AHL Aspen Insurance Holdings Limited Ordinary Shares

Aspen Announces Addition of Five Underwriters to Newly Established U.S.-based Property Reinsurance Team HAMILTON, Bermuda, March 8 /PRNewswire-FirstCall/ -- Aspen Insurance Holdings today announced the addition of five property reinsurance specialists to Aspen Re America, within its recently formed U.S.-based property reinsurance team operating out of Rocky Hill, Connecticut. Brian Boornazian, who is heading up Aspen Re America's property reinsurance unit as President and Chief Underwriting Officer, will direct this team of longtime insurance industry veterans to underwrite domestic proportional and risk excess treaty reinsurance. Mr. Boornazian came to Aspen from XL Reinsurance America Inc., where he most recently served as Chief Property Officer, responsible for all property lines of business as well as ocean marine and multi-line business. Chris O'Kane, Chief Executive Officer, said: "The establishment of a property reinsurance business in the U.S. further balances our entire property line and allows us to take advantage of current attractive property reinsurance rates in the U.S. for complex risks. This talented team will help achieve our goal to significantly expand Aspen Re's property reinsurance presence in the U.S. this year." Brian Boornazian said: "I am delighted to announce the formation of such a strong and experienced team. I have worked with these individuals many years and together, we look forward to profitably growing Aspen's property reinsurance business in the U.S. I am confident that with Aspen's track record we can capitalize on the market opportunity we see before us while achieving Aspen's overall strategic goals." In addition to Mr. Boornazian, the U.S. property reinsurance team includes: Michael Sowa, Nancy Pelgrift, Russell Wagner, Daniel Yerxa and Brad Lord. Michael Sowa brings strong management and diverse underwriting skills to his role as Senior Vice President and Property Reinsurance Treaty Manager, joining Aspen Re America from XL Re where he served as Vice President and Manager of property treaty. As Senior Vice President and Chief Operating Officer of Aspen Re America's property reinsurance unit, Nancy Pelgrift will manage the unit's operational activities, in addition to her underwriting responsibilities. She previously served as Vice President and Property Treaty Underwriter at XL Re. Russell Wagner joins as Vice President and Property Underwriter, having most recently served as Home Office Property Manager, responsible for facultative referrals, as well as handling a book of automatics and treaty business at XL Re. Daniel Yerxa joins as Vice President and Property Underwriter. He previously served as Vice President and Underwriter in the Property Treaty unit of XL Re. Brad Lord joins Aspen Re America as Vice President and Property Underwriter. Prior to Aspen, he was Assistant Vice President and Underwriter in the Property Treaty unit at XL Re. About Aspen Re America As previously announced in January, Aspen's U.S. property reinsurance activities will be conducted on behalf of Aspen Insurance UK Limited ("Aspen Re") under the Aspen Re America name. Aspen's U.S.-based property reinsurance team complements the business written by Aspen Re's London underwriters since it enables Aspen to enter a niche market and attract new clients who do not normally access the London market, thereby diversifying Aspen's portfolio of risk. It also facilitates the development of a proportional treaty account, which benefits from underwriters working in close proximity to clients and brokers. The establishment of a domestic underwriting capability will not affect Aspen Re's underwriting strategy in London, where it will continue to service all existing relationships with London brokers. Aspen Re America also underwrites U.S.-based casualty facultative reinsurance business on behalf of Aspen Re. This unit, which is led by Executive Vice President and Chief Facultative Underwriter, Alice Cathrall, underwrites casualty facultative lines including umbrella and excess, general liability and workers comp and is based in Marlton, New Jersey. The team consists of Thomas Kiessling, Ross Petronchak and John Skoff, all Vice Presidents and Casualty Underwriters and Barbara Pearse, Technical Manager. About Aspen Insurance Holdings Limited Aspen Insurance Holdings Limited (Aspen) was established in June 2002. Aspen is a Bermudian holding company that provides property and casualty reinsurance in the global market, property and liability insurance principally in the United Kingdom and surplus lines insurance in the United States. Aspen's operations are conducted through its wholly-owned subsidiaries located in London, Bermuda and the United States: Aspen Insurance UK Limited, Aspen Insurance Limited and Aspen Specialty Insurance Company. Aspen's reinsurance segment consists of property reinsurance, casualty reinsurance and specialty reinsurance lines of business. Aspen's insurance segment consists of commercial property insurance and commercial liability insurance lines of business. Aspen's principal existing shareholders include The Blackstone Group, Candover Partners Limited, Credit Suisse First Boston Private Equity and Wellington Underwriting plc. This press release contains, and Aspen may from time to time make, written or oral "forward-looking statements" within the meaning of the U.S. federal securities laws. All forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and other factors, many of which are outside of Aspen's control that could cause actual results to differ materially from such statements. For a detailed description of these uncertainties and other factors that could cause the actual results to differ, please see the "Risk Factors" section in Aspen's Registration Statement on Form F-1 with respect to the ordinary shares, filed with the U.S. Securities and Exchange Commission. DATASOURCE: Aspen Insurance Holdings CONTACT: U.S. Contacts, Carina Thate or Erin Moore, both of The Abernathy MacGregor Group, +1-212-371-5999; or U.K. Contacts, Brian Hudspith of The Maitland Consultancy, +44-20-7379-5151; or Insurance/Trade Contact, Chris O'Kane, Chief Executive Officer, +44-20-7929-4000, or Investor Contact, Julian Cusack, +1-441-295-8201, both of Aspen Insurance Holdings Limited

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