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): November 2, 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 November 2, 2015, Aspen Insurance Holdings Limited (“Aspen” or the “Company”) issued a press release announcing results for the quarter and nine months ended September 30, 2015, 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 nine months ended September 30, 2015 is attached hereto as Exhibit 99.2.

Section 7 - Regulation FD

Item 7.01 - Regulation FD Disclosure

On November 2, 2015, Aspen issued a press release announcing results for the quarter and nine months ended September 30, 2015 which is attached hereto as Exhibit 99.1. A copy of the Aspen Insurance Holdings Limited Earnings Release Supplement for the quarter and nine months ended September 30, 2015 is attached hereto as Exhibit 99.2.

In addition, the information about Aspen described in the slides attached hereto as Exhibit 99.3, to be used for reference during the earnings call to be held on November 3, 2015, will be presented by the Chief Executive Officer, the Chief Financial Officer and other members of senior management to various investors throughout the fourth quarter of 2015.

Safe Harbor for Forward-Looking Statements

Some of the statements in Exhibit 99.3 include forward-looking statements which reflect our current views with respect to future events and financial performance. Such statements may include forward-looking statements both with respect to us in general and the insurance and reinsurance sectors specifically, both as to underwriting and investment matters. Statements that include the words “expect,” “assume,” “objective,” “intend,” “plan,” “believe,” “do not believe,” “aim,” “project,” “anticipate,” “seek,” “will,” “likely,” “estimate,” “may,” “continue,” “guidance,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” “on track” and similar statements of a future or forward-looking nature identify forward-looking statements in Exhibit 99.3 for purposes of the U.S. federal securities laws or otherwise. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the Private Securities Litigation Reform Act of 1995.

All forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or may be important factors that could cause actual results to differ from those indicated in the forward-looking statements. See slide 2 of the attached presentation on Exhibit 99.3 for such factors as well as our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission.

Forward-looking statements speak only as of the date on which they are made or as otherwise indicated, and we undertake no obligation publicly to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

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:


1.	Press Release of the Registrant, dated November 2, 2015.


2.	Earnings Release Supplement for the quarter and nine months ended September 30, 2015.


3.	Third Quarter 2015 Slide Presentation.

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: November 2, 2015	By:
	Name:	Scott Kirk
	Title:	Chief Financial Officer

Exhibit 99.1



	PRESS RELEASE

ASPEN REPORTS RESULTS FOR QUARTER AND NINE MONTHS ENDED

SEPTEMBER 30, 2015

Gross Written Premiums up 10.4% in the Third Quarter with Growth in both Insurance and Reinsurance

Record Insurance Underwriting Income of $41.8 million in the Third Quarter and Combined Ratio of 88.3%

Annualized Net Income Return on Equity of 8.3% and Annualized Operating Return on Equity of 9.7% Through the Nine Months

Hamilton, Bermuda, November 2, 2015 - Aspen Insurance Holdings Limited (“Aspen”) (NYSE: AHL) reported today net income after tax of $28.2 million, or $0.30 per diluted share, and operating income after tax of $67.2 million, or $0.93 per diluted share, for the third quarter of 2015.

Chris O’Kane, Chief Executive Officer, commented, “Aspen achieved an excellent result in the third quarter, with a number of important achievements. Our Insurance business delivered the strongest quarterly underwriting performance in its history, and a combined ratio of 88.3%. Our U.S. Insurance platform is on track to exceed $600 million of net earned premiums in 2015, together with an expense ratio of less than 16%, while our International Insurance platform demonstrated a significant improvement in underwriting performance. At Aspen Re, our teams continued to demonstrate their innovative solutions, deep client relationships and disciplined underwriting. This was reflected in significant gross written premium growth, both from new business opportunities and the large pro-rata deals that we noted last quarter. Across our Insurance and Reinsurance businesses, we remain focused on building value for clients in our chosen areas of expertise. We continue to expect to achieve an 11% operating return on equity for 2015."⁽²⁾

Operating highlights for the quarter ended September 30, 2015


•	Gross written premiums increased by 10.4% to $720.5 million in the third quarter of 2015 compared with $652.5 million in the third quarter of 2014

_________________

Non-GAAP financial measures are used throughout this release as defined in footnote⁽¹⁾, starting on page 13.


•	Combined ratio of 93.4% for the third quarter of 2015 compared with 94.6% for the third quarter of 2014. Net favorable development on prior year loss reserves of $39.0 million, or 6.1 combined ratio points, for the third quarter of 2015 compared with $32.6 million, or 5.3 combined ratio points, in the comparable period a year ago


•	Pre-tax catastrophe losses, net of reinsurance recoveries, totaled $19.1 million, or 3.0 combined ratio points, in the third quarter of 2015 compared with $17.1 million, or 2.8 combined ratio points, of pre-tax catastrophe losses, net of reinsurance recoveries, in the third quarter of 2014


•	Pre-tax losses, net of reinsurance recoveries, related to the explosion in the port of Tianjin, China totaled $30.0 million, or 4.7 combined ratio points, in the third quarter of 2015

Financial highlights for the quarter and nine months ended September 30, 2015


•	Annualized net income return on average equity of 2.8% and annualized operating return on average equity of 8.4% for the quarter ended September 30, 2015 compared with 4.0% and 10.0%, respectively, for the third quarter of 2014


•	Annualized net income return on average equity of 8.3% and annualized operating return on average equity of 9.7% for the first nine months of 2015 compared with 12.0% and 12.4%, respectively, for the first nine months of 2014


•	Net income per diluted share of $0.30 for the quarter ended September 30, 2015 compared with net income per diluted share of $0.42 for the quarter ended September 30, 2014, and net income per diluted share of $2.80 for the nine months ended September 30, 2015 compared with net income per diluted share of $3.91 for the nine months ended September 30, 2014


•	Operating income per diluted share of $0.93 for the quarter ended September 30, 2015 compared with operating income per diluted share of $1.08 for the quarter ended September 30, 2014,and operating income per diluted share of $3.31 for the nine months ended September 30, 2015 compared with operating income per diluted share of $4.04 for the nine months ended September 30, 2014


•	Diluted book value per share of $45.28 at September 30, 2015 up 0.3% from December 31, 2014.

Segment Highlights

Insurance

Operating highlights for Insurance for the quarter ended September 30, 2015 include:


•	Gross written premiums of $403.9 million, an increase of 2.1% compared with $395.6 million in the third quarter of 2014


•	Combined ratio of 88.3% compared with 96.7% for the third quarter of 2014


•	Prior year favorable reserve development of $22.9 million, or 6.4 combined ratio points, compared with prior year favorable reserve development of $6.6 million, or 2.0 combined ratio points, for the third quarter of 2014

The U.S. platform drove the increase in gross written premiums, achieving growth of 14.2%, together with solid profitability in the quarter. Growth in Property and Casualty, and Financial and Professional Lines, was offset by a decline in Marine, Energy and Aviation.

The combined ratio of 88.3% for the third quarter of 2015 included $2.3 million, or 0.6 percentage points, of pre-tax catastrophe losses, net of reinsurance recoveries, primarily related to weather-related events in the U.S. The combined ratio for the third quarter of 2014 included $6.6 million, or 2.0 percentage points, of pre-tax catastrophe losses net of reinsurance recoveries. For the quarter ended September 30, 2015, the Insurance accident year loss ratio excluding catastrophes was 60.8% compared with 63.7% a year ago.

Mario Vitale, CEO of Insurance, commented, “We had a very good quarter in our Insurance business, delivering record underwriting income and an accident year ex-cat loss ratio of 60.8%. The U.S. teams achieved strong underwriting income and drove most of the gross written premium growth in the quarter, with significant contributions from areas such as Casualty and Financial and Professional lines. We recorded $614 million of net earned premium in the U.S. platform over the last twelve months through September 30, 2015. In our International platform, we continued to see growth in our U.K. Property and Casualty lines, and the U.K. regional business. Our International teams delivered improved underwriting income and maintained a disciplined approach, choosing not to renew some business in areas where we believe that rates do not reflect underlying risks and instead focusing more on well-rated opportunities.”⁽²⁾

Reinsurance

Operating highlights for Reinsurance for the quarter ended September 30, 2015 include:


•	Gross written premiums of $316.6 million, an increase of 23.2% from $256.9 million in the third quarter of 2014


•	Combined ratio of 94.7% compared with 79.5% for the third quarter of 2014


•	Prior year favorable reserve development of $16.1 million, or 5.7 combined ratio points, compared with $26.0 million prior year favorable loss reserve development, or 9.3 combined ratio points, for the third quarter of 2014

The combined ratio of 94.7% for the third quarter of 2015 included $16.8 million, or 5.9% percentage points, of pre-tax catastrophe losses, net of reinsurance recoveries, primarily related to wildfires in the U.S. state of Washington, the earthquake in Chile and weather-related events in the U.S., New Zealand and Australia. The combined ratio of 79.5% for the third quarter of 2014 included $10.5 million, or 3.8 percentage points, of pre-tax catastrophe losses, net of reinsurance recoveries.

For the quarter ended September 30, 2015, the Reinsurance accident year loss ratio excluding catastrophes was 59.5% compared with 52.7% a year ago. The Reinsurance loss ratio for the third quarter of 2015 was impacted by $27.0 million, or 9.5 percentage points, of pre-tax losses, net of reinsurance recoveries, related to the Tianjin explosion.

Stephen Postlewhite, CEO of Reinsurance, commented on the quarter, “Aspen Re's 23% growth in the quarter continues to demonstrate our significance as a preferred market for our clients and is a direct result of a targeted strategy. We improved our shares with selected clients, capitalized on new business opportunities, and benefited from the significant pro-rata deals written earlier in the year. Our continued success is a reflection of our disciplined underwriting, bespoke client solutions, and comprehensive approach to distribution, combined with the strength of our client relationships.”⁽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 3.44 years at September 30, 2015 excluding the impact of interest rate swaps, or 3.33 years including the impact of interest rate swaps. The total return on Aspen’s aggregate investment portfolio was 0.21% for the three months ended September 30, 2015 and reflected $32.7 million of mark to market losses in the equity portfolio. In the first nine months of 2015, Aspen’s aggregate investment portfolio had a positive total return of 0.69%.

Book yield as at September 30, 2015 on the fixed income portfolio was 2.50% compared to 2.65% at December 31, 2014.

Capital

Total shareholders’ equity was $3.4 billion at September 30, 2015.

During the third quarter of 2015, no ordinary shares were repurchased. Aspen has repurchased 1,790,333 ordinary shares for a total cost of $83.7 million during the first nine months of 2015. Aspen continues to have $416.3 million remaining under its current share repurchase authorization as at November 2, 2015.

Outlook

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

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 (ET) on Tuesday, November 3, 2015.

To participate in the November 3 conference call by phone

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

+1 (844) 378 6481 (US toll free) or

+1 (412) 542 4176 (international)

Conference ID 10072605

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

+1 (877) 344 7529 (US toll free) or

+1 (412) 317 0088 (international)

Replay ID 10072605

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

Mark Jones, Senior Vice President, Investor Relations, Aspen

Mark.P.Jones@aspen.co

+1 (646) 289 4945

Media

Karen Green, Office of the CEO

Karen.green@aspen.co

+44 20 7184 8110

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 September 30, 2015		As at December 31, 2014

ASSETS
Total investments		$	7,422.1	$	7,428.9
Cash and cash equivalents		1,196.7		1,178.5
Reinsurance recoverables		573.3		556.8
Premiums receivable		1,208.4		1,011.7
Other assets		603.2		540.4
	Total assets	$	11,003.7	$	10,716.3

LIABILITIES
Losses and loss adjustment expenses		$	4,913.9	$	4,750.8
Unearned premiums		1,686.9		1,441.8
Other payables		397.9		484.6
Silverton loan notes		84.5		70.7
Long-term debt		549.2		549.1
	Total liabilities	$	7,632.4	$	7,297.0

SHAREHOLDERS’ EQUITY
Total shareholders’ equity		3,371.3		3,419.3
Total liabilities and shareholders’ equity		$	11,003.7	$	10,716.3

Book value per share		$	46.30	$	46.16
Diluted book value per share (treasury stock method)		$	45.28	$	45.13

Aspen Insurance Holdings Limited

Summary consolidated statement of income (unaudited)

$ in millions, except ratios



		Three Months Ended
		September 30, 2015			September 30, 2014
UNDERWRITING REVENUES
Gross written premiums		$	720.5		$	652.5
Premiums ceded		(68.7		)	(75.2		)
Net written premiums		651.8			577.3
Change in unearned premiums		(11.2		)	33.1
Net earned premiums		640.6			610.4
UNDERWRITING EXPENSES
Losses and loss adjustment expenses		365.6			342.7
Amortization of deferred policy acquisition costs		132.0			115.5
General, administrative and corporate expenses (excluding non-recurring corporate expenses)		100.5			99.6
Total underwriting expenses		598.1			557.8
Underwriting income including corporate expenses		42.5			52.6
OTHER OPERATING REVENUE
Net investment income		45.0			48.0
Interest expense		(7.4		)	(7.4		)
Other (expense)		(10.6		)	(7.8		)
Total other operating revenue		27.0			32.8

OPERATING INCOME BEFORE TAX		69.5			85.4

Non-recurring corporate expenses (bid defense costs)		—			(20.2		)
Net realized and unrealized exchange gains (losses)		4.5			(9.9		)
Net realized and unrealized investment (losses)		(44.0		)	(16.6		)
INCOME BEFORE TAX		30.0			38.7
Income tax expense		(1.8		)	(1.3		)
NET INCOME AFTER TAX		28.2			37.4
Dividends paid on ordinary shares		(12.7		)	(13.1		)
Dividends paid on preference shares		(9.5		)	(9.5		)
Proportion due to non-controlling interest		(0.3		)	0.1
Retained income		$	5.7		$	14.9
Components of net income (after tax)
	Operating income	$	67.2		$	81.7
	Non-recurring corporate expenses	—			(20.2		)
	Net realized and unrealized exchange gains (losses) after tax	1.4			(7.5		)
	Net realized investment (losses) after tax	(40.4		)	(16.6		)
NET INCOME AFTER TAX		$	28.2		$	37.4

Loss ratio		57.1		%	56.1		%
Policy acquisition expense ratio		20.6		%	18.9		%
General, administrative and corporate expense ratio		15.7		%	19.6		%
General, administrative and corporate expense ratio (excluding non-recurring corporate expenses)		15.7		%	16.3		%
Expense ratio		36.3		%	38.5		%
Expense ratio (excluding non-recurring corporate expenses)		36.3		%	35.2		%
Combined ratio		93.4		%	94.6		%
Combined ratio (excluding non-recurring corporate expenses)		93.4		%	91.3		%

Aspen Insurance Holdings Limited

Summary consolidated statement of income (unaudited)

$ in millions, except ratios



		Nine Months Ended
		September 30, 2015			September 30, 2014
UNDERWRITING REVENUES
Gross written premiums		$	2,362.5		$	2,287.3
Premiums ceded		(303.1		)	(326.1		)
Net written premiums		2,059.4			1,961.2
Change in unearned premiums		(215.8		)	(168.1		)
Net earned premiums		1,843.6			1,793.1
UNDERWRITING EXPENSES
Losses and loss adjustment expenses		1,032.2			967.9
Amortization of deferred policy acquisition costs		365.4			336.4
General, administrative and corporate expenses (excluding non-recurring corporate expenses)		298.1			295.7
Total underwriting expenses		1,695.7			1,600.0
Underwriting income including corporate expenses		147.9			193.1
OTHER OPERATING REVENUE
Net investment income		139.1			143.6
Interest expense		(22.1		)	(22.1		)
Other (expense)		(14.9		)	(5.9		)
Total other operating revenue		102.1			115.6

OPERATING INCOME BEFORE TAX		250.0			308.7

Non-recurring corporate expenses (bid defense costs)		—			(28.5		)
Net realized and unrealized exchange (losses) gains		(15.9		)	0.4
Net realized and unrealized investment (losses) gains		(19.8		)	19.3
INCOME BEFORE TAX		214.3			299.9
Income tax expense		(9.1		)	(11.3		)
NET INCOME AFTER TAX		205.2			288.6
Dividends paid on ordinary shares		(38.1		)	(37.9		)
Dividends paid on preference shares		(28.4		)	(28.4		)
Proportion due to non-controlling interest		(0.8		)	—
Retained income		$	137.9		$	222.3
Components of net income (after tax)
	Operating income	$	237.4		$	297.2
	Non-recurring corporate expenses	—			(28.5		)
	Net realized and unrealized exchange (losses) gains after tax	(15.9		)	0.9
	Net realized investment (losses) gains after tax	(16.3		)	19.0
NET INCOME AFTER TAX		$	205.2		$	288.6

Loss ratio		56.0		%	54.0		%
Policy acquisition expense ratio		19.8		%	18.8		%
General, administrative and corporate expense ratio		16.2		%	18.1		%
General, administrative and corporate expense ratio (excluding non-recurring corporate expenses)		16.2		%	16.5		%
Expense ratio		36.0		%	36.9		%
Expense ratio (excluding non-recurring corporate expenses)		36.0		%	35.3		%
Combined ratio		92.0		%	90.9		%
Combined ratio (excluding non-recurring corporate expenses)		92.0		%	89.3		%

Aspen Insurance Holdings Limited

Summary consolidated financial data (unaudited)

$ in millions, except number of shares



		Three Months Ended				Nine Months Ended
		September 30, 2015		September 30, 2014		September 30, 2015		September 30, 2014

Basic earnings per ordinary share
	Net income adjusted for preference share dividend and non-controlling interest		$0.30		$0.43		$2.86		$3.99
	Operating income adjusted for preference share dividend and non-controlling interest		$0.94		$1.11		$3.39		$4.13
Diluted earnings per ordinary share
	Net income adjusted for preference share dividend and non-controlling interest		$0.30		$0.42		$2.80		$3.91
	Operating income adjusted for preference share dividend and non-controlling interest		$0.93		$1.08		$3.31		$4.04

Weighted average number of ordinary shares outstanding (in millions)		60.779		65.116		61.442		65.284

Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)		62.155		66.513		62.878		66.599

Book value per ordinary share			$46.30		$45.60		$46.30		$45.60
Diluted book value per ordinary share (treasury stock method)			$45.28		$44.60		$45.28		$44.60

Ordinary shares outstanding at end of the period (in millions)		60.782		63.350		60.782		63.350

Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (treasury stock method) (in millions)		62.147		64.783		62.147		64.783

Aspen Insurance Holdings Limited

Summary consolidated segment information (unaudited)

$ in millions, except ratios



		Three Months Ended September 30, 2015									Three Months Ended September 30, 2014
		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	316.6		$	403.9		$	720.5		$	256.9		$	395.6		$	652.5
Net written premiums		294.7			357.1			651.8			250.9			326.4			577.3
Gross earned premiums		304.6			429.0			733.6			291.0			403.9			694.9
Net earned premiums		284.6			356.0			640.6			279.6			330.8			610.4
Losses and loss adjustment expenses		169.9			195.7			365.6			132.0			210.7			342.7
Policy acquisition expenses		64.8			67.2			132.0			52.1			63.4			115.5
General and administrative expenses		34.7			51.3			86.0			38.4			45.6			84.0
Underwriting income		$	15.2		$	41.8		$	57.0		$	57.1		$	11.1		$	68.2

Net investment income								45.0									48.0
Net realized and unrealized investment (losses) ⁽¹⁾								(44.0		)							(16.6		)
Corporate expenses								(14.5		)							(15.6		)
Non-recurring corporate expenses								—									(20.2		)
Other (expense) ⁽²⁾								(10.6		)							(7.8		)
Interest expense								(7.4		)							(7.4		)
Net realized and unrealized foreign exchange gains (losses) ⁽³⁾								4.5									(9.9		)
Income before tax								$	30.0								$	38.7
Income tax expense								(1.8		)							(1.3		)
Net income								$	28.2								$	37.4

Ratios
Loss ratio		59.7		%	55.0		%	57.1		%	47.2		%	63.7		%	56.1		%
	Policy acquisition expense ratio	22.8		%	18.9		%	20.6		%	18.6		%	19.2		%	18.9		%
	General and administrative expense ratio ⁽⁴⁾	12.2		%	14.4		%	15.7		%	13.7		%	13.8		%	19.6		%
	General and administrative expense ratio (excluding non-recurring corporate expenses) ⁽⁴⁾	12.2		%	14.4		%	15.7		%	13.7		%	13.8		%	16.3		%
Expense ratio		35.0		%	33.3		%	36.3		%	32.3		%	33.0		%	38.5		%
Expense ratio (excluding non-recurring corporate expenses)		35.0		%	33.3		%	36.3		%	32.3		%	33.0		%	35.2		%
Combined ratio		94.7		%	88.3		%	93.4		%	79.5		%	96.7		%	94.6		%
Combined ratio (excluding non-recurring corporate expenses)		94.7		%	88.3		%	93.4		%	79.5		%	96.7		%	91.3		%

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

⁽²⁾ Other (expense) in the third quarter of 2015 and third quarter of 2014 included $8.3 million and $8.5 million, respectively, related to a change in the fair value of loan notes issued by Silverton Re

⁽³⁾Includes realized and unrealized foreign exchange gains and losses and realized and unrealized gains and losses on foreign exchange contracts

⁽⁴⁾ 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



		Nine Months Ended September 30, 2015									Nine Months Ended September 30, 2014
		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	1,062.1		$	1,300.4		$	2,362.5		$	1,027.5		$	1,259.8		$	2,287.3
Net written premiums		975.0			1,084.4			2,059.4			980.4			980.8			1,961.2
Gross earned premiums		857.6			1,267.3			2,124.9			859.2			1,182.0			2,041.2
Net earned premiums		802.3			1,041.3			1,843.6			825.1			968.0			1,793.1
Losses and loss adjustment expenses		391.7			640.5			1,032.2			367.4			600.5			967.9
Policy acquisition expenses		168.6			196.8			365.4			152.3			184.1			336.4
General and administrative expenses		102.5			151.8			254.3			107.0			142.6			249.6
Underwriting income		$	139.5		$	52.2		$	191.7		$	198.4		$	40.8		$	239.2

Net investment income								139.1									143.6
Net realized and unrealized investment (losses) gains ⁽¹⁾								(19.8		)							19.3
Corporate expenses								(43.8		)							(46.1		)
Non-recurring corporate expenses								—									(28.5		)
Other (expense) ⁽²⁾								(14.9		)							(5.9		)
Interest expense								(22.1		)							(22.1		)
Net realized and unrealized foreign exchange (losses) gains⁽³⁾								(15.9		)							0.4
Income before tax								$	214.3								$	299.9
Income tax expense								(9.1		)							(11.3		)
Net income								$	205.2								$	288.6

Ratios
Loss ratio		48.8		%	61.5		%	56.0		%	44.5		%	62.0		%	54.0		%
	Policy acquisition expense ratio	21.0		%	18.9		%	19.8		%	18.5		%	19.0		%	18.8		%
	General and administrative expense ratio ⁽⁴⁾	12.8		%	14.6		%	16.2		%	13.0		%	14.7		%	18.1		%
	General and administrative expense ratio (excluding non-recurring corporate expenses) ⁽⁴⁾	12.8		%	14.6		%	16.2		%	13.0		%	14.7		%	16.5		%
Expense ratio		33.8		%	33.5		%	36.0		%	31.5		%	33.7		%	36.9		%
Expense ratio (excluding non-recurring corporate expenses)		33.8		%	33.5		%	36.0		%	31.5		%	33.7		%	35.3		%
Combined ratio		82.6		%	95.0		%	92.0		%	76.0		%	95.7		%	90.9		%
Combined ratio (excluding non-recurring corporate expenses)		82.6		%	95.0		%	92.0		%	76.0		%	95.7		%	89.3		%

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

⁽²⁾ Other (expense) in the nine months ended September 30, 2015 and September 30, 2014 included $14.5 million and $14.5 million, respectively, related to a change in the fair value of loan notes issued by Silverton Re

⁽³⁾ Includes realized and unrealized foreign exchange gains and losses and realized and unrealized gains and losses on foreign exchange contracts

⁽⁴⁾ 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 Australia, 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,” "on track" 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, including our assumptions on inflation costs associated with long-tail casualty business which could differ materially from actual experience; 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 23, 2015. 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 22 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 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 amount of $20.2 million and $28.5 million for the three and nine months ended September 30, 2014.

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 22 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 21 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 22 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.

Accident Year Loss Ratio Excluding Catastrophes is a non-GAAP financial measure. Aspen believes that the presentation of loss ratios excluding catastrophes and prior year reserve movements supports meaningful comparison from period to period of the underlying performance of the business. Accident year loss ratios excluding catastrophes are 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 catastrophe losses in the third quarter of 2015 as losses associated with wildfires in the U.S. state of Washington, the earthquake in Chile and weather-related events in the U.S., New Zealand and Australia and in 2014 as losses predominantly associated with North American and European storms. See pages 10 and 11 of Aspen’s financial supplement for a reconciliation of loss ratios to accident year loss ratios excluding catastrophes.

(2) The outlook for 2015

The outlook for 2015 assumes our expectations of normal loss experience, our current view of interest rates and our 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. Our assumptions are 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. Greater 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 September 30, 2015

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

Mark Jones, Senior Vice President, Investor Relations

T: +1 646 289 4945

email: Mark.P.Jones@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
Consolidated Investment Portfolio		19
Investment Analysis		20
Book Value Per Ordinary Share		21
Operating Income Reconciliation		22



		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, 2014. 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-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 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 amount of $20.2 million and $28.5 million for the three and nine months to September 30, 2014, respectively.

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 22 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 22 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 22 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 21.

Accident year loss ratio excluding catastrophes (a non-GAAP financial measure): Aspen believes that the presentation of loss ratios excluding catastrophes and prior year reserve movements supports meaningful comparison from period to period of the underlying performance of the business. Accident year loss ratios 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 catastrophe losses in the third quarter of 2015 as losses associated with the Washington wildfires, the earthquake in Chile and weather-related events in the U.S., New Zealand and Australia and in 2014 as losses predominantly associated with North American and European storms. See pages 10 and 11 for a reconciliation of loss ratios to accident year loss ratios.

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 September 30,								Nine Months Ended September 30,
(in US$ millions except for percentages, share and per share amounts)		2015			2014			Change		2015			2014			Change
Gross written premium		$	720.5		$	652.5		10.4	%	$	2,362.5		$	2,287.3		3.3	%
Net written premium		$	651.8		$	577.3		12.9	%	$	2,059.4		$	1,961.2		5.0	%
Net earned premium		$	640.6		$	610.4		4.9	%	$	1,843.6		$	1,793.1		2.8	%
Net income after tax		$	28.2		$	37.4		(24.6	)%	$	205.2		$	288.6		(28.9	)%
Operating income after tax		$	67.2		$	81.7		(17.7	)%	$	237.4		$	297.2		(20.1	)%
Net investment income		$	45.0		$	48.0		(6.3	)%	$	139.1		$	143.6		(3.1	)%
Underwriting income		$	42.5		$	52.6		(19.2	)%	$	147.9		$	193.1		(23.4	)%
Earnings Per Share and Book Value Per Share
Basic earnings per ordinary share
Net income adjusted for preference share dividend and non-controlling interest		$	0.30		$	0.43		(30.2	)%	$	2.86		$	3.99		(28.3	)%
Operating income adjusted for preference share dividend and non-controlling interest		$	0.94		$	1.11		(15.3	)%	$	3.39		$	4.13		(17.9	)%
Diluted earnings per ordinary share
Net income adjusted for preference share dividend and non-controlling interest		$	0.30		$	0.42		(28.6	)%	$	2.80		$	3.91		(28.4	)%
Operating income adjusted for preference share dividend and non-controlling interest		$	0.93		$	1.08		(13.9	)%	$	3.31		$	4.04		(18.1	)%
Weighted average number of ordinary shares outstanding (in millions of shares)		60.779			65.116			(6.7	)%	61.442			65.284			(5.9	)%
Diluted weighted average number of ordinary shares outstanding (in millions of shares)		62.155			66.513			(6.6	)%	62.878			66.599			(5.6	)%
Book value per ordinary share		$	46.30		$	45.60		1.5	%	$	46.30		$	45.60		1.5	%
Diluted book value per ordinary share		$	45.28		$	44.60		1.5	%	$	45.28		$	44.60		1.5	%
Ordinary shares outstanding at September 30, 2015 and September 30, 2014 (in millions of shares)		60.782			63.350			(4.1	)%	60.782			63.350			(4.1	)%
Diluted ordinary shares outstanding at September 30, 2015 and September 30, 2014 (in millions of shares)		62.147			64.783			(4.1	)%	62.147			64.783			(4.1	)%
Underwriting Ratios
Loss ratio		57.1		%	56.1		%			56.0		%	54.0		%
Policy acquisition expense ratio		20.6		%	18.9		%			19.8		%	18.8		%
General, administrative and corporate expense ratio		15.7		%	19.6		%			16.2		%	18.1		%
General, administrative and corporate expense ratio (excluding non-recurring corporate expenses)		15.7		%	16.3		%			16.2		%	16.5		%
Expense ratio		36.3		%	38.5		%			36.0		%	36.9		%
Expense ratio (excluding non-recurring corporate expenses)		36.3		%	35.2		%			36.0		%	35.3		%
Combined ratio		93.4		%	94.6		%			92.0		%	90.9		%
Combined ratio (excluding non-recurring corporate expenses)		93.4		%	91.3		%			92.0		%	89.3		%
Return On Equity
Average equity ⁽¹⁾		$	2,810.5		$	2,943.8				$	2,850.3		$	2,875.5
Return on average equity
Net income adjusted for preference share dividend and non-controlling interest		0.7		%	1.0		%			6.2		%	9.0		%
Operating income adjusted for preference share dividend and non-controlling interest		2.1		%	2.5		%			7.3		%	9.3		%
Annualized return on average equity
Net income		2.8		%	4.0		%			8.3		%	12.0		%
Operating income		8.4		%	10.0		%			9.7		%	12.4		%

See pages 7 and 22 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)		Q3 2015			Q2 2015			Q1 2015			Q4 2014			Q3 2014			Q2 2014			Q1 2014
UNDERWRITING REVENUES
Gross written premiums		$	720.5		$	722.8		$	919.2		$	615.4		$	652.5		$	779.3		$	855.5
Premiums ceded		(68.7		)	(78.4		)	(156.0		)	(61.4		)	(75.2		)	(92.9		)	(158.0		)
Net written premiums		651.8			644.4			763.2			554.0			577.3			686.4			697.5
Change in unearned premiums		(11.2		)	(35.0		)	(169.6		)	58.2			33.1			(70.2		)	(131.0		)
Net earned premiums		640.6			609.4			593.6			612.2			610.4			616.2			566.5
UNDERWRITING EXPENSES
Losses and loss adjustment expenses		365.6			360.5			306.1			339.6			342.7			337.1			288.1
Amortization of deferred policy acquisition costs		132.0			114.1			119.3			114.8			115.5			108.9			112.0
General, administrative and corporate expenses (excluding non-recurring corporate expenses)		100.5			95.4			102.2			121.5			99.6			103.5			92.6
Total underwriting expenses		598.1			570.0			527.6			575.9			557.8			549.5			492.7
Underwriting income including corporate expenses		42.5			39.4			66.0			36.3			52.6			66.7			73.8
OTHER OPERATING REVENUE AND EXPENSES
Net investment income		45.0			46.7			47.4			46.7			48.0			46.1			49.5
Interest expense		(7.4		)	(7.3		)	(7.4		)	(7.4		)	(7.4		)	(7.3		)	(7.4		)
Other (expense)/income		(10.6		)	(2.7		)	(1.6		)	(3.9		)	(7.8		)	2.0			(0.1		)
Total other operating revenue		27.0			36.7			38.4			35.4			32.8			40.8			42.0
OPERATING INCOME BEFORE TAX		69.5			76.1			104.4			71.7			85.4			107.5			115.8
Non-recurring corporate expenses		—			—			—			—			(20.2		)	(5.3		)	(3.0		)
Net realized and unrealized exchange gains/(losses) ^{(1) (3)}		4.5			(9.4		)	(11.0		)	(2.8		)	(9.9		)	7.7			2.6
Net realized and unrealized investment (losses)/gains^{(2) (3)}		(44.0		)	(15.5		)	39.7			(0.9		)	(16.6		)	27.1			8.8
INCOME BEFORE TAX		30.0			51.2			133.1			68.0			38.7			137.0			124.2
Income tax expense		(1.8		)	(2.2		)	(5.1		)	(0.8		)	(1.3		)	(6.2		)	(3.8		)
NET INCOME AFTER TAX		28.2			49.0			128.0			67.2			37.4			130.8			120.4
Dividends paid on ordinary shares		(12.7		)	(13.0		)	(12.4		)	(12.4		)	(13.1		)	(13.1		)	(11.7		)
Dividends paid on preference shares		(9.5		)	(9.4		)	(9.5		)	(9.4		)	(9.5		)	(9.4		)	(9.5		)
Dividends paid to non-controlling interest		—			—			—			(0.1		)	—			—			—
Proportion due to non-controlling interest		(0.3		)	(0.5		)	—			(0.8		)	0.1			—			(0.1		)
Retained income		$	5.7		$	26.1		$	106.1		$	44.5		$	14.9		$	108.3		$	99.1
Components of net income after tax
Operating income		67.2			72.2			98.0			71.3			81.7			102.8			112.7
Non-recurring corporate expenses		—			—			—			—			(20.2		)	(5.3		)	(3.0		)
Net realized and unrealized exchange gains/(losses) after tax ^{(1) (3)}		1.4			(7.5		)	(9.8		)	(3.1		)	(7.5		)	6.3			2.1
Net realized and unrealized investment (losses)/gains after tax ^{(2) (3)}		(40.4		)	(15.7		)	39.8			(1.0		)	(16.6		)	27.0			8.6
NET INCOME AFTER TAX		$	28.2		$	49.0		$	128.0		$	67.2		$	37.4		$	130.8		$	120.4
Loss ratio		57.1		%	59.2		%	51.6		%	55.5		%	56.1		%	54.7		%	50.9		%
Policy acquisition expense ratio		20.6		%	18.7		%	20.1		%	18.8		%	18.9		%	17.7		%	19.8		%
General, administrative and corporate expense ratio		15.7		%	15.7		%	17.2		%	19.8		%	19.6		%	17.7		%	16.9		%
General, administrative and corporate expense ratio (excluding non-recurring corporate expenses)		15.7		%	15.7		%	17.2		%	19.8		%	16.3		%	16.8		%	16.3		%
Expense ratio		36.3		%	34.4		%	37.3		%	38.6		%	38.5		%	35.4		%	36.7		%
Expense ratio (excluding non-recurring corporate expenses)		36.3		%	34.4		%	37.3		%	38.6		%	35.2		%	34.5		%	36.1		%
Combined ratio		93.4		%	93.6		%	88.9		%	94.1		%	94.6		%	90.1		%	87.6		%
Combined ratio (excluding non-recurring corporate expenses)		93.4		%	93.6		%	88.9		%	94.1		%	91.3		%	89.2		%	87.0		%
Basic earnings per share⁽⁴⁾		$	0.30		$	0.64		$	1.91		$	0.92		$	0.43		$	1.85		$	1.70
Diluted earnings per share ⁽⁴⁾		$	0.30		$	0.62		$	1.87		$	0.90		$	0.42		$	1.82		$	1.66
Annualized return on average equity
Net income		2.8		%	5.6		%	16.4		%	8.0		%	4.0		%	16.8		%	16.0		%
Operating income		8.4		%	8.8		%	12.4		%	8.8		%	10.0		%	12.8		%	14.8		%
See pages 7 and 22 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 re-presentation 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
			Nine Months Ended September 30,
			2015			2014
UNDERWRITING REVENUES
Gross written premiums			$	2,362.5		$	2,287.3
Premiums ceded			(303.1		)	(326.1		)
Net written premiums			2,059.4			1,961.2
Change in unearned premiums			(215.8		)	(168.1		)
Net earned premiums			1,843.6			1,793.1
UNDERWRITING EXPENSES
Losses and loss adjustment expenses			1,032.2			967.9
Amortization of deferred policy acquisition costs			365.4			336.4
General, administrative and corporate expenses (excluding non-recurring corporate expenses)			298.1			295.7
Total underwriting expenses			1,695.7			1,600.0
Underwriting income including corporate expenses			147.9			193.1
OTHER OPERATING REVENUE AND EXPENSES
Net investment income			139.1			143.6
Interest expense			(22.1		)	(22.1		)
Other (expense)			(14.9		)	(5.9		)
Total other operating revenue			102.1			115.6
OPERATING INCOME BEFORE TAX			250.0			308.7
Non-recurring corporate expenses			—			(28.5		)
Net realized and unrealized exchange (losses)/gains ⁽¹⁾			(15.9		)	0.4
Net realized and unrealized investment (losses)/gains⁽²⁾			(19.8		)	19.3
INCOME BEFORE TAX			214.3			299.9
Income tax expense			(9.1		)	(11.3		)
NET INCOME AFTER TAX			205.2			288.6
Dividends paid on ordinary shares			(38.1		)	(37.9		)
Dividends paid on preference shares			(28.4		)	(28.4		)
Proportion due to non-controlling interest			(0.8		)	—
Retained income			$	137.9		$	222.3
Components of net income after tax
	Operating income		237.4			297.2
	Non-recurring corporate expenses		—			(28.5		)
	Net realized and unrealized exchange (losses)/gains after tax ⁽¹⁾		(15.9		)	0.9
	Net realized and unrealized investment (losses)/gains after tax ⁽²⁾		(16.3		)	19.0
NET INCOME AFTER TAX			$	205.2		$	288.6
Loss ratio			56.0		%	54.0		%
	Policy acquisition expense ratio		19.8		%	18.8		%
	General, administrative and corporate expense ratio		16.2		%	18.1		%
	General, administrative and corporate expense ratio (excluding non-recurring corporate expenses)		16.2		%	16.5		%
Expense ratio			36.0		%	36.9		%
Expense ratio (excluding non-recurring corporate expenses)			36.0		%	35.3		%
Combined ratio			92.0		%	90.9		%
Combined ratio (excluding non-recurring corporate expenses)			92.0		%	89.3		%

See pages 7 and 22 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.



	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Balance Sheets

(in US$ millions except for per share amounts)		September 30, 2015		June 30, 2015		March 31, 2015		December 31, 2014		September 30, 2014

Investments
Fixed income securities		$	6,496.4	$	6,407.4	$	6,339.2	$	6,401.0	$	6,271.9
Equity securities		696.3		729.3		719.0		725.9		647.0
Other investments		9.5		9.5		9.5		8.7		8.7
Catastrophe bonds		36.7		32.3		32.8		34.8		32.2
Short-term investments		183.2		185.2		180.9		258.5		314.2
Total investments		7,422.1		7,363.7		7,281.4		7,428.9		7,274.0
Cash and cash equivalents		1,196.7		1,148.4		1,225.9		1,178.5		1,289.1
Reinsurance recoverables
Unpaid losses		348.7		337.3		360.1		350.0		384.7
Ceded unearned premiums		224.6		257.1		276.4		206.8		229.8
Receivables
Underwriting premiums		1,208.4		1,249.9		1,264.8		1,011.7		1,105.3
Other		108.7		108.1		92.1		90.2		92.0
Funds withheld		39.0		44.5		46.1		46.9		47.5
Deferred policy acquisition costs		346.8		349.0		333.8		299.0		301.6
Derivatives at fair value		9.2		4.1		2.1		8.0		7.0
Receivable for securities sold		6.7		5.5		0.3		2.3		1.6
Office properties and equipment		68.7		65.6		61.9		62.2		64.4
Taxation		—		0.9		—		—		4.0
Other assets		5.9		1.9		18.2		13.6		10.4
Intangible assets		18.2		18.2		18.2		18.2		18.2
Total assets		$	11,003.7	$	10,954.2	$	10,981.3	$	10,716.3	$	10,829.6
LIABILITIES
Insurance reserves
Losses and loss adjustment expenses		$	4,913.9	$	4,815.9	$	4,698.9	$	4,750.8	$	4,787.3
Unearned premiums		1,686.9		1,702.8		1,665.1		1,441.8		1,508.7
Total insurance reserves		6,600.8		6,518.7		6,364.0		6,192.6		6,296.0
Payables
Reinsurance premiums		135.6		164.5		171.5		92.0		146.8
Taxation		22.7		32.1		34.8		21.4		25.7
Accrued expenses and other payables		237.7		242.7		308.6		356.9		290.3
Liabilities under derivative contracts		1.9		7.2		11.5		14.3		12.7
Total payables		397.9		446.5		526.4		484.6		475.5
Loan notes issued by variable interest entities, at fair value		84.5		76.2		76.0		70.7		64.5
Long-term debt		549.2		549.2		549.1		549.1		549.1
Total liabilities		7,632.4		7,590.6		7,515.5		7,297.0		7,385.1
SHAREHOLDERS’ EQUITY
Ordinary shares		0.1		0.1		0.1		0.1		0.1
Non-controlling interest		1.3		1.0		0.5		0.5		(0.3		)
Preference shares		—		—		—		—		—
Additional paid-in capital		1,068.3		1,061.7		1,106.0		1,134.3		1,186.4
Retained earnings		2,188.0		2,182.3		2,156.2		2,050.1		2,005.6
Accumulated other comprehensive income, net of taxes		113.6		118.5		203.0		234.3		252.7
Total shareholders’ equity		3,371.3		3,363.6		3,465.8		3,419.3		3,444.5
Total liabilities and shareholders’ equity		$	11,003.7	$	10,954.2	$	10,981.3	$	10,716.3	$	10,829.6

Book value per ordinary share		$	46.30	$	46.18	$	47.14	$	46.16	$	45.60
Book value per diluted ordinary share		$	45.28	$	45.16	$	46.02	$	45.13	$	44.60



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

			Three Months Ended				Nine Months Ended
(in US$ except for number of shares)			September 30, 2015		September 30, 2014		September 30, 2015		September 30, 2014

Basic earnings per ordinary share
	Net income adjusted for preference share dividend and non-controlling interest		$	0.30	$	0.43	$	2.86	$	3.99
	Operating income adjusted for preference share dividend and non-controlling interest		$	0.94	$	1.11	$	3.39	$	4.13
Diluted earnings per ordinary share
	Net income adjusted for preference share dividend and non-controlling interest		$	0.30	$	0.42	$	2.80	$	3.91
	Operating income adjusted for preference share dividend and non-controlling interest		$	0.93	$	1.08	$	3.31	$	4.04

Weighted average number of ordinary shares outstanding (in millions)			60.779		65.116		61.442		65.284
Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)			62.155		66.513		62.878		66.599

Book value per ordinary share			$	46.30	$	45.60	$	46.30	$	45.60
Diluted book value per ordinary share			$	45.28	$	44.60	$	45.28	$	44.60

Ordinary shares outstanding at end of the period (in millions)			60.782		63.350		60.782		63.350
Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (in millions)			62.147		64.783		62.147		64.783

See pages 7 and 22 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						Nine Months Ended
(in US$ millions except for percentages)			September 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014

Average shareholders' equity			$	3,367.5		$	3,499.4		$	3,406.9		$	3,431.1
Average non-controlling interest			(1.2		)	0.2			(0.8		)	0.2
Average preference shares			(555.8		)	(555.8		)	(555.8		)	(555.8		)
Average ordinary shareholders' equity			$	2,810.5		$	2,943.8		$	2,850.3		$	2,875.5
Return on average equity:
	Net income adjusted for preference share dividend and non-controlling interest		0.7		%	1.0		%	6.2		%	9.0		%
	Operating income adjusted for preference share dividend and non-controlling interest		2.1		%	2.5		%	7.3		%	9.3		%
Annualized return on average equity:
	Net income		2.8		%	4.0		%	8.3		%	12.0		%
	Operating income		8.4		%	10.0		%	9.7		%	12.4		%
Components of return on average equity:
	Return on average equity from underwriting activity⁽¹⁾		1.5		%	1.8		%	5.2		%	6.7		%
	Return on average equity from investment and other activity ⁽²⁾		0.6		%	0.8		%	2.6		%	3.0		%
	Pre-tax operating income return on average equity ⁽³⁾		2.1		%	2.6		%	7.7		%	9.7		%
	Post-tax operating income return on average equity ⁽⁴⁾		2.0		%	2.5		%	7.3		%	9.3		%

See page 22 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 and non-controlling interest.
(3) Calculated by using operating income before tax adjusted for preference share dividends and non-controlling interest.
(4) Calculated by using operating income after-tax adjusted for preference share dividends and non-controlling interest.



	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Underwriting Results by Operating Segment

		Three Months Ended September 30, 2015									Three Months Ended September 30, 2014
(in US$ millions except for percentages)		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	316.6		$	403.9		$	720.5		$	256.9		$	395.6		$	652.5
Net written premiums		294.7			357.1			651.8			250.9			326.4			577.3
Gross earned premiums		304.6			429.0			733.6			291.0			403.9			694.9
Net earned premiums		284.6			356.0			640.6			279.6			330.8			610.4
Losses and loss adjustment expenses		169.9			195.7			365.6			132.0			210.7			342.7
Amortization of deferred policy acquisition costs		64.8			67.2			132.0			52.1			63.4			115.5
General and administrative expenses		34.7			51.3			86.0			38.4			45.6			84.0
Underwriting income		$	15.2		$	41.8		$	57.0		$	57.1		$	11.1		$	68.2
Net investment income								45.0									48.0
Net realized and unrealized investment (losses)⁽¹⁾								(44.0		)							(16.6		)
Corporate expenses								(14.5		)							(15.6		)
Non-recurring corporate expenses								—									(20.2		)
Other (expense)								(10.6		)							(7.8		)
Interest expense								(7.4		)							(7.4		)
Net realized and unrealized foreign exchange gains/(losses) ⁽²⁾								4.5									(9.9		)
Income before tax								$	30.0								$	38.7
Income tax expense								(1.8		)							(1.3		)
Net income								$	28.2								$	37.4
Ratios
Loss ratio		59.7		%	55.0		%	57.1		%	47.2		%	63.7		%	56.1		%
Policy acquisition expense ratio		22.8		%	18.9		%	20.6		%	18.6		%	19.2		%	18.9		%
General and administrative expense ratio ⁽³⁾		12.2		%	14.4		%	15.7		%	13.7		%	13.8		%	19.6		%
General and administrative expense ratio (excluding non-recurring corporate expenses)⁽³⁾		12.2		%	14.4		%	15.7		%	13.7		%	13.8		%	16.3		%
Expense ratio		35.0		%	33.3		%	36.3		%	32.3		%	33.0		%	38.5		%
Expense ratio (excluding non-recurring corporate expenses)		35.0		%	33.3		%	36.3		%	32.3		%	33.0		%	35.2		%
Combined ratio		94.7		%	88.3		%	93.4		%	79.5		%	96.7		%	94.6		%
Combined ratio (excluding non-recurring corporate expenses)		94.7		%	88.3		%	93.4		%	79.5		%	96.7		%	91.3		%

(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

		Nine Months Ended September 30, 2015									Nine Months Ended September 30, 2014
(in US$ millions except for percentages)		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	1,062.1		$	1,300.4		$	2,362.5		$	1,027.5		$	1,259.8		$	2,287.3
Net written premiums		975.0			1,084.4			2,059.4			980.4			980.8			1,961.2
Gross earned premiums		857.6			1,267.3			2,124.9			859.2			1,182.0			2,041.2
Net earned premiums		802.3			1,041.3			1,843.6			825.1			968.0			1,793.1
Losses and loss adjustment expenses		391.7			640.5			1,032.2			367.4			600.5			967.9
Amortization of deferred policy acquisition costs		168.6			196.8			365.4			152.3			184.1			336.4
General and administrative expenses		102.5			151.8			254.3			107.0			142.6			249.6
Underwriting income		$	139.5		$	52.2		$	191.7		$	198.4		$	40.8		$	239.2
Net investment income								139.1									143.6
Net realized and unrealized investment (losses)/gains ⁽¹⁾								(19.8		)							19.3
Corporate expenses								(43.8		)							(46.1		)
Non-recurring corporate expenses								—									(28.5		)
Other (expense)								(14.9		)							(5.9		)
Interest expense								(22.1		)							(22.1		)
Net realized and unrealized foreign exchange (losses)/gains ⁽²⁾								(15.9		)							0.4
Income before tax								$	214.3								$	299.9
Income tax expense								(9.1		)							(11.3		)
Net income								$	205.2								$	288.6
Ratios
Loss ratio		48.8		%	61.5		%	56.0		%	44.5		%	62.0		%	54.0		%
Policy acquisition expense ratio		21.0		%	18.9		%	19.8		%	18.5		%	19.0		%	18.8		%
General and administrative expense ratio ⁽³⁾		12.8		%	14.6		%	16.2		%	13.0		%	14.7		%	18.1		%
General and administrative expense ratio (excluding non-recurring corporate expenses)⁽³⁾		12.8		%	14.6		%	16.2		%	13.0		%	14.7		%	16.5		%
Expense ratio		33.8		%	33.5		%	36.0		%	31.5		%	33.7		%	36.9		%
Expense ratio (excluding non-recurring corporate expenses)		33.8		%	33.5		%	36.0		%	31.5		%	33.7		%	35.3		%
Combined ratio		82.6		%	95.0		%	92.0		%	76.0		%	95.7		%	90.9		%
Combined ratio (excluding non-recurring corporate expenses)		82.6		%	95.0		%	92.0		%	76.0		%	95.7		%	89.3		%

(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)		Q3 2015			Q2 2015			Q1 2015			Q4 2014			Q3 2014

Gross written premiums		$	316.6		$	260.7		$	484.8		$	145.3		$	256.9
Net written premiums		294.7			238.2			442.1			143.6			250.9
Gross earned premiums		304.6			287.2			265.8			278.4			291.0
Net earned premiums		284.6			268.3			249.4			263.1			279.6
Net losses and loss adjustment expenses		169.9			116.3			105.5			130.4			132.0
Amortization of deferred policy acquisition costs		64.8			50.4			53.4			47.7			52.1
General and administrative expenses		34.7			35.4			32.4			39.4			38.4
Underwriting income		$	15.2		$	66.2		$	58.1		$	45.6		$	57.1
Ratios
Loss ratio		59.7		%	43.3		%	42.3		%	49.6		%	47.2		%
Policy acquisition expense ratio		22.8		%	18.8		%	21.4		%	18.1		%	18.6		%
General and administrative expense ratio		12.2		%	13.2		%	13.0		%	15.0		%	13.7		%
Expense ratio		35.0		%	32.0		%	34.4		%	33.1		%	32.3		%
Combined ratio		94.7		%	75.3		%	76.7		%	82.7		%	79.5		%
Accident Year Ex-cat Loss Ratio
Loss ratio		59.7		%	43.3		%	42.3		%	49.6		%	47.2		%
Prior year loss development		5.7		%	9.0		%	5.3		%	8.9		%	9.3		%
Catastrophe losses		(5.9		)%	(0.9		)%	(3.1		)%	(5.7		)%	(3.8		)%
Accident year ex-cat loss ratio		59.5		%	51.4		%	44.5		%	52.8		%	52.7		%



	ASPEN INSURANCE HOLDINGS LIMITED
	Insurance Segment - Quarterly Results


(in US$ millions except for percentages)		Q3 2015			Q2 2015			Q1 2015			Q4 2014			Q3 2014

Gross written premiums		$	403.9		$	462.1		$	434.4		$	470.1		$	395.6
Net written premiums		357.1			406.2			321.1			410.4			326.4
Gross earned premiums		429.0			423.2			415.1			417.0			403.9
Net earned premiums		356.0			341.1			344.2			349.1			330.8
Net losses and loss adjustment expenses		195.7			244.2			200.6			209.2			210.7
Amortization of deferred policy acquisition costs		67.2			63.7			65.9			67.1			63.4
General and administrative expenses		51.3			45.2			55.3			62.9			45.6
Underwriting income/(loss)		$	41.8		$	(12.0	)	$	22.4		$	9.9		$	11.1
Ratios
Loss ratio		55.0		%	71.6		%	58.3		%	59.9		%	63.7		%
Policy acquisition expense ratio		18.9		%	18.7		%	19.1		%	19.2		%	19.2		%
General and administrative expense ratio		14.4		%	13.3		%	16.1		%	18.0		%	13.8		%
Expense ratio		33.3		%	32.0		%	35.2		%	37.2		%	33.0		%
Combined ratio		88.3		%	103.6		%	93.5		%	97.1		%	96.7		%
Accident Year Ex-cat Loss Ratio
Loss ratio		55.0		%	71.6		%	58.3		%	59.9		%	63.7		%
Prior year loss development		6.4		%	2.1		%	4.2		%	(3.4		)%	2.0		%
Catastrophe losses		(0.6		)%	(2.8		)%	(1.7		)%	(0.2		)%	(2.0		)%
Accident year ex-cat loss ratio		60.8		%	70.9		%	60.8		%	56.3		%	63.7		%



		ASPEN INSURANCE HOLDINGS LIMITED
		Written and Earned Premiums by Segment and Lines of Business
(in US$ millions)
Gross Written Premiums			Q3 2015		Q2 2015		Q1 2015		Q4 2014			Q3 2014		Q2 2014		Q1 2014
	Reinsurance
	Property Catastrophe Reinsurance		$	49.1	$	67.3	$	153.8	$	1.1		$	40.0	$	91.6	$	168.8
	Other Property Reinsurance⁽¹⁾		105.2		84.0		109.9		49.2			89.3		84.0		95.2
	Casualty Reinsurance		77.9		49.0		114.7		37.3			70.7		60.6		113.3
	Specialty Reinsurance⁽¹⁾		84.4		60.4		106.4		57.7			56.9		62.2		94.9
	Total Reinsurance		$	316.6	$	260.7	$	484.8	$	145.3		$	256.9	$	298.4	$	472.2
	Insurance
	Property and Casualty Insurance		$	208.5	$	254.8	$	213.4	$	202.5		$	200.9	$	221.3	$	176.3
	Marine, Aviation and Energy Insurance		85.3		103.2		131.7		145.8			88.2		153.6		131.7
	Financial and Professional Lines Insurance		110.1		104.1		89.3		121.8			106.5		106.0		75.3
	Total Insurance		$	403.9	$	462.1	$	434.4	$	470.1		$	395.6	$	480.9	$	383.3

	Total Gross Written Premiums		$	720.5	$	722.8	$	919.2	$	615.4		$	652.5	$	779.3	$	855.5
Net Written Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	33.8	$	53.5	$	126.1	$	(0.1	)	$	37.4	$	80.9	$	147.9
	Other Property Reinsurance⁽¹⁾		100.1		80.6		98.8		48.6			85.9		82.6		89.4
	Casualty Reinsurance		76.8		46.7		113.8		37.4			70.7		61.5		111.4
	Specialty Reinsurance⁽¹⁾		84.0		57.4		103.4		57.7			56.9		61.9		93.9
	Total Reinsurance		$	294.7	$	238.2	$	442.1	$	143.6		$	250.9	$	286.9	$	442.6
	Insurance
	Property and Casualty Insurance		$	172.9	$	222.1	$	156.7	$	159.3		$	166.4	$	171.0	$	101.5
	Marine, Aviation and Energy Insurance		76.1		82.5		120.5		137.6			64.2		131.1		119.5
	Financial and Professional Lines Insurance		108.1		101.6		43.9		113.5			95.8		97.4		33.9
	Total Insurance		$	357.1	$	406.2	$	321.1	$	410.4		$	326.4	$	399.5	$	254.9

	Total Net Written Premiums		$	651.8	$	644.4	$	763.2	$	554.0		$	577.3	$	686.4	$	697.5
Net Earned Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	54.0	$	53.8	$	57.1	$	60.0		$	62.5	$	62.7	$	62.4
	Other Property Reinsurance⁽¹⁾		91.5		78.9		77.5		64.3			80.9		78.5		76.6
	Casualty Reinsurance		68.6		71.2		57.8		75.4			75.0		78.8		72.2
	Specialty Reinsurance⁽¹⁾		70.5		64.4		57.0		63.4			61.2		58.8		55.5
	Total Reinsurance		$	284.6	$	268.3	$	249.4	$	263.1		$	279.6	$	278.8	$	266.7
	Insurance
	Property and Casualty Insurance		$	171.8	$	162.9	$	159.8	$	141.9		$	148.0	$	146.9	$	119.5
	Marine, Aviation and Energy Insurance		94.1		97.3		99.4		111.4			107.2		119.9		115.1
	Financial and Professional Lines Insurance		90.1		80.9		85.0		95.8			75.6		70.6		65.2
	Total Insurance		$	356.0	$	341.1	$	344.2	$	349.1		$	330.8	$	337.4	$	299.8

	Total Net Earned Premiums		$	640.6	$	609.4	$	593.6	$	612.2		$	610.4	$	616.2	$	566.5

(1) The 2014 quarterly Reinsurance segment disclosures have been re-presented to include Engineering within Specialty Reinsurance (previously classified within Other Property Reinsurance) to be consistent with the 2015 quarterly disclosures.



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Changes in Shareholders' Equity
			Nine Months Ended September 30,
(in US$ millions)			2015			2014
Ordinary shares
	Beginning and end of period		$	0.1		$	0.1
Preference shares
	Beginning and end of period		—			—
Non-controlling interest
	Beginning of period		0.5			(0.3		)
	Net change for the period		0.8			—
	End of period		1.3			(0.3		)
Additional paid-in capital
	Beginning of period		1,134.3			1,297.4
	New shares issued		4.4			1.9
	Ordinary shares repurchased		(83.7		)	(120.9		)
	Share-based compensation		13.3			8.0
	End of period		1,068.3			1,186.4
Retained earnings
	Beginning of period		2,050.1			1,783.3
	Net income for the period		205.2			288.6
	Dividends paid on ordinary and preference shares		(66.5		)	(66.3		)
	Proportion due to non-controlling interest		(0.8		)	—
	End of period		2,188.0			2,005.6
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustments, net of taxes:
	Beginning of period		72.7			88.6
	Change for the period		(70.2		)	14.7
	End of period		2.5			103.3
Loss on derivatives:
	Beginning of period		(3.8		)	—
	Net change from current period hedged transactions		2.2			—
	End of period		(1.6		)	—
Unrealized appreciation/(depreciation) on investments, net of taxes:
	Beginning of period		165.4			130.5
	Change for the period		(52.7		)	18.9
	End of period		112.7			149.4
Total accumulated other comprehensive income			113.6			252.7

Total shareholders' equity			$	3,371.3		$	3,444.5



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Comprehensive Income

			Three Months Ended September 30,						Nine Months Ended September 30,
(in US$ millions)			2015			2014			2015			2014

Net income adjusted for non-controlling interest			$	28.2		$	37.4		$	205.2		$	288.6
Other comprehensive income, net of taxes:
	Available for sale investments:
	Reclassification adjustment for net realized (gains) included in net income		(1.8		)	(3.7		)	(33.1		)	(5.7		)
	Change in net unrealized gains on available for sale securities held		25.3			(27.2		)	(19.6		)	24.6
	Net change from current period hedged transactions		(0.5		)	—			2.2			—
	Change in foreign currency translation adjustment		(27.9		)	(3.3		)	(70.2		)	14.7
	Other comprehensive (loss)/income		(4.9		)	(34.2		)	(120.7		)	33.6
Comprehensive income			$	23.3		$	3.2		$	84.5		$	322.2



	ASPEN INSURANCE HOLDINGS LIMITED
	Condensed Consolidated Statements of Cash Flows

		Three Months Ended September 30,						Nine Months Ended September 30,
(in US$ millions)		2015			2014			2015			2014

Net cash from operating activities		$	159.3		$	180.6		$	363.7		$	480.1
Net cash (used in) investing activities		(83.9		)	(132.6		)	(118.9		)	(305.6		)
Net cash (used in) financing activities		(22.6		)	(112.5		)	(213.6		)	(185.3		)
Effect of exchange rate movements on cash and cash equivalents		(4.5		)	8.4			(13.0		)	6.3
Increase/(decrease) in cash and cash equivalents		48.3			(56.1		)	18.2			(4.5		)
Cash at beginning of period		1,148.4			1,345.2			1,178.5			1,293.6
Cash at end of period		$	1,196.7		$	1,289.1		$	1,196.7		$	1,289.1



	ASPEN INSURANCE HOLDINGS LIMITED
	Reserves for Losses and Loss Adjustment Expenses

(in US$ millions)		For the Nine Months Ended September 30, 2015			For the Twelve Months Ended December 31, 2014

Provision for losses and loss adjustment expenses at the start of the period		$	4,750.8		$	4,678.9
Reinsurance recoverables		(350.0		)	(332.7		)
Net loss and loss adjustment expenses at the start of the period		4,400.8			4,346.2

Net loss and loss adjustment expenses disposed		—			(24.2		)
Provision for losses and loss adjustment expenses for claims incurred
Current period		1,129.8			1,411.6
Prior period release		(97.6		)	(104.1		)
Total incurred		1,032.2			1,307.5

Losses and loss adjustment expenses payments for claims incurred		(812.1		)	(1,107.7		)

Foreign exchange (gains)		(55.7		)	(121.0		)

Net loss and loss adjustment expenses reserves at the end of the period		4,565.2			4,400.8
Reinsurance recoverables on unpaid losses at the end of the period		348.7			350.0
Gross loss and loss adjustment expenses reserves at the end of the period		$	4,913.9		$	4,750.8



	ASPEN INSURANCE HOLDINGS LIMITED
	Reserves by Operating Segment

		As at September 30, 2015							As at December 31, 2014
(in US$ millions)		Gross		Reinsurance Recoverables			Net		Gross		Reinsurance Recoverables			Net

Reinsurance		$	2,501.3	$	(31.7	)	$	2,469.6	$	2,531.1	$	(37.8	)	$	2,493.3
Insurance		2,412.6		(317.0		)	2,095.6		2,219.7		(312.2		)	1,907.5
Total losses and loss adjustment expense reserves		$	4,913.9	$	(348.7	)	$	4,565.2	$	4,750.8	$	(350.0	)	$	4,400.8



	ASPEN INSURANCE HOLDINGS LIMITED
	Prior Year Reserve Releases

(in US$ millions)		Three Months Ended September 30, 2015							Three Months Ended September 30, 2014
		Gross		Reinsurance Recoverables			Net		Gross			Reinsurance Recoverables			Net
Reinsurance		$	13.6	$	2.5		$	16.1	$	25.3		$	0.7		$	26.0
Insurance		12.6		10.3			22.9		(1.9		)	8.5			6.6
Release in reserves for prior years during the period		$	26.2	$	12.8		$	39.0	$	23.4		$	9.2		$	32.6

		Nine Months Ended September 30, 2015							Nine Months Ended September 30, 2014
		Gross		Reinsurance Recoverables			Net		Gross			Reinsurance Recoverables			Net
Reinsurance		$	56.0	$	(2.6	)	$	53.4	$	78.3		$	(2.7	)	$	75.6
Insurance		44.7		(0.5		)	44.2		(6.6		)	23.6			17.0
Release in reserves for prior years during the period		$	100.7	$	(3.1	)	$	97.6	$	71.7		$	20.9		$	92.6



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Investment Portfolio
(in US$ millions)			Fair Market Value
			September 30, 2015		June 30, 2015		March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014
Marketable Securities - Available For Sale
U.S. government securities			$	1,138.1	$	1,074.6	$	1,041.8	$	1,094.4	$	973.9	$	994.0	$	1,014.7
U.S. agency securities			162.0		182.0		182.9		197.4		201.9		205.0		245.2
Municipal securities			28.5		29.5		30.7		31.5		31.7		26.9		33.6
Corporate securities			2,496.7		2,420.8		2,333.6		2,319.4		2,278.4		2,244.9		2,154.1
Foreign government securities			628.4		661.7		637.7		665.7		752.6		766.5		735.0
Asset-backed securities			132.5		138.7		140.9		143.5		143.9		140.3		130.0
Bonds backed by foreign government			77.0		78.3		68.2		78.0		75.5		83.9		91.5
Mortgage-backed securities			1,041.3		1,044.1		1,104.0		1,100.1		1,039.9		1,065.3		1,117.6
Total fixed income securities			5,704.5		5,629.7		5,539.8		5,630.0		5,497.8		5,526.8		5,521.7
Short-term investments			176.3		184.1		180.2		258.3		307.2		335.7		215.5
Equity securities			—		—		—		109.9		125.9		142.1		147.4
Total Available For Sale			$	5,880.8	$	5,813.8	$	5,720.0	$	5,998.2	$	5,930.9	$	6,004.6	$	5,884.6

Marketable Securities - Trading
U.S. government securities			$	13.5	$	3.4	$	9.0	$	—	$	16.5	$	12.9	$	16.8
U.S. agency securities			—		—		0.2		0.2		0.2		0.2		0.2
Municipal securities			0.5		0.5		0.5		1.1		1.1		1.2		1.2
Corporate securities			547.2		540.1		554.1		529.8		521.1		524.5		494.8
Foreign government securities			128.9		133.8		133.7		140.1		139.2		139.3		136.4
Asset-backed securities			18.7		19.7		16.0		14.7		15.2		11.4		12.3
Bank loans			83.1		80.2		85.9		85.1		80.8		81.4		72.7
Total fixed income securities			791.9		777.7		799.4		771.0		774.1		770.9		734.4
Short-term investments			6.9		1.1		0.7		0.2		7.0		14.0		—
Equity securities			696.3		729.3		719.0		616.0		521.1		432.1		360.4
Catastrophe bonds			36.7		32.3		32.8		34.8		32.2		30.0		18.0
Total Trading			$	1,531.8	$	1,540.4	$	1,551.9	$	1,422.0	$	1,334.4	$	1,247.0	$	1,112.8

Other Investments			$	9.5	$	9.5	$	9.5	$	8.7	$	8.7	$	8.7	$	8.7

Cash			1,196.7		1,148.4		1,225.9		1,178.5		1,289.1		1,345.2		1,443.7
Accrued interest			46.1		48.3		43.9		47.2		45.7		49.7		46.5
	Total Cash and Accrued Interest		$	1,242.8	$	1,196.7	$	1,269.8	$	1,225.7	$	1,334.8	$	1,394.9	$	1,490.2

	Total Cash and Investments		$	8,664.9	$	8,560.4	$	8,551.2	$	8,654.6	$	8,608.8	$	8,655.2	$	8,496.3



	ASPEN INSURANCE HOLDINGS LIMITED
	Investment Analysis

(in US$ millions except for percentages)		Q3 2015			Q2 2015				Q1 2015				Q4 2014				Q3 2014				Q2 2014				Q1 2014

Net investment income from fixed income investments and cash		$	40.5		$	40.9			$	41.2			$	43.6			$	43.5			$	42.0			$	44.1
Net investment income from equity securities		4.5			5.8			6.2				3.1				4.5				4.1				5.4
Net investment income		45.0			46.7				47.4				46.7				48.0				46.1				49.5

Net realized and unrealized investment (losses)/gains excluding the interest rate swaps ⁽¹⁾		(41.2		)	(15.3		)		42.9				3.5				(17.9		)		31.3				10.7
Net realized investment (losses)/gains from the interest rate swaps		(2.8		)	(0.2		)		(3.2		)		(2.7		)		1.3				(3.5		)		(1.9		)
Other-than-temporary impairment charges		—			—				—				(1.7		)		—				(0.7		)		—
Net realized and unrealized investment (losses)/gains ⁽¹⁾		(44.0		)	(15.5		)		39.7				(0.9		)		(16.6		)		27.1				8.8

Change in unrealized gains/(losses) on available for sale investments (gross of tax)⁽¹⁾		17.3			(77.5		)		—				21.2				(39.6		)		33.8				22.6
Total return/(loss) on investments ⁽¹⁾		$	18.3		$	(46.3	)		$	87.1			$	67.0			$	(8.2	)		$	107.0			$	80.9

Portfolio Characteristics
Fixed income portfolio book yield (excluding the impact of the interest rate swaps)		2.50		%	2.57		%		2.56		%		2.65		%		2.65		%		2.61		%		2.68		%
Fixed income portfolio duration (excluding the impact of the interest rate swaps)		3.4 years			3.5 years				3.5 years				3.5 years				3.5 years				3.4 years				3.5 years

(1) Adjusted for a re-presentation 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)		September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014

Net assets		$	3,371.3		$	3,363.6		$	3,465.8		$	3,419.3		$	3,444.5		$	3,554.2		$	3,386.8
Less: Preference shares		(555.8		)	(555.8		)	(555.8		)	(555.8		)	(555.8		)	(555.8		)	(555.8		)
Less: Non-controlling interest		(1.3		)	(1.0		)	(0.5		)	(0.5		)	0.3			0.2			0.2
Total		$	2,814.2		$	2,806.8		$	2,909.5		$	2,863.0		$	2,889.0		$	2,998.6		$	2,831.2

Ordinary shares outstanding (in millions)		60.782			60.778			61.723			62.017			63.350			65.463			65.419
Ordinary shares and dilutive potential ordinary shares (in millions)		62.147			62.149			63.227			63.445			64.783			66.871			66.281

Book value per ordinary share		$	46.30		$	46.18		$	47.14		$	46.16		$	45.60		$	45.81		$	43.28
Diluted book value per ordinary share		$	45.28		$	45.16		$	46.02		$	45.13		$	44.60		$	44.84		$	42.72

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						Nine Months Ended
(in US$ millions except where stated)			September 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014

Net income as reported			$	28.2		$	37.4		$	205.2		$	288.6
Net change attributable to non-controlling interest			(0.3		)	0.1			(0.8		)	—
Preference share dividends			(9.5		)	(9.5		)	(28.4		)	(28.4		)
Net income available to ordinary shareholders			18.4			28.0			176.0			260.2
Add (deduct) after tax income:
	Net foreign exchange (gains)/losses		(1.4		)	7.5			15.9			(0.9		)
	Net realized gains/(losses) on investments		40.4			16.6			16.3			(19.0		)
	Non-recurring corporate expenses		—			20.2			—			28.5
Operating income after tax available to ordinary shareholders			57.4			72.3			208.2			268.8

Tax expense on operating income			2.3			3.7			12.6			11.5
Operating income before tax available to ordinary shareholders			$	59.7		$	76.0		$	220.8		$	280.3

Basic earnings per ordinary share
Net income adjusted for preference share dividends and non-controlling interest			$	0.30		$	0.43		$	2.86		$	3.99
Add (deduct) after tax income:
	Net foreign exchange (gains)/losses		(0.02		)	0.37			0.26			(0.01		)
	Net realized gains/(losses) on investments		0.66			—			0.27			(0.29		)
	Non-recurring corporate expenses		—			0.31			—			0.44
Operating income adjusted for preference shares dividends and non-controlling interest			$	0.94		$	1.11		$	3.39		$	4.13

Diluted earnings per ordinary share
Net income adjusted for preference share dividends and non-controlling interest			$	0.30		$	0.42		$	2.80		$	3.91
Add (deduct) after tax income:
	Net foreign exchange (gains)/losses		(0.02		)	0.36			0.25			(0.01		)
	Net realized gains/(losses) on investments		0.65			—			0.26			(0.29		)
	Non-recurring corporate expenses		—			0.30			—			0.43
Operating income adjusted for preference shares dividends and non-controlling interest			$	0.93		$	1.08		$	3.31		$	4.04

Aspen Insurance Holdings Limited INVESTOR PRESENTATION THIRD QUARTER 2015 Exhibit 99.3

AHL: NYSE 2 This slide presentation is for information purposes only. It should be read in conjunction with our financial supplement posted on our website on the Investor Relations page and with other documents filed or to be filed shortly by Aspen Insurance Holdings Limited (the “Company” or “Aspen”) with the U.S. Securities and Exchange Commission. Non-GAAP Financial Measures: In presenting Aspen's results, management has included and discussed certain “non-GAAP financial measures” as such term is defined in Regulation G. Management believes that these non-GAAP 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 herein or in the financial supplement, as applicable, which can be obtained from the Investor Relations section of Aspen's website at www.aspen.co. Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995: This presentation contains written or oral "forward-looking statements" within the meaning of the U.S. federal securities laws. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “expect,” “assume,” “objective,” “intend,” “plan,” “believe,” “do not believe,” “aim,” “project,” “anticipate,” “seek,” “will,” “likely,” “estimate,” “may,” “continue,” “guidance,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” "on track" and similar expressions of a future or forward-looking nature. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in these statements. Aspen believes these factors include, but are not limited to: 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, including our assumptions on inflation costs associated with long-tail casualty business which could differ materially from actual experience; 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 23, 2015. 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. The guidance in this presentation relating to Operating Return on Equity of 11% in 2015 is made as at November 2, 2015. The outlook for 2015 assumes our expectations of normal loss experience, our current view of interest rates and our 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. Our assumptions are 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. Greater 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. 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. SAFE HARBOR DISCLOSURE

AHL: NYSE 3 CONTENTS • Aspen Overview: Who We Are • Aspen's Strategy for Creating Shareholder Value • Optimization of Business Portfolio: Tangible and Growing Financial Benefits • Capital Efficiency: Sustained Record of Proactive Management of Capital • Enhancing Investment Return: Delivering Strong Investment Returns with High Quality Portfolio • Conclusion: Focused on Shareholder Value • Appendix

AHL: NYSE 4 ASPEN OVERVIEW • Prudent risk management: well-run, risk aware business building value in a balanced way • Aspen Reinsurance: 40% of group GWP(1) • Deep and enduring relationships with well-chosen clients, significant industry expertise and excellent track record of performance • Aspen Insurance: 60% of group GWP(1) • U.S. - Growing specialty insurance business; $886m of GWP(1) and a competitive expense ratio of less than 16% of earned premium expected for full year 2015(2) • International - Highly respected lead expertise in many niche lines; $885m of GWP(1); portfolio comprises impressive variety of specialty products with business predominantly originating in Lloyd's and the London market, hubs in Bermuda, Zurich and Dublin; growing contributions from U.K. Specialty Insurance • Careful investment management: aim to deliver strong risk-adjusted return with high quality portfolio; 88% in cash and fixed income; key non-fixed income component is blue-chip equities • Judicious capital custodian: hold more than regulatory and risk capital models suggest; return capital to shareholders when it is financially more attractive to do so than deploying capital elsewhere • Expect 11% ROE in 2015(2): (1) LTM: Last Twelve Months through September 30, 2015 (2) As at November 2, 2015. See “Safe Harbor Disclosure” slide 2

AHL: NYSE 5 Property Cat Other Property Casualty Specialty 22% 29%23% 26% Property and Casualty Marine, Aviation and Energy Financial and Professional Lines 50% 26% 24% Reinsurance Insurance 40% 60% ASPEN OVERVIEW: WHO WE ARE • Bermuda-domiciled specialty insurer and reinsurer • $3.0bn gross written premiums for the last twelve months ended September 30, 2015(1) • Underwriting focused company with industry-leading underwriting expertise, risk aware and collaborative culture and team-based decision making • Long-term track record of shareholder value creation • Clear strategy to create superior value through well- balanced business portfolio, enhancing investment returns and capital efficiency • Proven management team, disciplined risk management and balance sheet strength • Strong balance sheet with ratings of A / Stable (S&P), A2 / Stable (Moody’s) and A / Stable (A.M. Best) for Aspen’s operating subsidiaries Q3 2015 LTM(1) INSURANCE BUSINESS LINES Q3 2015 LTM(1) REINSURANCE BUSINESS LINES Q3 2015 LTM(1) COMPANY BUSINESS MIX (1) LTM: Last Twelve Months through September 30, 2015

AHL: NYSE 6 AN INCREASINGLY DIVERSIFIED BUSINESS MIX Reinsurance Insurance Lloyd's 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 $288 $1,002 $1,178 $1,444 $1,200 $1,138 $1,115 $1,170 $1,158 $1,182 $1,222 $1,132 $1,168 $87 $305 $409 $649 $746 $681 $749 $667 $632 $665 $940 $1,076 $1,246 $138 $230 $287 $361 $421 $439 $489 (GWP in $m) $375 $2,067 $1,307 $1,587 $2,093 $2,002$1,946 $2,077 $2,583 $2,208 $2,647 $2,903 $1,819 Note: Included in Lloyd's is our Lloyd's insurance and reinsurance business as well as business written on the Lloyd's platform that is counted in U.S. Insurance.

AHL: NYSE 7 ASPEN'S STRATEGY FOR CREATING SHAREHOLDER VALUE: 1. Optimization of business portfolio • Reinsurance business is an established leader and positioned for continued profitable growth • Growing U.S. Specialty Insurance business; focused on delivering consistent underwriting profits • Utilize Lloyd’s platform as a key growth engine of a well-established International Insurance business 2. Capital efficiency • $84m ordinary shares repurchased in first nine months of 2015 • $416m share repurchase authorization remaining 3. Enhancing investment return • 12.2% of the investment portfolio invested in risk assets, 8.3% in global equities, 2.6% in BBB USD denominated emerging market debt and 1% in bank loans Three levers to higher RO E Expected Operating ROE of 11% in 2015(1) (1) As at November 2, 2015. For Expected Operating ROE in 2015, see “Safe Harbor Disclosure” slide 2

AHL: NYSE 8 OPTIMIZATION OF BUSINESS PORTFOLIO: REINSURANCE BUSINESS PERFORMING WELL • Well-respected in the market, close to our clients, nimble and thoughtful when providing solutions to risks • Increasingly diversified portfolio across four sub-segments: Property Catastrophe, Other Property, Casualty and Specialty • Successful renewals and new business opportunities reaffirm Aspen’s relevance, strategy and broad reach in a difficult market • Regional structure to meet increasing demand for local market solutions • Significant growth prospects in emerging markets which accounted for 20% of total Reinsurance premiums in the last twelve months through Q3 2015 (1) • Utilizing multi-line capability and Aspen Capital Markets to leverage third-party capital • Continued focus on research and development of new products, bringing innovation, deep expertise and fresh thinking to our markets and operations (1) Q3 2015 last twelve months ("LTM") premiums from APAC, LatAm and MENA (2) LTM through September 30, 2015 A powerful contributor to ROE and has strong future prospects

AHL: NYSE 9 ($m) U.S. NEP U.S. G&A Ratio 2011 2012 2013 2014 2015E $142 $250 $395 $529 37.0% 29.3% 20.6% 18.3% OPTIMIZATION OF BUSINESS PORTFOLIO: U.S. SPECIALTY INSURANCE PERFORMING WELL (1) Includes investment spend on systems and personnel (2) As at November 2, 2015. See “Safe Harbor Disclosure” slide 2 (3) Per Aspen 2014 10-K, page F-43 • Continued focus on driving profitable growth • On track to exceed $600m of net earned premiums in 2015; with G&A ratio of less than 16% (2) • Net earned premium of $614m through 3Q15 LTM • G&A ratio of 14.9% through 9M 2015 • Over $200m of net operating losses carried forward; can be applied against future U.S. Insurance profits(3) > $600 < 16%

AHL: NYSE 10 OPTIMIZATION OF BUSINESS PORTFOLIO: BUILT DIVERSIFIED U.S. SPECIALTY INSURANCE PORTFOLIO 2010 U.S. INSURANCE TEAMS GWP: $167m Q3 2015 LTM U.S. INSURANCE TEAMS GWP: $886m(1) (1) LTM: Last Twelve Months through September 30, 2015 Property Casualty Professional Lines 60% 25% 15% Programs Property Professional Liability Marine Energy Casualty Environmental Liability Management Liability Surety 26% 17% 15% 4% 8% 14% 8% 4%4%

AHL: NYSE 11 OPTIMIZATION OF BUSINESS PORTFOLIO: ALSO BUILT A DIVERSIFIED INTERNATIONAL INSURANCE PORTFOLIO Lloyd's P&C UK P&C Bermuda 56% 43% 1% Energy Physical Damage Aviation Credit and Political Risks Marine and Energy Liability Global Excess Casualty Financial and Corporate Risks Professional and Management Liability Marine Hull Specie Accident & Specialty Risks 13% 16% 2% 24%3% 13% 13% 8% 3% 5% Q3 2015 LTM LLOYD'S P&C GWP: $492m(1) (1) LTM: Last Twelve Months through September 30, 2015. Q3 2015 LTM INTERNATIONAL INSURANCE TEAM GWP: $885m(1)

AHL: NYSE 12 2008 2009 2010 2011 2012 2013 2014 $138 $230 $287 $361 $421 $439 $489 OPTIMIZATION OF BUSINESS PORTFOLIO: LLOYD'S AS A KEY GROWTH ENGINE OF A WELL-ESTABLISHED INTERNATIONAL INSURANCE BUSINESS CAGR 23% Note: Included above is our Lloyd's insurance and reinsurance business as well as business written on the Lloyd's platform that is counted in U.S. Insurance. Premiums reported in British pounds converted to U.S. dollars at average exchange rate during the applicable year. Source: Syndicate reports ($m) • International Insurance teams generated over $950mm of premiums in 2014, with pre-eminent positions in targeted markets and offerings across a diverse range of risks and geographies • Lloyd’s of London platform increasingly fundamental for first-tier commercial (re)insurers • Clients want access to Lloyd’s global footprint • Significant barrier to entry for new applicants; any new Syndicate’s business plan must be differentiated and accretive to Lloyd’s franchise to gain entry Aspen’s Lloyd’s Premium Well-established International Insurance platform, achieving strong contribution to ROE since inception

AHL: NYSE 13 CAPITAL EFFICIENCY: SUSTAINED RECORD OF PROACTIVE MANAGEMENT OF CAPITAL • Aspen's franchise has generated approximately $4bn of capital since inception • Continued focus on responsible capital stewardship • Cumulative repurchases ~$1.5bn of ordinary shares through September 30, 2015 • Steadily increasing dividends over recent years • Quarterly dividend increased 5% April 2015; increased 11% April 2014 • Returned a cumulative 73% of operating income to shareholders through Q3 2015 since inception ($ in mm) ~$2bn of Total Capital Returned through Q3 2015 Cumulative Repurchases Cumulative Dividends 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q3 2015 $8 $56 $313 $467 $617 $667 $1,122 $1,172 $1,282 $1,639 $1,870 $1,992

AHL: NYSE 14 PORTFOLIO ALLOCATIONS September 30, 2015 100% = $8.4 billion(1) • Stable investment income and total return through all market cycles • Since 2011 have tactically built the risk asset portfolio and dynamically managed the positions • 12.2% of the portfolio invested in risk assets (equities 8.3%, BBB emerging market debt 2.6%, and bank loans 1%) • Fixed income portfolio duration: 3.33 years (including swaps) (1) Excludes amounts attributable to variable interest entities; may not add to 100% due to rounding ENHANCING INVESTMENT RETURN 36% IG Credit 14% US Treasury 13% Cash & Short-Term 12% Agency MBS 8% Equities 7% Sovereign 3% Non US Agency 2% US Agency 2% ABS 1% Bank Loans 1% Non US Govt Guaranteed 0.4% CMBS 0.3% Munis

AHL: NYSE 15 CONCLUSION: FOCUSED ON SHAREHOLDER VALUE • Deep underwriting expertise and understanding of client needs and risks • Executing plan to drive higher ROE and BVPS growth • Optimizing business portfolio to free up capital and improve risk-adjusted returns • Improving capital efficiency • Enhancing investment return within acceptable risk parameters • Pursuing selective, profitable growth in exposures we know and understand, subject to market conditions • Diversified platform allows us to take advantage of areas where rates are improving • Expected premium growth across diversified lines is projected to be greater than both growth in expenses and risk allocated capital which should equate to meaningful increased premium leverage (1) As at November 2, 2015. For Expected Operating ROE in 2015, see “Safe Harbor Disclosure” slide 2 Expected Operating ROE of 11% in 2015(1)

APPENDIX

AHL: NYSE 17 UNDERWRITING EXPERTISE: ASPEN’S NATURAL CATASTROPHE EXPOSURES IN MAJOR PERIL ZONES AS AT OCTOBER 1, 2015 100 YEAR RETURN PERIOD AS % OF TOTAL SHAREHOLDERS’ EQUITY AND IN $ MILLIONS 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 $3,370.0 million (excluding non-controlling interest) at September 30, 2015. The estimates reflect Aspen's own view of the modelled maximum losses (“PMLs”) at the return periods shown which include input from various third party vendor models, our own proprietary adjustments to these models, and planned reinsurance purchases. The U.S. regional WS PMLs reflect the outward reinsurance structures in place. Catastrophe loss experience may materially differ from the modelled PMLs due to limitations in one or more of the models or uncertainties in the application of policy terms and limits. $0 $100 $200 $300 $400 $500 $600 250 year return period as $m of Total Shareholder Equity U.S. Eastern Quake Japan All Perils Cascadia EQ European Wind Northeast and MidAtlantic WS Texas and Gulf WS Florida and Southeast WS California EQ $324 $144 $243 $318 $532 $455 $459 $482 • PMLs are net of reinsurance and Aspen Capital Markets' third-party capital • Enhanced disclosure of regional WS exposures $0 $100 $200 $300 $400 100 year return period as $m of Total Shareholder Equity U.S. Eastern Quake Japan All Perils Cascadia EQ European Wind Northeast and MidAtlantic WS Texas and Gulf WS Florida and Southeast WS California EQ $60 $119 $121 $205 $278 $284 $331 $366 1.8% 9.6% 3.6% 3.6% 4.3% 6.1% 7.2% 8.3% 9.5% 8.4% 15.8% 9.8% 10.9% 14.3% 13.5% 13.6% 250 YEAR RETURN PERIOD AS % OF TOTAL SHAREHOLDERS’ EQUITY AND IN $ MILLIONS

Aspen Insurance Holdings Limited INVESTOR PRESENTATION THIRD QUARTER 2015

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