.7%
                                             0.6%

                                                                           0.4%
                                                                                    0.3%
                                                                                           0.2%
                                                        0.1% 0.1%                                 0.1%   0.1% 0.1%   0.1% 0.1%

                  0%
                       Hurricane     Hurricane Ike       Hurricane         Windstorm       June UK     Windstorm   Windstorm       Chilean
                        Katrina         (2008)            Gustav          Kyrill (2007) Floods (2007) Emma (2008) Klaus (2009)   Earthquake
                        (2005)                            (2008)                                                                   (2010)

                                         US                                                        UK / Europe               Latin America
                                                                          Gross            Net

                                     Significant Reduction in Peak Zone Nat Cat Exposure Post 2005
                                     Significant Reduction in Peak Zone Nat Cat Exposure Post 2005

* Data pre-tax as at March 31, 2010. Net is net of reinstatement premium and reinsurance                                                       18

AHL: NYSE
What We Do
Exposure by Key Peril Zones
                                                                                                Return Period
Peril Zones                                                                25 years           50 years          100 years         250 years
North East Windstorm          Industry Loss $bn                                  2.7                9.5               21.3              43.9
                              Aspen Net Loss $m                                 22.7               97.6             212.8             301.8
                              Aspen Net loss as % Industry                     0.8%               1.0%               1.0%              0.7%
South East Windstorm          Industry Loss $bn                                 45.0               71.7             109.1             169.8    Market Share           #Events
including Florida             Aspen Net Loss $m                               101.2              174.5              279.4             453.0
                              Aspen Net loss as % Industry                     0.2%               0.2%               0.3%              0.3%
Gulf Windstorm                Industry Loss $bn                                 16.2               26.0               37.9              56.5   ≤1%                    45
including Texas               Aspen Net Loss $m                                 73.1             131.3              198.7             316.2
                              Aspen Net loss as % Industry                     0.5%               0.5%               0.5%              0.6%    >1 ≤ 1.5%               4
California Earthquake         Industry Loss $bn                                 10.2               20.0               32.1              50.0
                              Aspen Net Loss $m                                 86.0             177.6              308.1             392.1
                              Aspen Net loss as % Industry                     0.8%               0.9%               1.0%              0.8%
                                                                                                                                               > 1.5%                  3
Japan Windstorm               Industry Loss $bn                                  8.4               12.7               18.1              27.1
                              Aspen Net Loss $m                                 34.1             108.4              167.0             234.2                           52
                              Aspen Net loss as % Industry                     0.4%               0.9%               0.9%              0.9%
Japan Earthquake              Industry Loss $bn                                 29.9               43.2               54.8              75.2
                              Aspen Net Loss $m                               139.1              193.0              229.7             370.6
                              Aspen Net loss as % Industry                     0.5%               0.4%               0.4%              0.5%
Europe Windstorm              Industry Loss $bn                                 10.2               16.2               23.8              34.9
                              Aspen Net Loss $m                               126.3              240.5              351.6             438.4
                              Aspen Net loss as % Industry                     1.2%               1.5%               1.5%              1.3%
Mexico Earthquake             Industry Loss $bn                                  2.0                3.3                4.6               6.7
                              Aspen Net Loss $m                                  3.9               10.7               21.8              49.6
                              Aspen Net loss as % Industry                     0.2%               0.3%               0.5%              0.7%
Australia Windstorm           Industry Loss $bn                                  0.6                1.0                1.4               2.7
                              Aspen Net Loss $m                                  3.1                6.6               14.6              45.3
                              Aspen Net loss as % Industry                     0.5%               0.7%               1.0%              1.7%
Australia Earthquake          Industry Loss $bn                                  1.1                3.0                7.6              18.9
                              Aspen Net Loss $m                                  2.8               11.9               49.5            147.1
                              Aspen Net loss as % Industry                     0.3%               0.4%               0.7%              0.8%
New Zealand Earthquake        Industry Loss $bn                                  1.2                2.3                4.1              11.0
                              Aspen Net Loss $m                                  0.3                1.5               16.1              50.5
                              Aspen Net loss as % Industry                     0.0%               0.1%               0.4%              0.5%
Caribbean WS                  Industry Loss $bn                                  1.8                2.5                3.0               3.6
                              Aspen Net Loss $m                                  9.3               24.0               53.6              96.3
                              Aspen Net loss as % Industry                     0.5%               1.0%               1.8%              2.7%
Colombia EQ                   Industry Loss $bn                                  1.5                4.2                8.4              11.8
                              Aspen Net Loss $m                                  2.8                6.6               20.4              54.6
                              Aspen Net loss as % Industry                     0.2%               0.2%               0.2%              0.5%



                                  Our Estimated Loss ≤ 1% Market Share in 45 out of 52 Events
                                  Our Estimated Loss ≤ 1% Market Share in 45 out of 52 Events
The above data is based on modelled output and contains numerous variables with considerable uncertainty. Actual outcomes may deviate significantly from the above.             19

AHL: NYSE
What We Do
Natural Catastrophe Exposure vs. Peers: Hurricanes Gustav / Ike


                      450

                      400
                                      A                                             D
                      350

                      300                                            I                                K
   Post-tax loss $m




                                                                                        C                           M
                                                     F
                      250

                      200                 N
                                                                                                          J
                                                                             Aspen
                      150
                                      L

                      100                                B       E                          H


                       50                     G


                        0
                            0%   2%           4%              6%              8%                10%           12%       14%

                                      Post-tax loss as % June 30, 2008 Shareholders' Equity

                                          Gustav // Ike Loss in Line with our Business Model
                                          Gustav Ike Loss in Line with our Business Model
Source: Dowling & Partners, Aspen Analysis
Peers include ACE, ACGL, AWH, AXS, ENH, MRH, MXGL, PRE, PTP, RE, RNR, TRH, XL, VR                                             20

AHL: NYSE
What We Do
Natural Catastrophe Exposure vs. Peers: Chile Earthquake


                      350
                                                                           I                                   M
                      300
                                                                                    F

                      250
   Post-tax loss $m




                      200                N
                                                                               K
                                                          D
                      150            A


                                                 L                                               H
                      100                                          Aspen                J

                                             C            B
                       50
                                                      E

                                 G
                        0
                            0%   1%              2%           3%       4%           5%      6%       7%   8%       9%
                                             Post-tax loss as % December 31, 2009 Shareholders' Equity


                                                     Chile Loss in Line with Our Business Model
                                                     Chile Loss in Line with Our Business Model
Source: Dowling & Partners, Aspen Analysis
Peers include ACE, ACGL, AWH, AXS, ENH, MRH, MXGL, PRE, PTP, RE, RNR, TRH, XL, VR                                       21

AHL: NYSE
What We Do
Setting our Risk Return Profile


•    Risk appetite statement core component of our Risk Management framework



    Risk preferences         Risks inside and outside of core mission and strategy


                             Sets the levels of return on capital we seek to achieve, subject to
    Return objective
                             risk constraints


Volatility constraint        Limit on earnings volatility



    Capital constraint       Minimum level of risk adjusted capital



                   Integrated Risk Management Underpinning Everything We Do
                   Integrated Risk Management Underpinning Everything We Do

                                                                                                   22

AHL: NYSE
What We Do
Capital Management


                         HARD MARKET                                                                                                              Shareholders' Equity
                                                                                                                                                    2003 - Q1 2010
                                                                                                                       4,500
                                                                                                                                                                          354
                                                                                                                       4,000




                                                                                     Ordinary Shareholder's Funds $m
                                                                                                                                                             725

                                                                                                                       3,500
                           Adequate Return                                                                                                                                                         3141
                                                                                                                                               1676
                              on Capital                                                                               3,000                                                           913

                                                                                                                       2,500
                          Inadequate Return
                              on Capital
                                                                                                                       2,000


                                                                                                                       1,500      1299

                                                                                                                       1,000
                                                                                                                               2003 Ordinary Retained     New shares      Net        Return of Q1 2010 Total
                                                                                                                               Shareholders' Earnings (Ex   issued    preference     capital to Shareholders'
                                                                                                                                  Equity        Divs)                shareholders'   ordinary      Equity
                          SOFT MARKET                                                                                                                                    equity    shareholders*




                  Continued Commitment to Capital Management: Returned $1bn* from 2003 to Date**
                  Continued Commitment to Capital Management: Returned $1bn* from 2003 to Date**
* Includes preference dividends and $200m share repurchase entered into in Q1 2010
** End Q1 2010                                                                                                                                                                                                  23

AHL: NYSE
Where We Are Going
2010 and Beyond: Key Elements


   Element     2008 Objective                          Progress to date (Q1 2010)

             • Retain specialty or niche focus
             • Increase percentage of insurance vs.
                                                             38% → 43%
               reinsurance business written
     Mix
             • Increase percentage of casualty vs.           45% → 48%
               property business written
             • Develop fee based income streams              ILS fund established 2009

             • Take existing products to new                 Lloyd’s, Singapore, Miami and
               platforms and increase penetration on         Cologne
               ‘existing’ platforms
             • Focus more on under-penetrated                Singapore, Latin America expansion
 Geography     regions
             • Insurance: increase percentage of US      X   US repositioning underway
               vs. non US
             • Reinsurance: increase percentage of           Growth of non-US business via
               non US vs. US                                 Singapore and Zurich platforms


                              Tangible Progress Against Strategy
                              Tangible Progress Against Strategy
                                                                                                  24

AHL: NYSE
Where We Are Going
2010 and Beyond

     Business         Key Elements


                     •   Build out US Insurance platform
                            Addition of Admitted Market capability pending
                     •   Round out ‘London Market’ portfolio
  Insurance
  Insurance
                            Addition of selected lines
                            Development of UK regional platform
                            Establishment of foothold in Swiss insurance market



                     •   Build out of non-US operations
                            Establishment of Miami office targeting Latin America
 Reinsurance
 Reinsurance                Continued selective build out for Continental Europe and Asian
                            operations
                     •   ‘Watching brief’ on Middle East


   Measured Growth in Exposures We Know and Understand Subject to Market Conditions
   Measured Growth in Exposures We Know and Understand Subject to Market Conditions
                                                                                             25

AHL: NYSE
Where We Are Going
Current Market Conditions
                                                                 Relative Price                Outlook *
 Q1 2010
                                                                  Movement
 Reinsurance
    Property Catastrophe Reinsurance
                 Treaty Catastrophe
                                                                                                                          •   Declining overall rate environment
    Other Property Reinsurance
                                                                                                                              but significant variation by line of
                  Treaty Risk Excess
                  Treaty Pro Rata                                                                                             business
                 Property Facultative
    Casualty Reinsurance
                  International Casualty Treaty
                  US Casualty Treaty
                 Casualty Facultative
    Specialty Reinsurance
                  Credit Surety & Political Risk RI
                  Specialty Reinsurance
 Insurance
    Property Insurance
                  UK Commercial Property & Construction Ins
                  US Property E&S Insurance
    Casualty Insurance
                  UK Liability Insurance
                  Excess Casualty Insurance
                  US Casualty E&S Insurance
    Marine, Energy & Transportation Insurance
                  MEC Liability Insurance                                                                                           Anticipate meaningful rate
                                                                                                                                    Anticipate meaningful rate
                  Energy Property Insurance                                                                                      improvements post Deepwater
                                                                                                                                  improvements post Deepwater
                  Marine Hull Insurance
                  Aviation Insurance
                                                                                                                                           Horizon loss
                                                                                                                                           Horizon loss
                 Specie
    Financial & Professional Lines Insurance
                  Financial Institutions Insurance
                  Professional Lines Insurance
                  Political & Financial Risks Insurance



                                  Aspen Well Exposed to Market Segments Where Rates Relatively Attractive
                                  Aspen Well Exposed to Market Segments Where Rates Relatively Attractive
Relative Price Movement             Significantly Up      Up        Flat          Down
                                                                                                 * As at April 29, 2010
Outlook                             Excellent             Good     Satisfactory   Of concern                                                                         26

AHL: NYSE
Where Are We Going
Approach to Growth: How We Execute

                                            Growth Continuum




     Hiring of individual         Establishment of         ‘Bolt on’       Transformational
        underwriters              new underwriting       acquisitions           M&A
                                       units


                     •
                     •      Strategic fit
                            Strategic fit
       Key
       Key           •
                     •      Financially attractive
                            Financially attractive
    Evaluation
    Evaluation
     Criteria
     Criteria        •
                     •      Manageable execution risk
                            Manageable execution risk
                     •
                     •      Consistent with our risk management appetite
                            Consistent with our risk management appetite



      Regular Evaluation of Opportunities Consistent with Market Conditions in Accordance with
      Regular Evaluation of Opportunities Consistent with Market Conditions in Accordance with
                                           Strict Criteria
                                            Strict Criteria
                                                                                                 27

AHL: NYSE
Where We Are Headed
Business Overview and Strategy


Q&A




AHL: NYSE
Our Insurance Franchise


Rupert Villers
CEO, Aspen Insurance




AHL: NYSE
Who We Are
Insurance: A Snapshot

                                                                                                            2009 GWP: $891m

•       Specialist ‘E&S’ type approach to underwriting within
                                                                                                               13%
        Insurance operations
                                                                                                      16%
•       Bias towards complex risks where expertise matters                                                                          49%



•       13 specialist underwriting units within 4 broad product                                             22%
        groupings
                                                                                                     Marine, Energy, Aviation & Transportation
•       ‘Hub’ and ‘Spoke’ approach to managing our business                                          Casualty
                                                                                                     Property
                                                                                                     Financial and Professional Lines



    Marine, Energy and Transportation   Financial and Professional Lines        Property Insurance                           Casualty Insurance




    •   MEC Liability
                                        • Financial Institutions
    •   Energy Property                                                    • UK Commercial Property                  • UK Commercial Liability
                                        • Professional Liability
    •   Marine Hull                                                          & Construction                          • Excess Casualty
                                        • Financial & Political
    •   Specie                                                             • US Property (E&S)                       • US Casualty (E&S)
                                          Risks
    •   Aviation


                      Franchise Predicated on Multiple Profitable Product Niches Where In-Depth
                      Franchise Predicated on Multiple Profitable Product Niches Where In-Depth
                               Underwriting Expertise Creates Competitive Advantages
                               Underwriting Expertise Creates Competitive Advantages
                                                                                                                                                  30

AHL: NYSE
Who We Are
                                                    Geographical Split
                                                        (2009 GWP: $891m)
                 By Domicile of Insured                                     By Platform




                                                                                                   London
                                                                                                    77%
                                                                   US
                                                                                UK 81%
                                                                  18%
                                                                                          Dublin
                                                                                           4%
                                                                 Bermuda
                                                                   1%




    United States 44%       United Kingdom 24%   Bermuda 3%
    Canada 2%               Germany 2%           Greece 2%
    France 1%               Italy 1%             Australia 1%
    Russian Federation 1%   Other 19%




            Broad Spread of Business Accessed by 3 Main Platforms with Local Distribution
            Broad Spread of Business Accessed by 3 Main Platforms with Local Distribution
                                                                                                            31

AHL: NYSE
What We Do
What Sets Us Apart


•   Franchise predicated on maintaining and developing sustainable differentiating
    capabilities in:


        Selection of specialist lines, where expertise truly matter


        Attraction and retention of underwriting talent


        Global reach and cross-border deployment of skills and expertise


        Management of risk - core to what we do




                       Right Blend of People, Products and Distribution Capability
                       Right Blend of People, Products and Distribution Capability

                                                                                     32

AHL: NYSE
What We Do
Consistent Investment in our Franchise

             1000

             900

             800

             700

             600
    GWP $m




             500

             400

             300

             200

             100

               0
               2002         2003            2004             2005   2006          2007             2008            2009


                      Marine, Energy and Transportation Insurance     Casualty Insurance
                      Property Insurance                              Financial and Professional Lines Insurance



             Progressive Development of Insurance Footprint in Selected Niche Lines Consistent
             Progressive Development of Insurance Footprint in Selected Niche Lines Consistent
                                          with Market Conditions
                                          with Market Conditions
                                                                                                                          33

AHL: NYSE
  What We Do
  How We Manage Our Business

                                       Setting &
                                        Setting &
                                    application of
                                     application of
                                  group wide pricing
                                  group wide pricing               Implement group
                                                                    Implement group
                                      framework
                                       framework                     strategy locally
                                                                     strategy locally


Characteristics          Planning &
                         Planning &                                                             Characteristics
                        performance
                        performance                        National
                        management
                        management                        Management
Underwritten from
Underwritten from
                                                           ‘Spokes’                                National
                                                                                                    National
 single/multiple
  single/multiple                                                                                  marketing
                                                                                                   marketing
    platforms
     platforms
                    Design target
                     Design target                    Central                   Implement
                                                                                 Implement
                       portfolio
                       portfolio                                               marketing plan
                                                                               marketing plan
                    characteristics
                    characteristics
                                                    Management
Global marketing
Global marketing
                                                       ‘Hub’                                      Underwritten
                                                                                                  Underwritten
                                                                                                   nationally
                                                                                                   nationally

                        Product line
                         Product line                                   Feed back
                                                                         Feed back
                        management
                        management                                       business
                                                                          business
                                                                       intelligence
                                                                        intelligence


                                  Design and roll out
                                  Design and roll out
                                   of underwriting
                                    of underwriting
                                        tool kit
                                         tool kit




                             Tight Underwriting Controls Managed Centrally
                             Tight Underwriting Controls Managed Centrally
                                                                                                                  34

  AHL: NYSE
What We Do
Integrated Risk Management



Three key balancing and controlling elements in ‘risk managing’ our portfolio


     Reinsurance



     Revenue



     Business mix




                    Risk Management Embedded Throughout our Business
                    Risk Management Embedded Throughout our Business

                                                                                35

AHL: NYSE
                                                                                                                                                                                                                                                                                                                                          •




AHL: NYSE
                                                                                                  Po
                                                                                                    is
                                                                                                      on
                                                                                                              G
                                                                                                               as




            * PML = Probable Maximum Loss
                                                                                                                  C
                                                                                                                                                                                                                                                                                                                                                                                                          1. Reinsurance
                                                                                                                                                                                                                                                                                                                                                                                                          1. Reinsurance
                                                                                                                    lo
                                                                                                                       ud
                                                                                                            In              (+
                                                                                                                                                                                                                                                                                                                                                                                                                                                        What We Do



                                                                                                              du
                                                                                                                 st             po
                                                                                                                   ry               ss               Te                                         1-in-250 year PML* $m
                                                                                                                      /C               ib                 rro




                                                                                                                                                                                   0
                                                                                                                                                                                       50,000
                                                                                                                                                                                                   100,000
                                                                                                                                                                                                                          150,000
                                                                                                                                                                                                                                    200,000
                                                                                                                                                                                                                                              250,000
                                                                                                                                                                                                                                                               300,000
                                                                                                                         ou               le




                                                                                                                                                                0
                                                                                                                                                                ri s
                                                                                                                             nt               ph                     m
                                                                                                                                ry                ys                      U
                                                                                                                                     /E               ic                     S
                                                                                                                                        co                al
                                                                                                                                            no                 da
                                                                                                                                               m                    m
                                                                                                                                                   ic                   ag
                                                                                                                                                       Zo                    e)
                                                                                                                                                             ne
                                                                                                                                             Te                     fa
                                                                                                                                                  rro                   il u
                                                                                                                                                      ri s                   re
                                                                                                                                        O                   m
                                                                                                                                           ffi
                                                                                                                                              ce                 E
                                                                                                                                                                     ur
                                                                                                                                                   co                    op
                                                                                                                                                       l la                   e
                                                                                                                                           R                ps
                                                                                                                                                                 e
                                                                                                                                              ef                     (U
                                                                                                                                                in
                                                                                                                                                    er                     S)
                                                                                                                                                        y
                                                                                                                                                           ex
                                                                                                                                                                 pl
                                                                                                                                                                                                                                                                                                                                                                                                                           Integrated Risk Management




                                                                                                                                                                    os
                                                                                                                                                   C                     io
                                                                                                                                                                             n
                                                                                                                                                      re
                                                                                                                       O                                   di
                                                                                                                                                              tC
                                                                                                                         ffs                M
                                                                                                                             ho                aj                   ru
                                                                                                                                 re                or                    nc
                                                                                                                                     en                 ut                    h
                                                                                                                                         er                il it
                                                                                                                                            gy                  y
                                                                                                                                                fi r                fa
                                                                                                                                                    e                  il u
                                                                                                                                                       /e                   re
                                                                                                                                           R                 xp
                                                                                                                                              ef                  lo
                                                                                                                                                in                   si
                                                                                                                                                    er                   on
                                                                                                                                                        y
                                                                                                                                        O                  ex
                                                                                                                                           ffi                   pl
                                                                                                                                              ce                    os
                                                                                                                                                   co                    io
                                                                                                                                                       l la                  n
                                                                                                                                                            ps
                                                                                                                                                                 e
                                                                                                                                                                     (U
                                                                                                                                                                           K)
                                                                                                                                                         Pa
                                                                                          Si
                                                                                             gn                                           N                    nd
                                                                                                                                             uc                     em
                                                                                               if i
                                                                                                   ca                                            le
                                                                                                                                                                           ic
                                                                                                                                                                                                                                                        Clash Exposures




                                                                                                                                                    ar
                                                                                                      nt                                                 -C                   s
                                                                                                         le                                                     or
                                                                                                           ga
                                                                                                               lc                                                   e
                                                                                                                  ha                                                   M
                                                                                                                                                      H
                                                                                                                                                                                                                                                                                                                                          Monitor ’38’ potential clash scenarios across the Aspen Group




                                                                                                                                                                            el
                                                                                                                     ng                                   ul                   t
                                                                                                                        e                                    lC
                                                                                                                            af                Av                   ol
                                                                                                                               fe                 ia                  lis
                                                                                                                                  ct                                       io
                                                                                                                                    in               ti o                     n
                                                                                                                                       g                  n
                                                                                                                       Av
                                                                                                                           ia             a                    C
                                                                                                                             tio            cl                    ol
                                                                                                                                               as                    li s
                                                                                                                                  n
                                                                                                                                                                                                                                                                          Seek to manage through reinsurance purchasing where possible




                                                                                                                                     W              s                     io
                                                                                                                                                      of                      n
                                                                                                                                       ar                   bu
                                                                                                                                           /P                    si
                                                                                                                                               hy                    ne
                                                                                                                                                     sic                   ss
                                                                                                                                      Pr                  al
                                                                                                                                         op                    D
                                                                                                                                            er                     am
                                                                                                                                               ty
                                                                                                                                                     M                   ag
                                                                                                                                                                              e
                                                                                                                                                        ar
                                                                                                                                                            ke
                                            Effective Exposure and Aggregate Management

                                                                                                                                                                 tC
                                            Effective Exposure and Aggregate Management

                                                                                                                                                                      ra
                                                                                                                                                                            sh
                                                                                                                                                                                                                       Insurance

                                                                                                                                                                                                         Reinsurance
                                                                                                                                                                                                                                                                                                                                         Illustrative




            36
What We Do
Integrated Risk Management

2. Managing top line: Example - UK Employers’ Liability
2. Managing top line: Example - UK Employers’ Liability

                                                                                                                 250                                                            250
                                                                                                                                   223
                                                                                                                                          212
•     Approx 50% reduction in rates since
                                                                                                                 200                                                            200
      2003
                                                                                                                                                171




                                                                                            RRV index 2001=100
•     Market impacted by influx of                                                                               150                                                            150




                                                                                                                                                                                      GWP $m
      capacity                                                                                                                                         125



                                                                                                                 100                                          92                100
            Composites wishing to rebuild                                                                                     76                                    75

            market share
                                                                                                                                                                          45
                                                                                                                 50                                                             50

            New players attracted to historic
            high returns                                                                                          0                                                             0
                                                                                                                       2001        2003         2005         2007        2009

                                                                                                                         GWP $m (LH scale)               RRV1 index (RH scale)




                               Underwriting Discipline: 80% Reduction in GWP Since 2003 Peak
                               Underwriting Discipline: 80% Reduction in GWP Since 2003 Peak

¹ RRV: renewal rate variation - the change in rate for the risk from one year to the next                                                                                                      37

AHL: NYSE
What We Do
Integrated Risk Management Approach


3. Change in Business Mix
3. Change in Business Mix
                                                                140


                                                                120

•   Shift from airline hull and liability business                                                        13%
                                                                100
    to deductible buy-back and war risks as                                                               9%

    market softens                                               80          17%




                                                     GWP ($m)
                                                                             9%                           39%
                                                                 60
       361% increase in deductible buy-back
       insurance                                                 40
                                                                             63%

                                                                                                          39%
                                                                 20
       17% decrease in airline hull and liability
                                                                             11%
                                                                  0
                                                                             2005                         2009

                                                                      Deductible Buy Back   Airline   Airport    Hull War



        28% Increase in Proportion of Deductible Buy-Back Insurance Reflecting Market Conditions
        28% Increase in Proportion of Deductible Buy-Back Insurance Reflecting Market Conditions
                                                                                                                            38

AHL: NYSE
Where We Are Headed (2010 and Beyond)

Expansion plans shaped by careful assessment of pricing environment and ability to convert
potential into profitable growth


•   Reposition US Insurance and selective build out
       Addition of Admitted Market capability pending


•   Build out ‘London Market’ portfolio
       Addition of selected lines


•   Development of UK regional platform


•   Small presence in continental Europe
       Establishment of foothold in Swiss insurance market


        Well Placed to Execute on a Range of Potential Opportunities Depending on Market
        Well Placed to Execute on a Range of Potential Opportunities Depending on Market
                                          Conditions
                                           Conditions
                                                                                             39

AHL: NYSE
Sub-Segment: Marine, Energy and Transportation (“MET”)
A Snapshot

                                                                                                                    MET
What We     • Marine and Energy Liability
Prefer          P&I/Marine, onshore & offshore energy, construction event
                based (short-tail) liability insurance
            • Energy property
                                                                              Marine, Energy and Transportation
                 Oil & gas exploration extraction & distribution                      2009 GWP: $443m
            • Hull
                War and other ancillary coverage to ‘All Risks’
            • Specie                                                                               1%
                Fine Art, general specie                                                14%
            • Aviation
                 Deductible buy-back and war insurance
                                                                                                                        41%
What We     • Marine and Energy Liability
Like Less                                                                      19%
              X Pharmaceuticals railroads and heavy products guaranteed
            • Energy property
              X Business interruption in Gulf of Mexico
            • Hull
              X Casino vessels                                                                  25%

            • Specie
              X Jewellers’ block                                            Marine and Energy Liability   Aviation
              X Cash in transit                                             Energy Property               Marine Hull
                                                                            Specie
            • Aviation
              X US airlines and critical component manufacturers


            Expert Based, Niche Focused and Limited Correlation within Sub-Segments
            Expert Based, Niche Focused and Limited Correlation within Sub-Segments
                                                                                                                              40

AHL: NYSE
Targeting Top Quartile Performance
Example: Aviation
                                                                                                                                                    Illustrative

•     Do not write any US airlines (other than in hull war)
      or critical component manufacturers or General                                          160%
                                                                                              140%
      Aviation




                                                              Gross loss incurred %
                                                                                              120%
                                                                                              100%
•     Focus on commercial airlines, deductible write-                                              80%
      backs, airport and associated service providers                                              60%
      and non critical products                                                                    40%
                                                                                                   20%
•     Key considerations                                                                           0%
                                                                                                         2007                     2008              2009
            Aircraft safety not necessarily linked to                                                           Lloyd's Airline     Aspen Airline
            underwriting profitability
            Market overcompensates for operational
            excellence; the largest losses often happen to
            quality airlines



                                                                           Gross loss incurred %
                                                                                                   20%
            Opportunities exist within ‘less glamorous’
            territories and with secondary carriers                                                10%
                                                                                                                                                           Aspen =
                                                                                                                                                           0%
            Pricing for the above is driven higher by                                               0%
            capacity shortage                                                                            2007                  2008                 2009
                                                                                                          Lloyd's Aviation War   Aspen Aviation War
•     Combined ratio of 94.8% in 2009

                         Strong Underwriting Results Reflecting Differentiated Approach
                         Strong Underwriting Results Reflecting Differentiated Approach
Source: Lloyd’s data                                                                                                                                                 41

AHL: NYSE
2010 and Beyond
Opportunities Map


                                Marine and
        Class                                          Energy Property         Marine Hull          Specie             Aviation
                              Energy Liability


                                                                                                Highly focused
                                                          Traditional
Current market                                                               Market leader     Lloyd’s portfolio-   Market leader in
                                Market leader          Lloyd’s offshore
   position                                                                 in core account     predominantly       selected niches
                                                           portfolio
                                                                                                   fine art


                                       Medium               High                       Low           High                High

   Opportunity                  Expand small            Onshore book         Mature market            Good,
                                                                                                                      Expanded
      set                      to medium size           & consequent          with cyclical    particularly in US
                                                                                                                    market presence
                                   account               cross selling       characteristics         fine art


Current market
   outlook



                       Scope and Expertise to Leverage our Franchise When the Time is Right
                       Scope and Expertise to Leverage our Franchise When the Time is Right

Absolute pricing *Forecast Relative price movement
                                                                                                                                       42
                        Satisfactory                 Good                 Of concern
AHL: NYSE
Sub-Segment: Casualty
A Snapshot

What We                 • UK Commercial Liability*                                                         Casualty

Prefer                          Non-standard and distressed risks
                                Manufacturing & service industries,
                                                                                                 Casualty
                                pharmaceuticals (EL)
                                                                                             2009 GWP: $196m
                        • Excess Casualty
                                Fortune 1000 companies with sophisticated risk
                                management approach
                                                                                       23%
                        • US Casualty (E&S)
                                                                                                                39%
                                Environmental, products and excess,
                                contractors

What We                 • UK Commercial Liability
Like                        X Heavy contractors, railways and aviation
Less                                                                                      38%
                        • Excess Casualty
                            X Buyers focused on price
                                                                                 US Casualty (E&S)         Excess Casualty
                        • US Casualty (E&S)                                      UK Commercial Liability
                            X New York contractors
                            X Classes with above average litigation exposure

                     Expert Based, Niche Focused and Limited Correlation within Sub-Segments
                     Expert Based, Niche Focused and Limited Correlation within Sub-Segments
* Employers’ Liability and Public Liability (EL and PL)                                                                      43

AHL: NYSE
Sub-Segment: Casualty
Targeting Top Quartile Performance

                                            Example: UK Employers’ Liability
                         160%

                         140%

                         120%
      Combined ratio %




                         100%

                         80%

                         60%

                         40%

                         20%

                          0%
                                2004        2005           2006           2007     2008

                                                      UK Market   Aspen


                                       Track–Record of Outperformance Since 2004
                                       Track–Record of Outperformance Since 2004
Source: Datamonitor
                                                                                          44

AHL: NYSE
Sub-Segment: Casualty
2010 and Beyond - Opportunities Map


            Class                             Excess Casualty       U.K. Commercial Liability*      US Casualty (E&S)




   Current market
      position
                                                  Small                      Small                        Small



                                                   High                       High                        High

   Opportunity Set                                                   Capture UK regional
                                        Considerable potential to                                Considerable potential to
                                                                    business with enhanced
                                            increase scale                                           increase scale
                                                                          distribution


   Current market
      outlook




                          Scope and Expertise to Leverage Our Franchise When the Time is Right
                          Scope and Expertise to Leverage Our Franchise When the Time is Right
* Employers’ Liability and Public Liability
                                                                                                                             45

AHL: NYSE                   Of concern
Sub-Segment: FinPro
A Snapshot

What We     • Financial Institutions                                                                                FinPro
Prefer           Demonstrably superior economic performance
                 Operating in stable legal and regulatory environments
                 Risks with a profile managed by policy conditions                     Financial and Professional Lines
            • Financial and Political Risks                                                   2009 GWP: $113m
                 Focus on projects / investments that have a clear economic
                 benefit to the host country
                 Source business from specialist brokers
                 Underwrite the client as well as the risk                                   23%
                 Good risks in difficult countries
            • Professional Liability
                 Risks with a stable profile
                 Insureds who maintain their insurance buying platform
                                                                                                                      48%

What We     • Financial Institutions
Like Less     X Poorly managed institutions                                                 29%
              X Institutions with badly crafted policy language
            • Financial and Political Risks
              X Financial risks where the client wants to lay off risk rather
                 than risk share
              X Follow ‘market’ wordings
              X Surety bonding                                                  Professional Liability     Financial and Political Risks
            • Professional Liability                                            Financial Institutions
              X Risks in unstable legal environments
              X Risks with pronounced valuation exposures


               Expert Based, Niche Focused and Limited Correlation within Sub-Segments
               Expert Based, Niche Focused and Limited Correlation within Sub-Segments                                                     46

AHL: NYSE
Sub-Segment: FinPro
How We Look at the Sector

•   Emphasis on developed economies (excluding Financial and Political Risks) and service industries
        Developing economies are not the natural market = Go where the money is!
•   Fast growing market
        Reflects fast growth of services industries in developed countries, non-discretionary nature of
        purchase, increasing litigation
•   ‘Knowledge’ is key and enables significant differentiation from competitors
        Industry, client, legal, regulatory, economic
•   Medium tail business
        Policy forms ‘claims made’ / ‘losses discovered’
•   Need to be alive to the problem of contagion
        Single events (e.g. Madoff) or general economic conditions (e.g. Credit Crunch) can have
        adverse effect across the book
•   Need for constant refinement of rating models
•   Rates and results are cyclical

        Offers Superior Returns in Favourable Parts of the Cycle But Staying Alert to Downside in
        Offers Superior Returns in Favourable Parts of the Cycle But Staying Alert to Downside in
                                        Unfavourable Parts Key
                                        Unfavourable Parts Key
                                                                                                          47

AHL: NYSE
Sub-Segment: FinPro
Managing Downside Risk


•   Focusing on systemic threats posed by economic and financial factors

•   Appropriate diversification within target account

       Geography (USA, UK, European and other major economies are not always aligned)

       Types of Institutions (Banks, Asset Managers, Insurance Companies, other
       Professionals)

       Class (results for Specie, Credit, Political Risks & K&R do not follow the D&O loss
       cycle)

•   Key threats from peak loss and concentration of loss exposures

       Proactive use of Excess of Loss and Clash Reinsurance

•   Management of exposures by analysis throughout the year


                                                                                             48

AHL: NYSE
Sub-Segment: FinPro
2010 and Beyond - Opportunities Map


      Class                       Professional Liability   Financial & Political Risks      Financial Institutions




  Current market              UK leader for medium         Market leader across the      Establishing a solid base,
     position                  size and larger risks        political risk spectrum          particularly in UK



                                        Medium                       High                           High
                                                                                           Stringent criteria for
 Opportunity Set                Scope to expand if         Based on enhanced deal              evaluation of
                              competition diminishes         flow and refinancing          considerable growth
                                                                                               opportunities


  Current market
     outlook




              Scope and Expertise to Leverage Our Franchise When the Time is Right
              Scope and Expertise to Leverage Our Franchise When the Time is Right

                                                                                                                      49

AHL: NYSE          Satisfactory              Excellent
Sub-Segment: Property
A Snapshot

                                                                                                  Property


What We      • UK Commercial / Property & Construction
Prefer           UK based material damage bias                            Property
                 Management and control aligned to risk               2009 GWP: $139m

                 Buyers for whom price not sole determinant

             • US Property (E&S)
                 Excess Commercial Property
                                                              41%


What We      • UK Commercial / Property & Construction
Like Less                                                                                       59%
               X High administration burden
               X Civil engineering/tunneling
               X Power industry

            • US Property (E&S)
              X Occupancies requiring substantial pre-        US Property (E&S)
                                                              U.K. Commercial Property & Construction
                engineering



            Expert Based, Niche Focused and Limited Correlation within Sub-Segments
            Expert Based, Niche Focused and Limited Correlation within Sub-Segments
                                                                                                             50

AHL: NYSE
Sub-Segment: Property
2010 and Beyond - Opportunities Map


                                                                 UK Commercial / Property &
         Class                        US Property (E&S)
                                                                       Construction



 Current market position                   Small                           Small



                                           High                            High

    Opportunity Set                                              Build out with UK regional
                              Considerable scope for expansion
                                                                    distribution strategy



 Current market outlook




             Scope and Expertise to Leverage Our Franchise When the Time is Right
             Scope and Expertise to Leverage Our Franchise When the Time is Right

                                                                                              51
                 Of concern
AHL: NYSE
Aspen Insurance: Conclusions


•   Scope for thoughtful development of our franchise during softer markets in recent years



•   Risk management controls our appetite and guides us to opportunity



•   Meaningful scope to extend our reach when the time is right




                                  Well Positioned for Growth
                                  Well Positioned for Growth

                                                                                              52

AHL: NYSE
Repositioning US Insurance

Bill Murray
President, US Insurance




AHL: NYSE
Who We Are


                                                                         GWP 2009: $163m

•   Initially established as an Excess and Surplus lines
    writer providing specialty property and casualty
                                                                      39%
    commercial coverages


        141 employees in 6 offices in 5 states in the US                                    52%

                                                                        9%

•   New leadership team being put in place to re-position
    our US insurance business
                                                            General Casualty   Property   Professional Liability




            Re-Positioning our US Insurance Business to Develop a Sustainable Franchise
            Re-Positioning our US Insurance Business to Develop a Sustainable Franchise

                                                                                                                   54

AHL: NYSE
Re-positioning our US Insurance Business


                       Key Elements
                       Key Elements                                            Status
                                                                               Status


                                                                 Ongoing
     Re-positioning of our General Casualty business
     Re-positioning of our General Casualty business           • Appointed Joe George as Head of
                                                                 General Casualty in December 2009
                            +
                                                                 Ongoing
     Detailed review of existing infrastructure and
     Detailed review of existing infrastructure and            • Appointed Brian Nolan as COO of US
     upgrades underway as required
     upgrades underway as required                               Insurance in April 2010

                            +
                                                                 Ongoing
                                                               • Acquired Admitted shell company in Q1
     Platform build-out through the addition of
     Platform build-out through the addition of                  2010*
     selected products and capability to achieve
     selected products and capability to achieve               • Established underwriting unit in D&O
     critical mass and enhance diversification
     critical mass and enhance diversification                 • Build-out of Professional Lines unit




                                Putting the Right Building Blocks in Place
                                Putting the Right Building Blocks in Place
* Completion pending
                                                                                                         55

AHL: NYSE
   How We Think About the US Insurance Market
   Overview

                                                                              US P&C Market (2009)
                                                                              US P&C Market (2009)
                                                                                    $473bn
                                                                                    $473bn


                                            Surplus
                                             Surplus                                                                            Admitted
                                                                                                                                Admitted
                                           $33bn (7%)
                                           $33bn (7%)                                                                         $440bn (93%)
                                                                                                                              $440bn (93%)


                                                                              Combined Commercial
                                                                              Combined Commercial
                                                                                 $246bn (52%)
                                                                                 $246bn (52%)




                 Workers
                 Workers           Fire & Allied
                                   Fire & Allied         Inland
                                                          Inland          Commercial
                                                                          Commercial            Comm. Multi
                                                                                                Comm. Multi       General
                                                                                                                  General
    Key                                                                                                                               Med Mal
                                                                                                                                      Med Mal          Other
                                                                                                                                                        Other
                 Comp.
                  Comp.                Lines
                                       Lines             Marine
                                                         Marine              Auto
                                                                             Auto                 Perils
                                                                                                   Perils         Liability
                                                                                                                  Liability
Segments                                                                                                                               $11bn
                                                                                                                                       $11bn           $45bn
                                                                                                                                                       $45bn
                  $39bn
                  $39bn               $30bn
                                       $30bn             $13bn
                                                          $13bn             $24bn
                                                                            $24bn                 $34bn
                                                                                                   $34bn           $49bn
                                                                                                                   $49bn



                                           Property Lines
                                           Property Lines


                       •   Burglary & Theft               •         Federal Flood
  Example
                       •   Crop/Hail                      •         Fire and Allied Lines                Includes D&O, professional liability other than
                                                                                                          Includes D&O, professional liability other than
       Line
Definitions                                                                                                medical, commercial and products liability,
                                                                                                            medical, commercial and products liability,
                       •   Earthquake                     •         Inland Marine
                                                                                                                          Umbrella
                                                                                                                           Umbrella
                       •   Commercial Multiple Peril (CMP)



                                                                     Detailed Analysis by Line
                                                                     Detailed Analysis by Line
   Source: Preliminary 2009 NAIC Data, Conning Research & Consulting Analysis; Aspen analysis
                                                                                                                                                                56

   AHL: NYSE
How We Think About the US Insurance Market
Line of Business Assessment Criteria


                                                                                      Key Assessment Criteria
                                                                     Economics




                                             Market attractiveness
                                                                     • Market size and competitive dynamics
                                                                     • Return profile and volatility
               = Line of business                                    Market dynamics
                                                                     •   Assessment of regulation, underwriting cycle, distribution
                                                                         dynamics
  Market                                                             Competitive Landscape
attractive-
   ness                                                              •   Analysis of ‘Top’ and ‘Bottom’ quartile performers and relative
                                                                         scale of key market participants
                                         Fit with Aspen‘s



              Fit with Aspen’s                                       Ability to compete
                                             approach



              market approach
                                                                     •   Assessment of Aspen's ability to compete based on
                                                                         knowledge and expertise / class understanding
                                                                     •   Analysis of operational requirements and ‘fit’ with Aspen’s
                                                                         existing capability / business model




                     In-depth Analysis by Line to Determine “Aspen Opportunities Map”
                     In-depth Analysis by Line to Determine “Aspen Opportunities Map”
                                                                                                                                           57

 AHL: NYSE
Target Portfolio Mix

                                           Business Mix
                                                                                             Illustrative



                                           11%

                                                              28%
                                     9%




                               9%




                                     11%                      17%


                                                 15%




              Property                     General Casualty         Professional Liability
              Management Liability         Onshore Energy           Inland Marine
              Other



               Broad Spread of Business Consistent With Our Skill-Set
               Broad Spread of Business Consistent With Our Skill-Set
                                                                                                            58

AHL: NYSE
General Casualty
Account Re-positioning

                                 2009                                                         Target Portfolio



                              6%
                                                                                             18%
                        5%                                                                                      24%
                                            22%




                                                                                     20%                                 8%
                27%


                                                                                                              19%
                                                                                               11%
                                         40%


                                                                             Other                            NY Contractors
                                                                             Non NY Residential Contractors   Non NY Commerical Contractors
     Other   NY Contractors   Other Construction   Enviromental   Products   Enviromental                     Products




•   Prior portfolio ‘overweight’ in construction with undue focus on NY contractors
       Being re-focused towards medium to large projects and large contractors
•   Increased emphasis on Products, Environmental and Excess
•   Rigorous account selection within targeted sectors/niches

                                    Portfolio Re-Positioning Underway by New Leadership
                                    Portfolio Re-Positioning Underway by New Leadership
                                                                                                                                              59

AHL: NYSE
General Casualty
Strategy


•   Be a “go to market” for wholesale brokers for general casualty, products, construction,
    environmental, and excess, on a non-admitted basis


        Focus on brokers that give us the ‘first and last’ look


•   For binding authorities, create franchise value through exclusivity, responsive underwriting
    and unique product offerings


•   Increase submission flow


        Focus on accounts where we can take an opportunistic approach and create rate
        redundancy through the use of price, terms and conditions and attachment points




                      Core Business E&S, Not Quasi or “Light” E&S Business
                      Core Business E&S, Not Quasi or “Light” E&S Business
                                                                                                   60

AHL: NYSE
US Property
What We Do

                                                                                                                       Business Mix by Peril*
•    Re-engineered our property portfolio in 2007,
                                                                                                                                 2% 2% 1%
                                                                                                                            2%
     diversifying and balancing our business                                                                           3%
                                                                                                                  4%



             Combined ratio of 94.3%** in 2009
                                                                                                                   11%
                                                                                                                                                        43%

•    Focus on a broad range of occupancy classes, with
     a balanced split of excess and primary surplus lines
                                                                                                                            32%

             Approx: 60% excess and 40% primary


•    Seek to achieve balance between cat cover and fire                                        All Risk Incl. Flood & Earthquake           All Risk Exclude Flood & Earthquake
     business in non cat areas                                                                 Difference In Conditions                    Windstorm & Hail Only
                                                                                               All Risk Exclude Flood Incl. Earthquake     Flood Only
                                                                                               Named Storm Only                            Earthquake
                                                                                               All Risk Include Flood & Excl. Earthquake   All Other


               Seeking a Good Spread of Risk Through Geographic, Attachment and Peril Diversity
               Seeking a Good Spread of Risk Through Geographic, Attachment and Peril Diversity
* Policies in Force as at Q1 2010
** Excludes program business written through Risk Solutions (96.8% including Risk Solutions)                                                                                 61

AHL: NYSE
US Property
Strategy


•   Achieve good degree of diversity across classes of business and territory


•   Leverage in-house underwriting experience and expertise to select profitable
    business from a wide variety of occupancies


•   Selection and targeting of profitable segments of E&S property while withdrawing
    capacity from unprofitable segments


•   Balance between open market and delegated authority to minimize impact of market
    swings and allow for management of market cycles




                      Building a Sustainable Franchise Across the Cycle
                      Building a Sustainable Franchise Across the Cycle

                                                                                       62

AHL: NYSE
US Management Liability
What We Do
                                                                                                       Illustrative


•   Established Management Liability underwriting unit
    comprising 4 underwriters with strong track records in               Target Portfolio
    April 2010
                                                                                       2%
                                                                                4%
•   Products comprise:                                                  10%


        Directors and Officers Liability
                                                                 12%
                                                                                                 46%
        Employment Practices Liability

        Pension Plan Fiduciary Liability                            14%

        Private Equity / Venture Capital Fund Liability                         12%

        Side ‘A’ (Non-Indemnifiable) Directors and Officers
        Liability                                             Public Company                Side A
                                                              Pension Plan Fiduciary        Employment Practices
        Private Company Package                               Private Equity                Private Company
                                                              Financial Institutions
        Financial Institutions



                                                                                                                      63

AHL: NYSE
US Management Liability
Strategy


•   Diversification by product and geography to maintain flexibility and guard against catastrophic or
    systemic risk


•   Seeking excess attachment points beyond working layers in most classes


•   Research-based approach utilizing 3rd party tools and models developed in-house


•   Emphasis placed on product categories offering attractive returns


•   Specific strategies for each product and market segment


•   Product expertise allows for custom solutions and flexible terms


•   Regionalized structure with central management in New York


              Take Advantage of Current Market Conditions to Establish a Foothold But
              Take Advantage of Current Market Conditions to Establish a Foothold But
                     Modest Premium Expectations Reflecting Market Conditions
                     Modest Premium Expectations Reflecting Market Conditions
                                                                                                         64

AHL: NYSE
US Professional Liability
What We Do
                                                                  Target Portfolio (2010)
•   Established dedicated Professional Liability unit
    comprising 9 underwriters with a track record of
    profitable underwriting in Q1 2010

•   Focus on
                                                                  11%                     44%
       Architects & Engineers
                                                             9%
       Lawyers

       Accountants                                           10%


       Financial Services (limited Broker – Dealer and                       26%
       Insurance Agents & Brokers)

       Miscellaneous Professional Liability (e.g. staffing
                                                              Lawyers & Accountants
       services, consultants, some real estate risks)         Architects & Engineers
                                                              Financial Services
                                                              Miscellaneous Professional Liability
•   Modest GWP expectations in 2010                           Programs


•   $10bn premium universe



                                                                                                     65

AHL: NYSE
US Professional Liability
Strategy

•   Diversification through:
       Varied product segments
       Primary / Excess placements
       Admitted / Surplus Lines
       Account size (Large / Middle market and small accounts)


•   Ability to drive results through:
       Risk selection
       Attachment point
       Coverage grants and exclusions


•   Value added services to policyholders
       Risk management and loss prevention services

•   Open market and program capabilities



     Measured Approach to Establish a Foothold = Well Positioned For When The Time is Right
     Measured Approach to Establish a Foothold = Well Positioned For When The Time is Right
                                                                                              66

AHL: NYSE
Case Study
Financial and Political Risks

Bernie de Haldevang
Head of Financial & Political Risks




AHL: NYSE
What We Do


                                           Three Main Categories of Risk
                                           Three Main Categories of Risk                            Split *
                                                                                                    Split *


                  •     Political Risk
                              Confiscation, Expropriation, Nationalisation & Deprivation (‘CEND’)
     ‘PR’                     and Political Force Majeure
                                                                                                      14%

                              Currency Inconvertibility/Non-transfer (‘CI’)

                  •     Political Violence
                              Physical damage (and resultant Business Interruption) arising from      7%
     ‘PV’                     Terrorism, or War on Land
                              Kidnap & Ransom: marine and non-marine (‘K&R’)                          8%


                  •     Payment/Performance Risk
     ‘CR’                                                                                             43%
                              Credit - privately held/publicly quoted (‘CR’)
     ‘CF’                     Contract Frustration - state-owned (‘CF’)                               28%


* Percentage split for 2010 book as at end-April 2010 (GWP)
See Appendix for detailed description of each category                                                        68

AHL: NYSE
Our Performance

              45                                                                                               90%

              40                                                                                               80%

              35                                                                                               70%

              30                                                                                               60%




                                                                                                                     Combined Ratio
              25                                                                                               50%
     GWP $m




              20                                                                                               40%

              15                                                                                               30%

              10                                                                                               20%

              5                                                                                                10%

              0                                                                                                0%
                                  2008                            2009                                 2010e


                                          GWP (Actual)   GWP (Projected)   Combined Ratio (RH scale)



                                         Strong Performance in Difficult Market Conditions
                                         Strong Performance in Difficult Market Conditions
* 2010e based on Q1 re-forecast
                                                                                                                                      69

AHL: NYSE
Key Statistics

•   Broad geographical spread covering developed* and emerging markets

            ~29% developed; 71% emerging markets (by exposure)

            Maximum line of $70m excluding Political Violence ($25m)

            Maximum net retention of $30m

•   Tenor of up to 7.75 years (Political Risk, Payment/Performance Risk), 12 months (occasionally over
    36 months) for Political Violence

•   ‘Hit’ Rate**

            Decline ~74%; Indicate ~26%; Bind ~5%

•   Lead, co-lead and retain full claims control on 86% of risks (all classes)

•   Average policy period of ~18 months

•   Average gross line size of ~$18.4m (~$15.5m net for applicable risks)

                                    Measured Approach Commensurate with our Risk Appetite
                                    Measured Approach Commensurate with our Risk Appetite

* ‘Developed’ defined as OECD less Chile, Mexico, South Korea and Turkey
** 2010 in-force business, # of submissions                                                              70

AHL: NYSE
Who We Are

•     Team of 12* professionals comprising

            9 underwriters

            1 credit analyst

            1 operations manager, focused on minimising operational risk

            Backgrounds in law, banking and insurance

•     Established partnership with AKE, a risk consultancy and crisis response company to provide
      real time expert third party information

            1 seconded risk consultant, providing immediate analysis of potential risks, supported by a
            external team of dedicated regional consultants


                                               Expert Led and Rigorous Underwriting Approach
                                               Expert Led and Rigorous Underwriting Approach

* Includes seconded risk consultant from AKE                                                              71

AHL: NYSE
Portfolio Composition
                               Business Mix* (GWP)                                        Geography by Exposure**



                                           3%
                                15%                                                        24%                          22%



                                                                41%

                                                                                        2%                                     8%
                                                                                        2%
                                                                                         2%
                                                                                          2%                                  7%
                                                                                           2%
                               41%                                                           3%
                                                                                               3%                       4%
                                                                                                 3% 3%             4%
                                                                                                           3% 3%



                      Payment/Performance Risk: Contract Frustration
                      Payment/Performance Risk: Credit Risk                Worldwide         Russia            United States        Egypt
                                                                           Kazakhstan        Algeria           United Kingdom       Qatar
                      Political Risk                                       Nigeria           India             China                Angola
                      Political Violence                                   S Korea           Switzerland       Canada               Turkey
                                                                           Other



•    Russian exposure $369m (total limits) but $158m on PML basis (including contagion)***

                                                Diversified Book of Business by Type and Geography
                                                Diversified Book of Business by Type and Geography
* In-force business at end April 2010
** In-force business at end April 2010 (total limits exposed)
***For all in-force as at year end 2009                                                                                                      72

AHL: NYSE
Strategy

•   Political Risk and Payment / Performance Risk

        Focus on hard currency earning export related contracts/investments, or capital/semi-capital
        equipment purchases having an import-substitution effect, mostly in emerging markets

        Strong preference for deals with a specified use of proceeds and with strong security packages

        Preference for self-liquidating, self-amortising structures

        Focus on risk selection by analysing the country and exposure

•   Political Violence

        Emerging markets, soft targets and well-priced developed-country risk

        Kidnap & Ransom:

        - Diverse book comprising corporates and family business

        - Focus on developed-country domiciled multinationals


       Measured, Conservative Risk Appetite Underpinned by Robust Accumulation Control
       Measured, Conservative Risk Appetite Underpinned by Robust Accumulation Control
                                                                                                         73

AHL: NYSE
Underwriting Approach

•   Extensive client due diligence

       Buyer motivation

       Country analysis capabilities

       Loss management capabilities: client is primary driver of loss mitigation activities

•   Intensive country political research and intelligence

       Intelligence from the AKE group and other sources on political outlook/forecasts

•   Aggregation limit control typically applied at obligor, country and regional level

•   Significant focus on wordings to clearly define loss event (limit risk of disputes)

•   Use of co-insurance

       Mitigation against client adverse selection in the Payment / Performance Risk book


                            Intelligence Led Underwriting Approach
                            Intelligence Led Underwriting Approach
                                                                                              74

AHL: NYSE
Underwriting Approach: Key Components
Political Violence                                                 Payment/Performance Risk
• Analysis of the schedule                                         • General Analysis (‘Rating Agency’ style)
• Country review
                                                                        Country / Industry / Company / Financial Risk
• Analysis of the risk structure
                                                                        Bloomberg, Bankscope / Orbis
• Risk history
                                                                        Rating Agencies
Kidnap and Ransom
                                                                        Financial Ratio analysis
• Corporate or family
• Number of insured persons                                             Analysis of deal structure
• Geographical employee distribution                                    Trend analysis
• Assets/revenue-based pricing                                     • Country Specific Analysis
• Historical loss record
                                                                        Nature of government regime
• Industry/sector profile
                                                                        Forex quantum and trending/macro-economic strength
• Country profile
Political Risk                                                          Importance of sector to country

• History of expropriation                                         • Obligor Analysis
• Nationality of client                                                 Importance of obligor to economy
• Govt’s approach to foreign direct investment                          Personalities involved (political?)
• If PV*, location, security and mobility of assets
                                                                        Nature of underlying trade
• If CI**, for a loan or dividends, how “lumpy” will payments be
  made from onshore? Any offshore accounts in the structure?            Financial Strength


                                      Blend of ‘Qualitative and Quantitative’ Analysis
                                      Blend of ‘Qualitative and Quantitative’ Analysis
* PV = Political Violence
** CI = Currency Inconvertibility                                                                                            75

AHL: NYSE
Active Portfolio Management
Accumulation Methodology

•   Evolved from a deterministic approach to a probabilistic model
•   New methodology deploys policy-level data:
        Obligor / Guarantor probability of default over the life of the policy
        Loss given default based on transaction structure, expected recovery and collateral type
        Potential for credit losses to correlate; dependency structure applied


                                             Key Limits
                                             Key Limits

        •   Overall Capital Tolerance
               12.5% of total shareholders’ equity
               17.5% of total shareholders’ equity including political risk reinsurance
        •   Country limits based on country risk assessments grouped into 6 categories
        •   Maximum per Obligor limit


                         Conservative Approach to Accumulation Control
                         Conservative Approach to Accumulation Control
                                                                                                   76

AHL: NYSE
Gross Line Size Profile and Utilisation
                                            Payment/Performance Risk                                                                                                                  Political Risk
                     45                                                                                                                            70
                     40                                                                                                                            60
                     35




                                                                                                                                  No of Policies
                                                                                                                                                   50
    No of Policies




                     30
                     25                                                                                                                            40

                     20                                                                                                                            30
                     15
                                                                                                                                                   20
                     10
                                                                                                                                                   10
                      5
                      0                                                                                                                             0
                          0- 5m >5m - >10m >1 5m >20m >25m >30m >35m >40m >45m >50m >55m >60m >65m >70m                                                 0- 5m >5m - >10m >1 5m >20m >25m >30m >35m >40m >45m >50m >55m >60m >65m >70m
                                 10m - 15m - 20m - 25m - 30m - 35m - 40m - 45m - 50m - 55m - 60m - 65m - 70m                                                   10m - 15m - 20m - 25m - 30m - 35m - 40m - 45m - 50m - 55m - 60m - 65m - 70m

                                                            Line Size $m                                                                                                                 Line Size $m


                                                                                    50
                                                                                    45
                                                                                                                 Political Violence
                                                                                    40
                                                                   No of Policies




                                                                                    35
                                                                                    30
                                                                                    25
                                                                                    20
                                                                                    15
                                                                                    10
                                                                                    5
                                                                                    0
                                                                                         0- 5m >5m - >10m >1 5m >20m >25m >30m >35m >40m >45m >50m >55m >60m >65m >70m
                                                                                                10m - 15m - 20m - 25m - 30m - 35m - 40m - 45m - 50m - 55m - 60m - 65m - 70m

                                                                                                                          Line Size $m



•                    ~57% of total exposure arises from a gross line of $25m or less (including Declarations under Covers)

                                                  Only 43 Risks* with Line Size >$25m and 7 Risks >$50m out of 321
                                                  Only 43 Risks* with Line Size >$25m and 7 Risks >$50m out of 321

    * Including Declarations under Covers                                                                                                                                                                                                    77

AHL: NYSE
Targeting Top Quartile Performance
•    Reduced top line in 2009 to $32.5m from $39.1m in 2008 reflecting market conditions
           Reported combined ratio of 81%
•    Estimate total market paid claims ~$1bn and incurred claims ~$1.4bn comprising 40+ known claims
                                                                                   Pending and Incurred
                                   Country                     Paid Claims ($m)                            Total
                                                                                            Claims ($m)
                                  Australia                                  25                       -       25
                                   Bahrain                                   50                      35       85
                                    Bolivia                                  40                       -       40
                                     Brazil                                 135                       -      135
                                   Bulgaria                                 100                       -      100
                                     China                                     -                      6        6
                                DR Congo                                      -                      20       20
                                    Ghana                                    54                      45       99
                                    Guinea                                    -                     110      110
                                 Indonesia                                   50                     120      170
                               Kazakhstan                                    50                     410      460
                                     Latvia                                  20                        -      20
                                    Mexico                                    -                      50       50
                                  Mongolia                                    -                      25       25
                               Netherlands                                   25                        -      25
                                     Oman                                     -                     360      360
                                      Peru                                    -                      17       17
                                    Russia                                  178                     190      368
                                   Senegal                                   50                        -      50
                                  Thailand                                   60                        -      60
                                   Ukraine                                  250                        -     250
                                Venezuela                                      -                     60       60
                                     Total                                1,087                   1,448    2,535


                                   Avoided 99.5% Percent of Paid Known Market Losses by Value
                                   Avoided 99.5% Percent of Paid Known Market Losses by Value
Source: Aspen analysis
Total market paid claims since 2006 and including April 2010                                                       78

AHL: NYSE
Our Insurance Franchise

Q&A




AHL: NYSE
Our Reinsurance Franchise

Brian Boornazian
CEO, Aspen Re


James Few
President, Aspen Re


AHL: NYSE
Who We Are
Reinsurance: A Snapshot

                                                                                          2009 GWP $1.2bn
•       Established market leader
•       Presence in major market hubs allowing close proximity to
        customers                                                                         22%

•       Focus on clients where reinsurance and reinsurance relationships
                                                                                                           48%
        vital part of their business need
•       Bias towards smaller, specialized companies and risks to                         30%
        maintain portfolio diversity
•       3 broad business groupings comprising 12 specialist underwriting
        units                                                                      Property     Casualty    Specialty



                   Property                       Casualty Reinsurance                  Specialty Reinsurance



    •   Treaty Catastrophe
                                                                               •   Credit & Surety
    •   Treaty Risk Excess                 • US Casualty Treaty
                                                                               •   Agriculture
    •   Treaty Pro Rata                    • International Casualty Treaty
                                                                               •   Specialty
    •   Global Property Facultative        • Global Casualty Facultative
                                                                               •   Structured
    •   Risk Solutions


                       Underwriting Led, Diversified Specialty Reinsurer Underpinned by Strong Risk
                       Underwriting Led, Diversified Specialty Reinsurer Underpinned by Strong Risk
                                                    Management Culture
                                                    Management Culture                                                  81

AHL: NYSE
Who We Are
Evolution
                                                2003                                         2009
                                      Specialty 9%                               Specialty
                                                                                   22%                    Casualty
                                                                                                            30%
                                                               Casualty 33%

   Property, Casualty
    Property, Casualty
       Specialty*
        Specialty*       Other Property
                              36%                                                Other
                                                                                Property
                                                       Catastrophe                                     Catastrophe
                                                                                  26%
                                                                                                          22%
                                                           22%
                                                                                              Zurich
                                                                                               10%     Singapore
                                                                                London                    3%
                                                                US 2%            30%
                                                                                                           Fac offices
                                                                                                              6%
    GWP by Platform              London
     GWP by Platform              96%                            Bermuda
                                                                    2%


                                                                                                           Bermuda
                                                                                 US 17%                      34%




                                 43 employees                                 134 employees**
     Global Footprint
      Global Footprint
                                 4 offices, 3 countries                       12 offices, 6 countries**



      Balanced Business Lines, Diversified Production Sources and Improved Distribution Channels
      Balanced Business Lines, Diversified Production Sources and Improved Distribution Channels
* By GWP
** As at March 2010                                                                                                      82

AHL: NYSE
What We Do
Strategy: Key Elements

•   Diversified underwriting platform (product and geography)

•   Close client relationships leading to influence on terms and preferential signings

        Lead 90% of our US property per risk book

        Private placements

•   People – underwriting culture attracts proven talent

        Buyers look for technical expertise and thoughtful responses; trust remains important – the right
        people bring the right business

•   Strong risk management culture focused on spreading risk and managing volatility

        Bespoke portfolio optimisation

        Bias towards addition of non-correlating risk to reduce volatility = diversifying business adds
        more to returns than to existing areas of risk



                                     Strategy Builds Franchise Value
                                     Strategy Builds Franchise Value
                                                                                                            83

AHL: NYSE
What We Do
What Sets Us Apart

•   Attraction and retention of underwriting talent
        Impressive track record globally – 13 leaders added since last investor day


•   Thoughtful selection of specialist lines, where we have built in-depth expertise
        Other property products plus casualty and specialty product range broadened
        104 underwriters; 31 actuaries; 25 modellers


•   Understanding clients & adding value
        Audits; Fast claims payment; Data Quality Reports; R&D; Influential terms


•   Continuous diversification across product and platform
        Added New York, Zurich (2007), Singapore (2008), Cologne and Miami (2010)
        Added international casualty facultative, agricultural reinsurance, credit and surety, ILS


                                 Sustainable Differentiating Capabilities
                                 Sustainable Differentiating Capabilities
                                                                                                     84

AHL: NYSE
What We Do
How We Manage Our Business



                                     Asia // MENA*
                                     Asia MENA*                                 Property
                                                                                Property



                                                                 Product Line
                                                                 Management
                               Europe
                               Europe                  Aspen Re Executive
  Regional
                                                        Aspen Re Executive                         Product
                                                                                                    Product
  Regional                                                Committee &
                                                           Committee &                 Casualty
                                                                                       Casualty   technical
knowledge
knowledge                                                                                          technical
influences
                                                     Underwriting Committee
                                                      Underwriting Committee                      expertise
                                                                                                  expertise
 influences
 business
  business                                                                                        deployed
                                                                                                   deployed
  planning
  planning                                        Regional                                         globally
                                                                                                    globally
                                                 Management
                                  Latin
                                  Latin
                                 America
                                 America

                                                                                 Specialty
                                                                                 Specialty

                                              North
                                              North
                                             America
                                             America




                                     Central Management Control with Global Distribution
                                     Central Management Control with Global Distribution
* MENA = Middle East, North Africa
                                                                                                               85

AHL: NYSE
What We Do
Integrated Risk Management


1. Active Portfolio Management
1. Active Portfolio Management

•       Constantly manage our portfolio by evaluating risk relative to prices and adjusting accordingly


                          •   US property cat exposed limits reduced to 34% of worldwide cat limits*
       Property
       Property           •   Pure US E&S exposed limits reduced 20%*
                          •   US homeowners cat limits increased 50%*


                          •   US med mal + workers’ comp reduced to 42% of GWP (2009) from 68% (2005)
       Casualty
       Casualty
                          •   60% reduction in reinsurance of Lloyd’s business since 2004



                          •   Well timed entry into international trade credit and surety business at January 1,
       Specialty
       Specialty              2009
                          •   Entry into international crop reinsurance in 2010 to extend product range


                         Expanded into Less Volatile Exposures and Diversified Globally
                         Expanded into Less Volatile Exposures and Diversified Globally
    * 2005 versus 2009
                                                                                                                   86

AHL: NYSE
What We Do
Integrated Risk Management


2. Improved Account Balance: Example – Property Per Risk
2. Improved Account Balance: Example – Property Per Risk


 •   Specialist per risk and pro rata team established in US in 2004

 •   Strategic focus on regional business with significantly less cat emphasis than London
     background

 •   Lead 90% of the contracts written

 •   48% of 2009 risk and pro rata income now underwritten in US

 •   Results very positive reflecting less dependence on volatile large risk business
        For example, 2008 record $15bn global risk losses; Aspen share less than 0.2%



                            Proactive Management of Our Portfolio
                            Proactive Management of Our Portfolio

                                                                                             87

AHL: NYSE
What We Do
Integrated Risk Management


3. Managing top line: Example - Casualty Re
3. Managing top line: Example - Casualty Re

                      500

                      450

                      400

                      350
            GWP* $m




                      300                                                                                      New distribution
                                                                                                               channels
                      250

                      200

                      150

                      100

                       50

                        0
                        2003   2004             2005        2006                2007             2008   2009
                               US Casualty (London)    International Casualty          Facultative
                               US Casualty (US)        Continental Europe



             25% Reduction in Top Line since 2005 (43% Excluding New Distribution Channels)
             25% Reduction in Top Line since 2005 (43% Excluding New Distribution Channels)
                                      Reflecting Market Conditions
                                      Reflecting Market Conditions
* Year of Account                                                                                                                 88

AHL: NYSE
Targeting Top Quartile Performance
Example: Property Facultative


•   Entered property facultative reinsurance in 2005


        GWP to date ~ $200m; incurred losses to date $1.6m

•   10 small efficient offices located close to ceding underwriters providing daily ‘eyes and
    ears’ on the market

•   Business written direct and controlled centrally in Connecticut (US) & London
    (International)

•   Development of EZFAC - on line facultative automatic system




                Low Cat, Diversifying Product Built on Direct Client Relationships
                Low Cat, Diversifying Product Built on Direct Client Relationships

                                                                                                89

AHL: NYSE
Where Are We Headed (2010 and Beyond)


                               New                                             Credit & Surety Reinsurance Zurich


                                                                                                                     New York Med Mal
                                                    Environmental
              Products




                                                                                    ILS 
                                                            Agriculture Re                                       Extension of Asia platform
                                                            Zurich
                                                                                              Global CAR/EAR
                                                  Casualty                                    London/Zurich                                               Middle East JV
                            Existing / Adjacent




                                                  Facultative
                                                  London                                                  Miami‐
                                                                                                          Latin America                       Casualty
                                                                                                                                              Singapore
                                                                                           Zurich
                                                                                           Property Treaty 
                                                                                           Casualty Treaty

                                                                                                                          Property 
                                                                                                                          Facultative
                                                                                                                          Germany
                                                                       Property                     Marine, Energy‐
                                                                       Singapore                    Miami, Singapore, 
                                                                                                    Zurich
                         Execution                                       Existing                                                        New
                           Risk

  New lines or platforms established over last 18 months                                             Platforms
  Opportunities under evaluation
  Medium term opportunities


                 Significant Opportunity to Develop Non Peak Zone Cat Footprint When the Time is Right
                 Significant Opportunity to Develop Non Peak Zone Cat Footprint When the Time is Right
                                                                                                                                                                           90

AHL: NYSE
Sub-Segment: Property
A Snapshot

                                                                                               Property Re
What We     • Cat Excess
Prefer           Bias towards personal lines and small commercial
                 Detailed focus on data quality
                                                                           Property 2009 GWP: $568m
            • Risk Excess & Pro Rata
                 Close understanding of original business
                 Frequent auditing
                                                                                        1%
                 Fire rather than cat driven purchasing motivation                 9%
                 Bias towards regional companies
            • Fac
                 Excess of loss only                                     27%                        45%
                 Fire rather than cat driven purchasing motivation
                 Direct client relationships

What We     • Cat Excess
Like Less                                                                          18%
                 Low attaching programmes
                 Low scoring Data Quality results
            • Risk Excess & Pro Rata
                                                                     Cat Excess     Risk Excess      Pro Rata
                 Bias against global risk clash accounts
                                                                     Facultative    Programs
            • Fac
                 Low level, cat driven placements


            Expert Based, Niche Focused and Limited Correlation within Sub-Segments
            Expert Based, Niche Focused and Limited Correlation within Sub-Segments
                                                                                                                91

AHL: NYSE
Sub-Segment: Property
Evolution


             700

             600

             500
   GWP* $m




             400

             300

             200

             100

               0
               2002          2003         2004         2005           2006           2007          2008   2009
                                                               Year

                                    Risk Excess   Cat Excess   Pro Rata      Facultative    Programs


                      Diversified Portfolio with Average Combined Ratio of 87% since inception
                      Diversified Portfolio with Average Combined Ratio of 87% since inception

* Year of Account
                                                                                                                 92

AHL: NYSE
Sub-Segment: Property
How we Look at the Sector


•   Diversified product range – much more than just cat excess


        Specialist risk excess and proportional reinsurance team in US


        Global network of facultative experts


        US based team focusing on selected programs


        Established ILS capability


•   Cat modelling centres of excellence in US, Bermuda and London


•   Distributed via Key Hubs supported by local offices with centralised underwriting management




                                                                                                   93

AHL: NYSE
Sub-Segment: Casualty
A Snapshot

                                                                                           Casualty

What We             • Smaller specialty E&S business
Prefer
                    • Specialty medical malpractice

                    • Regional and product specific clients         Casualty 2009 GWP: $352m

                    • Regional workers’ compensation
                                                                                  5%
                    • Small to medium size professional
                      exposures                                       19%

                    • Private and nonprofit and smaller
                                                                                            47%
                      commercial D&O

What We Like        • Large lead national account business
Less
                    • US Financial Institutions D&O and E&O             29%

                    • Large trucking

                    • Large pharmaceuticals
                                                               US Casualty (London)    International Casualty

                    • Large environmental                      US Casualty (US)        Facultative


                    • National account workers compensation


               Expert Based, Niche Focused and Limited Correlation within Sub-Segments
               Expert Based, Niche Focused and Limited Correlation within Sub-Segments
                                                                                                                94

AHL: NYSE
Sub-Segment: Casualty
How we Look at the Sector

•   Inception to date $2.7bn GWP at 93% combined ratio

•   Global product specialist approach allows best technical knowledge be deployed in all trading
    locations

       Applies to underwriters, actuarial, claims and risk management

•   US business written by two specialty teams

       London specialist centre for med mal, workers’ comp business

       US operation handles E&S and regional business

•   Focus on local specialized companies

•   International business managed in London and Zurich

       Targeting European regional business from Zurich

       London specialises in UK, Ireland, Australia, Asia and Lloyd’s business

•   Active development of new platforms

       Developing Europe from Zurich, Latin America from Miami and exploring local presence in Asia,
       Australia and Canada
                                                                                                       95

AHL: NYSE
Sub-Segment: Casualty
Business Mix

                                                                  GWP (2009)
                                US                                                                    International


                                                                                                           2%
                                                                                                             2%
                                 6%                                                                  3%
                         13%          1%                                                                  2%

                                                                                                9%
                                                                                                                        29%
                                              18%
             15%
                                                                                          11%




                                                                                                18%
                   20%                     27%                                                                    24%




                                                                               Public Liability                       Motor Third Party
       Auto Liability                       Fidelity                           Professional Indemnity                 Financial Institutions
       General Liability                    Medical Malpractice                Employers Liability                    Directors & Officers
       Professional Liability               Workers Compensation               Medical Malpractice                    Third Party Property
       Umbrella Liability                                                      Domestic Legal Liability



•   Aggregation monitored via focus on regional business and state mix

              Product Expertise Allows Prompt Response to Changing Market Conditions
              Product Expertise Allows Prompt Response to Changing Market Conditions
                                                                                                                                               96

AHL: NYSE
Sub-Segment: Specialty
A Snapshot

                                                                                        Specialty Re
What We         • European and Latin American Surety,
Prefer            especially Brazil and Mexico

                • European multi peril and hail crop
                                                                 Specialty Re 2009 GWP: $256m
                • Marine and Cargo Treaty focused on XOL
                  including offshore energy and stand alone
                  cargo
                                                                                       19%
                • Aviation/Space leader including launch
                  business                                        41%

                • Selected specialty lines such as
                  contingency, personal accident, bloodstock
                  and crop
                                                                                        40%
                • Terrorism stand alone cat XOL’s

What We Like    • Morbidity, longevity, mortality and health
Less              related covers                               Credit & Surety   Specialty      Structured

                • Low attaching commercial airline business

                • Onshore energy

            Expert Based, Niche Focused and Limited Correlation within Sub-Segments
            Expert Based, Niche Focused and Limited Correlation within Sub-Segments
                                                                                                             97

AHL: NYSE
Sub-Segment: Specialty
Evolution


                    160

                    140

                    120

                    100
         GWP* $m




                     80

                     60

                     40

                     20

                      0
                      2002        2003       2004      2005          2006       2007      2008        2009
                                                              Year

                             Aviation    Contingency   Marine        Contingency & Misc   Credit & Surety


                    Selective Build Out in 2008/09 with Addition of Targeted Credit & Surety Portfolio
                    Selective Build Out in 2008/09 with Addition of Targeted Credit & Surety Portfolio
* Year of Account                                                                                            98

AHL: NYSE
Sub-Segment: Specialty
How we Look at the Sector


•   Segment comprises specialist teams in London and Zurich


•   Leading player in London market, premier centre for specialty reinsurance
        Focus on marine, energy, aviation and space supported by a broad product range that
        includes specie, fine art, nuclear, personal accident, war & terrorism and contingency


•   Trade credit, surety, political risk and international crop reinsurance underwritten in Zurich,
    where exposures are predominately European


•   Very strong results - 80% combined ratio since inception


•   Growth potential by extension of London expertise into Zurich, Singapore and Miami hubs


•   Active cycle management key


                   Well Positioned for Growth When Market Conditions Improve
                   Well Positioned for Growth When Market Conditions Improve
                                                                                                      99

AHL: NYSE
Aspen Re: Conclusions

•   Cycle management does not mean zero or negative growth

       If markets stay soft, manage down mature lines but continue to build out new products &
       platforms ready for future opportunities

       If markets harden, positioned to rapidly grow from our global presence and multi-product
       offering

•   Risk management culture at Aspen ensures consistent standards across the company

       Do not enter into products or areas we do not understand

•   Switch from soft to hard market likely to be rapid; most successful companies will be those
    that respond the most efficiently

       Centralised management control combined with local access to all major markets

       A strong track record – Combined ratio since inception of 88%

                                     Well Positioned for Growth
                                     Well Positioned for Growth
                                                                                                  100

AHL: NYSE
Case Study
Latin America - Why We Are Interested

Peter Emblin
Executive Vice President, Aspen Reinsurance




AHL: NYSE
Aspen Approach: Reminder
How We Look at New Opportunities


                        Key Criteria
                        Key Criteria                              Latin America
                                                                  Latin America


•   Extensive ‘due diligence’ to determine if opportunity is                      Jan ’08 → Jul ‘09
    fit for Aspen



•   Execution predicated on the availability of talent, capital                        Sept ‘09
    and requisite access to distribution


                                                                                     Miami office
•   Selective and measured approach to writing business                           established Q1 ‘10
    consistent with our underwriting and risk appetite = slow
    build



                Measured Approach to Establishing our Presence in Latin America
                Measured Approach to Establishing our Presence in Latin America

                                                                                                       102

AHL: NYSE
Why Latin America
         Macroeconomic Trends
                                                                                   Mexico (BBB)
            Structural Reforms
                                                                    •   GDP $1,088bn (world’s 13th largest)
  ••    Privatization, liberalization                               •   Population 108m
        Privatization, liberalization
                                                                    •   IP*: 1.2% (Non-life)
  ••    Deregulation
        Deregulation
  ••    Foreign Investment
        Foreign Investment
  ••    Political Democracy
        Political Democracy
  ••    Educational Reform
        Educational Reform
                                                                                   Brazil (BBB)
             Financial Markets                                      •   GDP $1,575bn (world’s 10th largest)
                                                                    •   Population 194m
  ••   Bank and Insurance Penetration
       Bank and Insurance Penetration                               •   IP*: 1.6% (Non-life)
  ••   Stock Market growth
       Stock Market growth
  ••   Pension Funds Development
       Pension Funds Development

               Policy Reforms
                                                                                   Chile (A+)
                                                                    •   GDP $170bn (world’s 53rd largest)
  ••   Inflation Target (Monetary Policy)
        Inflation Target (Monetary Policy)                          •   Population 17m
  ••   Flexible Exchange Rate
        Flexible Exchange Rate                                      •   IP*: 1.6% (Non-life)
  ••   Tight Budget Control
        Tight Budget Control

              Large and Attractive Opportunity: 10% of World Population and 10% of World GDP
              Large and Attractive Opportunity: 10% of World Population and 10% of World GDP
* Insurance Penetration
Source: Sigma, Standard and Poor’s                                                                            103

AHL: NYSE
      Insurance Penetration


                             5.0%
                                                                                                                             2%
                             4.5%
                                                                                                                             2%
                             4.0%




                                                                                                  % of Non Premiums of GDP
Direct market premiums/GDP




                                                                                                                             2%
                             3.5%
                                                                                                                             1%
                                                                               World Average
                             3.0%
                                                                                                                             1%
                             2.5%
                                                                                                                             1%
                             2.0%                                                                                            1%
                             1.5%                                                                                            1%

                             1.0%                                                                                            0%

                             0.5%                                                                                            0%

                             0.0%                                                                                            0%
                                     North    Oceania     Europe     Latin       Asia    Africa                                   Mexico   Chile   Colombia     Brazil   Argentina
                                    America                        America &
                                                                   Caribbean
                                                                                                                                               1998      2008
                                                        Non Life Insurance Penetration




                                                           Latin America Relatively Underpenetrated but Increasing
                                                           Latin America Relatively Underpenetrated but Increasing
      Source: Swiss Re, sigma database
                                                                                                                                                                                     104

       AHL: NYSE
Non-Life Reinsurance Outlook

                                                                   Development of the non-life business
•    Prices expected to remain “soft” overall                          Latin American real growth

                                                         50%
•    Property Cat prices recovering, spurred by impact
     of Chilean earthquake                               40%

                                                         30%

•    Ceded premiums expected to increase                 20%

                                                         10%

          Higher capital requirements in Mexico and       0%

          Brazil                                         -10%

                                                         -20%

•    Liberalization within Brazil will support higher    -30%
     growth of open market reinsurance




                                                                                                                             E


                                                                                                                                      F
                                                            91


                                                                   93


                                                                          95


                                                                                  97


                                                                                         99


                                                                                                   01


                                                                                                            03


                                                                                                                   05


                                                                                                                          07


                                                                                                                                   09
                                                          19


                                                                 19


                                                                        19


                                                                                19


                                                                                       19


                                                                                                 20


                                                                                                          20


                                                                                                                 20


                                                                                                                        20


                                                                                                                                 20
                                                                               Direct premiums          Free cessions (est)




                            Strong Growth Expected for Open Market Reinsurance
                            Strong Growth Expected for Open Market Reinsurance
Source: Sigma database                                                                                                                    105

AHL: NYSE
Reinsurance Markets / Cession Rates

                            Direct Non-Life   Ceded Non-Life
          Territory            Premium          Premium
                                  $bn              $bn
                                                                                     18                                                                       50%


 Argentina, Uruguay                 4.8            0.9                               16                                                                       45%

                                                                                                                                                              40%
                                                                                     14

 Brazil                             16.7           2.1




                                                               Direct Premiums $bn
                                                                                                                                                              35%




                                                                                                                                                                    % Ceded Premiums
                                                                                     12
                                                                                                                                                              30%
                                                                                     10
 Chile                              2.0            1.0                                                                                                        25%
                                                                                     8
                                                                                                                                                              20%
 Colombia / Peru                    3.4            1.1                               6
                                                                                                                                                              15%

                                                                                     4
                                                                                                                                                              10%
 Mexico                             2.5            1.0
                                                                                     2                                                                        5%

                                                                                     0                                                                        0%
 Caribbean / P. Rico                n.a.           n.a.                                    Argentina &     Brazil          Chile      Colombia /    Mexico
                                                                                            Uruguay                                     Peru
 Miami Global
                                    n.a.           n.a.                                   Direct Premiums Non-life, USDm           Ceded Premiums        Cession Rate
 Markets




                                    Approx. 20% of Non Life Premiums Ceded to Reinsurers
                                    Approx. 20% of Non Life Premiums Ceded to Reinsurers
Source: Latino American Insurance
                                                                                                                                                                                       106

AHL: NYSE
How We Are Executing our Strategy

            •   Niche strategy with selected (risks and countries) approach

 Stage 1    •   Highly experienced team of 5 underwriters with 76 underwriting years

            •   Main office in Miami with selected local representation


            •   Well positioned to take advantage of improved rating dynamic post        Ongoing
                Chile Earthquake

 Stage 2    •   Expand book of P&C treaty & specialty business
                     Complement our global risk account with local business
                     Support from Zurich, London and Paris for non Property
                     treaty business


 Stage 3
            •   Broader exploration of opportunities in the region both direct and     Preliminary
                reinsurance


     Long Term Strategy Enhanced by Ability to Take Opportunistic Advantage of Rate Correction
     Long Term Strategy Enhanced by Ability to Take Opportunistic Advantage of Rate Correction
                                    Post Chilean Earthquake
                                     Post Chilean Earthquake
                                                                                                     107

AHL: NYSE
How It Adds Up
Execution Priorities


                 Territory                                      Targeted Line of Business        Aspen Market Priority

 Argentina, Uruguay                                Property, Credit & Surety, Agriculture              Medium

                                                   Property, Casualty, Motor, Credit & Surety,
 Brazil                                                                                                  Low
                                                   Agriculture

                                                   Property, Casualty, Motor, Credit & Surety
 Chile                                                                                                   High
                                                   Agriculture

                                                   Property, Casualty, Motor, Credit & Surety
 Colombia / Peru                                                                                       Medium
                                                   Agriculture

 Mexico                                            Property, Casualty, Agriculture                       High

 Caribbean / P. Rico                               Property, Casualty                                  Medium

 Miami Global Markets                              Property, Casualty                                    High


•    Premium potential of $60m in 3 years subject to market conditions

                                           Initial Focus on Mexico and Miami Global Markets
                                           Initial Focus on Mexico and Miami Global Markets

Source: “Swiss Re, sigma database“ and “Latino American Insurance”                                                       108

AHL: NYSE
Our Reinsurance Franchise

Q&A




AHL: NYSE
Integrated Risk Management
How We Embed this in Our Business

Julian Cusack
Group Chief Risk Officer


Stephen Postlewhite
Head of Risk Capital



AHL: NYSE
Our Investment in Risk Management

                                                                                  Third line
                   Board level Audit and Risk committees
                    Board level Audit and Risk committees                         of defence



                      Empowered Group and Entity CROs
                       Empowered Group and Entity CROs
                                                                                 Second line
                Central ERM team and Economic Capital Model
                 Central ERM team and Economic Capital Model                 2   of defence

                          Internal Audit ++Compliance
                           Internal Audit Compliance


    • Cat risk modeling
    • Cat risk modeling
    • Underwriting quality review
    • Underwriting quality review        • All Aspen underwriting ‘license
      team                               • All Aspen underwriting ‘license
       team                                holders’ accept responsibility          First line
                                            holders’ accept responsibility
    • Independent actuarial pricing
    • Independent actuarial pricing                                               of defence
                                           for adherence to approved risk
                                            for adherence to approved risk
      and reserving teams
       and reserving teams                 limits and processes
                                            limits and processes
    • Specialist risk re-distribution
    • Specialist risk re-distribution
      team
       team

                                                                                      For:
                                                                                 Shareholders
            We Invest in Risk Management Because it Works
            We Invest in Risk Management Because it Works                        Policyholders
                                                                                  Regulators
                                                                                                 111

AHL: NYSE
Why Risk Management Works

                                  Effective Risk Management Starts at the Top
                                  Effective Risk Management Starts at the Top

                 ••   Risk appetite debated and approved by full Board
                      Risk appetite debated and approved by full Board
                 ••   Strategy is risk based with multiple economic and market scenarios tested
                      Strategy is risk based with multiple economic and market scenarios tested
                 ••   Executive compensation informed by risk data
                      Executive compensation informed by risk data
                 ••   Material limit breaches reported to Board Risk Committee
                      Material limit breaches reported to Board Risk Committee



                                 And is Embedded Throughout the Organization
                                 And is Embedded Throughout the Organization

            •   Rigorously enforced underwriting authority limits
            •   Approved underwriting principles monitored by Underwriting Quality Review team
            •   Pricing models approved by Chief Pricing Actuary under the Group Pricing Standard
            •   Cat and clash accumulation limits budgeted at underwriting unit level and monitored on
                a group basis
            •   Extensive system of operational risk management
                    Over 130 risks and 300 controls documented with quarterly attestations from over
                    40 team leaders
            •   Market risk volatility and concentration limits continuously monitored by Group Treasury


            Risk Management Central to Everything We Do – Not Just a Post-Action Check
            Risk Management Central to Everything We Do – Not Just a Post-Action Check
                                                                                                           112

AHL: NYSE
Risk Management Works for Shareholders


                       2003     2004      2005      2006      2007     2008      2009    Average

Combined ratio         78%      83%       117%       82%      83%       96%      84%        89%

ROE                   15.9%    14.0%     (11.7)%    18.5%    21.6%     3.3%     18.4%      11.4%

SD of ROE                -        -       15.4       14.0     13.4      12.4     11.8        -

Δ in BVPS             17.7%    14.4%     (9.5)%     16.5%    24.0%     3.8%     21.1%      12.6%


•   Exposure to cat risk deliberately reduced since 2005

•   Book value growth in 2008 despite investment volatility and catastrophe losses

•   Risk appetite lower than typical for pure reinsurers, but higher than for insurers

•   Successfully targeted reduced earnings volatility since 2005 while retaining attractive upside


       New Risk Appetite Statement Incorporates Return Objective Tempered by Volatility Constraint
       New Risk Appetite Statement Incorporates Return Objective Tempered by Volatility Constraint

                                                                                                     113

AHL: NYSE
Risk Management Works for Policyholders


•   Stable A ratings from AM Best and S&P


•   Capital strength acceptable to major reinsurance cedants for short and long tail risks


        Enabled successful entry into credit and surety reinsurance market in 2009


        Approved as facultative reinsurance market by major insurance groups


•   All regulatory capital requirements comfortably met and exceeded




        New Risk Appetite Statement Incorporates Capital Constraint Aimed at Assurance of
        New Risk Appetite Statement Incorporates Capital Constraint Aimed at Assurance of
                                      Policyholder Security
                                      Policyholder Security

                                                                                             114

AHL: NYSE
Our Risk Appetite Statement
Design and Purpose


•    Sets boundary conditions for the level of risk we assume, together with a statement of what
     reward we should expect to receive for this risk




    Risk preferences          Risks inside and outside of core mission and strategy


                              Sets the levels of return on capital we seek to achieve, subject to
    Return objective          risk constraints


Volatility constraint         Limit on earnings volatility



    Capital constraint        Minimum level of risk adjusted capital



                         Central Component of Our Overall Risk Framework
                         Central Component of Our Overall Risk Framework
                                                                                                    115

AHL: NYSE
Return Objective

   ‘The Aspen Group aims to generate 10 year average ROEs which exceed the 3 year risk free
    ‘The Aspen Group aims to generate 10 year average ROEs which exceed the 3 year risk free
                    rate by an average of at least 8% with a target of 10.5%’
                    rate by an average of at least 8% with a target of 10.5%’



                          •     Spread over the risk free rate rather than an absolute value of ROE

                          •     Time weighted averaging over 10 years rather than the more usual ‘over the cycle’

     Key                             Reported ROE with an average of 8.5% over the risk free rate since inception*
   Features
                          •     Aim not to fall below 8%

                          •     Believe that if we perform at higher target level of 10.5%, then more likely to achieve our
                                valuation objective


         Motivated By Shareholder Return and Valuation Aspirations, But Subject to Constraints to
         Motivated By Shareholder Return and Valuation Aspirations, But Subject to Constraints to
                                         Limit Downside Risk
                                          Limit Downside Risk

* 7 years excluding part year 2002
                                                                                                                          116

AHL: NYSE
Volatility Constraint

   ‘Limiting the chance of an ROE which is 5 percentage points worse than plan to a probability
    ‘Limiting the chance of an ROE which is 5 percentage points worse than plan to a probability
                                 less than 25% (i.e. 1 in 4 years)’
                                  less than 25% (i.e. 1 in 4 years)’



             •   Constraint seeks to limit volatility of earnings near to the mean


             •   Fluctuations of up to 5 points likely to occur reasonably often
    Key
  Features   •   Volatility calibrated at level exhibited by top quartile performers in our peer group


             •   Applied prospectively based on the volatility measured by our Economic Capital
                 Model




       Excessive Earnings Volatility Detrimental to Long Term Shareholder Value Growth
       Excessive Earnings Volatility Detrimental to Long Term Shareholder Value Growth

                                                                                                         117

AHL: NYSE
Risk Capital Constraint

 ‘Aspen will seek at all times to maintain a level of qualifying equity capital at least equal to
  ‘Aspen will seek at all times to maintain a level of qualifying equity capital at least equal to
 the higher of:
  the higher of:
 • 1.75 times our internal estimate of economic capital (calibrated to TVAR at 99th percentile)
 • 1.75 times our internal estimate of economic capital (calibrated to TVAR at 99th percentile)
   plus a buffer of 10% above that level
   plus a buffer of 10% above that level
 • Level required to meet our rating ambitions with all relevant credit rating agencies
 • Level required to meet our rating ambitions with all relevant credit rating agencies
 • Level required to meet all our regulatory capital requirements’
 • Level required to meet all our regulatory capital requirements’



              •   Rating agency levels currently exceed our minimum based on Economic Capital – but
   Key            may not be the case under all market conditions
 Features
              •   Regulatory levels currently much lower but may rise in Europe under Solvency II




      Constraint Aimed Primarily at the Tail of the Risk Distribution and Designed to Provide a
      Constraint Aimed Primarily at the Tail of the Risk Distribution and Designed to Provide a
                             High Level of Security to Policyholders
                              High Level of Security to Policyholders

                                                                                                      118

AHL: NYSE
Risk Appetite: Summary
                                                                                                 Expected Return               Illustrative



                         Excess volatility and tail risk        X

                         Return profile meeting risk appetite



                                                                       Volatility Constraint




                TVAR99** - minimum coverage
                     175% plus buffer




                                                                             ≤ 25%


                -1,300         -1,100   -900        -700    -500      -300      -100       100      300      500   700   900
                                                                    Profit and loss $m

         ECM* Used to Test Consistency of Strategic and Annual Business Plans with Risk Appetite
         ECM* Used to Test Consistency of Strategic and Annual Business Plans with Risk Appetite
* Economic Capital Model
** TVAR = Tail Value at Risk                                                                                                                  119

AHL: NYSE
Risk Limits

•   We deploy risk limits to manage the following:


              Category
              Category                                                    Impact
                                                                           Impact

Transaction level underwriting limits                 Volatility constraint


Natural catastrophe accumulation risk                 Both volatility and risk capital constraints


Terrorism accumulation risks                          Mainly volatility constraint


Clash risk                                            Mainly volatility constraint


Financial and political risk                          Mainly volatility constraint


Investment risk                                       Both volatility and risk capital constraints



                   Risk Limits Deployed to Translate our Risk Appetite into Practice
                   Risk Limits Deployed to Translate our Risk Appetite into Practice

                                                                                                     120

AHL: NYSE
Underwriting Limits


                      •    Written authority letters issued to all underwriters authorized to accept or
                           peer review risks setting out their gross acceptance limits by class
  Risk Limits
  Risk Limits
                      •    Adherence to underwriting limits monitored automatically by our risk
                           recording system and all breaches followed up




                  •       Automatic reporting from the underwriting system of breaches in
  Monitoring
  Monitoring              underwriting authority
    and
     and
 Management
 Management       •       Breaches reported via entity CROs to entity boards and Group CRO
                          to Risk Committee if material



                Key Area of Operational Risk is ‘Front Line’ Risk Selection Process
                Key Area of Operational Risk is ‘Front Line’ Risk Selection Process

                                                                                                          121

AHL: NYSE
Natural Catastrophe Risk Limits

                                           Indicator                                Current level   Limit**

      Group aggregate cat risk (GACRA)                  TVAR 99                       30.4%         36%


      Single peril / zone                               Single peril 1% OEP           12.5%         17.5%

      OEP*
                                                        Single peril 0.4% OEP         17.6%         25%
   ** Expressed as % total Shareholders’ equity (SHE) including preference equity




  •    Group level aggregate all perils ‘GACRA’ – best indicator of capital impact of cat risk

  •    Single zone PMLs – help underwriting teams manage the risk and control volatility

  •    US Wind (ex Hawaii) treated as a single zone


               Risk Limits are Upper Limits – Optimal Level of Risk May Be Lower Depending on
               Risk Limits are Upper Limits – Optimal Level of Risk May Be Lower Depending on
                                    Pricing and Alternative Uses of Capital
                                    Pricing and Alternative Uses of Capital

* OEP = Occurance Exceedance Probability
                                                                                                              122

AHL: NYSE
Terrorism Accumulation Risks

                                                       Key Limits 2010

                                                                                 Limit    Current** Level
  •     Single US city event loss (event loss defined as 5
                                                                            10% of SHE*       5.6%
        ton bomb




                               •   Detailed city and terror target assessments
   Monitoring
   Monitoring
     and
      and                      •   Detailed monthly report to CRO and senior management
  Management
  Management

                               •   Material breaches reported to Risk Committee




           Risk Management Approach Seeks to Limit Severity; Lower Appetite Than Many Peers
           Risk Management Approach Seeks to Limit Severity; Lower Appetite Than Many Peers
* SHE = Shareholders’ Equity
** As at April 30, 2010
                                                                                                            123

AHL: NYSE
Clash Risk

                                                  Key Limits 2010

                    Aggregate multi-line exposure to single clash event/scenario = 10% of SHE*


                               •   Evaluated for 38 “shock loss” events to which Aspen could have exposure
                                   across many classes

                               •   Each event given a 1 in 100 chance of occurring and severity appropriately
            Monitoring             calibrated to this level
            Monitoring
              and
               and             •   Assessed exposure on a worst case plus a probability of having a major
           Management
           Management              involvement

                               •   Each event modelled stochastically in the Economic Capital Model

                               •   Reinsurance for Casualty clash losses purchased in 2010


                 Most Demanding Area of Accumulation Control – Managed by Scenario Modeling and
                 Most Demanding Area of Accumulation Control – Managed by Scenario Modeling and
                                                  Reinsurance
                                                  Reinsurance

* SHE = Shareholders’ Equity
                                                                                                                124

AHL: NYSE
Financial and Political Risk Limits

                                                       Key Limits 2010
                                                                          Limit              Current** Level

                                                                17.5% of SHE* (global)           15%
         •    Global and regional stress loss
                                                                12.5% of SHE* (regional)     Maximum 3.8%

     •       Country limits based on country risk assessments    (6 ratings 1-6)



                               •   Total global and regional risk limits split between insurance and
                                   reinsurance teams
          Monitoring
          Monitoring
            and
             and
         Management
         Management            •   Monthly reports prepared by Risk Management


                               •   Material breaches reported to Risk Committee



              Developed During 2009 to Manage Emerging Source of Underwriting Risk Accumulation
              Developed During 2009 to Manage Emerging Source of Underwriting Risk Accumulation
* SHE = Shareholders’ Equity
** At as April 30, 2010                                                                                        125

AHL: NYSE
Investment Risk Limits
                                                    Key Limits 2010
                                                                                        Limit        Current* Level
    Aggregate value at risk (VaR) at 95% confidence level (% of total
    market value of investments plus cash and cash equivalents)                          7%               2.6%
    Various concentration limits (% of portfolio value), including:
    •    Single name issuers                                                             2%              1.43%
    •    BBB securities                                                                  5%               4.3%
    •    RMBS and CMBS (US)                                                             45%              20.4%
    •    Financial sector issuers                                                       15%              13.6%

    Average portfolio credit rating                                                      AA-              AA+


•       Monthly investment report prepared by Group Treasury includes actuals vs. limits for all risk metrics
•       Circulated to Investment Committee members monthly and tabled for discussion at the Investment Committee
        quarterly
•       Material breaches reported to Risk Committee


                 VaR Model Limitations Well Understood; ECM Uses More Realistic Tail Correlations to
                 VaR Model Limitations Well Understood; ECM Uses More Realistic Tail Correlations to
                                    Measure Capital Required for Investment Risk
                                    Measure Capital Required for Investment Risk
* At as April 30, 2010
                                                                                                                      126

AHL: NYSE
Investment Risk
‘Green Zone Analysis’

                                          Value at Risk ("VaR")
                 10

  Short VaR
                                                                                Red Zone
exceeded limit    9
during banking
     crisis       8
                                                                                            Boundary defined
                                                                  Risk Limit                 by VaR if a wide
                  7
                                                                                            market index of IG
                                                                                                 bonds
                  6


                  5                                                                         Long VaR – based
                                                                                            on time weighted
                  4                                                                          volatility with 26
                                                                                              week half life

                  3
                                                                                            Short VaR – based
                                                                               Green Zone    on time weighted
                  2                                                                           volatility with 8
                                                                                               week half life
                           8




                           9
                         08




                         09
                           8




                           9




                 Au 9




                           0
                           8




                           9
                 Se 8




                 Se 9
                         09




                 Fe 0
                          9
                         09




                         10
                          9




                          0
                         08




                          8




                         09




                          9
                        -0




                        -0
                        -0
                       l-0




                        -0




                       l-0




                        -1
                        -0




                        -0
                         0




                         0




                         1
                      r-0




                      r-1
                       -0




                       -0
                     n-




                     n-
                     n-




                     n-
                     g-




                     b-




                     g-




                     b-
                     p-




                     p-
                    ov




                    ov
                    ar




                    ar
                    ct




                    ct
                   ay
                   ec




                   ec
                   Ju




                   Ju
                 Ap




                 Ap
                  Ju




                  Ju
                 Au




                 Ja




                 Ja
                 Fe
                  O




                  O
                 M




                 M
                 N




                 N
                 M
                 D




                 D
            Reporting Obligation to Risk Committee if VaR Exceeds 7% But No Automatic Sales
            Reporting Obligation to Risk Committee if VaR Exceeds 7% But No Automatic Sales

                                                                                                                  127

AHL: NYSE
Risk Profile – As At January 1, 2010
                                                                                    Net Income

                                                                                    Mean 11.5% ROE
                                                                                    Mean 11.5% ROE


                                    Probability of under-performing mean by 5%
                                    Probability of under-performing mean by 5%
                                                    or more = 24%
                                                    or more = 24%                                                                                      Median 13% ROE
                                                                                                                                                       Median 13% ROE
         Probability




                                         Probability of negative income 11%
                                         Probability of negative income 11%


                                            1-in-100 -27% ROE
                                            1-in-100 -27% ROE



      1-in-250 -36% ROE
      1-in-250 -36% ROE



       -1,500,000      -1,300,000    -1,100,000   -900,000    -700,000   -500,000   -300,000    -100,000   100,000   300,000     500,000     700,000     900,000     1,100,000


                                                                                               Return $m


                                                             Return Profile Consistent with Risk Appetite
                                                             Return Profile Consistent with Risk Appetite
Disclaimer: The above graph is based on the 2010 plan without adjustment for Q1 2010 actual performance. The risk profile is the result of numerous assumptions within our
Economic Capital Model. Results may vary significantly from those shown.                                                                                                         128

AHL: NYSE
Emerging Risks
Example 1: Solvency II


•   Fully mobilised Group programme making good progress to achieving Solvency II compliance

•   Strategy is to ‘front load’; targeting as full compliance as possible by end November 2010

•   Aspen formally accepted into FSA Pre Application Stage; aiming to apply for formal Internal
    Model approval at the earliest possible date

        Internal model approval likely to lead to lower regulatory capital requirements than the
        standard formulas

•   All aspects of Risk Management being reviewed

•   Also working with Bermuda regulator, currently upgrading own regulatory processes and
    aiming for Solvency II equivalence



                Solvency II is Helping us Update and Improve our Risk Management
                Solvency II is Helping us Update and Improve our Risk Management

                                                                                                   129

AHL: NYSE
Emerging Risk
Example 2: Raised Interest Rate Risk



                                                                                     Group Total Capital Gains
•      ECM* currently projecting mean                                  3.0%

       unrealised losses from un-hedged                                2.5%

       interest rate risk at ~ $200m with                                         Mean total return
                                                                       2.0%
                                                                                     of -$200m




                                                         Probability
       significant downside risk from higher rate                                     including
                                                                       1.5%       unrealised losses
       scenarios
                                                                       1.0%

•      Duration management and possible
                                                                       0.5%
       hedging transactions designed to limit the
                                                                       0.0%
       downside risk                                                      -2500   -2000    -1500      -1000    -500   0   400




                                                                              ‐
                                                                              ‐
                                                                              ‐
                                                                              ‐
                                                                              ‐
                                                                              ‐
                                                                              ‐
                                                                              ‐
                                                                              ‐
                                                                              ‐
                                                                              ‐
                                                                              ‐
                                                                              ‐
                                                                                                      ‐900
                                                                                                      ‐800
                                                                                                      ‐700
                                                                                                      ‐600
                                                                                                      ‐500
                                                                                                      ‐400
                                                                                                      ‐300
                                                                                                      ‐200
                                                                                                      ‐100

                                                                                                       100
                                                                                                       200
                                                                                                       300
                                                                                                       400
                                                                                                       ‐
                                                                                                   Return $m




               Effective Modeling of Interest Rate Scenarios Helps Us Position Investment Portfolio
               Effective Modeling of Interest Rate Scenarios Helps Us Position Investment Portfolio
                                          and Design Hedging Strategies
                                          and Design Hedging Strategies
* Economic Capital Model
                                                                                                                                130

AHL: NYSE
Emerging Risk
Example 3: Climate Change


                                      Climate change
                                      Climate change




    Changes in physical geography
    Changes in physical geography                 Storms, droughts, floods, sea level rise
                                                  Storms, droughts, floods, sea level rise


                                                             Mitigation and adaption
                                                             Mitigation and adaption


    Changes in human geography
    Changes in human geography                          Changes in economic activity and risks
                                                        Changes in economic activity and risks



                                 Insurance sector impacts
                                  Insurance sector impacts



      Potential for Long Term Opportunities and Risks From Emerging Global Response to Climate
       Potential for Long Term Opportunities and Risks From Emerging Global Response to Climate
      Change // Energy Security Concerns, But Demographic and Economic Factors Currently Have
      Change Energy Security Concerns, But Demographic and Economic Factors Currently Have
                                     Greater Impact on Loss Costs
                                     Greater Impact on Loss Costs
                                                                                                  131

AHL: NYSE
Emerging Risk
Example 4: Exposure to European Financial Crisis

                      •   Potential for confluence of market events to deepen the crisis, causing wider
                          credit spreads and harming our investment performance
                             Greek bail-out execution risks
      Issue
       Issue                 3 month Euribor rate rising; Euro falling
                      •   Also considered impact of Greek malaise on marine hull liability business
                          and of weaker economic growth in peripheral euro states on reinsurance
                          trade credit and surety lines


                      •   European bank debt investments very high quality (e.g. ‘National Champions’
                          backed by euro-core governments)
                      •   No sovereign bond exposure to peripheral Eurozone governments
   Conclusions
   Conclusions        •   Marine hull business affected to a greater extent by international freight rates
                          than local Greek economic conditions
                      •   Limited impact of weaker euro area growth on reinsurance trade credit given
                          management of limits by cedants; better pricing; government support, etc


            Constant Surveillance of Macro - Economic Trends and Capital Markets to Avoid
            Constant Surveillance of Macro - Economic Trends and Capital Markets to Avoid
                                     Inwards or Backward Focus
                                     Inwards or Backward Focus
                                                                                                             132

AHL: NYSE
Risk Management
Vision Statement

•   Aspen operates an ‘Integrated Risk Management’ strategy designed to deliver shareholder value in
    a sustainable manner while providing a high level of policyholder protection
•   The execution of our Risk Strategy is based on:
       Employing the best available talent across a wide range of risk related disciplines
       Sharing responsibility between a dedicated central team, managers within risk accepting
       business units and designated risk officers within each of our operating platforms
       A Risk Appetite Statement approved at Group Board level which will include targets for return
       on Shareholders Equity as well as limits on earnings volatility and risk related minimum levels of
       capital
       The cascading of risk limits for all material risks to risk accepting business units and
       regulated subsidiaries
       The use, subject to an understanding of their limitations, of an Internal Model and of Stress
       and Scenario testing to support strategic and tactical business decision making
       High quality measurement and reporting of risk positions and trends at business unit,
       regulated entity and Group levels
       A proactive and forward looking outlook designed to detect and analyse the impact of
       material changes in the external environment and emerging risks

            Combining Theory and Practice to Deliver Real Business Benefits from our Investment in
            Combining Theory and Practice to Deliver Real Business Benefits from our Investment in
                                             Risk Management
                                             Risk Management
                                                                                                            133

AHL: NYSE
Integrated Risk Management
How we Embed this in our Business

Q&A




AHL: NYSE
Money Matters
Investments, Capital, Tax and Expense
Management


Richard Houghton
Chief Financial Officer




AHL: NYSE
The Aspen Approach
Focus on Growth in BVPS

                                40                                                                                                                                     40%


                                35                                                                                                                                     30%

                                30
                                                                                                                                                                       20%
       $ Diluted BV Per Share




                                                                                                                                                                                Annualized ROE%
                                25
                                                                                                                                                                       10%
                                20
                                                                                                                                                                       0%
                                15   Q1   Q2     Q3   Q4   Q1   Q2      Q3       Q4       Q1      Q2      Q3       Q4      Q1       Q2      Q3       Q4       Q1

                                                                                                                                                                       -10%
                                10


                                 5                                                                                                                                     -20%

                                               2006                  2007                              2008                           2009                 2010
                                 0                                                                                                                                     -30%

                                                           BVPS (LH Scale)             Annualized ROE (RH Scale)*


    4 Year Diluted BVPS CAGR +16%, Reflecting Strong Underwriting and Management of Financial Levers
    4 Year Diluted BVPS CAGR +16%, Reflecting Strong Underwriting and Management of Financial Levers
*Note: See Aspen's quarterly financial supplement for a reconciliation of diluted book value per share to basic book value per share, reconciliation of average equity to closing
shareholders’ equity in the Investor Relations section of Aspen's website at www.aspen.bm.                                                                                                        136

AHL: NYSE
The Aspen Approach
Delivering Growth with Low Volatility
 Aspen vs. Peers*


                       14.0


                       12.0                                                                 I                C
                                                                   F

                       10.0
  Standard Deviation




                                                                                                                 B
                        8.0
                                                                                           K
                                                                         L                       E
                                                                                 A
                        6.0                                                                J
                                                                                                     ASPEN
                                                                                     D
                        4.0                                                                 M

                                                               G             H
                        2.0


                        0.0
                              0%                  5%               10%                   15%                     20%   25%
                                                                    CAGR % BVPS 2006-2009


                                   Strong Growth in Diluted BVPS and Low Volatility vs. Peers, by Managing all of our Levers
                                   Strong Growth in Diluted BVPS and Low Volatility vs. Peers, by Managing all of our Levers
Source: Company data, SNL * Peers include ACE, AWH, ACGL, AXS, ENH, RE, MXGL, PRE, PTP, TRH, RNR, MRH, VR
                                                                                                                               137

AHL: NYSE
Our Model for Value Creation

•   Underwriting Results
                                                                                            (i)

•   Investment Income                                                         Investment
                                                                                portfolio
•   Tax                                                                           x

•   Capital Management and Financial Leverage                 Investment
                                                                Income          Yield
•   Expense Management                                          Capital

                                                                   +
                                            Pre-tax Return

                                                             Underwriting    Loss Ratio
                                                               Result
                                                                                 +
                             Pre-tax
                                                 /
                             ROACE
                              ROAE

                                                               Ordinary      Expense Ratio
                                                                Equity
           ROAE
          ROACE                 x
                                               Capital
                                              employed

                           (1 – Tax rate)                      Leverage
                                                             and Liquidity




                     Quality Financial Performance Only Starts with Underwriting
                     Quality Financial Performance Only Starts with Underwriting

                                                                                                  138

AHL: NYSE
Shareholder Value Creation
Pulling the Financial Levers

                                              Shareholder Value Creation 2007 - 2009

                     30%
                               26.1%

                     25%       2.0%                                                                 23.0%
Value Creation (%)




                                                                                                     1.9%
                               3.1%                                                                  1.2%
                     20%
                                                 17.0%
                                                                                                     3.6%
                                                                                                                    14.9%
                     15%
                              10.2%
                                                                                                     8.0%
                     10%
                                                                   5.9%

                     5%        9.1%                                2.1%
                                                                                                     8.1%
                                                                                5.7%
                                                                   1.9%
                     0%
                               2007                                2008                              2009
                                                                   Year
                           Underwriting & Operating Contribution            Investment Income & Realised Gains/Losses
                           Unrealised Investment Returns                    Capital Management
                           Currency                                         Other
                           Dividends


                            Efficient Management of Financial Levers Crucial to Value Creation
                            Efficient Management of Financial Levers Crucial to Value Creation
                                                                                                                            139

AHL: NYSE
Investment Philosophy and Current Appetite

 Likes          •   High quality credit
                •   Active management of ‘problem’ issues
                •   Simplicity
                •   Input from multiple money managers
                •   Freedom to optimise investments over the yield curve
                •   Quality of investment decisions shown in total returns


 Dislikes       • High volatility
                • Concentrated ‘big bets’


     X          • Constriction on flexibility
                • Exclusive focus on income statement
                • Impairment charges


 Current        • Maintain fixed income credit quality at AA – or better
 approach       • Maintain duration between 3 and 3.5 years driven by yield curve ‘sweet spot’
                • Incrementally add to A rated or better corporate bonds at 4%+
                • Add to Agency MBS at 4% and better
                • Put cash to work in rising rate environment
                • ‘Hygienic’ actions on limited lower quality portion of portfolio


            Focus on Long Term Holdings of Liquid High Quality Credit Instruments
            Focus on Long Term Holdings of Liquid High Quality Credit Instruments
                                                                                                 140

AHL: NYSE
Investment Portfolio Transition


     45%
     40%
     35%
     30%
     25%
     20%
     15%
     10%
       5%
       0%
                   Government &                    Corporate               Mortgage & Asset-   Cash and Short Term         FOHF
                    Agencies                                                    Backed

                                  June 2005                                     Dec 2008                        March 2010
                                  $3.3bn                                           $6bn                               $6.7bn
                                 Duration:                                      Duration:                            Duration:
                                 2.10 years                                     2.60 years                           2.95 years


                   Consistent Investment Philosophy with Active Sector and Yield Curve Management
                   Consistent Investment Philosophy with Active Sector and Yield Curve Management
Note: 2010 Gov & Agencies includes 2% in FDIC and 6% in Foreign Gov Gtd bonds                                                     141

AHL: NYSE
Stable Book Yield

  Growth and stability in Aspen’s book yield since 2003

  5.5%

  5.0%

  4.5%                                                                         • Consistent investment approach to deliver
  4.0%
                                                                                 stable investment income focused on
  3.5%
                                                                                       Credit quality & liquidity
  3.0%

  2.5%                                                                                 Interest rate tactics
  2.0%

  1.5%
                                                                                       Yield curve management
  1.0%
                                                                                       Sector rotation opportunities
  0.5%

  0.0%
      2003   2004    2005       2006      2007      2008         2009   2010

                    Aspen FI Book Yield    3YR Treas Mkt Yield




  Proactive Management of Investment Portfolio to Build Long Term Value Through all Market Cycles;
  Proactive Management of Investment Portfolio to Build Long Term Value Through all Market Cycles;
                        $211m in Unrealized Investment Gains at Q1 2010
                        $211m in Unrealized Investment Gains at Q1 2010
                                                                                                                             142

AHL: NYSE
Strong Investment Returns

             Fixed Income Portfolio Credit Ratings                                                    3 Year Total Return vs. Peers*

                  $6.032bn** as at March 31, 2010                                             -5%       0%      5%      10%             15%       20%

                                                                                                        J                                 15.0%

                                                                                                    Aspen                                14.8%

                                    0%                                                                 B                                 14.7%
                                  5%
                                                                                                       C                                 14.6%

                                                                                                        I                                14.5%

                                                                                                        E                          12.9%
                   24%
                                                                                                       M                         12.1%

                                                                                                       G                         12.1%
                                                            62%                                        O                        11.8%

                                                                                                       K                        11.3%

                        9%                                                                              L                     11.0%

                                                                                                        F                 9.9%

                                                                                                       H                 9.3%

                                                                                                       A                 9.2%

                                                                                                       D               8.4%

                 AAA         AA       A       BBB         BIG***                                        P      3.8%

                                                                                                       N       3.7%



                                     Significant Outperformance vs. Peers; Aspen Rated #2 out of 17
                                     Significant Outperformance vs. Peers; Aspen Rated #2 out of 17
* Total investment return at December 31, 2009
** Includes cash and short term securities in managed fixed income portfolios
*** Below Investment Grade
Peers include ACE, ACGL, AWH, AXS, ENH, MKL, MRH, MXGL, PRE, PTP, RE, RNR, TRH, VR, WRB, XL                                                             143

AHL: NYSE
Capital Management
Approach

•   Highly cyclical business requires active capital management where capital consists of:
      Common shareholder equity
      Debt and hybrid capital
      Liquidity and tax efficiency
      Outwards reinsurance
•   Capital requirements based on:
      Holistic ERM, translated through our internal capital model
      Business needs & opportunities
      Rating agencies
      Regulatory requirements
•   Availability of new capital
•   Strategy of diversification through addition of non-correlating product lines and an expanding
    geographic footprint when market conditions are right

                          We Do Not Intend to Trade on an Over-Capitalized Basis
                          We Do Not Intend to Trade on an Over-Capitalized Basis
                                                                                                     144

AHL: NYSE
Capital Management
Commitment

                                                 Shareholder Equity Development 2003-2010 Q1


        4,500


                                                                                            354
        4,000
                                                                        725


        3,500
                                                                                                                                    3140
                                                1676
        3,000                                                                                                   913
   $m




        2,500



        2,000



        1,500
                         1299


        1,000
                   2003 Ordinary     Retained Earnings          New shares issued     Net preference     Return of capital to    Q1 2010 Total
                Shareholders' Equity (Ex Ordinary Divs)                             shareholders' equity      ordinary        Shareholders' Equity
                                                                                                           shareholders


                   Continued Commitment to Capital Management; Returned $1bn* from 2003 to Date*
                   Continued Commitment to Capital Management; Returned $1bn* from 2003 to Date*
* Includes preference dividends and $200m share repurchase entered into in Q12010
** End Q1 2010                                                                                                                                       145

AHL: NYSE
Capital Management
History
                                                         • Issued $200m of
                                                           preference shares
                                                                               • Issued $230m of
                                                                                      PIERS
                             • Issued $250m of 6% 10-
                                                                                                                                        • Repurchased $67m of
                               year Senior Notes
                                                                                                                                          preference shares
 Debt & Hybrids
    Capital

                     ‘03                   ‘04                   ‘05                   ‘06                  ‘07                ‘08                   ‘09               ‘10


   Common          • IPO                                 • Issued $600m of                       • Entered into 2 x         • Completed      •   Issued $25m as      • Entered into
    Equity                                                 ordinary shares                         $50m accelerated           $100m private      condition of          $200m accelerated
                                                                                                   share repurchases          placement with     preference share      share repurchase
                                                                                                                              Candover           repurchase

          Leverage         0.0%       3.0%         14.4%         19.6%         25.7%         22.2%    22.4%        19.9%        19.0%       17.7%           17.2%    18.1%

            4000

            3500                                                                                                                                            249.6
                                                                                                                                            249.6                     249.6
                                                                                                                                249.5       363.2           363.2
            3000                                                                         249.5       249.5         249.6                                              363.2
                                                                                                                                363.2
                                                                                         430          430          363.2
            2500                                                          249.4
                                                              249.3       430                                                               1441.8          1532.7
        $m 2000                                                200                                                1072.8       1208.7                                 1565
                                                                                         971         1013.4
                                                              146.5       456.7
                                                 249.3
            1500
                                  207.9          385.4
            1000
                                                              1693.3     1502.6         1416.5       1335.6       1396.3       1400.6       1407.1          1409.5   1211.5
             500                  1090.8      1096.1
                     836.9
              0
                     2002         2003           2004          2005       2006           2007        2008         Q1 2009      Q2 2009     Q3 2009         Q4 2009   Q1 2010


                                            Common share capital         Retained earnings inc OCI and issue costs          Preference shares        Debt



                             Active, Prudent Capital Management Key to Financial Performance
                             Active, Prudent Capital Management Key to Financial Performance                                                                                               146

AHL: NYSE
           Managing Our Tax Rate
                                                                      Driven by adverse distribution of
                                                                        underwriting and investment
                                                                                   losses


                   Concentration of Group                          Increased use of
                    operations in the UK                          Bermuda Company
                                                                    for Intra-Group
            30%                                                       reinsurance                                                           Tax Management Actions

            25%                                   Growth of operations in                       Favourable loss event
                                                                                                                                            •     Legal entity management
                      26%         26%                                                26%
                                                        Bermuda                                 experience and
                                                                                                investment location
                                                                                                                                                        Intra-group risk distribution
            20%
                                                           20%
                                                                                                            Effective tax rate for
                                                                                                                                                        Location of invested assets
Tax Rate




                                                                                                            2010 is expected to be
            15%                                                                                             in range of 9%-13%
                                                                        15%                                 under normal loss
                                                                                                            conditions**
                                                                                                                                            •     Group level financing
            10%
                                                                                                 11%
                                                                                                              10%
                                                                                                                                                  arrangements

             5%
                                                                                                                                            •     Domicile options
                                                0%
             0%
                      2003        2004        2005*        2006         2007         2008        2009        2010e



                                                                                   Improving Group Tax Rate
                                                                                    Improving Group Tax Rate

           * In 2005 reported a loss before tax of $160.4 million; incurred a tax charge of $17.4 million in relation to profits earned by Aspen Insurance UK Limited
           ** As at April 29, 2010
                                                                                                                                                                                        147

           AHL: NYSE
Expense Ratios
Selected Peer Group Comparisons

                                                              2009 Expense Ratio Peer Analysis

40.0%

35.0%                             38.0%
Acq + Op Expenses/NEP




30.0%                                          33.5%
                                                             32.1%        32.0%
                                                                         10.5%            30.9%
                          24.0%                           13.8%                                      29.9%           29.5%
25.0%                                     18.5%                                           14.5%        12.7%                     28.3%
                                                                                                                         16.2%           15.1%
20.0%

15.0%
                                                                         21.5%
10.0%                                                     18.3%
                                                                                          16.4%        17.2%
                          14.0%           15.0%                                                                          13.3%           13.2%
   5.0%

   0.0%
                           H               N             Aspen             I               E             C                   A            D
                                                                                   Peer

                                                       Acquisition Expense Ratio           Operating Expense Ratio




                        Expense Ratios Driven by Business Model, Risk, Investment Appetite and Efficiency
                        Expense Ratios Driven by Business Model, Risk, Investment Appetite and Efficiency

Peer Group includes ACE, ACGL, AXS, ENH, MRH, PTP & XL
                                                                                                                                                 148

AHL: NYSE
Managing Our Expenses
                                  Expense Ratio                                                    Operating Expenses 2009
           35%
                                                                                                                   $m            %
           30%
                                                                                          Staff costs
           25%   13.8%                                                                    • Fixed                 115            46
                               12.2%           11.8%          10.0%
                                                                            8.3%
% of NEP




           20%                                                                            • Performance            58            23
                                                                                                                  173            67
           15%
                                                                                          IT etc                   25            10
           10%                                                19.3%
                 18.3%         17.6%           18.1%                        18.8%         Premises                 14             6
           5%                                                                             External Suppliers       40            15
           0%                                                                                                     252            100
                  2009          2008           2007           2006          2005
                                               Year
                 Acquisition Expense Ratio            Operating Expense Ratio


                                             Strain                                                      Improvements

                    •     Performance driven pay                                    •   Scale effects as product lines and platforms mature
                    •     Short term investment strain from new
                          teams/ platforms                                          •   Group wide infrastructure solutions

                    •     Increased regulation                                      •   Group supplier management
                    •     Salary inflation
            X       •     Low margins shrink income appetite,                       •   Investment in process efficiency
                          increasing proportion of fixed costs
                                                                                    •   Rigorous assessment of new opportunities


                                                                                                                                              149

AHL: NYSE
Conclusion


            Business model starts with effective underwriting and claims management

                                              +
                                    Optimised capital base

                                              +
                             Proactive management of tax profile

                                              +
                      Consistent execution of our investment philosophy

                                              +
                              Disciplined expense management




                         Building Long Term Value for our Shareholders
                         Building Long Term Value for our Shareholders

                                                                                      150

AHL: NYSE
Money Matters
Investments, Capital, Tax and Expense
Management


Q&A




AHL: NYSE
Conclusion
How It All Adds Up

Chris O’Kane
Chief Executive Officer




AHL: NYSE
How It All Adds Up
BVPS Growth: Aspen vs. Peers

                                                                   Aspen vs. Peers*

                                                                          B                                                          19.1%
                                                                          C                                                        17.9%

                                                                      Aspen                                                16.0%
                                                                          E                                                15.6%

                                                                          I                                           14.7%

                                                                         M                                            14.6%
                                                                          J                                           14.6%

                                                                          K                                           14.6%

                                                                          D                                       12.8%

                                                                          A                                  11.6%
                                                                          H                                11.0%

                                                                          L                                10.7%

                                                                          F                           9.4%

                                                                         G                         8.3%

        -22.6%                                                            N

      -25%          -20%          -15%         -10%          -5%              0%         5%          10%             15%             20%     25%
                                                                   2006-2009 CAGR BVPS



                                                       Top Quartile Performance vs. Peers
                                                       Top Quartile Performance vs. Peers
Source: Company data, SNL   * Peers include ACE, AWH, ACGL, AXS, ENH, RE, MXGL, PRE, PTP, TRH, XL, RNR, MRH, VR                                    153

AHL: NYSE
How It All Adds Up
Delivering Growth with Low Volatility

                                                               Aspen vs. Peers*

                        14.0


                        12.0                                                                 I                C
                                                                 F

                        10.0
   Standard Deviation




                                                                                                                  B
                         8.0
                                                                                            K
                                                                        L                         E
                                                                                A
                         6.0                                                                J
                                                                                                      ASPEN
                                                                                    D
                         4.0                                                                M

                                                           G                H
                         2.0


                         0.0
                               0%     5%                        10%                       15%                     20%   25%
                                                                 CAGR % BVPS 2006-2009


                                    Strong Growth in Diluted BVPS and Low Volatility vs. Peers
                                    Strong Growth in Diluted BVPS and Low Volatility vs. Peers
Source: Company data, SNL * Peers include ACE, AWH, ACGL, AXS, ENH, RE, MXGL, PRE, PTP, TRH, RNR, MRH, VR                     154

AHL: NYSE
Our Investment Proposition
The Embedded Value in Our Franchise

                ‘Right’ business model
 Underwriting   • Niche focused
  Excellence    • Expert based
                • Appropriately diversified (Insurance/Reinsurance, Property/Casualty, Geography)

                ‘Right’ Tools
 Operational
Effectiveness
                • Significant investment in integrated risk management, actuarial and other quantitative
                    techniques to enhance our business

                ‘Right’ People
                • Motivation
   Talent
 Management     • Experience
                • Appetite to succeed
                • Alignment with shareholders (i.e., the right compensation structures)

                ‘Right’ size and speed of response
                • Sufficient scale to withstand ‘shock’ losses and compete effectively in all phases
    Agility
                    of the cycle
                • Ability to respond rapidly to changes in market conditions

                            Aspen Well Positioned for Future Success
                            Aspen Well Positioned for Future Success
                                                                                                           155

AHL: NYSE
Aspen Insurance Holdings Limited

Investor Day, New York
Diversification and the Specialty Approach




AHL: NYSE
 Appendix


Financial and Political Risks: Definitions

         Confiscation, Expropriation, Nationalisation & Deprivation (‘CEND’) and Political Force Majeure
            Total or partial loss of investments, or inability to repay loans, resulting from host government actions
            Clients include extractive industries, banks financing projects and manufacturers with overseas subsidiaries
‘PR’
         Currency Inconvertibility/Non-transfer (‘CI’)
            Inability to convert dividends, profits and loans from local currency to hard currency and the subsequent
            transfer out of the host country


         Physical damage (and resultant Business Interruption) arising from Terrorism, or War on Land
             Damage to, or loss of, tangible property and default in debt service resulting from physical damage losses
             Relevant losses caused by war, civil war, revolution, insurrection, civil strife and politically-motivated
             events of terrorism
‘PV’
         Kidnap & Ransom: marine and non-marine (‘K&R’)
             Kidnap and hijack (including resultant physical injury), threats and extortion, and malicious and illegal
             detention
             Provision of response service, alongside advice and assistance


         Credit - privately held/publicly quoted (‘CR’)
            Default in respect of payment, contractual performance, non-delivery and pre-export finance
‘CR’
            Risks include trade, services, acquisitions, project finance and capital expenditure
‘CF’     Contract Frustration - state-owned (‘CF’)
            As Credit, but relating to contracts in which the counterparty is state-owned/controlled
                                                                                                                           157

 AHL: NYSE
Aspen Team Biographies

Chris O'Kane

Chris O'Kane is the founder and Chief Executive Officer of Aspen Insurance Holdings Limited.
The company was formed in 2002 and had its initial public offering in 2003, listing its shares on
the New York Stock Exchange. Prior to creating Aspen, Chris was with Wellington Underwriting
plc (now part of Catlin) from 1993 to 2002. During his tenure at Wellington, Chris held a number
of roles including serving as a director and Chief Underwriting Officer, and as an underwriting
partner of Lloyd's Syndicate 2020. Chris began his career in the insurance industry as a Lloyd's
broker in 1979.


Rupert Villers

Rupert Villers is CEO of Aspen Insurance. He joined the Group in April 2009 as Global Head of
Professional and Financial Lines. He has held a number of positions in the insurance industry.
He co-founded SVB Holdings (subsequently renamed Novae Holdings) in 1986, and in his
seventeen years there he was Chief Executive Officer from 1991 to 2002 and underwriter of
Syndicate 1007 from January 1, 1997 to December 31, 1999.


Bill Murray

Bill Murray joined us as President of US Insurance in September 2009. Before joining Aspen he
served as President of W.R. Berkley's Regional Excess Underwriters. He was previously
President of Carolina Casualty Insurance Company and Admiral Excess Underwriters, both
members of the W.R. Berkley Group. He began his insurance career in 1986 as an underwriter in
the Berkshire Hathaway group where he remained for 17 years after serving in the U.S. Navy and
U.S. Marine Corps.

                                                                                                    158

AHL: NYSE
Aspen Team Biographies

Bernie de Haldevang

Bernie de Haldevang is Head of Financial and Political Risk. He joined Aspen from Atrium
Underwriting, Lloyd’s of London, in December of 2007, where he was a member of the Syndicate
Management Group and Class Underwriter for Financial & Political Risks. He was appointed there to
establish a new underwriting division for Atrium’s Lloyd’s Syndicate 609 in various classes of cross
border business with global exposures, a sector where he has over 24 years of experience. Prior to
joining Atrium in 2005, Bernie was Chief Executive, Diplomat and Head of Mission for Africa’s only
multilateral export credit and investment insurance agency, based in Nairobi, Kenya. Previously he
held various board positions in both broking and underwriting at Lloyd’s. Bernie began his career as a
trainee lawyer with the London law firm of De Pinna, prior to which he attended Trinity College,
University of Melbourne, Australia.

Brian Boornazian

Brian Boornazian is the CEO of Aspen Re. Brian joined Aspen in January 2004 as President of
Aspen Re America and was named Head of Reinsurance in May of 2006. In June of 2008 he was
named President of Aspen Re. Prior to joining Aspen, from 1999 - 2004, Brian was at XL Re America
where during his tenure he served in various capacities and was Senior Vice President, Chief
Property Officer in charge of Property Treaty and Facultative as well as Marine and Chief Marketing
Officer. Brian has also held various positions at NAC Re, Guy Carpenter and General Re.

James Few

James Few is President of Aspen Reinsurance and has been our Head of Property Reinsurance
since June 1, 2004 and Aspen Bermuda's Chief Underwriting Officer since November 1, 2004. Before
joining Aspen Bermuda, he was been an underwriter at Aspen U.K. since June 21, 2002. James Few
previously worked as an underwriter with Wellington from 1999 until 2002 and from 1993 until 1999
was an underwriter and client development manager at Royal & Sun Alliance.

                                                                                                         159

AHL: NYSE
Aspen Team Biographies

Peter Emblin

Peter Emblin is Head of Latin American Reinsurance and International Casualty Reinsurance
Business Development. He is an experienced reinsurance professional with particular expertise in
the Latin American reinsurance industry. He joins Aspen from SwissRe where he was employed
from 1996, most recently holding the position of Head of Global and National, and Head of Latin
America. Prior to joining SwissRe he worked at MunichRe for 15 years.

Emil Issavi

Emil Issavi was appointed Head of Casualty Reinsurance in July 2008, and is also Executive Vice
President of Aspen Reinsurance. From July 2006, Emil served as Head of Casualty Treaty of Aspen
Re America and in July 2008 he was appointed Head of Casualty Reinsurance. Prior to joining the
Group, from 2002 to July 2006, Emil was at Swiss Re America, where during his tenure he was
Senior Treaty Account Executive responsible for various Global and National Property Casualty
clients.

Stephen Postlewhite

Stephen Postlewhite was appointed Head of Risk Capital in September 2009. He was previously
Deputy Chief Actuary and joined Aspen in 2003. Prior to joining Aspen, Stephen spent a year at the
FSA working extensively on the development of the Individual Capital Assessment process for non-
life insurers and 9 years with KPMG, both in London and Sydney, working as a senior general
insurance actuarial consultant, predominately on London market, Lloyd’s and reinsurance clients. He
has been a fellow of the Institute of Actuaries since 2001. Prior to embarking on an actuarial career
Stephen worked as a Management Consultant for Andersen Consulting.

                                                                                                        160

AHL: NYSE
Aspen Team Biographies


Julian Cusack, PhD

Julian Cusack was appointed Group Chief Risk Officer on January 14, 2010. He was our Chief
Operating Officer from May 1, 2008 to January 14, 2010, and has been a director since June 21,
2002. He has also been the Chief Executive Officer of Aspen Bermuda since 2002 and was
appointed Chairman of Aspen Bermuda in December 2006. Previously Julian Cusack was our
Chief Financial Officer from June 21, 2002 to April 30, 2007. From 2002 until March 31, 2004, he
was also Finance Director of Aspen U.K. Julian Cusack previously worked with Wellington where
he was Managing Director of Wellington Underwriting Agencies Ltd. ("WUAL") from 1992 to 1996,
and in 1994 joined the Board of Directors of Wellington Underwriting Holdings Limited. He was
Group Finance Director of Wellington Underwriting plc from 1996 to 2002. Julian Cusack is also a
director of Hardy Underwriting Bermuda Limited.


Richard Houghton

Richard Houghton is Aspen’s Chief Financial Officer. Prior to joining Aspen in May 2007, Richard
was Chief Operating Officer of RBS Insurance from 2005, responsible for driving operational
efficiency across the finance, IT, risk, HR, claims and actuarial functions of this division. He was
previously been Group Finance Director of RBS Insurance and Group Finance Director of Ulster
Bank, another subsidiary of RBS. Richard began his career as an accountant at Deloitte & Touche
where he spent ten years working in audit and corporate finance. He is a Fellow of the Institute of
Chartered Accountants in England and Wales.




                                                                                                       161

AHL: NYSE

				
DOCUMENT INFO