Aspen receives Llloyds approval to establish new syndicate

31 March, 2008

Aspen establishes new Syndicate 4711

Aspen Insurance Holdings has today announced that it  has received approval from Lloyd's to set up a new syndicate called 4711

Syndicate 4711 is forecast to underwrite $100m of premium Income it will renew some of the business currently written by its existing UK company, Aspen Insurance UK,

Syndicate 4711 will commence underwriting business from early April.

Syndicate 4711 is managed by a newly created Lloyd's managing agency, Aspen Managing Agency Limited ("AMAL"), which is authorized by the Financial Services Authority in the UK. Syndicate 4711 is supported by a corporate member, which is a wholly owned subsidiary of Aspen.

The active underwriter of Syndicate 4711 is Matthew Yeldham, Head of International Insurance at Aspen. Matthew retains his existing responsibilities in addition to assuming his new role with Syndicate 4711.

Syndicate 4711's business plan for 2008 is to renew certain participations on selected classes of business currently written by its existing UK company, Aspen Insurance UK Limited. These classes include Energy, Hull, Marine Liability, Transportation related Liability, Aviation and certain specialty reinsurance lines.

In 2008, Aspen plans to write approximately $100 million of its forecast GWP (gross written premiums) in Syndicate 4711. This is not expected to have a material impact on the consolidated GWP expected to be written by the Company in 2008.

Aspen believes the Lloyd's brand, market positioning and licences make it a leading specialist insurance market for many of the lines in which Aspen has strong leadership positions.

Commenting on the announcement, Chris O'Kane, Chief Executive Officer of Aspen Insurance Holdings, said: "Lloyd's is widely regarded as a leading marketplace for many of the classes of business which we currently underwrite and offers an unrivalled distribution network. The establishment of a presence at Lloyd's is a key strategic objective for Aspen as it provides a major enhancement to our multi-platform capability as we continue to develop our business."

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 Bermuda, France, Ireland, the United States, the United Kingdom, and Switzerland. For the year ended December 31, 2007, Aspen reported gross written premiums of $1.8 billion, net income of $489.0 million and total assets of $7.2 billion. For more information about Aspen, please visit www.aspen.bm. 

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