AHL Aspen Insurance Holdings Limited Ordinary Shares

Aspen Insurance Holdings Limited (�Aspen") (NYSE:AHL) today announced that its subsidiary, Aspen Insurance UK Limited, has been authorized by the Australian Prudential Regulation Authority to operate as a branch insurer to underwrite general insurance business in Australia. Aspen�s Australian branch is headquartered in Sydney and will conduct business under the name �Aspen Insurance UK Limited � Australia Branch.� Aspen has appointed Ross Littlewood of Littlewood Services Pty. Ltd. (The ReCentre) as its agent in Australia. Commenting on the Company�s new Australian branch, Chris O�Kane, Chief Executive Officer of Aspen said: �We have been writing business in Australia since the inception of the Company as a direct offshore foreign insurer and we are delighted to confirm our commitment to the territory with the establishment of a branch office. This new office is indicative of Aspen�s continuing efforts to deliver superior services and products to clients worldwide.� In Australia, Aspen currently underwrites property and casualty reinsurance and the following insurance lines: professional liability, financial institutions, energy physical damage, marine, energy and specialty liability, and aviation hull and liability. About Aspen Insurance Holdings Limited Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Bermuda, France, Ireland, the United States, the United Kingdom, Singapore and Switzerland. For the year ended December 31, 2007, Aspen reported gross written premiums of $1.8 billion, net income of $489.0 million and total assets of $7.2 billion. For the nine months ended September 30, 2008, Aspen reported gross written premiums of $1,566.3 million, net income of $82.0 million and total assets of $7.3 billion. For more information about Aspen, please visit www.aspen.bm. Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995: This press release contains, and Aspen�s earnings conference call may contain, written or oral �forward-looking statements� within the meaning of the U.S. federal securities laws. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as �expect,� �intend,� �plan,� �believe,� �project,� �anticipate,� �seek,� �will,� �estimate,� �may,� �continue,� and similar expressions of a future or forward-looking nature. All forward-looking statements 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 continuing impact of the global financial crisis and credit crunch; changes in market conditions and their impact on our business; decline in the value of our investment portfolio or a rating downgrade of the securities in our portfolio; 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; the impact of acts of terrorism and related legislation and acts of war; the possibility of greater frequency or severity of claims and loss activity, including as a result of natural or man-made catastrophic events than our underwriting, reserving or investment practices have anticipated; changes in the availability, cost or quality of reinsurance or retrocessional coverage, which may affect our decision to purchase such coverage; loss of key personnel; a decline in our operating subsidiaries' ratings with Standard & Poor's, A.M. Best Company or Moody's Investors Service; changes in general economic conditions including inflation, foreign currency exchange rates, interest rates and other factors that could affect our investment portfolio and our business; the premium rates available at the time of such renewals within our targeted business lines; increased competition on the basis of pricing, capacity, coverage terms or other factors; decreased demand for Aspen's insurance or reinsurance products and cyclical downturn of the industry; changes in governmental regulations, interpretations or tax laws in jurisdictions where Aspen conducts business; proposed and future changes to insurance laws and regulations. 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 29, 2008. 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.