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Press Release

Source: Aspen Insurance Holdings
Limited

Aspen Completes $100 Million California Earthquake
Catastrophe Financing Under $1 Billion Shelf Program and Announces $100
Million ILW Wind Reinsurance
Wednesday April 25,
4:54 pm ET

HAMILTON, Bermuda--(BUSINESS WIRE)--Aspen Insurance Holdings
Limited ("Aspen") (NYSE:AHL - News) today announced two
separate collateralized reinsurance contracts to protect its balance sheet
against severe California Earthquake and US wind events.

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Aspen has entered into a
multi-year property catastrophe reinsurance agreement with Ajax Re Limited
("Ajax Re"), a Cayman Islands domiciled reinsurer, to provide up to $100
million of reinsurance coverage for Aspen's insurance subsidiaries in the
event of one or more California earthquakes.

The reinsurance agreement is fully collateralized by proceeds received
by Ajax Re from the issuance of catastrophe bonds, and its reinsurance
limit is proportionally available based on industry insured losses between
$23.1 billion and $25.9 billion in the covered area, as reported by
Property Claim Services ("PCS"). The full $100 million available is
exhausted when the reported industry insured losses by PCS reach $25.9
billion.

This transaction coincides with the expiration of the Company's
existing catastrophe swap agreement and provides Aspen with coverage
effective from August 18, 2007 through May 1, 2009.

Ajax Re is a special purpose Cayman Islands exempted company licensed
as a restricted Class B insurer in the Cayman Islands and formed solely
for the purpose of entering into certain reinsurance agreements and other
risk transfer agreements with subsidiaries of Aspen to provide up to $1
billion of reinsurance protection covering various perils. The protection
provided by Ajax Re will be funded through the issuance of one or more
distinct series of notes (the "Notes") to qualified institutional buyers
in permitted jurisdictions as part of Ajax Re's $1 billion principal
at-risk variable rate note program.

In a separate transaction, Aspen intends, subject to completion of
contractual arrangements, to enter into a $100 million Industry Loss
Warranty ("ILW") Reinsurance Contract to provide protection against United
States catastrophic wind events. The ILW is structured in three layers,
with trigger points ranging from $30 billion to $50 billion in industry
losses as reported by PCS.

Commenting on the financings, Chris O'Kane, Aspen's Chief Executive
Officer said: "Aspen continues to manage catastrophe risk exposures by
using a combination of capital markets and traditional reinsurance. These
transactions enable us to protect our balance sheet from exposure to
significant specific perils and support our ratings."

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the Notes
in any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws
of any such jurisdiction. The Notes have not been, and will not be,
registered under the Securities Act of 1933, as amended (the "Securities
Act"), and may not be offered or sold in the United States absent
registration under the Securities Act or an applicable exemption from the
registration requirements thereunder.

About Aspen Insurance Holdings Limited

Aspen Insurance Holdings Limited was established in June 2002. Aspen is
a Bermudian holding company that provides property and casualty
reinsurance in the global market, property and liability insurance
principally in the United Kingdom and the United States and specialty
insurance and reinsurance consisting mainly of marine and energy and
aviation worldwide. 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 has four operating segments: property
reinsurance, casualty reinsurance, specialty insurance and reinsurance and
property and casualty insurance. For more information about Aspen, please
visit the Company's website at http://www.aspen.bm/.

Application of the Safe Harbor of the Private Securities Litigation
Reform Act of 1995

This press release contains written, and Aspen's officers may make
related oral, "forward-looking statements" within the meaning of the U.S.
federal securities laws regarding Aspen's initial outlook for certain
operating results for 2007, the possible repurchase of Aspen's ordinary
shares and the financing of any such repurchases. These statements are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include all
statements that do not relate solely to historical or current facts, and
can be identified by the use of words such as "expect," "intend," "plan,"
"believe," "project," "anticipate," "seek," "will," "estimate," "may,"
"continue," and similar expressions of a future or forward-looking nature.
All forward-looking statements 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. For a detailed description of uncertainties and other factors
that could impact the forward-looking statements in this release, please
see the "Risk Factors" section in Aspen's Annual Report on Form 10-K for
the year ended December 31, 2006, filed with the U.S. Securities and
Exchange Commission on February 22, 2007.

Contact:
Aspen Insurance Holdings Limited, Hamilton
Investor Contact:
Noah Fields, Head of Investor Relations, (441) 297-9382
or
Tania Kerno, Head of Communications, 44 (0) 20 7184 8855
or
European Press Contact:
The Maitland Consultancy
Brian Hudspith, 44 (0) 20 7379 5151
or
North American Press Contact:
Abernathy MacGregor
Eliza Johnson, 1-212-371-5999

Source: Aspen Insurance Holdings
Limited

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