Current Report Filing (8-k)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

Current Report

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 5, 2015

ASPEN INSURANCE HOLDINGS LIMITED

(Exact name of registrant as specified in its charter)



Bermuda	001-31909	Not Applicable
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

141 Front Street

Hamilton HM 19

Bermuda

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (441) 295-8201

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



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



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



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



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

Section 2 - Financial Information

Item 2.02 - Results of Operations and Financial Condition

On February 5, 2015, Aspen Insurance Holdings Limited (“Aspen” or the “Company”) issued a press release announcing results for the quarter and year ended December 31, 2014, which is attached hereto as Exhibit 99.1. In addition, a copy of the Aspen Insurance Holdings Limited Earnings Release Supplement for the quarter and year ended December 31, 2014 is attached hereto as Exhibit 99.2.

Section 7 - Regulation FD

Item 7.01 - Regulation FD Disclosure

On February 5, 2015, Aspen issued a press release announcing results for the quarter and year ended December 31, 2014 which is attached hereto as Exhibit 99.1. In addition, a copy of the Aspen Insurance Holdings Limited Earnings Release Supplement for the quarter and year ended December 31, 2014 is attached hereto as Exhibit 99.2.

Section 9 - Financial Statements and Exhibits

Item 9.01- Financial Statements and Exhibits

(d) The following exhibits are furnished under Items 2.02 and 7.01 as part of this report:



	99.1	Press Release of the Registrant, dated February 5, 2015.
	99.2	Earnings Release Supplement for the quarter and twelve months ended December 31, 2014.

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

SIGNATURES

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




	ASPEN INSURANCE HOLDINGS LIMITED (Registrant)

Dated: February 5, 2015	By:	/s/ Scott Kirk
	Name:	Scott Kirk
	Title:	Chief Financial Officer

Exhibit 99.1



	PRESS RELEASE

ASPEN REPORTS RESULTS FOR QUARTER AND YEAR ENDED DECEMBER 31, 2014

Net Income Return on Equity of 11.1% for the year 2014

Operating Return on Equity of 11.5% for the year 2014

Diluted Book Value Per Share of $45.13, up 10.3% from December 31, 2013

Announces new $500 million share repurchase authorization to replace prior plan

Hamilton, Bermuda, February 5, 2015 - Aspen Insurance Holdings Limited (“Aspen”) (NYSE: AHL) today reported net income after tax of $67.2 million, or $0.90 diluted net income per share, for the fourth quarter of 2014.

Chris O’Kane, Chief Executive Officer, commented, “In 2014 Aspen achieved Book Value per Share growth of 10.3% and a strong Operating Return on Equity of 11.5%. Our performance - achieved despite a dynamic and competitive reinsurance market that has required constant strategic vigilance - reflects our deep client relationships and access to more attractively priced business in reinsurance, as well as the continued successful build out of our U.S. Insurance teams and the innovative insurance solutions we offer our clients around the world.”

Operating highlights for the quarter ended December 31, 2014


•	Gross written premiums increased by 1.8% to $615.4 million in the fourth quarter of 2014 from the fourth quarter of 2013


•	Combined ratio of 94.1% for the fourth quarter of 2014 compared with 91.9% for the fourth quarter of 2013. Net favorable development on prior year loss reserves of $11.5 million, or 1.9 combined ratio points, for the fourth quarter of 2014 compared with $20.5 million, or 3.6 combined ratio points, in the comparable period a year ago


•	There were $15.7 million, or 2.6 combined ratio points, of pre-tax catastrophe losses in the fourth quarter of 2014 compared with $34.7 million, or 6.1 combined points, of pre-tax catastrophe losses net of reinsurance recoveries and reinstatement premiums in the fourth quarter of 2013

Operating highlights for the year ended December 31, 2014


•	Gross written premiums increased by 9.7% to $2,902.7 million for the year ended December 31, 2014 compared with the year ended December 31, 2013. Gross written premiums increased by 3.4% in Reinsurance and 14.4% in Insurance compared to 2013


•	Combined ratio of 91.7% (90.5% excluding bid defense costs) for 2014 compared with 92.6% for 2013. Net favorable development on prior year loss reserves of $104.1 million, or 4.3 combined ratio points, for 2014 compared with $107.7 million, or 5.0 combined ratio points, for 2013


•	There were $65.5 million, or 2.7 combined ratio points, of pre-tax catastrophe losses in 2014 compared with $101.9 million, or 4.7 combined points, of pre-tax catastrophe losses net of reinsurance recoveries and reinstatement premiums in 2013

Financial highlights for the year ended December 31, 2014


•	Annualized net income return on average equity of 11.1% (12.1% excluding corporate expenses related to bid defense costs) and annualized operating return on average equity of 11.5% for the year ended December 31, 2014 compared with 10.6% and 9.7%, respectively, for 2013⁽¹⁾


•	Diluted net income per share of $4.82 ($5.25 excluding bid defense costs) for the year ended December 31, 2014 compared with diluted net income per share of $4.14 for the year ended December 31, 2013


•	Diluted operating income per share of $5.01 for the year ended December 31, 2014 compared with diluted operating income per share of $3.88 for the year ended December 31, 2013⁽¹⁾


•	Diluted book value per share of $45.13 at December 31, 2014 up 10.3% from December 31, 2013;

Diluted book value per share increased 11.4% from December 31, 2013, excluding bid defense costs


⁽¹⁾	See definition of non-GAAP financial measures at the end of this release.

Segment highlights

Reinsurance

Operating highlights for Reinsurance for the quarter ended December 31, 2014 include:


•	Gross written premiums of $145.3 million, a decrease of 17.5% from $176.2 million in the fourth quarter of 2013


•	Combined ratio of 82.7% compared with 58.6% for the fourth quarter of 2013


•	Prior year favorable reserve development of $23.4 million, or 8.9 combined ratio points, compared with $46.1 million prior year favorable loss reserve development, or 16.2 combined ratio points, for the fourth quarter of 2013

The combined ratio of 82.7% for the fourth quarter of 2014 included $15.0 million, or 5.7 percentage points, of pre-tax catastrophe losses. The combined ratio of 58.6% for the fourth quarter of 2013 included $29.4 million, or 10.4 percentage points, of pre-tax catastrophe losses, net of reinsurance recoveries. For the quarter ended December 31, 2014 the Reinsurance accident year ex-catastrophe loss ratio was 52.8% compared with 36.3% a year ago.⁽¹⁾ There was a higher frequency of non-correlated mid-sized losses of $29.8 million in the quarter which accounted for 11.3 percentage points on the loss ratio.

Stephen Postlewhite, CEO of Reinsurance, commented on the year, “Reinsurance had a very strong performance in 2014. For the full year we grew premiums slightly while achieving an accident year ex cat loss ratio of 50.9%. At the important January 1, 2015 renewal season we continued our trajectory of modest growth while maintaining

our underwriting discipline. As a result of our client relationships and access to risk, we were able to withdraw capital from areas where rates and terms and conditions did not meet our requirements and deploy it in areas where the business was better rated. While there was continued rate pressure in Property Cat we were able to renew the rest of our book, which accounts for approximately 70% of the total renewal, with rates down only 3%. Our strategic positioning, focused on product and regional diversification has resulted in an ability to access and select the better priced risks to retain. We were also able to write a meaningful amount of new, well rated business. As we navigate the marketplace, we anticipate capitalizing on our established regional strategy and continuing to grow in Asia and Latin America as well as expanding our Aspen Capital Markets offerings and leveraging our access to third party capital.”

Insurance

Operating highlights for Insurance for the quarter ended December 31, 2014 include:


•	Gross written premiums of $470.1 million, an increase of 9.8% compared with $428.2 million in the fourth quarter of 2013


•	Combined ratio of 97.1% compared with 121.6% for the fourth quarter of 2013


•	Prior year reserve strengthening of $11.9 million, or an adverse impact of 3.4 combined ratio points, compared with prior year reserve strengthening of $25.6 million, or an adverse impact of 8.9 combined ratio points, for the fourth quarter of 2013. In the fourth quarter of 2014, there was adverse prior year development in the Marine, Aviation and Energy line of business.

Gross written premiums increased across all sub-segments, especially Property and Casualty and Marine, Aviation and Energy lines, primarily resulting from the continued growth from the U.S. teams. The U.S. Insurance teams produced profitable results for the second consecutive year and achieved a loss ratio of 58.4% for 2014.

The combined ratio of 97.1% for the fourth quarter of 2014 included $0.7 million, or 0.2 percentage points, of pre-tax catastrophe losses related to U.S. storms. The combined ratio for the fourth quarter of 2013 included $5.3 million, or 1.9 percentage points, of pre-tax catastrophe losses related to U.S. storms. For the quarter ended December 31, 2014 the Insurance accident year ex catastrophe loss ratio improved 17.9 percentage points to 56.3% compared with 74.2% a year ago.⁽¹⁾

Mario Vitale, CEO of Insurance, commented, “2014 was a year of continued progress for the Insurance segment. We had top line growth of 14% while achieving flat rates across the book from a year ago and an 8 point improvement in combined ratio. Our Insurance business is reaping the benefits of prior investments. Our International business continues to service niche markets with close to $500 million of the business placed through our established Lloyd's platform. This quarter marks two years of profitability for our U.S. platform, which had a loss ratio of 56.7% for the fourth quarter and 58.4% for 2014. For the year, the U.S. platform delivered net earned premium of $529.0 million with a G&A ratio of 18.3%. We are now on track to achieve $600 million of net earned premium and surpass our previously stated goal of $550 million net earned premium by the end of 2015. At that time, we expect a corresponding G&A ratio of approximately 16%.”⁽²⁾

Investment performance

Aspen’s investment portfolio continues to be comprised primarily of high quality fixed income securities with an average credit quality of “AA-”. The average duration of the fixed income portfolio was 3.50 years at December 31, 2014 excluding the impact of interest rate swaps, or 3.29 years including the impact of interest rate swaps. The total return on Aspen’s investment portfolio was 0.77% for the fourth quarter of 2014, and 3.05% for the twelve months ended December 31, 2014.

Book yield as at December 31, 2014 on the fixed income portfolio was 2.65% compared to 2.74% at December 31, 2013.

Capital

Total shareholders’ equity was $3.4 billion at December 31, 2014.

During the fourth quarter of 2014, 1,398,727 ordinary shares were repurchased under a Rule 10b5-1 plan at an average price of $42.87 per share for a total cost of $60.0 million. For the twelve months ended December 31, 2014, a total of 4,289,857 ordinary shares were repurchased at an average price of $42.16 per ordinary share for a total cost of $180.9 million.

Aspen today announced that its Board of Directors has replaced its existing share repurchase authorization with a new authorization of $500 million. The total share repurchase authorization, which is effective immediately through February 6, 2017, permits Aspen to effect repurchases from time to time through a combination of transactions, including open market repurchases, privately negotiated transactions and accelerated share repurchase transactions.

Outlook

Aspen expects to achieve an operating return on equity of 11% in 2015⁽²⁾.

Commenting on Aspen’s outlook, Chris O’Kane, Chief Executive Officer, said: “In Insurance, where rate environments differ by line and geography, our International insurance business has been successful in targeting niche areas where business is well rated and our U.S. platform continues to gain scale with increased profitable growth. We maintained our disciplined underwriting approach during the January Reinsurance renewal season as we reduced our book where rates and terms did not meet our return requirements while achieving meaningful growth in areas where overall return remain attractive. In 2015, we will remain sharply focused on driving Operating Return on Equity and Book Value growth. We currently expect an operating return on equity of 11% in 2015. We expect to continue to utilize repurchases and dividends as appropriate to return to shareholders excess capital that cannot be deployed in the business at our required rates of return.”⁽²⁾

January 2015 Reinsurance Renewals

During the January 2015 renewal season, Aspen underwrote $531.3 million in gross written premiums in Reinsurance, an increase of 2.1% compared with the prior year. The renewal data does not include U.S. agriculture premiums.

Below is a table reflecting gross written premiums written during the January 2015 renewal season, including new business, by Property Catastrophe, Other Property, Casualty and Specialty Reinsurance.



January Gross Written Premiums (underwriting year basis)
	2015		2014		Increase (Decrease)
	($ in millions)				%
Property Catastrophe	$	144.8	$	164.1	(11.8	)%
Other Property	124.0		111.9		10.8	%
Casualty	117.7		118.3		(0.5	)%
Specialty	144.8		125.9		15.0	%
	$	531.3	$	520.2	2.1	%

Note: The January premiums shown in the above table include premiums written on a proportional basis which are recognized throughout the year to reflect the expected inception of the underlying risks and therefore do not represent Aspen’s reported gross written premium for each of these periods. Prior year amounts have been conformed to current year presentation.

See “Forward-looking Statements Safe Harbor” below.

Earnings conference call and webcast

Aspen will host a conference call to discuss the results at 8:00 am (EDT) on Friday, February 6, 2015.

To participate in the February 6 conference call by phone

Please call to register at least 10 minutes before the conference call begins by dialing:

+1 (888) 868 3191 (US toll free) or

+1 (973) 321 1024 (international)

Conference ID 61208203

To listen live online

Aspen will provide a live webcast on Aspen’s website at www.aspen.co.

To download the materials

The earnings press release and a detailed financial supplement will also be published on Aspen’s website at www.aspen.co.

To listen later

A replay of the call will be available for 14 days via phone and internet, available two hours after the end of the live call. To listen to the replay by phone please dial:

+1 (855) 859 2056 (US toll free) or

+1 (404) 537 3406 (international)

Replay ID 61208203

The recording will be also available at www.aspen.co on the Event Calendar page within the Investor Relations section.

For further information please contact

Investors

Kerry Calaiaro, Senior Vice President, Investor Relations, Aspen

Kerry.Calaiaro@aspen.co

+1 (646) 502 1076

Kathleen de Guzman, Vice President, Investor Relations, Aspen

Kathleen.deGuzman@aspen.co

+1 (646) 289 4912

Media

Steve Colton, Head of Communications, Aspen

Steve.Colton@aspen.co

+44 20 7184 8337

International - Citigate Dewe Rogerson

Caroline Merrell or Jos Bieneman

Caroline.Merrell@citigatedr.co.uk

Jos.Bieneman@citigatedr.co.uk

+44 20 7638 9571

North America - Sard Verbinnen & Co

Paul Scarpetta or Jamie Tully

+1 (212) 687 8080

Aspen Insurance Holdings Limited

Summary consolidated balance sheet (unaudited)

$ in millions, except per share data



		As at December 31, 2014		As at December 31, 2013

ASSETS
Total investments		$	7,428.9	$	6,959.8
Cash and cash equivalents		1,178.5		1,293.6
Reinsurance recoverables		556.8		484.6
Premiums receivable		1,011.7		999.0
Other assets		540.4		493.5
	Total assets	$	10,716.3	$	10,230.5

LIABILITIES
Losses and loss adjustment expenses		$	4,750.8	$	4,678.9
Unearned premiums		1,441.8		1,280.6
Other payables		484.6		372.4
Silverton loan notes		70.7		50.0
Long-term debt		549.1		549.0
	Total liabilities	$	7,297.0	$	6,930.9

SHAREHOLDERS’ EQUITY
Total shareholders’ equity		3,419.3		3,299.6
Total liabilities and shareholders’ equity		$	10,716.3	$	10,230.5

Book value per share		$	46.16	$	41.87
Diluted book value per share (treasury stock method)		$	45.13	$	40.90

Aspen Insurance Holdings Limited

Summary consolidated statement of income (unaudited)

$ in millions, except ratios



		Three Months Ended
		December 31, 2014			December 31, 2013
UNDERWRITING REVENUES
Gross written premiums		$	615.4		$	604.4
Premiums ceded		(61.4		)	(56.4		)
Net written premiums		554.0			548.0
Change in unearned premiums		58.2			24.6
Net earned premiums		612.2			572.6
UNDERWRITING EXPENSES
Losses and loss adjustment expenses		339.6			331.4
Amortization of deferred policy acquisition costs		114.8			99.7
General, administrative and corporate expenses (excluding non-recurring corporate expenses)		121.5			94.9
Total underwriting expenses		575.9			526.0
Underwriting income including corporate expenses		36.3			46.6
OTHER OPERATING REVENUE
Net investment income		46.7			47.2
Interest expense		(7.4		)	(9.5		)
Other (expense) income		(3.9		)	3.5
Total other operating revenue		35.4			41.2

OPERATING INCOME BEFORE TAX		71.7			87.8

Net realized and unrealized exchange (losses)		(2.8		)	(3.8		)
Net realized and unrealized investment (losses) gains		(0.9		)	9.6
INCOME BEFORE TAX		68.0			93.6
Income tax expense		(0.8		)	(3.6		)
NET INCOME AFTER TAX		67.2			90.0
Dividends paid on ordinary shares		(12.4		)	(11.8		)
Dividends paid on preference shares		(9.4		)	(9.4		)
Dividends paid to non-controlling interest		(0.1		)	(0.1		)
Proportion due to non-controlling interest		(0.8		)	0.2
Retained income		$	44.5		$	68.9
Components of net income (after tax)
	Operating income	$	71.3		$	84.4
	Net realized and unrealized exchange (losses) after tax	(3.1		)	(3.8		)
	Net realized investment (losses) gains after tax	(1.0		)	9.4
NET INCOME AFTER TAX		$	67.2		$	90.0

Loss ratio		55.5		%	57.9		%
Policy acquisition expense ratio		18.8		%	17.4		%
General, administrative and corporate expense ratio		19.8		%	16.6		%
General, administrative and corporate expense ratio (excluding non-recurring corporate expenses)		19.8		%	16.6		%
Expense ratio		38.6		%	34.0		%
Expense ratio (excluding non-recurring corporate expenses)		38.6		%	34.0		%
Combined ratio		94.1		%	91.9		%
Combined ratio (excluding non-recurring corporate expenses)		94.1		%	91.9		%

Aspen Insurance Holdings Limited

Summary consolidated statement of income (unaudited)

$ in millions, except ratio



		Twelve Months Ended
		December 31, 2014			December 31, 2013
UNDERWRITING REVENUES
Gross written premiums		$	2,902.7		$	2,646.7
Premiums ceded		(387.5		)	(347.0		)
Net written premiums		2,515.2			2,299.7
Change in unearned premiums		(109.9		)	(127.9		)
Net earned premiums		2,405.3			2,171.8
UNDERWRITING EXPENSES
Losses and loss adjustment expenses		1,307.5			1,223.7
Amortization of deferred policy acquisition costs		451.2			422.0
General, administrative and corporate expenses (excluding non-recurring corporate expenses)		417.2			368.1
Total underwriting expenses		2,175.9			2,013.8
Underwriting income including corporate expenses		229.4			158.0
OTHER OPERATING REVENUE
Net investment income		190.3			186.4
Interest expense		(29.5		)	(32.7		)
Other (expense) income		(9.8		)	6.5
Total other operating revenue		151.0			160.2

OPERATING INCOME BEFORE TAX		380.4			318.2

Non-recurring corporate expenses (bid defense costs)		(28.5		)	—
Net realized and unrealized exchange (losses)		(2.4		)	(14.5		)
Net realized and unrealized investment gains		18.4			39.0
INCOME BEFORE TAX		367.9			342.7
Income tax expense		(12.1		)	(13.4		)
NET INCOME AFTER TAX		355.8			329.3
Dividends paid on ordinary shares		(50.3		)	(47.8		)
Dividends paid on preference shares		(37.8		)	(35.5		)
Dividends paid to non-controlling interest		(0.1		)	(0.1		)
Change in redemption value		—			(7.1		)
Proportion due to non-controlling interest		(0.8		)	0.5
Retained income		$	266.8		$	239.3
Components of net income (after tax)
	Operating income	$	368.5		$	304.3
	Non-recurring corporate expenses	(28.5		)	—
	Net realized and unrealized exchange (losses) after tax	(2.2		)	(13.3		)
	Net realized investment gains after tax	18.0			38.3
NET INCOME AFTER TAX		$	355.8		$	329.3

Loss ratio		54.4		%	56.3		%
Policy acquisition expense ratio		18.8		%	19.4		%
General, administrative and corporate expense ratio		18.5		%	16.9		%
General, administrative and corporate expense ratio (excluding non-recurring corporate expenses)		17.3		%	16.9		%
Expense ratio		37.3		%	36.3		%
Expense ratio (excluding non-recurring corporate expenses)		36.1		%	36.3		%
Combined ratio		91.7		%	92.6		%
Combined ratio (excluding non-recurring corporate expenses)		90.5		%	92.6		%

Aspen Insurance Holdings Limited

Summary consolidated financial data (unaudited)

$ in millions, except number of shares



		Three Months Ended				Twelve Months Ended
		December 31, 2014		December 31, 2013		December 31, 2014		December 31, 2013

Basic earnings per ordinary share
	Net income adjusted for preference share dividend		$0.92		$1.23		$4.92		$4.29
	Operating income adjusted for preference share dividend		$0.99		$1.15		$5.11		$4.03
Diluted earnings per ordinary share
	Net income adjusted for preference share dividend		$0.90		$1.21		$4.82		$4.14
	Operating income adjusted for preference share dividend		$0.97		$1.13		$5.01		$3.88

Weighted average number of ordinary shares outstanding (in millions)		62.206		65.594		64.536		66.872

Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)		63.605		67.052		65.873		69.418

Book value per ordinary share			$46.16		$41.87		$46.16		$41.87
Diluted book value per ordinary share (treasury stock method)			$45.13		$40.90		$45.13		$40.90

Ordinary shares outstanding at end of the period (in millions)		62.017		65.547		62.017		65.547

Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (treasury stock method) (in millions)		63.445		67.090		63.445		67.090

Aspen Insurance Holdings Limited

Summary consolidated segment information (unaudited)

$ in millions, except ratios



		Three Months Ended December 31, 2014									Three Months Ended December 31, 2013
		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	145.3		$	470.1		$	615.4		$	176.2		$	428.2		$	604.4
Net written premiums		143.6			410.4			554.0			174.5			373.5			548.0
Gross earned premiums		278.4			417.0			695.4			297.7			366.1			663.8
Net earned premiums		263.1			349.1			612.2			284.8			287.8			572.6
Losses and loss adjustment expenses		130.4			209.2			339.6			86.8			244.6			331.4
Policy acquisition expenses		47.7			67.1			114.8			46.2			53.5			99.7
General and administrative expenses		39.4			62.9			102.3			33.8			51.9			85.7
Underwriting income(loss)		$	45.6		$	9.9		$	55.5		$	118.0		$	(62.2	)	$	55.8

Net investment income								46.7									47.2
Net realized and unrealized investment (losses) gains ⁽¹⁾								(0.9		)							9.6
Corporate expenses								(19.2		)							(9.2		)
Other (expense) income								(3.9		)							3.5
Interest expenses								(7.4		)							(9.5		)
Net realized and unrealized foreign exchange (losses) ⁽²⁾								(2.8		)							(3.8		)
Income before tax								$	68.0								$	93.6
Income tax expense								(0.8		)							(3.6		)
Net income								$	67.2								$	90.0

Ratios
Loss ratio		49.6		%	59.9		%	55.5		%	30.5		%	85.0		%	57.9		%
	Policy acquisition expense ratio	18.1		%	19.2		%	18.8		%	16.2		%	18.6		%	17.4		%
	General and administrative expense ratio ⁽³⁾	15.0		%	18.0		%	19.8		%	11.9		%	18.0		%	16.6		%
	General and administrative expense ratio (excluding non-recurring corporate expenses) ⁽³⁾	15.0		%	18.0		%	19.8		%	11.9		%	18.0		%	16.6		%
Expense ratio		33.1		%	37.2		%	38.6		%	28.1		%	36.6		%	34.0		%
Expense ratio (excluding non-recurring corporate expenses)		33.1		%	37.2		%	38.6		%	28.1		%	36.6		%	34.0		%
Combined ratio		82.7		%	97.1		%	94.1		%	58.6		%	121.6		%	91.9		%
Combined ratio (excluding non-recurring corporate expenses)		82.7		%	97.1		%	94.1		%	58.6		%	121.6		%	91.9		%

⁽¹⁾Includes realized and unrealized capital gains and losses and realized and unrealized gains and losses on interest rate swaps

⁽²⁾ Includes realized and unrealized foreign exchange gains and losses and realized and unrealized gains and losses on foreign exchange contracts

⁽³⁾ The total group general and administrative expense ratio includes the impact from corporate expenses

Aspen Insurance Holdings Limited

Summary consolidated segment information (unaudited)

$ in millions, except ratios



		Twelve Months Ended December 31, 2014									Twelve Months Ended December 31, 2013
		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	1,172.8		$	1,729.9		$	2,902.7		$	1,133.9		$	1,512.8		$	2,646.7
Net written premiums		1,124.0			1,391.2			2,515.2			1,082.0			1,217.7			2,299.7
Gross earned premiums		1,137.6			1,599.0			2,736.6			1,126.6			1,366.8			2,493.4
Net earned premiums		1,088.2			1,317.1			2,405.3			1,073.0			1,098.8			2,171.8
Losses and loss adjustment expenses		497.8			809.7			1,307.5			481.7			742.0			1,223.7
Policy acquisition expenses		200.0			251.2			451.2			207.2			214.8			422.0
General and administrative expenses		146.4			205.5			351.9			131.0			185.9			316.9
Underwriting income(loss)		$	244.0		$	50.7		$	294.7		$	253.1		$	(43.9	)	$	209.2

Net investment income								190.3									186.4
Net realized and unrealized investment gains ⁽¹⁾								18.4									39.0
Corporate expenses								(65.3		)							(51.2		)
Non-recurring corporate expenses								(28.5		)							—
Other (expense) income								(9.8		)							6.5
Interest expenses								(29.5		)							(32.7		)
Net realized and unrealized foreign exchange (losses) ⁽²⁾								(2.4		)							(14.5		)
Income before tax								$	367.9								$	342.7
Income tax expense								(12.1		)							(13.4		)
Net income								$	355.8								$	329.3

Ratios
Loss ratio		45.7		%	61.5		%	54.4		%	44.9		%	67.5		%	56.3		%
	Policy acquisition expense ratio	18.4		%	19.1		%	18.8		%	19.3		%	19.5		%	19.4		%
	General and administrative expense ratio ⁽³⁾	13.5		%	15.6		%	18.5		%	12.2		%	16.9		%	16.9		%
	General and administrative expense ratio (excluding non-recurring corporate expenses) ⁽³⁾	13.5		%	15.6		%	17.3		%	12.2		%	16.9		%	16.9		%
Expense ratio		31.9		%	34.7		%	37.3		%	31.5		%	36.4		%	36.3		%
Expense ratio (excluding non-recurring corporate expenses)		31.9		%	34.7		%	36.1		%	31.5		%	36.4		%	36.3		%
Combined ratio		77.6		%	96.2		%	91.7		%	76.4		%	103.9		%	92.6		%
Combined ratio (excluding non-recurring corporate expenses)		77.6		%	96.2		%	90.5		%	76.4		%	103.9		%	92.6		%

⁽¹⁾Includes realized and unrealized capital gains and losses and realized and unrealized gains and losses on interest rate swaps

⁽²⁾ Includes realized and unrealized foreign exchange gains and losses and realized and unrealized gains and losses on foreign exchange contracts

⁽³⁾ The total group general and administrative expense ratio includes the impact from corporate expenses

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, Germany, Ireland, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2014, Aspen reported $10.7 billion in total assets, $4.8 billion in gross reserves, $3.4 billion in total shareholders’ equity and $2.9 billion in gross written premiums. Its operating subsidiaries have been assigned a rating of “A” (“Strong”) by Standard & Poor’s Financial Services LLC (“S&P”), an “A” (“Excellent”) by A.M. Best Company Inc. (“A.M. Best”) and an “A2” (“Good”) by Moody’s Investor Service, Inc. (“Moody’s”).

For more information about Aspen, please visit www.aspen.co.

Forward-looking Statements Safe Harbor

This press release contains, and Aspen’s earnings conference call will contain, written or oral “forward-looking statements” within the meaning of the US federal securities laws. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “expect,” “intend,” “plan,” “believe,” “do not believe,” “aim,” “project,” “anticipate,” “seek,” “will,” “likely,” “assume,” “estimate,” “may,” “continue,” “guidance,” “objective,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target” and similar expressions of a future or forward-looking nature.

All forward-looking statements rely on a number of assumptions, estimates and data concerning future results and events and are subject to a number of uncertainties and other factors, many of which are outside Aspen’s control that could cause actual results to differ materially from such statements.

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: our ability to successfully implement steps to further optimize the business portfolio, ensure capital efficiency and enhance investment returns; 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 assumptions and uncertainties underlying reserve levels that may be impacted by future payments for settlements of claims and expenses or by other factors causing adverse or favorable development; the reliability of, and changes in assumptions to, natural and man-made catastrophe pricing, accumulation and estimated loss models; decreased demand for our insurance or reinsurance products and cyclical changes in the insurance and reinsurance industry; the models we use to assess our exposure to losses from future natural catastrophes contain inherent uncertainties and our actual losses may differ significantly from expectations; our capital models may provide materially different indications than actual results;

increased competition from existing insurers and reinsurers and from alternative capital providers and insurance-linked funds and collateralized special purpose insurers on the basis of pricing, capacity, coverage terms, new capital, binding authorities to brokers or other factors and the related demand and supply dynamics as contracts come up for renewal; our ability to execute our business plan to enter new markets, introduce new products and develop new distribution channels, including their integration into our existing operations; our acquisition strategy; the recent consolidation in the (re)insurance industry; loss of one or more of our senior underwriters or key personnel; changes in our ability to exercise capital management initiatives (including our share repurchase program) or to arrange banking facilities as a result of prevailing market conditions or changes in our financial position; changes in the availability, cost or quality of reinsurance or retrocessional coverage; changes in general economic conditions, including inflation, deflation, foreign currency exchange rates, interest rates and other factors that could affect our financial results; the risk of a material decline in the value or liquidity of all or parts of our investment portfolio; the risks associated with the management of capital on behalf of investors; evolving issues with respect to interpretation of coverage after major loss events; our ability to adequately model and price the effects of climate cycles and climate change; any intervening legislative or governmental action and changing judicial interpretation and judgments on insurers’ liability to various risks; the risks related to litigation; the effectiveness of our risk management loss limitation methods, including our reinsurance purchasing; changes in the total industry losses, or our share of total industry losses, resulting from past events and, with respect to such events, our reliance on loss reports received from cedants and loss adjustors, our reliance on industry loss estimates and those generated by modeling techniques, changes in rulings on flood damage or other exclusions as a result of prevailing lawsuits and case law; the impact of one or more large losses from events other than

natural catastrophes or by an unexpected accumulation of attritional losses and deterioration with loss estimates; the impact of acts of terrorism, acts of war and related legislation; any changes in our reinsurers’ credit quality and the amount and timing of reinsurance recoverables; the continuing and uncertain impact of the current depressed lower growth economic environment in many of the countries in which we operate; our reliance on information and technology and third-party service providers for our operations and systems; the level of inflation in repair costs due to limited availability of labor and materials after catastrophes; a decline in our operating subsidiaries’ ratings with S&P, A.M. Best or Moody’s; the failure of our reinsurers, policyholders, brokers or other intermediaries to honor their payment obligations; our reliance on the assessment and pricing of individual risks by third parties; our dependence on a few brokers for a large portion of our revenues; the persistence of heightened financial risks, including excess sovereign debt, the banking system and the Eurozone crisis; changes in government regulations or tax laws in jurisdictions where we conduct business; changes in accounting principles or policies or in the application of such accounting principles or policies; increased counterparty risk due to the credit impairment of financial institutions; and Aspen or Aspen Bermuda Limited becoming subject to income taxes in the United States or the United Kingdom. For a more detailed description of these uncertainties and other factors, please see the “Risk Factors” section in Aspen’s Annual Report on Form 10-K as filed with the U.S. Securities and Exchange Commission on February 20, 2014. Aspen undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.

In addition, any estimates relating to loss events involve the exercise of considerable judgment and reflect a combination of ground-up evaluations, information available to date from brokers and cedants, market intelligence, initial tentative loss reports and other sources. The actuarial range of reserves and management’s best estimate represents a distribution from our internal capital model for reserving risk based on our then current state of knowledge and explicit and implicit assumptions relating to the incurred pattern of claims, the expected ultimate settlement amount, inflation and dependencies between lines of business. Due to the complexity of factors contributing to the losses and the preliminary nature of the information used to prepare these estimates, there can be no assurance that Aspen’s ultimate losses will remain within the stated amount.

(1)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 financial measures, which may be defined differently by other companies, better explain Aspen’s results of operations in a manner that allows for a more complete understanding of the underlying trends in Aspen’s business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP. The reconciliation of such non-GAAP financial measures to their respective most directly comparable GAAP financial measures in accordance with Regulation G is included in the financial supplement, which can be obtained from the Investor Relations section of Aspen’s website at www.aspen.co.

Annualized Operating Return on Average Equity (“Operating ROE”) is a non-GAAP financial measure. Operating ROE is calculated using operating income, as defined below, and average equity is calculated as the arithmetic average on a monthly basis for the stated periods of shareholders’ equity excluding the aggregate value of the liquidation preferences of our preference shares net of issuance costs and the total amount of non-controlling interest. Aspen presents Operating ROE as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information.

See page 23 of Aspen’s financial supplement for a reconciliation of operating income to net income and page 7 for a reconciliation of average ordinary shareholders’ equity to average shareholders’ equity. Aspen’s financial supplement can be obtained from the Investor Relations section of Aspen’s website at www.aspen.co.

Operating Income is a non-GAAP financial measure. Operating income is an internal performance measure used by Aspen in the management of its operations and represents after-tax operational results excluding, as applicable, after-tax net realized and unrealized capital gains or losses, including net realized and unrealized gains or losses on interest rate swaps, after-tax net foreign exchange gains or losses, including net realized and unrealized gains and losses from foreign exchange contracts and certain non-recurring items. In 2014, non-recurring items included costs associated with defending the unsolicited approach from Endurance Specialty

Holdings Ltd. in the amounts of $Nil and $28.5 million for the three and twelve months ended December 31, 2014, respectively.

Aspen excludes the items above from its calculation of operating income because they are either not expected to recur and therefore are not reflective of underlying performance or the amount of these gains or losses is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. Aspen believes these amounts are largely independent of its business and underwriting process and including them would distort the analysis of trends in its operations. In addition to presenting net income determined in accordance with GAAP, Aspen believes that showing operating income enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Aspen’s results of operations in a manner similar to how management analyzes Aspen’s underlying business performance. Operating income should not be viewed as a substitute for GAAP net income. Please see page 23 of Aspen’s financial supplement for a reconciliation of operating income to net income. Aspen’s financial supplement can be obtained from the Investor Relations section of Aspen’s website at www.aspen.co.

Diluted Book Value per Ordinary Share is not a non-GAAP financial measure. Aspen has included diluted book value per ordinary share as it illustrates the effect on basic book value per share of dilutive securities thereby providing a better benchmark for comparison with other companies. Diluted book value per share is calculated using the treasury stock method, defined on page 22 of Aspen’s financial supplement, which can be obtained from the Investor Relations section of Aspen’s website at www.aspen.co.

Diluted Operating Earnings per Share and Basic Operating Earnings per Share are non-GAAP financial measures. Aspen believes that the presentation of diluted operating earnings per share and basic operating earnings per share supports meaningful comparison from period to period and the analysis of normal business operations. Diluted operating earnings per share and basic operating earnings per share are calculated by dividing operating income by the diluted or basic weighted average number of shares outstanding for the period. See page 23 of Aspen’s financial supplement for a reconciliation of diluted and basic operating earnings per share to basic earnings per share. Aspen’s financial supplement can be obtained from the Investor Relations section of Aspen’s website at www.aspen.co.

Combined Ratio Excluding Catastrophes is a non-GAAP financial measure. Aspen has presented loss ratios both including and excluding the impact from catastrophe losses to aid in the analysis of the underlying performance of our segments. Aspen has defined catastrophe losses in 2014 as losses associated with winter storms in the U.S., snowstorms in Japan and flooding in the U.K. which occurred in the first and second quarter of 2014, North American and European storms in the third quarter of 2014 and North American, Asian and Australian storms in the fourth quarter of 2014. We have defined major 2013 catastrophe losses as losses associated with floods in Central Europe, Canada and India, as well as tornadoes and hailstorms in the U.S. in the second quarter of 2013, hailstorms in Germany and floods in Canada and Mexico in the third quarter of 2013, and storms and associated flooding in Europe, India and the Philippines in the fourth quarter of 2013.

Accident Year Loss Ratio Excluding Catastrophes is a non-GAAP financial measure. Aspen believes that the presentation of loss ratio excluding catastrophes and prior year reserve movements supports meaningful comparison from period to period of the underlying performance of the business. Accident year loss ratio excluding catastrophes is calculated by dividing net losses excluding catastrophe losses, net expenses and prior year reserve movements by net earned premiums excluding catastrophe related reinstatement premiums. Aspen has defined the major 2014 catastrophe losses as losses associated with North American, European, Asian and Australian storms and flood losses in the U.K. We have defined major 2013 catastrophe losses as losses associated with floods in Central Europe, Canada and India, as well as tornadoes and hailstorms in the U.S. in the second quarter of 2013, hailstorms in Germany and floods in Canada and Mexico in the third quarter of 2013, and storms and associated flooding in Europe, India and the Philippines in the fourth quarter of 2013.



Insurance	Q4 2014		Full Year 2014		Q4 2013		Full Year 2013
Loss Ratio	59.9		61.5		85.0		67.5
Prior Year Loss Development	(3.4	)	0.4		(8.9	)	(1.4	)
Catastrophe Losses	(0.2	)	(1.7	)	(1.9	)	(1.4	)
Ex-cat Accident Year Loss Ratio	56.3		60.2		74.2		64.7



Reinsurance	Q4 2014		Full Year 2014		Q4 2013		Full Year 2013
Loss Ratio	49.6		45.7		30.5		44.9
Prior Year Loss Development	8.9		9.1		16.2		11.4
Catastrophe Losses	(5.7	)	(3.9	)	(10.4	)	(8.1	)
Ex-cat Accident Year Loss Ratio	52.8		50.9		36.3		48.2

(2) The outlook for 2015 assumes normal loss experience, our current view of interest rates and our prospective view of the insurance rate environment. Our outlook in 2015 is necessarily subject to heightened sensitivity in relation to these assumptions which are likely to be the subject of future change, amendment, update and review, as necessary. For example, our assumptions for rising interest rates in 2015 are subject to and dependent upon the anticipated and actual monetary policy decisions taken by the central banks in the jurisdictions in which we operate. Our assumptions are also based on the retention of our senior underwriters and client relationships. In addition, the models underlying our normal loss experience assumptions will produce different illustrative loss patterns if the modeling assumptions are changed. Recent decreases in pricing in certain business lines, if sustained, are also expected to have an adverse effect on operating return on equity. This outlook is subject to change for many reasons, including unusual or unpredictable items, such as catastrophe losses, loss reserve development, investment results and other items.

Exhibit 99.2

FINANCIAL SUPPLEMENT

As of December 31, 2014

Aspen Insurance Holdings Limited

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

www.aspen.co

Investor Contact:

Aspen Insurance Holdings Limited

Kerry Calaiaro, Senior Vice President, Investor Relations

T: +1 646-502-1076

email: kerry.calaiaro@aspen.co



	ASPEN INSURANCE HOLDINGS LIMITED
	Table Of Contents
		Page

Basis of Presentation		1
Financial Highlights		2
Consolidated Statements of Operations - Quarterly Results		3
Consolidated Statements of Operations - Year to Date Results		4
Consolidated Balance Sheets		5
Earnings Per Share and Book Value Per Share		6
Return on Average Equity		7
Consolidated Underwriting Results by Operating Segment		8 - 9
Operating Segment - Quarterly Results		10 - 11
Written and Earned Premiums by Segment and Lines of Business		12
Consolidated Statements of Changes in Shareholders' Equity		13
Consolidated Statements of Comprehensive Income		14
Condensed Consolidated Statements of Cash Flows		15
Reserves for Losses and Loss Adjustment Expenses		16
Reserves by Operating Segment		17
Prior Year Reserve Releases		18
Worldwide Natural Catastrophe Exposures: Major Peril Zones		19
Consolidated Investment Portfolio		20
Investment Analysis		21
Book Value Per Ordinary Share		22
Operating Income Reconciliation		23
Changes to Segmental Reporting		A-1
Written and Earned Premiums by Segment and Prior Lines of Business		A-2



		ASPEN INSURANCE HOLDINGS LIMITED
		Basis of Presentation

Definitions and presentations: All financial information contained herein is unaudited except for information for the fiscal year ended December 31, 2013 and December 31, 2012. Unless otherwise noted, all data is in U.S. dollar millions, except for per share amounts, percentages and ratio information.

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 in this financial supplement.

Operating income (a non-U.S. GAAP financial measure): Operating income is an internal performance measure used by Aspen in the management of its operations and represents after-tax operational results excluding, as applicable, after-tax net realized and unrealized capital gains or losses, including net realized and unrealized gains and losses on interest rate swaps, after-tax net foreign exchange gains or losses, including net realized and unrealized gains and losses from foreign exchange contracts and certain non-recurring items. In 2014, non-recurring items included costs associated with defending the unsolicited approach from Endurance Specialty Holdings Ltd. in the amounts of $Nil and $28.5 million for the three and twelve months ended December 31, 2014, respectively. In 2013, these non-recurring items included issue costs associated with the redemption of the 5.625% Preferred Income Equity Redemption Securities ("PIERS") and a $9.3 million make-whole payment associated with the redemption of the $250.0 million 6.0% coupon Senior Notes due to mature on August 15, 2014.

Aspen excludes these items above from its calculation of operating income because they are either not expected to recur and therefore are not reflective of underlying performance or the amount of these gains or losses is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. Aspen believes these amounts are largely independent of its business and underwriting process and including them would distort the analysis of trends in its operations. In addition to presenting net income determined in accordance with GAAP, Aspen believes that showing operating income enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Aspen's results of operations in a manner similar to how management analyzes Aspen's underlying business performance. Operating income should not be viewed as a substitute for GAAP net income. Please see page 23 for a reconciliation of operating income to net income.

Annualized operating return on average equity (“Operating ROE”) (a non-GAAP financial measure): Operating ROE is calculated using operating income, as defined above, and average equity is calculated as the arithmetic average on a monthly basis for the stated periods of shareholders' equity excluding the aggregate value of the liquidation preferences of our preference shares net of issuance costs and the total amount of non-controlling interest.

Aspen presents Operating ROE as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information. See page 23 for a reconciliation of operating income to net income and page 7 for a reconciliation of average ordinary shareholders' equity to average shareholders' equity.

Diluted operating earnings per share and basic operating earnings per share (non-GAAP financial measures): Aspen believes that the presentation of diluted operating earnings per share and basic operating earnings per share supports meaningful comparison from period to period and the analysis of normal business operations. Diluted operating earnings per share and basic operating earnings per share are calculated by dividing operating income by the diluted or basic weighted average number of shares outstanding for the period. See page 23 for a reconciliation of diluted and basic operating earnings per share to basic earnings per share.

Diluted book value per ordinary share (not a non-GAAP financial measure): Aspen has included diluted book value per ordinary share as it illustrates the effect on basic book value per share of dilutive securities thereby providing a better benchmark for comparison with other companies. Diluted book value per share is calculated using the treasury stock method as defined on page 22.

Underwriting ratios (GAAP financial measures): Aspen, along with others in the industry, uses underwriting ratios as measures of performance. The loss ratio is the ratio of net claims and claims adjustment expenses to net premiums earned. The acquisition expense ratio is the ratio of underwriting expenses (commissions, premium taxes, licenses and fees, as well as other underwriting expenses) to net premiums earned. The general and administrative expense ratio is the ratio of general and administrative expenses to net premiums earned. The combined ratio is the sum of the loss ratio, the acquisition expense ratio and the general and administrative expense ratio. These ratios are relative measurements that describe for every $100 of net premiums earned, the cost of losses and expenses, respectively. The combined ratio presents the total cost per $100 of earned premium. A combined ratio below 100% demonstrates underwriting profit; a combined ratio above 100% demonstrates underwriting loss.

GAAP combined ratios differ from U.S. statutory combined ratios primarily due to the deferral of certain third-party acquisition expenses for GAAP reporting purposes and the use of net premiums earned rather than net premiums written in the denominator when calculating the acquisition expense and the general and administrative expense ratios.



	ASPEN INSURANCE HOLDINGS LIMITED
	Financial Highlights
		Three Months Ended December 31,								Twelve Months Ended December 31,
(in US$ millions except for percentages, share and per share amounts)		2014			2013			Change		2014			2013			Change
Gross written premium		$	615.4		$	604.4		1.8	%	$	2,902.7		$	2,646.7		9.7	%
Net written premium		$	554.0		$	548.0		1.1	%	$	2,515.2		$	2,299.7		9.4	%
Net earned premium		$	612.2		$	572.6		6.9	%	$	2,405.3		$	2,171.8		10.8	%
Net income after tax		$	67.2		$	90.0		(25.3	)%	$	355.8		$	329.3		8.0	%
Operating income after tax		$	71.3		$	84.4		(15.5	)%	$	368.5		$	304.3		21.1	%
Net investment income		$	46.7		$	47.2		(1.1	)%	$	190.3		$	186.4		2.1	%
Underwriting income		$	36.3		$	46.6		(22.1	)%	$	229.4		$	158.0		45.2	%
Earnings Per Share and Book Value Per Share
Basic earnings per ordinary share
Net income adjusted for preference share dividend		$	0.92		$	1.23		(25.2%)		$	4.92		$	4.29		14.0	%
Operating income adjusted for preference share dividend		$	0.99		$	1.15		(13.9	)%	$	5.11		$	4.03		27.5	%
Diluted earnings per ordinary share
Net income adjusted for preference share dividend		$	0.90		$	1.21		(25.6	)%	$	4.82		$	4.14		17.1	%
Operating income adjusted for preference share dividend		$	0.97		$	1.13		(14.2	)%	$	5.01		$	3.88		28.2	%
Weighted average number of ordinary shares outstanding (in millions of shares)		62.206			65.594			(5.2	)%	64.536			66.872			(3.5	)%
Diluted weighted average number of ordinary shares outstanding (in millions of shares)		63.605			67.052			(5.1	)%	65.873			69.418			(5.1	)%
Book value per ordinary share		$	46.16		$	41.87		10.2	%	$	46.16		$	41.87		10.2	%
Diluted book value per ordinary share		$	45.13		$	40.90		10.3	%	$	45.13		$	40.90		10.3	%
Ordinary shares outstanding at December 31, 2014 and December 31, 2013 (in millions of shares)		62.017			65.547			(5.4	)%	62.017			65.547			(5.4	)%
Diluted ordinary shares outstanding at December 31, 2014 and December 31, 2013 (in millions of shares)		63.445			67.090			(5.4	)%	63.445			67.090			(5.4	)%
Underwriting Ratios
Loss ratio		55.5		%	57.9		%			54.4		%	56.3		%
Policy acquisition expense ratio		18.8		%	17.4		%			18.8		%	19.4		%
General, administrative and corporate expense ratio		19.8		%	16.6		%			18.5		%	16.9		%
General, administrative and corporate expense ratio (excluding non-recurring corporate expenses)		19.8		%	16.6		%			17.3		%	16.9		%
Expense ratio		38.6		%	34.0		%			37.3		%	36.3		%
Expense ratio (excluding non-recurring corporate expenses)		38.6		%	34.0		%			36.1		%	36.3		%
Combined ratio		94.1		%	91.9		%			91.7		%	92.6		%
Combined ratio (excluding non-recurring corporate expenses)		94.1		%	91.9		%			90.5		%	92.6		%
Return On Equity
Average equity ⁽¹⁾		$	2,876.0		$	2,715.7				$	2,874.6		$	2,781.4
Return on average equity
Net income adjusted for preference share dividend		2.0		%	3.0		%			11.1		%	10.6		%
Operating income adjusted for preference share dividend		2.2		%	2.8		%			11.5		%	9.7		%
Annualized return on average equity
Net income		8.0		%	12.0		%			11.1		%	10.6		%
Operating income		8.8		%	11.2		%			11.5		%	9.7		%

See pages 7 and 23 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
(1) Average equity excludes preference shares.



	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Statements of Operations - Quarterly Results
(in US$ millions except for percentages and per share amounts)		Q4 2014			Q3 2014			Q2 2014			Q1 2014			Q4 2013
UNDERWRITING REVENUES
Gross written premiums		$	615.4		$	652.5		$	779.3		$	855.5		$	604.4
Premiums ceded		(61.4		)	(75.2		)	(92.9		)	(158.0		)	(56.4		)
Net written premiums		554.0			577.3			686.4			697.5			548.0
Change in unearned premiums		58.2			33.1			(70.2		)	(131.0		)	24.6
Net earned premiums		612.2			610.4			616.2			566.5			572.6
UNDERWRITING EXPENSES
Losses and loss adjustment expenses		339.6			342.7			337.1			288.1			331.4
Amortization of deferred policy acquisition costs		114.8			115.5			108.9			112.0			99.7
General, administrative and corporate expenses (excluding non-recurring corporate expenses)		121.5			99.6			103.5			92.6			94.9
Total underwriting expenses		575.9			557.8			549.5			492.7			526.0
Underwriting income including corporate expenses		36.3			52.6			66.7			73.8			46.6
OTHER OPERATING REVENUE AND EXPENSES
Net investment income		46.7			48.0			46.1			49.5			47.2
Interest expense		(7.4		)	(7.4		)	(7.3		)	(7.4		)	(9.5		)
Other (expense)/income		(3.9		)	(7.8		)	2.0			(0.1		)	3.5
Total other operating revenue		35.4			32.8			40.8			42.0			41.2
OPERATING INCOME BEFORE TAX		71.7			85.4			107.5			115.8			87.8
Non-recurring corporate expenses		—			(20.2		)	(5.3		)	(3.0		)	—
Net realized and unrealized exchange (losses)/gains ^{(1) (3)}		(2.8		)	(9.9		)	7.7			2.6			(3.8		)
Net realized and unrealized investment (losses)/gains^{(2) (3)}		(0.9		)	(16.6		)	27.1			8.8			9.6
INCOME BEFORE TAX		68.0			38.7			137.0			124.2			93.6
Income tax expense		(0.8		)	(1.3		)	(6.2		)	(3.8		)	(3.6		)
NET INCOME AFTER TAX		67.2			37.4			130.8			120.4			90.0
Dividends paid on ordinary shares		(12.4		)	(13.1		)	(13.1		)	(11.7		)	(11.8		)
Dividends paid on preference shares		(9.4		)	(9.5		)	(9.4		)	(9.5		)	(9.4		)
Dividends paid to non-controlling interest		(0.1		)	—			—			—			(0.1		)
Change in redemption value of the PIERS		—			—			—			—			—
Proportion due to non-controlling interest		(0.8		)	0.1			—			(0.1		)	0.2
Retained income		$	44.5		$	14.9		$	108.3		$	99.1		$	68.9
Components of net income after tax
Operating income		71.3			81.7			102.8			112.7			84.4
Non-recurring corporate expenses		—			(20.2		)	(5.3		)	(3.0		)	—
Net realized and unrealized exchange (losses)/gains after tax ^{(1) (3)}		(3.1		)	(7.5		)	6.3			2.1			(3.8		)
Net realized and unrealized investment (losses)/gains after tax ^{(2) (3)}		(1.0		)	(16.6		)	27.0			8.6			9.4
NET INCOME AFTER TAX		$	67.2		$	37.4		$	130.8		$	120.4		$	90.0
Loss ratio		55.5		%	56.1		%	54.7		%	50.9		%	57.9		%
Policy acquisition expense ratio		18.8		%	18.9		%	17.7		%	19.8		%	17.4		%
General, administrative and corporate expense ratio		19.8		%	19.6		%	17.7		%	16.9		%	16.6		%
General, administrative and corporate expense ratio (excluding non-recurring corporate expenses)		19.8		%	16.3		%	16.8		%	16.3		%	16.6		%
Expense ratio		38.6		%	38.5		%	35.4		%	36.7		%	34.0		%
Expense ratio (excluding non-recurring corporate expenses)		38.6		%	35.2		%	34.5		%	36.1		%	34.0		%
Combined ratio		94.1		%	94.6		%	90.1		%	87.6		%	91.9		%
Combined ratio (excluding non-recurring corporate expenses)		94.1		%	91.3		%	89.2		%	87.0		%	91.9		%
Basic earnings per share⁽⁴⁾		$	0.92		$	0.43		$	1.85		$	1.70		$	1.23
Diluted earnings per share ⁽⁴⁾		$	0.90		$	0.42		$	1.82		$	1.66		$	1.21
Annualized return on average equity
Net income		8.0		%	4.0		%	16.8		%	16.0		%	12.0		%
Operating income		8.8		%	10.0		%	12.8		%	14.8		%	11.2		%
See pages 7 and 23 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
(1) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.
(2) Includes the net realized and unrealized gains/(losses) from interest rate swaps.
(3) Adjusted for a representation of foreign exchange in relation to investment securities from realized and unrealized exchange gains/(losses) to realized and unrealized investment gains/(losses).
(4) Adjusted for preference share dividends and non-controlling interest.



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Operations - Year To Date Results
			Twelve Months Ended December 31,
			2014			2013			2012
UNDERWRITING REVENUES
Gross written premiums			$	2,902.7		$	2,646.7		$	2,583.3
Premiums ceded			(387.5		)	(347.0		)	(336.4		)
Net written premiums			2,515.2			2,299.7			2,246.9
Change in unearned premiums			(109.9		)	(127.9		)	(163.4		)
Net earned premiums			2,405.3			2,171.8			2,083.5
UNDERWRITING EXPENSES
Losses and loss adjustment expenses			1,307.5			1,223.7			1,238.5
Amortization of deferred policy acquisition costs			451.2			422.0			381.2
General, administrative and corporate expenses (excluding non-recurring corporate expenses)⁽¹⁾			417.2			368.1			345.1
Total underwriting expenses			2,175.9			2,013.8			1,964.8
Underwriting income including corporate expenses			229.4			158.0			118.7
OTHER OPERATING REVENUE AND EXPENSES
Net investment income			190.3			186.4			204.9
Interest expense			(29.5		)	(32.7		)	(30.9		)
Other (expenses)/income			(9.8		)	6.5			0.9
Total other operating revenue			151.0			160.2			174.9
OPERATING INCOME BEFORE TAX			380.4			318.2			293.6
Non-recurring corporate expenses			(28.5		)	—			—
Net realized and unrealized exchange (losses) ⁽²⁾			(2.4		)	(14.5		)	(2.0		)
Net realized and unrealized investment gains⁽³⁾			18.4			39.0			3.8
INCOME BEFORE TAX			367.9			342.7			295.4
Income tax expense			(12.1		)	(13.4		)	(15.0		)
NET INCOME AFTER TAX			355.8			329.3			280.4
Dividends paid on ordinary shares			(50.3		)	(47.8		)	(47.0		)
Dividends paid on preference shares			(37.8		)	(35.5		)	(31.1		)
Dividends paid to non controlling interest			(0.1		)	(0.1		)	(0.1		)
Change in redemption value of the PIERS			—			(7.1		)	—
Proportion due to non-controlling interest			(0.8		)	0.5			0.2
Retained income			$	266.8		$	239.3		$	202.4
Components of net income after tax
	Operating income		368.5			304.3			279.9
	Non-recurring corporate expenses		(28.5		)	—			—
	Net realized and unrealized exchange (losses) after tax⁽²⁾		(2.2		)	(13.3		)	(2.2		)
	Net realized and unrealized investment gains after tax ⁽³⁾		18.0			38.3			2.7
NET INCOME AFTER TAX			$	355.8		$	329.3		$	280.4
Loss ratio			54.4		%	56.3		%	59.4		%
	Policy acquisition expense ratio		18.8		%	19.4		%	18.3		%
	General, administrative and corporate expense ratio ⁽¹⁾		18.5		%	16.9		%	16.6		%
	General, administrative and corporate expense ratio (excluding non-recurring corporate expenses) ⁽¹⁾		17.3		%	16.9		%	16.6		%
Expense ratio			37.3		%	36.3		%	34.9		%
Expense ratio (excluding non-recurring corporate expenses)			36.1		%	36.3		%	34.9		%
Combined ratio			91.7		%	92.6		%	94.3		%
Combined ratio (excluding non-recurring corporate expenses)			90.5		%	92.6		%	94.3		%

See pages 7 and 23 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
(1) In 2012, the Company adopted the provision of ASU 2010-26, “Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts.” Under the standard, the Company is required to expense the proportion of its general and administrative deferred acquisition costs not directly related to successful business acquisition. The application of this standard has resulted in a net $16.0 million write down of deferred acquisition costs through retained earnings brought forward and the restatement of our quarterly balance sheets from December 31, 2010 to December 31, 2011.
(2) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.
(3) Includes the net realized and unrealized gains/(losses) from interest rate swaps.



	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Balance Sheets

(in US$ millions except for per share amounts)		December 31, 2014		September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013

Investments
Fixed income securities		$	6,401.0	$	6,271.9		$	6,297.7		$	6,256.1		$	6,285.3
Equity securities		725.9		647.0			574.2			507.8			460.4
Other investments		8.7		8.7			8.7			8.7			48.0
Catastrophe bonds		34.8		32.2			30.0			18.0			5.8
Short-term investments		258.5		314.2			349.7			215.5			160.3
Total investments		7,428.9		7,274.0			7,260.3			7,006.1			6,959.8
Cash and cash equivalents		1,178.5		1,289.1			1,345.2			1,443.7			1,293.6
Reinsurance recoverables
Unpaid losses		350.0		384.7			360.0			352.1			332.7
Ceded unearned premiums		206.8		229.8			217.9			221.3			151.9
Receivables
Underwriting premiums		1,011.7		1,105.3			1,192.7			1,189.5			999.0
Other		90.2		92.0			106.4			107.8			90.3
Funds withheld		46.9		47.5			47.8			49.4			46.5
Deferred policy acquisition costs		299.0		301.6			306.4			289.6			262.2
Derivatives at fair value		8.0		7.0			1.6			6.8			7.0
Receivable for securities sold		2.3		1.6			9.1			14.8			5.2
Office properties and equipment		62.2		64.4			65.1			61.8			60.1
Taxation		—		4.0			2.8			0.5			1.6
Other assets		13.6		10.4			1.5			1.5			2.2
Intangible assets		18.2		18.2			18.2			18.3			18.4
Total assets		$	10,716.3	$	10,829.6		$	10,935.0		$	10,763.2		$	10,230.5
LIABILITIES
Insurance reserves
Losses and loss adjustment expenses		$	4,750.8	$	4,787.3		$	4,795.8		$	4,760.7		$	4,678.9
Unearned premiums		1,441.8		1,508.7			1,568.5			1,479.7			1,280.6
Total insurance reserves		6,192.6		6,296.0			6,364.3			6,240.4			5,959.5
Payables
Reinsurance premiums		92.0		146.8			93.5			155.1			88.2
Taxation		21.4		25.7			28.0			16.5			15.7
Accrued expenses and other payables		356.9		290.3			284.5			361.6			265.6
Liabilities under derivative contracts		14.3		12.7			5.4			0.4			2.9
Total payables		484.6		475.5			411.4			533.6			372.4
Loan notes issued by variable interest entities, at fair value		70.7		64.5			56.0			53.4			50.0
Long-term debt		549.1		549.1			549.1			549.0			549.0
Total liabilities		7,297.0		7,385.1			7,380.8			7,376.4			6,930.9
SHAREHOLDERS’ EQUITY
Ordinary shares		0.1		0.1			0.1			0.1			0.1
Non-controlling interest		0.5		(0.3		)	(0.2		)	(0.2		)	(0.3		)
Preference shares		—		—			—			—			—
Additional paid-in capital		1,134.3		1,186.4			1,276.7			1,269.9			1,297.4
Retained earnings		2,050.1		2,005.6			1,990.7			1,882.4			1,783.3
Accumulated other comprehensive income, net of taxes		234.3		252.7			286.9			234.6			219.1
Total shareholders’ equity		3,419.3		3,444.5			3,554.2			3,386.8			3,299.6
Total liabilities and shareholders’ equity		$	10,716.3	$	10,829.6		$	10,935.0		$	10,763.2		$	10,230.5

Book value per ordinary share		$	46.16	$	45.60		$	45.81		$	43.28		$	41.87
Book value per diluted ordinary share		$	45.13	$	44.60		$	44.84		$	42.72		$	40.90
See pages 7 and 23 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.



		ASPEN INSURANCE HOLDINGS LIMITED
		Earnings Per Share and Book Value Per Share

			Three Months Ended				Twelve Months Ended
(in US$ except for number of shares)			December 31, 2014		December 31, 2013		December 31, 2014		December 31, 2013

Basic earnings per ordinary share
	Net income adjusted for preference share dividend		$	0.92	$	1.23	$	4.92	$	4.29
	Operating income adjusted for preference share dividend		$	0.99	$	1.15	$	5.11	$	4.03
Diluted earnings per ordinary share
	Net income adjusted for preference share dividend		$	0.90	$	1.21	$	4.82	$	4.14
	Operating income adjusted for preference share dividend		$	0.97	$	1.13	$	5.01	$	3.88

Weighted average number of ordinary shares outstanding (in millions)			62.206		65.594		64.536		66.872
Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)			63.605		67.052		65.873		69.418

Book value per ordinary share			$	46.16	$	41.87	$	46.16	$	41.87
Diluted book value per ordinary share			$	45.13	$	40.90	$	45.13	$	40.90

Ordinary shares outstanding at end of the period (in millions)			62.017		65.547		62.017		65.547
Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (in millions)			63.445		67.090		63.445		67.090

See pages 7 and 23 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.



		ASPEN INSURANCE HOLDINGS LIMITED
		Return On Average Equity

			Three Months Ended						Twelve Months Ended
(in US$ millions except for percentages)			December 31, 2014			December 31, 2013			December 31, 2014			December 31, 2013

Average shareholders' equity			$	3,431.9		$	3,271.1		$	3,430.3		$	3,322.5
Average non-controlling interest			(0.1		)	0.2			0.1			(0.1		)
Average preference shares			(555.8		)	(555.6		)	(555.8		)	(541.0		)
Average ordinary shareholders' equity			$	2,876.0		$	2,715.7		$	2,874.6		$	2,781.4
Return on average equity:
	Net income adjusted for preference share dividend and non-controlling interest		2.0		%	3.0		%	11.1		%	10.6		%
	Operating income adjusted for preference share dividend and non-controlling interest		2.2		%	2.8		%	11.5		%	9.7		%
Annualized return on average equity:
	Net income		8.0		%	12.0		%	11.1		%	10.6		%
	Operating income		8.8		%	11.2		%	11.5		%	9.7		%
Components of return on average equity:
	Return on average equity from underwriting activity⁽¹⁾		1.3		%	1.7		%	8.0		%	5.7		%
	Return on average equity from investment and other activity ⁽²⁾		0.9		%	1.2		%	3.9		%	4.5		%
	Pre-tax operating income return on average equity		2.2		%	2.9		%	11.9		%	10.2		%
	Post-tax operating income return on average equity ⁽³⁾		2.2		%	2.8		%	11.5		%	9.7		%

See page 23 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
(1) Calculated by using underwriting income.
(2) Calculated by using total other operating revenue and other income/(expense) adjusted for preference share dividends.
(3) Calculated by using operating income after-tax adjusted for preference share dividends.



	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Underwriting Results by Operating Segment

		Three Months Ended December 31, 2014									Three Months Ended December 31, 2013
(in US$ millions except for percentages)		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	145.3		$	470.1		$	615.4		$	176.2		$	428.2		$	604.4
Net written premiums		143.6			410.4			554.0			174.5			373.5			548.0
Gross earned premiums		278.4			417.0			695.4			297.7			366.1			663.8
Net earned premiums		263.1			349.1			612.2			284.8			287.8			572.6
Losses and loss adjustment expenses		130.4			209.2			339.6			86.8			244.6			331.4
Amortization of deferred policy acquisition costs		47.7			67.1			114.8			46.2			53.5			99.7
General and administrative expenses		39.4			62.9			102.3			33.8			51.9			85.7
Underwriting income/(loss)		$	45.6		$	9.9		$	55.5		$	118.0		$	(62.2	)	$	55.8
Net investment income								46.7									47.2
Net realized and unrealized investment (losses)/gains ⁽¹⁾								(0.9		)							9.6
Corporate expenses								(19.2		)							(9.2		)
Other (expense)/income								(3.9		)							3.5
Interest expense								(7.4		)							(9.5		)
Net realized and unrealized foreign exchange (losses) ⁽²⁾								(2.8		)							(3.8		)
Income before tax								$	68.0								$	93.6
Income tax expense								(0.8		)							(3.6		)
Net income								$	67.2								$	90.0
Ratios
Loss ratio		49.6		%	59.9		%	55.5		%	30.5		%	85.0		%	57.9		%
Policy acquisition expense ratio		18.1		%	19.2		%	18.8		%	16.2		%	18.6		%	17.4		%
General and administrative expense ratio ⁽³⁾		15.0		%	18.0		%	19.8		%	11.9		%	18.0		%	16.6		%
General and administrative expense ratio (excluding non-recurring corporate expenses)⁽³⁾		15.0		%	18.0		%	19.8		%	11.9		%	18.0		%	16.6		%
Expense ratio		33.1		%	37.2		%	38.6		%	28.1		%	36.6		%	34.0		%
Expense ratio (excluding non-recurring corporate expenses)		33.1		%	37.2		%	38.6		%	28.1		%	36.6		%	34.0		%
Combined ratio		82.7		%	97.1		%	94.1		%	58.6		%	121.6		%	91.9		%
Combined ratio (excluding non-recurring corporate expenses)		82.7		%	97.1		%	94.1		%	58.6		%	121.6		%	91.9		%

(1) Includes the net realized and unrealized gains/(losses) from interest rate swaps.
(2) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.
(3) The total group general and administrative expense ratio includes the impact from corporate expenses.



	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Underwriting Results by Operating Segment

		Twelve Months Ended December 31, 2014									Twelve Months Ended December 31, 2013
(in US$ millions except for percentages)		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	1,172.8		$	1,729.9		$	2,902.7		$	1,133.9		$	1,512.8		$	2,646.7
Net written premiums		1,124.0			1,391.2			2,515.2			1,082.0			1,217.7			2,299.7
Gross earned premiums		1,137.6			1,599.0			2,736.6			1,126.6			1,366.8			2,493.4
Net earned premiums		1,088.2			1,317.1			2,405.3			1,073.0			1,098.8			2,171.8
Losses and loss adjustment expenses		497.8			809.7			1,307.5			481.7			742.0			1,223.7
Amortization of deferred policy acquisition costs		200.0			251.2			451.2			207.2			214.8			422.0
General and administrative expenses		146.4			205.5			351.9			131.0			185.9			316.9
Underwriting income/(loss)		$	244.0		$	50.7		$	294.7		$	253.1		$	(43.9	)	$	209.2
Net investment income								190.3									186.4
Net realized and unrealized investment gains ⁽¹⁾								18.4									39.0
Corporate expenses								(65.3		)							(51.2		)
Non-recurring corporate expenses								(28.5		)							—
Other (expense)/income								(9.8		)							6.5
Interest expense								(29.5		)							(32.7		)
Net realized and unrealized foreign exchange (losses) ⁽²⁾								(2.4		)							(14.5		)
Income before tax								$	367.9								$	342.7
Income tax expense								(12.1		)							(13.4		)
Net income								$	355.8								$	329.3
Ratios
Loss ratio		45.7		%	61.5		%	54.4		%	44.9		%	67.5		%	56.3		%
Policy acquisition expense ratio		18.4		%	19.1		%	18.8		%	19.3		%	19.5		%	19.4		%
General and administrative expense ratio ⁽³⁾		13.5		%	15.6		%	18.5		%	12.2		%	16.9		%	16.9		%
General and administrative expense ratio (excluding non-recurring corporate expenses)⁽³⁾		13.5		%	15.6		%	17.3		%	12.2		%	16.9		%	16.9		%
Expense ratio		31.9		%	34.7		%	37.3		%	31.5		%	36.4		%	36.3		%
Expense ratio (excluding non-recurring corporate expenses)		31.9		%	34.7		%	36.1		%	31.5		%	36.4		%	36.3		%
Combined ratio		77.6		%	96.2		%	91.7		%	76.4		%	103.9		%	92.6		%
Combined ratio (excluding non-recurring corporate expenses)		77.6		%	96.2		%	90.5		%	76.4		%	103.9		%	92.6		%

(1) Includes the net realized and unrealized gains/(losses) from interest rate swaps.
(2) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.
(3) The total group general and administrative expense ratio includes the impact from corporate expenses.



	ASPEN INSURANCE HOLDINGS LIMITED
	Reinsurance Segment - Quarterly Results


(in US$ millions except for percentages)		Q4 2014			Q3 2014			Q2 2014			Q1 2014			Q4 2013			Q3 2013			Q2 2013			Q1 2013

Gross written premiums		$	145.3		$	256.9		$	298.4		$	472.2		$	176.2		$	219.5		$	298.6		$	439.6
Net written premiums		143.6			250.9			286.9			442.6			174.5			218.4			288.6			400.5
Gross earned premiums		278.4			291.0			289.7			278.5			297.7			268.6			288.4			271.9
Net earned premiums		263.1			279.6			278.8			266.7			284.8			255.7			275.8			256.7
Net losses and loss adjustment expenses		130.4			132.0			125.0			110.4			86.8			122.2			158.4			114.3
Amortization of deferred policy acquisition costs		47.7			52.1			49.8			50.4			46.2			49.1			56.6			55.3
General and administrative expenses		39.4			38.4			35.8			32.8			33.8			34.6			30.4			32.2
Underwriting income		$	45.6		$	57.1		$	68.2		$	73.1		$	118.0		$	49.8		$	30.4		$	54.9
Ratios
Loss ratio		49.6		%	47.2		%	44.8		%	41.4		%	30.5		%	47.8		%	57.4		%	44.5		%
Policy acquisition expense ratio		18.1		%	18.6		%	17.9		%	18.9		%	16.2		%	19.2		%	20.5		%	21.5		%
General and administrative expense ratio		15.0		%	13.7		%	12.8		%	12.3		%	11.9		%	13.5		%	11.0		%	12.5		%
Expense ratio		33.1		%	32.3		%	30.7		%	31.2		%	28.1		%	32.7		%	31.5		%	34.0		%
Combined ratio		82.7		%	79.5		%	75.5		%	72.6		%	58.6		%	80.5		%	88.9		%	78.5		%



	ASPEN INSURANCE HOLDINGS LIMITED
	Insurance Segment - Quarterly Results


(in US$ millions except for percentages)		Q4 2014			Q3 2014			Q2 2014			Q1 2014			Q4 2013			Q3 2013			Q2 2013			Q1 2013

Gross written premiums		$	470.1		$	395.6		$	480.9		$	383.3		$	428.2		$	362.1		$	388.7		$	333.8
Net written premiums		410.4			326.4			399.5			254.9			373.5			323.6			324.1			196.5
Gross earned premiums		417.0			403.9			404.5			373.6			366.1			356.5			331.3			312.9
Net earned premiums		349.1			330.8			337.4			299.8			287.8			288.6			268.2			254.2
Net losses and loss adjustment expenses		209.2			210.7			212.1			177.7			244.6			168.0			175.0			154.4
Amortization of deferred policy acquisition costs		67.1			63.4			59.1			61.6			53.5			61.4			50.6			49.3
General and administrative expenses		62.9			45.6			51.1			45.9			51.9			49.5			42.1			42.4
Underwriting income/(loss)		$	9.9		$	11.1		$	15.1		$	14.6		$	(62.2	)	$	9.7		$	0.5		$	8.1
Ratios
Loss ratio		59.9		%	63.7		%	62.9		%	59.3		%	85.0		%	58.2		%	65.2		%	60.7		%
Policy acquisition expense ratio		19.2		%	19.2		%	17.5		%	20.5		%	18.6		%	21.3		%	18.9		%	19.4		%
General and administrative expense ratio		18.0		%	13.8		%	15.1		%	15.3		%	18.0		%	17.2		%	15.7		%	16.7		%
Expense ratio		37.2		%	33.0		%	32.6		%	35.8		%	36.6		%	38.5		%	34.6		%	36.1		%
Combined ratio		97.1		%	96.7		%	95.5		%	95.1		%	121.6		%	96.7		%	99.8		%	96.8		%



		ASPEN INSURANCE HOLDINGS LIMITED
		Written and Earned Premiums by Segment and Lines of Business
(in US$ millions)
Gross Written Premiums			Q4 2014			Q3 2014		Q2 2014			Q1 2014			Q4 2013			Q3 2013			Q2 2013			Q1 2013
	Reinsurance
	Property Catastrophe Reinsurance		$	1.1		$	40.0	$	91.6		$	168.8		$	6.8		$	37.8		$	83.2		$	145.5
	Other Property Reinsurance		55.4			95.4		89.8			102.4			61.5			70.8			91.0			79.5
	Casualty Reinsurance		37.3			70.7		60.6			113.3			55.0			68.6			63.4			125.3
	Specialty Reinsurance		51.5			50.8		56.4			87.7			52.9			42.3			61.0			89.3
	Total Reinsurance		$	145.3		$	256.9	$	298.4		$	472.2		$	176.2		$	219.5		$	298.6		$	439.6
	Insurance
	Property and Casualty Insurance		$	202.5		$	200.9	$	221.3		$	176.3		$	181.5		$	164.6		$	176.8		$	131.2
	Marine, Aviation and Energy Insurance		145.8			88.2		153.6			131.7			129.9			112.9			143.8			136.8
	Financial and Professional Lines Insurance		121.8			106.5		106.0			75.3			116.8			84.6			68.1			65.8
	Total Insurance		$	470.1		$	395.6	$	480.9		$	383.3		$	428.2		$	362.1		$	388.7		$	333.8

	Total Gross Written Premiums		$	615.4		$	652.5	$	779.3		$	855.5		$	604.4		$	581.6		$	687.3		$	773.4
Net Written Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	(0.1	)	$	37.4	$	80.9		$	147.9		$	6.3		$	37.6		$	75.2		$	124.0
	Other Property Reinsurance		54.9			92.0		88.3			96.6			61.1			70.8			89.8			65.6
	Casualty Reinsurance		37.4			70.7		61.5			111.4			54.2			67.7			62.6			123.1
	Specialty Reinsurance		51.4			50.8		56.2			86.7			52.9			42.3			61.0			87.8
	Total Reinsurance		$	143.6		$	250.9	$	286.9		$	442.6		$	174.5		$	218.4		$	288.6		$	400.5
	Insurance
	Property and Casualty Insurance		$	159.3		$	166.4	$	171.0		$	101.5		$	141.4		$	147.2		$	157.1		$	67.2
	Marine, Aviation and Energy Insurance		137.6			64.2		131.1			119.5			118.5			107.1			102.7			126.4
	Financial and Professional Lines Insurance		113.5			95.8		97.4			33.9			113.6			69.3			64.3			2.9
	Total Insurance		$	410.4		$	326.4	$	399.5		$	254.9		$	373.5		$	323.6		$	324.1		$	196.5

	Total Net Written Premiums		$	554.0		$	577.3	$	686.4		$	697.5		$	548.0		$	542.0		$	612.7		$	597.0
Net Earned Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	60.0		$	62.5	$	62.7		$	62.4		$	64.0		$	60.4		$	65.1		$	58.7
	Other Property Reinsurance		68.0			84.1		81.5			79.2			73.0			62.5			79.1			71.0
	Casualty Reinsurance		75.4			75.0		78.8			72.2			84.8			78.9			75.2			66.6
	Specialty Reinsurance		59.7			58.0		55.8			52.9			63.0			53.9			56.4			60.4
	Total Reinsurance		$	263.1		$	279.6	$	278.8		$	266.7		$	284.8		$	255.7		$	275.8		$	256.7
	Insurance
	Property and Casualty Insurance		$	141.9		$	148.0	$	146.9		$	119.5		$	113.2		$	112.8		$	105.5		$	101.6
	Marine, Aviation and Energy Insurance		111.4			107.2		119.9			115.1			117.7			123.3			116.8			101.6
	Financial and Professional Lines Insurance		95.8			75.6		70.6		65.2			56.9			52.5			45.9			51.0
	Total Insurance		$	349.1		$	330.8	$	337.4		$	299.8		$	287.8		$	288.6		$	268.2		$	254.2

	Total Net Earned Premiums		$	612.2		$	610.4	$	616.2		$	566.5		$	572.6		$	544.3		$	544.0		$	510.9



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Changes in Shareholders' Equity
			Twelve Months Ended December 31,
(in US$ millions)			2014			2013
Ordinary shares
	Beginning and end of period		$	0.1		$	0.1
Preference shares
	Beginning and end of period		—			—
Non-controlling interest
	Beginning of period		(0.3		)	0.2
	Net change for the period		0.8			(0.5		)
	End of period		0.5			(0.3		)
Additional paid-in capital
	Beginning of period		1,297.4			1,516.7
	New shares issued		2.7			21.2
	Ordinary shares repurchased		(180.9		)	(309.6		)
	Preference shares issued		—			270.6
	Preference shares repurchased and cancelled		—			(230.0		)
	Changes in redemption value		—			7.1
	Share-based compensation		15.1			21.4
	End of period		1,134.3			1,297.4
Retained earnings
	Beginning of period		1,783.3			1,544.0
	Net income for the period		355.8			329.3
	Dividends paid on ordinary and preference shares		(88.1		)	(83.3		)
	Change in redemption value		—			(7.1		)
	Dividends paid on non-controlling interest		(0.1		)	(0.1		)
	Proportion due to non-controlling interest		(0.8		)	0.5
	End of period		2,050.1			1,783.3
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustments, net of taxes:
	Beginning of period		88.6			112.7
	Change for the period		(15.9		)	(24.1		)
	End of period		72.7			88.6
Loss on derivatives:
	Beginning of period		—			(0.5		)
	Reclassification to interest payable		—			0.5
	Net change from current period hedged transactions		(3.8		)	—
	End of period		(3.8		)	—
Unrealized appreciation/(depreciation) on investments, net of taxes:
	Beginning of period		130.5			315.2
	Change for the period		34.9			(184.7		)
	End of period		165.4			130.5
Total accumulated other comprehensive income			234.3			219.1

Total shareholders' equity			$	3,419.3		$	3,299.6



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Comprehensive Income

			Three Months Ended December 31,						Twelve Months Ended December 31,
(in US$ millions)			2014			2013			2014			2013

Net income			$	67.2		$	90.0		$	355.8		$	329.3
Other comprehensive income, net of taxes:
	Available for sale investments:
	Reclassification adjustment for net realized (gains) included in net income		(1.8		)	(3.2		)	(7.5		)	(23.4		)
	Change in net unrealized gains and (losses) on available for sale securities held		17.8			(34.0		)	42.4			(161.3		)
	Net change from current period hedged transactions		(3.8		)	—			(3.8		)	—
	Loss on derivatives reclassified to interest expense		—			0.3			—			0.5
	Change in foreign currency translation adjustment		(30.6		)	(3.1		)	(15.9		)	(24.1		)
	Other comprehensive (loss)/income		(18.4		)	(40.0		)	15.2			(208.3		)
Comprehensive income			$	48.8		$	50.0		$	371.0		$	121.0



	ASPEN INSURANCE HOLDINGS LIMITED
	Condensed Consolidated Statements of Cash Flows

		Three Months Ended December 31,						Twelve Months Ended December 31,
(in US$ millions)		2014			2013			2014			2013

Net cash from operating activities		$	130.0		$	133.4		$	606.3		$	566.4
Net cash (used in) investing activities		(213.2		)	(104.7		)	(515.0		)	(497.9		)
Net cash (used in)/from financing activities		(11.1		)	59.1			(196.4		)	(240.8		)
Effect of exchange rate movements on cash and cash equivalents		(16.3		)	7.5			(10.0		)	2.3
(Decrease)/increase in cash and cash equivalents		(110.6		)	95.3			(115.1		)	(170.0		)
Cash at beginning of period		1,289.1			1,198.3			1,293.6			1,463.6
Cash at end of period		$	1,178.5		$	1,293.6		$	1,178.5		$	1,293.6



	ASPEN INSURANCE HOLDINGS LIMITED
	Reserves for Losses and Loss Adjustment Expenses

(in US$ millions)		For the Twelve Months Ended December 31, 2014			For the Twelve Months Ended December 31, 2013

Provision for losses and loss adjustment expenses at the start of the period		$	4,678.9		$	4,779.7
Reinsurance recoverables		(332.7		)	(499.0		)
Net loss and loss adjustment expenses at the start of the period		4,346.2			4,280.7

Net loss and loss adjustment expenses disposed		(24.2		)	(34.6		)
Provision for losses and loss adjustment expenses for claims incurred
Current period		1,411.6			1,331.4
Prior period release		(104.1		)	(107.7		)
Total incurred		1,307.5			1,223.7

Losses and loss adjustment expenses payments for claims incurred		(1,107.7		)	(1,085.1		)

Foreign exchange (gains)		(121.0		)	(38.5		)

Net loss and loss adjustment expenses reserves at the end of the period		4,400.8			4,346.2
Reinsurance recoverables on unpaid losses at the end of the period		350.0			332.7
Gross loss and loss adjustment expenses reserves at the end of the period		$	4,750.8		$	4,678.9



	ASPEN INSURANCE HOLDINGS LIMITED
	Reserves by Operating Segment

		As at December 31, 2014							As at December 31, 2013
(in US$ millions)		Gross		Reinsurance Recoverables			Net		Gross		Reinsurance Recoverables			Net

Reinsurance		$	2,531.1	$	(37.8	)	$	2,493.3	$	2,707.0	$	(60.2	)	$	2,646.8
Insurance		2,219.7		(312.2		)	1,907.5		1,971.9		(272.5		)	1,699.4
Total losses and loss adjustment expense reserves		$	4,750.8	$	(350.0	)	$	4,400.8	$	4,678.9	$	(332.7	)	$	4,346.2



	ASPEN INSURANCE HOLDINGS LIMITED
	Prior Year Reserve Releases

(in US$ millions)		Three Months Ended December 31, 2014									Three Months Ended December 31, 2013
		Gross			Reinsurance Recoverables			Net			Gross			Reinsurance Recoverables			Net
Reinsurance		$	25.3		$	(1.9	)	$	23.4		$	55.6		$	(9.5	)	$	46.1
Insurance		5.9			(17.8		)	(11.9		)	(5.4		)	(20.2		)	(25.6		)
Release in reserves for prior years during the period		$	31.2		$	(19.7	)	$	11.5		$	50.2		$	(29.7	)	$	20.5

		Twelve Months Ended December 31, 2014									Twelve Months Ended December 31, 2013
		Gross			Reinsurance Recoverables			Net			Gross			Reinsurance Recoverables			Net
Reinsurance		$	103.6		$	(4.6	)	$	99.0		$	146.3		$	(23.7	)	$	122.6
Insurance		(0.7		)	5.8			5.1			(3.4		)	(11.5		)	(14.9		)
Release in reserves for prior years during the period		$	102.9		$	1.2		$	104.1		$	142.9		$	(35.2	)	$	107.7





	ASPEN INSURANCE HOLDINGS LIMITED
	Worldwide Natural Catastrophe Exposures: Major Peril Zones as at January 1, 2015


	1 in 100 year tolerance: 17.5% of total shareholders' equity				1 in 250 year tolerance: 25.0% of total shareholders' equity

	Based on shareholders' equity of $3,418.8 million (excluding non-controlling interest) as at December 31, 2014. The estimates reflect Aspen's own view of the modelled maximum losses ("PML's") at the return periods shown which include input from various third party vendor models and our own proprietary adjustments to these models. Catastrophe loss experience may materially differ from the modelled PML’s due to limitations in one or more of the models or uncertainties in the application of policy terms and limits.



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Investment Portfolio
(in US$ millions)			Fair Market Value
			December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014		December 31, 2013
Marketable Securities - Available For Sale
U.S. government securities			$	1,094.4	$	973.9	$	994.0	$	1,014.7	$	1,020.4
U.S. agency securities			197.4		201.9		205.0		245.2		269.1
Municipal securities			31.5		31.7		26.9		33.6		32.8
Corporate securities			2,319.4		2,278.4		2,244.9		2,154.1		2,069.4
Foreign government securities			665.7		752.6		766.5		735.0		778.9
Asset-backed securities			143.5		143.9		140.3		130.0		122.3
Bonds backed by foreign government			78.0		75.5		83.9		91.5		84.6
Mortgage-backed securities			1,100.1		1,039.9		1,065.3		1,117.6		1,191.6
Total fixed income securities			5,630.0		5,497.8		5,526.8		5,521.7		5,569.1
Short-term investments			258.3		307.2		335.7		215.5		160.3
Equity securities			109.9		125.9		142.1		147.4		149.5
Total Available For Sale			$	5,998.2	$	5,930.9	$	6,004.6	$	5,884.6	$	5,878.9

Marketable Securities - Trading
U.S. government securities			$	—	$	16.5	$	12.9	$	16.8	$	22.0
U.S. agency securities			0.2		0.2		0.2		0.2		0.2
Municipal securities			1.1		1.1		1.2		1.2		1.1
Corporate securities			529.8		521.1		524.5		494.8		474.8
Foreign government securities			140.1		139.2		139.3		136.4		136.2
Asset-backed securities			14.7		15.2		11.4		12.3		12.8
Bank loans			85.1		80.8		81.4		72.7		69.1
Total fixed income securities			771.0		774.1		770.9		734.4		716.2
Short-term investments			0.2		7.0		14.0		—		—
Equity securities			616.0		521.1		432.1		360.4		310.9
Catastrophe bonds			34.8		32.2		30.0		18.0		5.8
Total Trading			$	1,422.0	$	1,334.4	$	1,247.0	$	1,112.8	$	1,032.9

Other Investments			$	8.7	$	8.7	$	8.7	$	8.7	$	48.0

Cash			1,178.5		1,289.1		1,345.2		1,443.7		1,293.6
Accrued interest			47.2		45.7		49.7		46.5		47.9
	Total Cash and Accrued Interest		$	1,225.7	$	1,334.8	$	1,394.9	$	1,490.2	$	1,341.5

	Total Cash and Investments		$	8,654.6	$	8,608.8	$	8,655.2	$	8,496.3	$	8,301.3



	ASPEN INSURANCE HOLDINGS LIMITED
	Investment Analysis

(in US$ millions except for percentages)		Q4 2014			Q3 2014			Q2 2014			Q1 2014			Q4 2013			Q3 2013			Q2 2013			Q1 2013

Net investment income from fixed income investments and cash		$	43.6		$	43.5		$	42.0		$	44.1		$	44.8		$	42.0		$	42.0		$	45.0
Net investment income from equity securities		3.1			4.5			4.1			5.4			2.4			3.0			3.9			3.3
Net investment income		46.7			48.0			46.1			49.5			47.2			45.0			45.9			48.3

Net realized and unrealized investment gains/(losses) excluding the interest rate swaps ⁽¹⁾		3.5			(17.5		)	31.3			10.7			19.4			17.7			(6.6		)	15.2
Net realized investment (losses)/gains from the interest rate swaps		(2.7		)	0.9			(3.5		)	(1.9		)	(0.5		)	(4.3		)	6.8			0.6
Realized loss on the debt extinguishment		—			—			—			—			(9.3		)	—			—			—
Other-than-temporary impairment charges		(1.7		)	—			(0.7		)	—			—			—			—			—
Net realized and unrealized investment (losses)/gains ⁽¹⁾		(0.9		)	(16.6		)	27.1			8.8			9.6			13.4			0.2			15.8

Change in unrealized gains/(losses) on available for sale investments (gross of tax)⁽¹⁾		21.2			(39.6		)	33.8			22.6			(41.1		)	(9.7		)	(138.4		)	(17.5		)
Total return/(loss) on investments ⁽¹⁾		$	67.0		$	(8.2	)	$	107.0		$	80.9		$	15.7		$	48.7		$	(92.3	)	$	46.6

Portfolio Characteristics
Fixed income portfolio book yield (excluding the impact of the interest rate swaps)		2.65		%	2.65		%	2.61		%	2.68		%	2.74		%	2.82		%	2.71		%	2.80		%
Fixed income portfolio duration (excluding the impact of the interest rate swaps)		3.5 years			3.5 years			3.4 years			3.5 years			3.5 years			3.5 years			3.4 years			3.2 years

(1) Adjusted for a representation of foreign exchange in relation to investment securities from realized and unrealized exchange gains/(losses) to realized and unrealized investment gains/(losses).



	ASPEN INSURANCE HOLDINGS LIMITED
	Book Value Per Ordinary Share

(in US$ millions except for number of shares and per share amounts)		December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013

Net assets		$	3,419.3		$	3,444.5		$	3,554.2		$	3,386.8		$	3,299.6
Less: Preference shares		(555.8		)	(555.8		)	(555.8		)	(555.8		)	(555.8		)
Less: Non-controlling interest		(0.5		)	0.3			0.2			0.2			0.3
Total		$	2,863.0		$	2,889.0		$	2,998.6		$	2,831.2		$	2,744.1

Ordinary shares outstanding (in millions)		62.017			63.350			65.463			65.419			65.547
Ordinary shares and dilutive potential ordinary shares (in millions)		63.445			64.783			66.871			66.281			67.090

Book value per ordinary share		$	46.16		$	45.60		$	45.81		$	43.28		$	41.87
Diluted book value per ordinary share		$	45.13		$	44.60		$	44.84		$	42.72		$	40.90

The dilutive effect of options has been calculated using the treasury stock method. The treasury stock method assumes that the proceeds received from the exercise of options will be used to purchase the Company's ordinary shares at the average market price during the period of calculation.



		ASPEN INSURANCE HOLDINGS LIMITED
		Operating Income Reconciliation

Net income is adjusted to exclude after-tax change in net foreign exchange gains and losses, realized gains and losses in investments and non-recurring items.
			Three Months Ended						Twelve Months Ended
(in US$ millions except where stated)			December 31, 2014			December 31, 2013			December 31, 2014			December 31, 2013

Net income as reported			$	67.2		$	90.0		$	355.8		$	329.3
Changes in redemption value of the PIERS			—			—			—			(7.1		)
Net change attributable to non-controlling interest			(0.8		)	0.2			(0.8		)	0.5
Preference share dividends			(9.4		)	(9.4		)	(37.8		)	(35.5		)
Net income available to ordinary shareholders			57.0			80.8			317.2			287.2
Add (deduct) after tax income:
	Net foreign exchange losses		3.1			3.8			2.2			13.3
	Net realized losses/(gains) on investments		1.0			(9.4		)	(18.0		)	(38.3		)
	Changes in redemption value of the PIERS		—			—			—			7.1
	Non-recurring corporate expenses		—			—			28.5			—
Operating income after tax available to ordinary shareholders			61.1			75.2			329.9			269.3

Tax expense on operating income			0.4			3.2			12.7			13.4
Operating income before tax available to ordinary shareholders			$	61.5		$	78.4		$	342.6		$	282.7

Basic earnings per ordinary share
Net income adjusted for preference share dividends and non-controlling interest			$	0.92		$	1.23		$	4.92		$	4.29
Add (deduct) after tax income:
	Net foreign exchange losses		0.05			0.06			0.03			0.20
	Net realized losses/(gains) on investments		0.02			(0.14		)	(0.28		)	(0.57		)
	Changes in redemption value of the PIERS		—			—			—			0.11
	Non-recurring corporate expenses		—			—			0.44			—
Operating income adjusted for preference shares dividends and non-controlling interest			$	0.99		$	1.15		$	5.11		$	4.03

Diluted earnings per ordinary share
Net income adjusted for preference share dividends and non-controlling interest			$	0.90		$	1.21		$	4.82		$	4.14
Add (deduct) after tax income:
	Net foreign exchange losses		0.05			0.06			0.03			0.19
	Net realized losses/(gains)on investments		0.02			(0.14		)	(0.27		)	(0.55		)
	Changes in redemption value of the PIERS		—			—			—			0.10
	Non-recurring corporate expenses		—			—			0.43			—
Operating income adjusted for preference shares dividends and non-controlling interest			$	0.97		$	1.13		$	5.01		$	3.88

A-1



		ASPEN INSURANCE HOLDINGS LIMITED
		Written and Earned Premiums by Segment and Prior Lines of Business
(in US$ millions)
Gross Written Premiums			Q4 2014			Q3 2014		Q2 2014		Q1 2014		Q4 2013		Q3 2013		Q2 2013		Q1 2013
	Reinsurance
	Property Catastrophe Reinsurance		$	1.1		$	40.0	$	91.6	$	168.8	$	6.8	$	37.8	$	83.2	$	145.5
	Other Property Reinsurance		55.4			95.4		89.8		102.4		61.5		70.8		91.0		79.5
	Casualty Reinsurance		37.3			70.7		60.6		113.3		55.0		68.6		63.4		125.3
	Specialty Reinsurance		51.5			50.8		56.4		87.7		52.9		42.3		61.0		89.3
	Total Reinsurance		$	145.3		$	256.9	$	298.4	$	472.2	$	176.2	$	219.5	$	298.6	$	439.6
	Insurance
	Property Insurance		$	58.1		$	59.7	$	85.6	$	63.0	$	54.6	$	52.8	$	74.0	$	54.6
	Casualty Insurance		85.3			93.8		88.5		61.3		83.1		74.7		63.9		43.7
	Marine, Energy and Transportation Insurance		145.8			88.2		153.6		131.7		129.9		112.9		143.8		136.8
	Financial and Professional Lines Insurance		121.8			106.5		106.0		75.3		116.8		84.6		68.1		65.8
	Programs		59.1			47.4		47.2		52.0		43.8		37.1		38.9		32.9
	Total Insurance		$	470.1		$	395.6	$	480.9	$	383.3	$	428.2	$	362.1	$	388.7	$	333.8

	Total Gross Written Premiums		$	615.4		$	652.5	$	779.3	$	855.5	$	604.4	$	581.6	$	687.3	$	773.4
Net Written Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	(0.1	)	$	37.4	$	80.9	$	147.9	$	6.3	$	37.6	$	75.2	$	124.0
	Other Property Reinsurance		54.9			92.0		88.3		96.6		61.1		70.8		89.8		65.6
	Casualty Reinsurance		37.4			70.7		61.5		111.4		54.2		67.7		62.6		123.1
	Specialty Reinsurance		51.4			50.8		56.2		86.7		52.9		42.3		61.0		87.8
	Total Reinsurance		$	143.6		$	250.9	$	286.9	$	442.6	$	174.5	$	218.4	$	288.6	$	400.5
	Insurance
	Property Insurance		$	42.2		$	42.3	$	54.6	$	16.6	$	48.2	$	50.9	$	67.1	$	16.3
	Casualty Insurance		58.5			82.4		74.3		41.4		63.2		61.6		56.2		24.6
	Marine, Energy and Transportation Insurance		137.6			64.2		131.1		119.5		118.5		107.1		102.7		126.4
	Financial and Professional Lines Insurance		113.5			95.8		97.4		33.9		113.6		69.3		64.3		2.9
	Programs		58.6			41.7		42.1		43.5		30.0		34.7		33.8		26.3
	Total Insurance		$	410.4		$	326.4	$	399.5	$	254.9	$	373.5	$	323.6	$	324.1	$	196.5

	Total Net Written Premiums		$	554.0		$	577.3	$	686.4	$	697.5	$	548.0	$	542.0	$	612.7	$	597.0
Net Earned Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	60.0		$	62.5	$	62.7	$	62.4	$	64.0	$	60.4	$	65.1	$	58.7
	Other Property Reinsurance		68.0			84.1		81.5		79.2		73.0		62.5		79.1		71.0
	Casualty Reinsurance		75.4			75.0		78.8		72.2		84.8		78.9		75.2		66.6
	Specialty Reinsurance		59.7			58.0		55.8		52.9		63.0		53.9		56.4		60.4
	Total Reinsurance		$	263.1		$	279.6	$	278.8	$	266.7	$	284.8	$	255.7	$	275.8	$	256.7
	Insurance
	Property Insurance		$	36.4		$	40.7	$	54.7	$	42.3	$	42.4	$	46.2	$	44.1	$	45.7
	Casualty Insurance		57.2			67.6		53.3		49.6		40.7		44.5		40.7		34.6
	Marine, Energy and Transportation Insurance		111.4			107.2		119.9		115.1		117.7		123.3		116.8		101.6
	Financial and Professional Lines Insurance		95.8			75.6		70.6		65.2		56.9		52.5		45.9		51.0
	Programs		48.3			39.7		38.9		27.6		30.1		22.1		20.7		21.3
	Total Insurance		$	349.1		$	330.8	$	337.4	$	299.8	$	287.8	$	288.6	$	268.2	$	254.2

	Total Net Earned Premiums		$	612.2		$	610.4	$	616.2	$	566.5	$	572.6	$	544.3	$	544.0	$	510.9

A-2

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