A.M. Best Places Ratings of Aspen Specialty Insurance Company Under Review with Developing Implications

Business Wire, June 12, 2008

OLDWICK, N.J. -- A.M. Best Co. has placed the financial strength rating (FSR) of A- (Excellent) and issuer credit rating (ICR) of "a-" of Aspen Specialty Insurance Company (ASIC) (Bismarck, ND) under review with developing implications.

These rating actions reflect the recent decision by ASIC's ultimate parent, Aspen Insurance Holdings, Limited (AHL) (NYSE: AHL) (Hamilton, Bermuda), to revise ASIC's immediate business plans and the uncertainty regarding ASIC's ultimate role in the United States.

ASIC voluntarily stopped writing new and renewal business as of January 1, 2008. Substantially all new and renewal excess and surplus lines business previously written by ASIC is written by its foreign affiliate, Aspen Insurance UK Limited (AIUK) (United Kingdom).

Subsequently, A.M. Best was informed that a new business plan detailing revised near and long-term strategies for ASIC was being developed. Among the options being considered include substantial reinsurance support of ASIC's business by AHL's other non-U.S. operating companies, which currently maintain FSRs of A (Excellent) and ICRs of "a."

The ratings will remain under review pending receipt and analysis of ASIC's forthcoming revised business plan and further discussions with management. A.M. Best expects these events to occur within the next 60 to 90 days.

For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.> Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.