AHL Aspen Insurance Holdings Limited Ordinary Shares

Aspen Insurance Holdings Limited Announces Exercise of Over-Allotment Option HAMILTON, Bermuda, December 15 /PRNewswire/ -- Aspen Insurance Holdings Limited (NYSE: AHL) today announced that the underwriters of its previously announced initial public offering of ordinary shares have exercised in full their over-allotment option to purchase an additional 1,578,600 shares. This completes the Company's ordinary share offering whereby a total of 12,102,600 shares were sold with net proceeds to the Company of approximately $245.5 million. The Company intends to use the proceeds from the offering to provide initial or additional capital to its subsidiaries, to repay a portion of the outstanding debt under its revolving credit facilities and for other general corporate purposes. Following the offering and the exercise of the over-allotment option, and upon the issuance of 152,583 ordinary shares due to the exercise of 440,144 options by the Names' Trustee on a cash and cashless basis, the Company will have 69,179,303 shares outstanding. Credit Suisse First Boston and Goldman, Sachs & Co. acted as joint book-running managers for the offering. A copy of the prospectus relating to the offering may be obtained at www.sec.gov or from Credit Suisse First Boston at Prospectus Department, 11 Madison Avenue, New York, N.Y. 10010, or by phone at +1 (212) 325-2580 and Goldman, Sachs & Co. at Prospectus Department, 85 Broad Street, New York, N.Y. 10004, or by phone at +1 (212) 902-1171. A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission and was declared effective on December 3, 2003. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offer or sale will be made only by means of the written prospectus forming a part of the effective registration statement. About Aspen Insurance Holdings Limited Aspen Insurance Holdings Limited was established in June 2002. Aspen is a Bermudian holding company that provides property and casualty reinsurance in the global market, property and liability insurance principally in the United Kingdom and surplus lines insurance in the United States. Aspen's operations are conducted through its wholly-owned subsidiaries located in London, Bermuda and the United States: Aspen Insurance UK Limited, Aspen Insurance Limited and Aspen Specialty Insurance Company. Aspen's reinsurance segment consists of property reinsurance, casualty reinsurance and specialty reinsurance lines of business. Aspen's insurance segment consists of commercial property insurance and commercial liability insurance lines of business. Aspen's principal existing shareholders include The Blackstone Group, Candover Partners Limited, Wellington Underwriting plc and Credit Suisse First Boston Private Equity. This press release contains, and Aspen may from time to time make, written or oral "forward-looking statements" within the meaning of the U.S. federal securities laws. All forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and other factors, many of which are outside of Aspen's control that could cause actual results to differ materially from such statements. For a detailed description of these uncertainties and other factors that could cause the actual results to differ, please see the "Risk Factors" section in Aspen's Registration Statement on Form F-1 with respect to the ordinary shares, filed with the U.S. Securities and Exchange Commission. DATASOURCE: Aspen Insurance Holdings Carina Thate or Erin Moore, both of The Abernathy MacGregor Group, +1-212-371-5999; or U.K. - Suzanne Bartch or Brian Hudspith, both of The Maitland Consultancy, +44-20-7379-5151; or Investors - Julian Cusack of Aspen Insurance Holdings Limited, +1-441-295-8201

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