Processed and formatted by SEC Watch - Visit SECWatch.

com

Table of Contents

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): September 4, 2008

ASPEN INSURANCE HOLDINGS LIMITED

(Exact name of registrant as specified in its charter)

Bermuda 001-31909 Not Applicable

(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)

Maxwell Roberts Building

1 Church Street
Hamilton HM 11
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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 Processed and formatted by SEC Watch - Visit SECWatch.com

TABLE OF CONTENTS

Item 7.01 Regulation FD Disclosure

Item 9.01- Financial Statements and Exhibits
SIGNATURES
EX-99.1
 Processed and formatted by SEC Watch - Visit SECWatch.com
Table of Contents

Section 7 — Regulation FD

Item 7.01 Regulation FD Disclosure

The information about Aspen Insurance Holdings Limited (the “Company”) described in the slides attached to this report as Exhibit 99.1
will be presented by the Chief Executive Officer of the Company at the Merrill Lynch Insurance Investor Conference on February 25, 2009 and
the Annual Association of Insurance and Financial Analysts (“AIFA”) Conference on March 2, 2009. The attached slides will be presented by
the Chief Executive Officer and Chief Financial Officer of the Company to various investors starting February 24, 2009 and throughout the
months of February and March. The Company furnishes the attached presentation which includes general information about the Company, its
2008 results, market conditions and January 1 renewals as well as its liquidity and capital position.
Safe Harbor for Forward-Looking Statements
Some of the statements in Exhibit 99.1 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,” “intend,” “plan,”
“believe,” “project,” “anticipate,” “seek,” “will,” “estimate,” “may,” “guidance,” “continue,” and similar statements of a future or forward-
looking nature identify forward-looking statements in Exhibit 99.1 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 slides 2 and 3 of the attached presentation on
Exhibit 99.1 for such factors as well as our Annual Report on Form 10-K filed with the SEC.
Forward-looking statements speak only as of the date on which they are made, 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 exhibit is furnished under Item 7.01 as part of this report:
99.1 Slides from presentation by management at the Merrill Lynch Insurance Investor Conference, February 25, 2009 and the AIFA
Conference, March 2, 2009.
The information furnished under 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.

2
 Processed and formatted by SEC Watch - Visit SECWatch.com
Table of Contents

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: February 23, 2008 By: /s/ Richard Houghton

Name: Richard Houghton
Title: Chief Financial Officer

Exhibit 99.1

As p e n I ns ur ance Ho l d i n g s Li m i t e d Ch r i s O'Ka n e Ch i e f Ex e c u t i v e Of f i c e r Fe br ua r y 2009 V0 . 1 6


S a f e Ha r b o r Di s c l o s u r e
As p e n 's r e s u l t s o f o p e r a
c o n t a i n s , a n d As p e n 's e a
m at t er s t hat i nvol ve r
i n our abi l i t y t o exer c
t echni ques , changes i n
avai l abi l i t y of l abor a
bas i s of pr i ci ng, capac
cedant s , m ar ket i nt el l
s t a t e m e n t s , wh e t h e r a s
Th i s s l i d e p r e s e n t a t i o n i s f o r i n f o r m a t i o n p u r pos es onl y. I t s houl d be r
t i o n s i n a m a n n e r t h a t a l l o ws f o r a m o r e c o m pl e t e under s t andi ng of t he
r n i n g s c o n f e r e n c e c a l l m a y c o n t a i n , wr i t t e n o r or a l " f o r wa r d - l o o k i n g s t a
i s k s a n d u n c e r t a i n t i e s . Ac c o r d i n g l y , t h e r e a r e or wi l l b e i m p o r t a n t f a c t
i s e capi t al m anagem ent i ni t i at i ves or t o ar r a nge banki ng f aci l i t i es as
r ul i ngs on f l ood dam age or ot her excl us i ons as a r es ul t of pr evai l i ng l a
nd m at er i al s af t er cat as t r ophes ; t he ef f ect i ve nes s of our l os s l i m i t at i
i t y, cover age t er m s or ot her f act or s and t he r el a t ed dem and and s uppl y
i gence, i ni t i al t ent at i ve l os s r epor t s and ot he r s o u r c e s . Du e t o t h e c o m
a r es ul t of new i nf or m at i on, f ut ur e event s or ot h e r wi s e . Re a d e r s a r e c a
Processed and formatted by SEC Watch - Visit SECWatch.com
e a d i n c o n j u n c t i o n wi t h o u r f i n a n c i a l s u p p l em ent pos t e d o n o u r we b s i t e o n t h e I n v e s t o r Re l a t i o n s p a g e a n d wi t h o t h e r d o c u m e n t s f i l e d o r t o b e f i l e d s h o r t l y b y As p e n I n s u r a n c e Ho l d i n g s L i m i t e d ( t h e " Co m p a n y " o r " As p e n " ) wi t h t h e U. S . S e c u r i t i e s a n d E x c h a n g e Co m m i s s i o n . No n - GAAP F i n a n c i a l M e a s u r e s I n p r e s e n t i n g As p e n 's r e s ul t s, m a nagem ent has i ncl ude d a n d d i s c u s s e d c e r t a i n " n o n - GAAP f i n a n c i a l m e a s u r e s " , a s s u c h t e r m i s d e f i n e d i n Re g u l a t i o n G. M a n a g e m e n t b e l i e ves t h a t t h e s e n o n - GAAP m e a s u r e s , wh i c h m a y b e d e f i n e d d i f f e r e n t l y b y o t h e r c o m p a n i e s , b e t t e r e x p l a i n
u n d e r l y i n g t r e n d s i n As p e n 's b u s i n e s s . Ho we ver , t hes e m e a s u r e s s h o u l d n o t b e v i e we d a s a s u b s t i t u t e f o r t hos e d e t e r m i n e d i n a c c o r d a n c e wi t h GAAP . T h e r e c o n c i l i a t i o n o f s u c h n o n - GAAP f i n a n c i a l m e a s u r e s t o t h e i r r e s p e c t i v e m o s t d i r e c t l y c o m p a r a b l e GAAP f i n a n c i a l m e a s u r e s i n a c c o r d a n c e wi t h Re g u l a t i o n G i s i n c l u d e d h e r e i n or i n t he f i nanci al s uppl em ent , a s a p p l i c a b l e , wh i c h c a n b e o b t a i n e d f r o m t h e I n v e s t o r Re l a t i o n s s e c t i o n o f As p e n 's we b s i t e a t www. a s p e n . b m . Ap p l i cat i o n o f t h e S a f e Ha r b o r o f t h e P r i v a t e S e c u r i t i e s L i t i g a t i o n Re f o r m Ac t o f 1 9 9 5 : T h i s p r e s e n t a t i o n
t e m e n t s " wi t h i n t h e m e a n i n g o f t h e U. S . f eder al s ec u r i t i e s l a ws . T h e s e s t a t e m e n t s a r e m a d e p u r s u a n t t o t he s a f e h a r b o r p r o v i s i o n s o f t h e P r i v a t e S e c u r i t i e s L i t i g a t i o n Re f o r m Ac t o f 1 9 9 5 . F o r wa r d - l o o k i n g s t a t e m e n t s i n c l u d e a l l s t a t e m e n t s t h a t do not r el at e s ol el y t o hi s t or i cal or cur r ent f act s , and can be i dent i f i ed by t he us e of wo r d s s u c h a s " e x p e c t , " " i n t e n d , " " p l a n , " " b e l i e v e , " " p r o j e c t , " " a n t i c i p a t e , " " s e e k , " " a i m , " " wi l l , " " e s t i m a t e , " " m a y , " " c o n t i n u e , " a nd s i m i l a r e x p r e s s i o n s o f a f u t u r e o r f o r wa r d - l o o k i n g n a t u r e . Al l f o r wa r d - l o o k i n g s t a t e m e n t s a d d r e s s
or s t hat coul d caus e act ual r es ul t s t o di f f er m at er i a l l y f r o m t h o s e i n d i c a t e d i n t h e s e s t a t e m e n t s . As pen be l i eves t hes e f act or s i ncl ude, but ar e not l i m i t ed t o: t he cont i nui ng and uncer t ai n i m pact of t he cur r ent depr es s ed cr edi t envi r onm ent , t h e b a n k i n g c r i s e s a n d e c o n o m i c r e c e s s i o n s i n m a n y o f t h e c o u n t r i e s i n wh i c h we oper at e and of t he m eas ur es bei ng t aken by gover nm ent s t o count er t hes e i s s ues ; t he r i s k of a m at er i al decl i ne i n t he val ue or l i qui di t y of a l l or par t s of our i nves t m ent por t f ol i o; changes i n i ns ur ance and r ei ns ur ance m ar ket condi t i ons ; changes
a r es ul t of pr evai l i ng m ar ket changes or c hanges i n our f i nanci al pos i t i on; our abi l i t y t o execut e our bus i ne s s pl an t o ent er new m ar ket s , i nt r oduce new pr oduct s and devel op new di s t r i but i on channel s , i ncl udi ng t hei r i nt egr at i on i nt o our exi s t i ng oper at i ons ; changes i n t he t ot al i ndus t r y l os s es , or our s har e of t ot al i ndus t r y l os s es , r es ul t i ng f r om pas t e v e n t s s u c h a s Hu r r i c a n e s I k e a n d Gu s t a v a n d , wi t h r e s p e c t t o s u c h e v e n t s , o u r r e l i a n c e o n l o s s r e p o r t s r e c e i v e d f r om c edant s and l os s adj us t or s , our r el i ance on i ndus t r y l os s es t i m at es and t hos e gener at ed by m odel i ng
ws u i t s a n d c a s e l a w, a n y c h a n g e s i n o u r r e i ns ur er s ' cr edi t qual i t y and t he am ount and t i m i ng of r ei ns ur ance r e c o v e r a b l e s ; t h e i m p a c t o f a c t s o f t e r r o r i s m a n d r e l a t e d l e g i s l a t i o n a n d a c t s o f wa r ; t h e p o s s i b i l i t y o f g r e a t e r f r e q u e n c y o r s e v e r i t y o f cl ai m s and l os s act i vi t y, i ncl udi ng as a r es ul t of nat ur al or m an- m ade cat ast r ophi c event s , t han our unde r wr i t i n g , r e s e r v i n g , r e i n s u r a n c e p u r c h a s i n g o r i n v e s t m e n t p r a c t i c e s h a v e a n t i c i p a t e d ; e v o l v i n g i n t e r p r e t i v e i s s u e s wi t h r es pect t o cover age af t er m aj or l os s event s ; t he l evel of i nf l at i on i n r epai r cos t s due t o l i m i t ed
on m et hods ; changes i n t he avai l abi l i t y, c os t or qua l i t y of r ei ns ur ance or r et r oces s i onal cover age; t he r el i a bi l i t y of , and changes i n as s um pt i ons t o, cat as t r ophe pr i ci ng, accum ul at i on and es t i m at ed l os s m odel s ; l os s of key per s onnel ; a decl i ne i n o u r o p e r a t i n g s u b s i d i a r i e s ' r a t i n g s wi t h S t a n d a r d & P o o r 's ( " S & P " ) , A. M . Be s t or M o o d y 's I n v e s t o r s S e r v i c e ( " M o o d y 's " ) ; c h a n g e s i n g e n e r a l e c o n o m i c c o n d i t i o n s , i n c l u d i n g i n f l a t i o n , f o r e i g n c u r r e n c y e x c h a n g e r a t e s , i n t e r est r at es and ot her f act or s t hat coul d af f ect our i nves t m ent por t f ol i o; i ncr eas ed com pet i t i on on t he
d y n a m i c s a s c o n t r a c t s c o m e u p f o r r e n e wa l ; decr eas e d dem and f or our i ns ur ance or r ei ns ur ance pr oduct s and c y c l i c a l c h a n g e s i n t h e i n s u r a n c e a n d r e i n s u r a n c e s e c t o r s ; c h a n g e s i n g o v e r n m e n t r e g u l a t i o n s o r t a x l a ws i n j u r i s d i c t i o n s wh e r e we c o n d u c t b u s i n e s s ; a n d As p e n Ho l d i n g s o r As p e n Be r m u d a b e c o m i n g s u b j e c t t o i n c o m e t a xes i n t he Un i t e d S t a t e s o r t h e Un i t e d Ki n g d o m . I n a d d i t i o n , a n y e s t i m a t e s r e l a t i n g t o l o s s e v e n t s i n v o l v e t h e e x e r c i s e o f c o n s i d e r a b l e j u d g m e n t and r ef l ect a com bi nat i on of gr ound- up eval uat i ons , i nf or m at i on avai l abl e t o dat e f r om br oker s and
pl exi t y of f act or s cont r i but i ng t o t he l os s es and t he pr el i m i nar y nat ur e of t he i nf or m at i on us ed t o pr epar e t h e s e e s t i m a t e s , t h e r e c a n b e n o a s s u r a n c e t h a t As p e n 's u l t i m a t e l o s s e s wi l l r e m a i n wi t h i n t h e s t a t e d a m o u n t . F o r a m o r e d e t a i l e d d e s c r i p t i o n o f t h e s e u n c e r t a i n t i e s a n d o t h e r f a c t o r s , p l e a s e s e e t h e " Ri s k F a c t o r s " se ct i on i n As p e n 's An n u a l Re p o r t s o n F o r m 1 0 - K a s f i l e d , a n d t o b e f i l e d , wi t h t h e U. S . S e c u r i t i e s a n d E x c h a n g e Co m m i s s i o n o n F e b r u a r y 2 9 , 2 0 0 8 and i n e a r l y 2 0 0 9 . As p e n u n d e r t a k e s n o o b l i g a t i o n t o p u b l i c l y u p d a t e o r r e v i s e a n y f o r wa r d - l o o k i n g
ut i oned not t o pl ace undue r el i ance on t hes e f o r wa r d - l o o k i n g s t a t e m e n t s , wh i c h s p e a k o n l y a s o f t h e d a t es on wh i c h t h e y a r e m a d e .
 Processed and formatted by SEC Watch - Visit SECWatch.com

Co n t e n t s I nt r oduct i on and St r a t e gy 2008 Re s u l t s Hi g h l i g h t s 2008 Hu r r i c a n e s M ar ket Co n d i t i o n s / J anuar y 1 Re n e wa l s Li q u i d i t y and Ca p i t a l Pos i t i on I nves t m ent St r a t e gy and Pe r f or m a nc e Ap p e n d i x
 Processed and formatted by SEC Watch - Visit SECWatch.com

As p e n at a Gl a n c e : Ov e r v i e w Be r m u d a dom i ci l ed di ver s i f i ed Spe c i a l t y I ns ur er and Re i n s u r e r wi t h f ocus on: ? M ar i ne, En e r g y and Tr a n s p o r t I ns ur ance ? Spe c i a l t y Ca s u a l t y Re i n s u r a n c e ? Pr ope r t y Ca t a s t r o p h e I ns ur ance and Re i n s u r a n c e $2. 0bn m ar ket cap ? $3. 0bn of t ot al capi t al , as of De c e m b e r 31, 2008 ? Ra t i n g s of A ( S& P) , A2 ( M o o d y 's ) and A ( AM Be s t ) f or As p e n UK a n d As p e n Be r m u d a ? AHL i n c l u d e d i n Ru s s e l l 2000 and 3000 I ndexes , Ba r r o n 's 400 I ndex ? BVP S 1 4 . 5 % CAGR o v e r l ast 12 quar t er s $2. 0bn Gr o s s W r i t t en Pr e m i um i n 2008; est i m at e $2. 0bn +/ - 5% GW P f o r 2009* ? 44% I ns ur ance, 56% Re i n s u r a n c e ? 41% Ca s u a l t y , 59% Pr ope r t y * Es t i m a t e as at Fe br ua r y 5, 2009
 Processed and formatted by SEC Watch - Visit SECWatch.com

Re c a p : 2 0 0 3 - 2 0 0 8 S l i c e 2 0 6 20 0 74 25 I n s u r a n c e Re i n s u r a n c e 4 0 5 4 4 % 5 6 % 6 7 3 0 P r o p e r t y Ca s u a l t y UK Be r m u d a 4 % 2 0 0 8 I n s u r a n c e v s . Re i n s u r a n c e Pr ope r t y v s . Ca s u a l t y GW P b y " Co r e " P l a t f o r m 1 6 2 0 0 3 6 7 US 2 % 9 4 % 3 9 % 6 1 % 2 3 % 7 7 % 4 1 % 5 9 % GW P $ 2 . 0 b n T o t a l Ca p i t a l $3. 0bn Co m m o n Eq u i t y $2. 4bn Op ROE 5 . 4 % Di l u t e d BVP S $ 2 8 . 1 0 500+ em pl oyees 16 of f i ces 7 count r i es GW P $ 1 . 3 b n To t a l Ca p i t a l $1. 3bn Co m m o n Eq u i t y $1. 3bn Op ROE 1 6 . 0 % BVP S $ 1 8 . 1 7 176 em pl oyees 4 of f i ces 3 count r i es 74% 6% 20% I m pr oved Pr oduc t and Ge o g r a p h i c a l Di v e r s i f i c a t i o n ; I ns ur ance ~44% i n 2009 vs . 23% i n 2003 No t e : Se e As p e n 's quar t er l y f i nanci al s uppl em ent f or a r econci l i at i on of
oper at i ng i ncom e t o net i ncom e; aver age equi t y t o cl os i ng s har ehol der s ' equi t y and di l ut ed book val ue per s har e t o bas i c book val ue per s har e i n t he I nves t or Re l a t i o n s s e c t i o n o f As p e n s' we b s i t e a t www. a s p e n . b m . I n s u r a n c e Re i n s u r a n c e P r o p e r t y Ca s u a l t y US Be r m u d a UK
 Processed and formatted by SEC Watch - Visit SECWatch.com

Re m i n d e r : St r a t e gy - Ke y El e m e n t s 1. Do i n g W hat W e 'r e Go o d At Foc us on s peci al t y and m or e com pl ex r i s ks wh i c h f i t wi t h our s ki l l - s et 1. Do i n g W hat W e 'r e Go o d At Se l e c t i ve expans i on i nt o new / adj acent l i nes and t er r i t or i es ? Be t t e r s pr ead of r i sk and l o we r vol at i l i t y Re g a r d e d as a 'S e c t o r Ex p e r t ' b y our cl i ent s 2. Ru n n i n g our Bu s i n e s s W el l M ul t i - pl at f or m appr oach ? Lo c a t i o n of our peopl e m i r r or s t he pr oduct i on s our ces f or t he bus i nes s we wr i t e En t e r p r i s e Ri s k M anagem ent as our cor e s t r at egi c enabl er 3. Re t u r n s Fi r s t , Gr o wt h Se c ond Gr o wt h i n book val ue per s har e ( adj us t ed f or di vi dends ) pr i m ar y m et r i c by wh i c h we m anage our bus i nes s
 Processed and formatted by SEC Watch - Visit SECWatch.com

Pr ogr e s s i ve di ve r s i f i c a t i on of s t r at egi c f oot pr i nt t hr ough i ncr em ent al expans i on i nt o adj acent bus i nes s l i nes and s el ect i ve es t abl i s hm ent o f n e w u n d e r wr i t i n g p l a t f o r m s / o f f i c e s Ke y e n a b l e r s : ? Co n s i s t e n t wi t h c o r e c o m p e t e n c i e s ? T i m i n g ? Av a i l a b i l i t y o f p r o v e n , s u c c e s s f u l u n d e r wr i t i n g t e a m s S e l e c t i v e Bu s i n e s s L i n e E x p a n s i o n Re s u l t i n g i n I m p r o v e d Di v e r s i f i c a t i o n 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 9 Spe c i a l t y RI ? Av i a t i o n ? M ar i ne US Ca s u a l t y Re US E & S l i n e s As p e n Re Am e r i c a Av i a t i o n I ns ur ance M ar i ne I ns ur ance En e r g y I ns ur ance I nt er nat i onal Pr ope r t y Fa c ul t a t i ve * Un d e r wr i t i n g com m enced pos t 09/ 07 * * Un d e r wr i t i n g com m enced Q3 '0 8 f or bus i nes s i ncept i ng i n 2009 ***
Un d e r wr i t i n g c o m m e n c e s 0 3 / 0 9 2 0 0 6 P r o f e s s i o n a l L i a b i l i t y * E x c e s s Ca s u a l t y * T r a n s p o r t a t i o n r e l a t e d L i a b i l i t y 2 0 0 7 P o l i t i c a l Ri s k F i n a n c i a l I n s t i t u t i o n s Cr e d i t & S u r e t y Re i n s u r a n c e * * M a n a g e m e n t Te c h n o l o g y a n d L i a b i l i t y P r o d u c t s P l a t f o r m s Be r m u d a L o n d o n US Z u r i c h Du b l i n L l o y d 's S i n g a p o r e Do i n g W h a t W e r' e Go o d At : E x p a n s i o n i n t o Ne w / Ad j a c e n t L i n e s a n d T e r r i t o r i e s P a r i s 2 0 0 8 S p e c i e * * *
 Processed and formatted by SEC Watch - Visit SECWatch.com

Ru n n i n g o u r Bu s i n e s s W e l l : E n t e r p r i s e Ri s k M a n a g e m e n t : M a n a g i n g o u r Bu s i n e s s Be t t e r Un d e r s t a n d i n g l i nkage b e t we e n as s um ed r i sk and capi t al at r i sk i s key Ri s k m anagem ent em bedded wi t h i n our cul t ur e and f undam ent al t o ever yt hi ng we do ? W el l def i ned r i sk appet i t e cl ear l y ar t i cul at ed ? Le a d e r s h i p 'f r o m t he t op' ? Ca s c a d e d d o wn t hr oughout t he or gani s at i on ? Bo a r d 'R i s k ' Co m m i t t e e es t abl i s hed i n 2006 I T and pr oces s es des i gned t o s uppor t u n d e r wr i t i n g and r i sk m anagem ent obj ect i ves I ndi vi dual and t eam obj ect i ves and com pens at i on s t r uct ur e al i gned t o com pany goal s As p e n E RM r at ed " s t r ong" by S & P Ri s k M anagem ent Un d e r wr i t i n g Un d e r wr i t i n g Ac t u a r i a l Cl a i m s
L e g a l F i n a n c e / Op e r a t i o n s Ri s k M a n a g e m e n t a n d I n f r a s t r u c t u r e Al i g n e d t o S u p p o r t o u r Go a l s
 Processed and formatted by SEC Watch - Visit SECWatch.com

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 An n u a l i s e d ROE 0 . 1 2 5 0. 204 0. 18 0. 224 0. 229 0. 204 0. 202 0. 228 0. 128 0. 204 - 0. 232 0. 028 Di l u t e d BV P e r Sha r e * 18. 95 19. 76 21. 41 21. 83 22. 93 23. 63 25. 68 27. 08 28. 48 28. 99 26. 21 28. 1 Co m p o u n d e d An n u a l Gr o wt h Ra t e i n BVP S o v e r l ast 12 Qu a r t e r s of 14. 5% ( *) No t e : Se e As p e n 's quar t er l y f i nanci al s uppl em ent f or a r econci l i at i on of di l ut ed book val ue per s har e t o bas i c book val ue per s har e and r econci l i at i on of aver age equi t y t o cl os i ng s har ehol der s ' equi t y i n t he I nves t or Re l a t i o n s s ect i on of As p e n 's we b s i t e at www. a s p e n . b m 2006 2007 2008 ? Bu s i n e s s Pe r f or m a nc e : Gr o wt h i n ROE a n d Bo o k Va l u e Pe r Sha r e
 Processed and formatted by SEC Watch - Visit SECWatch.com

2 0 0 8 Re s u l t s Hi g h l i g h t s Ke y I n d u s t r y T h e m e s As p e n P e r f o r m a n c e I n d u s t r y i m p a c t e d b y c a t a s t r o p h e l o s s e s ( ~ $ 5 0 b n * ) a n d h i g h v o l u m e o f r i s k l o s s e s ( > $ 1 0 b n * * ) Un p r e c e d e n t e d t u r m o i l i n f i n a n c i a l m a r k e t s r e s u l t i n g i n s i g n i f i c a n t i m p a i r m e n t c h a r g e s t o i n v e s t m e n t p o r t f o l i o s Co n t i n u e d p r i c i n g p r e s s u r e i n m o s t l i n e s o f b u s i n e s s wi t h s e l e c t i v e a b a t i n g i n Q4 '0 8 W e l l p u b l i c i s e d d i f f i c u l t i e s a t c e r t a i n k e y i n d u s t r y p l a y e r s I n c r e a s e i n d i l u t e d BVP S o f 3 . 8 % d u r i n g 2 0 0 8 a n d 7 . 2 % i n Q4 2 0 0 8 a g a i n s t a b a c k d r o p o f m a r k e t t u r m o i l T o t a l r e t u r n o n i n v e s t m e n t s o f 2 % ; 4 % e x c l u d i n g F u n d s o f He d g e F u n d s S o l i d u n d e r wr i t i n g r e s u l t s : CR o f 9 5 . 6 % I n c r e a s e i n GW P o f 10. 1%

r e f l e c t i n g b e n e f i t s o f i n c r e a s i n g d i v e r s i f i c a t i o n ( p r o d u c t a n d p l a t f o r m ) I k e a n d Gu s t a v l o s s e s wi t h i n e x p e c t a t i o n s ; m o d e s t i n c r e a s e i n I k e l o s s e s o n l y s i n c e i n i t i a l e s t i m a t e Ro b u s t Re s u l t s Gi v e n Ch a l l e n g i n g M a r k e t Co n d i t i o n s ( * ) S wi s s Re 's e s t i m a t e o f t o t a l p r o p e r t y i n s u r a n c e l o s s e s i n 2 0 0 8 ( * * ) Ba s e d o n b r o k e r e s t i m a t e s a n d As p e n s' a s s e s s m e n t o f r i s k l o s s e s i n 2 0 0 8 No t e : S e e As p e n s' q u a r t e r l y f i n a n c i a l s u p p l e m e n t f o r a r e c o n c i l i a t i o n o f d i l u t e d b o o k v a l u e p e r s h a r e t o b a s i c b o o k v a l u e p e r s h a r e a n d r e c o n c i l i a t i o n o f a v e r a g e e q u i t y t o c l o s i n g s h a r e h o l d e r s ' e q u i t y i n t h e I n v e s t o r Re l a t i o n s s e c t i o n o f As p e n s' we b s i t e a t www. a s p e n . b m
 Processed and formatted by SEC Watch - Visit SECWatch.com

Pr o- a c t i ve Ri s k M anagem ent : 2008 Hu r r i c a n e Lo s s e s 2008 Hu r r i c a n e Lo s s e s 2008 Hu r r i c a n e Lo s s e s Pr ope r t y Re i n s u r a n c e Lo s s Ev e n t M ar ket Sha r e M ar ket Sha r e Si gni f i c a nt Re d u c t i o n i n Sha r e of Na t u r a l Ca t a s t r o p h e Lo s s e s Re f l e c t i n g Re p o s i t i o n i n g of Ca t Bo o k Pos t 2005 Hu r r i c a n e s
 Processed and formatted by SEC Watch - Visit SECWatch.com

M a r k e t Ou t l o o k 2 0 0 9 : Co m p a r i s o n wi t h P r e v i o u s H ' a r d ' M a r k e t s Ye a r 1 9 8 6 1 9 9 3 2 0 0 2 2 0 0 5 Un d e r l y i n g Ca u s e s Un d e r - r e s e r v i n g I n a d e q u a t e p r i c i n g f o r m a n y y e a r s Ra t e d e c l i n e s f r o m p e a k s p o s t 1 9 8 6 E c o n o m i c d i s l o c a t i o n I m p a c t o f E n r o n / W o r l d Co m b a n k r u p t c i e s F a l l i n g e q u i t y m a r k e t s a n d i n t e r e s t r a t e s I n a d e q u a t e p r i c i n g f o r m a n y y e a r s Ra t e decl i nes f r om peaks pos t 2002 Ca t a l y s t As b e s t o s / p o l l u t i o n Hu r r i c a n e An d r e w W T C / Se pt e m be r 11 Hu r r i c a n e s Ka t r i n a / Ri t a / W i l m a I m pact Si gni f i c a nt r educt i on i n wo r l d - wi d e capaci t y For m a t i on of ACE / XL M a j o r r e- pr i ci ng acr os s al l l i nes of bus i nes s and i n al l t er r i t or i es M oder at el y 'h a r d ' m a r k e t I m pact concent r at ed i n l os s i m pact ed
l i ne s ( e . g. Pr ope r t y r e i ns ur a nc e , o f f - s h o r e e n e r g y , m a r i n e h u l l , D& O) M a j o r r e - p r i c i n g a c r o s s a l l l i n e s o f b u s i n e s s a n d a l l t e r r i t o r i e s 'L o c a l i s e d ' ( p r o d u c t a n d g e o g r a p h y ) h a r d m a r k e t i n l o s s i m p a c t e d l i n e s ( e . g . US P r o p e r t y Ca t a n d o f f - s h o r e E n e r g y ) + = Be l i e v e M a r k e t Ha r d e n i n g i n 2 0 0 9 L i k e l y T o Be Cl o s e r t o 1 9 9 3 / 2 0 0 5 t h a n 1 9 8 6 / 2 0 0 2
 Processed and formatted by SEC Watch - Visit SECWatch.com

M ar ket Ou t l o o k 2 0 0 9 : ( Re - ) I n s u r a n c e S p e c i f i c F a c t o r s Ke y Dr i v e r s I m p a c t I n v e s t m e n t l o s s e s r e s u l t i n g f r o m t u r m o i l i n f i n a n c i a l m a r k e t s US h u r r i c a n e a n d o t h e r c a t a s t r o p h e l o s s e s S i g n i f i c a n t r i s k ( m a n - m a d e ) l o s s e s g l o b a l l y Ex p e c t e d heavy l os s es ar i s i ng f r om l i kel y E& O / D& O c l a i m s r el at i ng t o f i nanci al i ns t i t ut i ons Re s t r i c t e d access t o new capi t al Lo w i n t e r e s t r at es Re d u c e d appet i t e i n capi t al m ar ket s t o pr ovi de r ei ns ur ance s ol ut i ons and r educt i on i n col l at er al i s ed r et r o capaci t y Fa l l out f r om cer t ai n m aj or i ndus t r y pl ayer s Si gni f i c a nt 'h a r d e n i n g ' i n sel ect ed l i nes ? Of f - s h o r e En e r g y ? Fi na nc i a l and Pol i t i c a l Ri s k ? Fi na nc i a l I ns t i t ut i ons ( E & O, D& O) ?
M ar i ne a n d E n e r g y L i a b i l i t y M o d e r a t e h' a r d e n i n g ' ? US P r o p e r t y Ca t a s t r o p h e r e i n s u r a n c e ? E x c e s s Ca s u a l t y i n s u r a n c e ? E & S P r o p e r t y i n s u r a n c e ? Av i a t i o n M e a n i n g f u l Ra t e Ha r d e n i n g i n Ce r t a i n L i n e s wi t h P r i c e s S t a b i l i s i n g i n Ot h e r L i n e s
 Processed and formatted by SEC Watch - Visit SECWatch.com

M a r k e t Ou t l o o k 2 0 0 9 : P o s i t i v e a n d Ne g a t i v e I n f l u e n c e s De c l i n e i n wo r l d - wi d e GDP I n c r e a s e i n i ns ol venci es and bankr upt ci es ( f i r s t b a n k i n g n o w c o r p o r a t e ) Re v e n u e s f l a t o r d e c l i n i n g : - Gr e a t e r o p t i o n a l i t y i n r e i n s u r a n c e s pend - F e we r cus t om er s as a r es ul t of cor por at e f ai l ur es - Le s s dem and due t o r educed econom i c g r o wt h M ar gi n com pr es s i on due t o: - I ncr eas ed f r equency and s ever i t y of ar s on, f r aud, bur gl ar y, aut o t hef t , bus i nes s i nt er r upt i on cl ai m s - Bu y e r s f aci ng l o we r oper at i ng m ar gi ns r es ul t i ng i n pr i ci ng pr es s ur e - M or e and l ar ger cl ai m s as a r es ul t of r educed m ai nt enance budget s I nves t m ent l os s es and i nt er es t r at e out l ook Hu r r i c a n e l os s es W i de- s pr ead
i n a d e q u a t e p r i c i n g Ca p i t a l c o n s t r a i n t s Cr e d i t c r i s i s c o n s e q u e n c e s ( E & O, D& O, F I , P o l i t i c a l Ri s k ) Di f f i c u l t i e s o f c e r t a i n m a j o r i n d u s t r y p l a y e r s Re s u m p t i o n o f t h e s u b s c r i p t i o n m a r k e t P o s i t i v e s Ne g a t i v e s
 Processed and formatted by SEC Watch - Visit SECWatch.com

Bu s i n e s s P e r f o r m a n c e a n d M a r k e t Ou t l o o k E x c e l l e n t Go o d S a t i s f a c t o r y Of Co n c e r n Ke y Un d e r wr i t i n g c o m m e n c e d l a t e 0' 7 / '0 8 * M E C L i a b i l i t y = M a r i n e , E n e r g y & Co n s t r u c t i o n L i a b i l i t y * * M & T L i a b i l i t y = M a n a g e m e n t & T e c h n o l o g y L i a b i l i t y 2 0 0 8 GW P $ 'm 2 0 0 8 P e r f o r m a n c e Ab s o l u t e P r i c i n g Re l a t i v e P r i c e M o v e m e n t J a n u a r y Re n e wa l s T e r m s & Co n d i t i o n s Vo l u m e c h a n g e - J a n u a r y 1 Re n e wa l s Ou t l o o k Co m m e n t P r o p e r t y Re i n s u r a n c e 2 0 0 9 2 0 0 9 2 0 0 9 2 0 0 9 2 0 0 9 Ca t a s t r o p h e 2 5 3 Ac c e p t a b l e Go o d 7 % Go o d 9 % E x p e r i e n c i n g r a t e r i s e s i n l o s s a f f e c t e d a r e a s Ri s k E x c e s s 1 1 2 Ac c e p t a b l e S a t i s f a c t o r y 3 % S a t i s f a c t o r y 1 1 % Ou t l o o k g o o d f o r t h e r e m a i n d e r o f t h e y e a r P r o Ra t a 1 7 5 Ne e d s

I m p r o v e m e n t S a t i s f a c t o r y 9 % S a t i s f a c t o r y 6 5 % Ou t l o o k g o o d f o r t h e r e m a i n d e r o f t h e y e a r F a c u l t a t i v e 4 9 S t r o n g Of Co n c e r n - - 1 % S a t i s f a c t o r y 3 0 % M a r k e t e x p e c t e d t o s t r e n g t h e n l a t e r i n t h e y e a r I n t e r n a t i o n a l 1 2 4 Ac c e p t a b l e S a t i s f a c t o r y 5 S a t i s f a c t o r y - - 2 8 % Ra t e s e x p e c t e d t o i n c r e a s e s l i g h t l y i n 0 9 US 2 7 7 Go o d Of Co n c e r n - - 3 % S a t i s f a c t o r y - - 1 1 % Ra t e s e x p e c t e d t o d e c r e a s e l e s s t h a n a n t i c i p a t e d i n 0 9 F a c u l t a t i v e 1 6 Go o d Of Co n c e r n - - 2 % S a t i s f a c t o r y 4 4 % M a r k e t e x p e c t e d t o r e m a i n s t a b l e i n 0 9 I n t e r n a t i o n a l I n s u r a n c e S p e c i a l t y Re i n s u r a n c e 1 0 7 S t r o n g Go o d 3 % S a t i s f a c t o r y - - 1 3 % Ra t e s e x p e c t e d t o r i s e s l i g h t l y i n 0 9 Av i a t i o n 1 0 2 Ac c e p t a b l e Of Co n c e r n 1 5 %
S a t i s f a c t o r y 1 8 % Av i a t i o n r a t e s l i k e l y t o r i s e f o r t h e r e m a i n d e r o f 0 9 E n e r g y P D 9 5 Ne e d s I m p r o v e m e n t Of Co n c e r n 7 % Of Co n c e r n 1 8 % Gu l f o f M e x i c o r a t e s e x p e c t e d t o i n c r e a s e i n 0 9 M a r i n e Hu l l 6 6 Ne e d s I m p r o v e m e n t Of Co n c e r n 2 4 % S a t i s f a c t o r y - - 2 2 % S t r o n g r a t e r i s e s e x p e c t e d i n 0 9 M E C L i a b i l i t y * 1 6 1 Ne e d s I m p r o v e m e n t Go o d 5 4 % Go o d - - 3 0 % S t r o n g r a t e r i s e s e x p e c t e d i n 0 9 UK P r o p e r t y 6 4 S t r o n g Of Co n c e r n 5 % S a t i s f a c t o r y - - 3 5 % Ra t e s n o t e x p e c t e d t o d e c r e a s e i n 0 9 UK L i a b i l i t y 7 5 S t r o n g Of Co n c e r n 6 % S a t i s f a c t o r y - - 5 1 % Ra t e s e x p e c t e d t o c o n t i n u e t o d e c r e a s e P r o f e s s i o n a l L i a b i l i t y 4 4 Ac c e p t a b l e Of Co n c e r n 6 % S a t i s f a c t o r y 1 2 1 % Ra t e s e x p e c t e d t o
r e m a i n s t a b l e i n 0 9 E x c e s s Ca s u a l t y 3 0 Ac c e p t a b l e S a t i s f a c t o r y - - 2 % S a t i s f a c t o r y 2 1 % T e r m s a n d c o n d i t i o n s e x p e c t e d t o s t r e n g t h e n P o l i t i c a l Ri s k 3 9 Go o d S a t i s f a c t o r y 0 % Go o d 9 9 9 % Ra t e s e x p e c t e d t o i n c r e a s e s l i g h t l y F i n a n c i a l I n s t i t u t i o n s 3 9 Ne e d s I m p r o v e m e n t Of Co n c e r n n / a Go o d 9 9 9 % Ra t e s e x p e c t e d t o r i s e i n 0 9 NM T L i a b i l i t y 4 1 Go o d S a t i s f a c t o r y n / a Go o d 2 5 5 % Ra t e s e x p e c t e d t o r i s e i n 0 9 M & T L i a b i l i t y * * 3 Go o d Of Co n c e r n n / a Go o d 9 9 9 % Ra t e s e x p e c t e d t o r i s e i n 2 0 0 9 P r o p e r t y E & S 5 3 Ne e d s I m p r o v e m e n t S a t i s f a c t o r y n / a S a t i s f a c t o r y 8 7 % Ra t e s e x p e c t e d t o r i s e l a t e r i n t h e y e a r Ca s u a l t y E & S 7 5 Ac c e p t a b l e Of Co n c e r n n / a S a t i s f a c t o r y - - 1 1 % Ra t e s e x p e c t e d
t o c o n t i n u e t o f a l l i n 0 9 US I n s u r a n c e Ca s u a l t y Re i n s u r a n c e
 Processed and formatted by SEC Watch - Visit SECWatch.com

M ar ket Co n d i t i o n s / J anuar y 1 Re n e wa l s : Sna ps hot Pr e m i um f or Re n e wa l La p s e d / De c l i n e d Re n e we d Ne w Bu s i n e s s 2009 To t a l 411. 31 347. 1 347. 093 0 64. 226 347. 093 70. 857 417. 95 $64 m $347 m $71m $418 m J anuar y Ne w Bu s i n e s s & Re n e wa l s $411m Pr e m i um pr oduct i on m ar gi nal l y ahead of expect at i ons due t o i m pr ovi ng m ar ket condi t i ons i n cer t ai n key l i nes Ra t e s i ncr eas ed on aver age by 8% i n J anuar y on bus i nes s r e n e we d St r ong i ncr eas es r ecor ded i n Pr ope r t y r ei ns ur ance, Av i a t i o n i ns ur ance & M ar i ne l i abi l i t y i ns ur ance
 Processed and formatted by SEC Watch - Visit SECWatch.com

W hy As p e n i s W el l P l a c e d t o Be n e f i t f r o m E x p e c t e d I m p r o v e d M a r k e t Co n d i t i o n s i n 2 0 0 9 L i n e I m p a c t Ye a r U/ W Co m m e n c e d 2 0 0 8 GW P * P r e l i m i n a r y P l a n n i n g As s u m p t i o n * Up s i d e Ca s e GW P Gr o wt h Up s i d e Ca s e v s . 2 0 0 8 E n e r g y P D M e d i u m / Hi g h 2 0 0 4 $ 9 5 m $103m $116m 2 2 % F i n a n c i a l & P o l i t i c a l Ri s k Hi g h Q1 2 0 0 8 $ 3 9 m $ 5 0 m $ 6 0 m 5 4 % M a r i n e & E n e r g y L i a b i l i t y Hi g h 2 0 0 4 $ 1 6 1 m $130m $180m 12% Ex c e s s Ca s u a l t y I ns ur ance M edi um Q1 2008 $30m $83m $110m 267% Pr ope r t y Ca t Re M edi um 2002 $253m $243m ** $269m 6% E& S P r o p e r t y I ns ur ance M edi um / Lo w 2 0 0 3 $53m $65m $105m 98% Av i a t i o n M edi um / L o w Q2 2005 $102m $104m $125m 23% Fr om Th e s e Li n e s , Up s i d e
Ca s e Co u l d Ge n e r a t e Ap p r o x i m a t e l y $ 1 8 7 m o f Ad d i t i o n a l GW P T h r o u g h E x i s t i n g T e a m s W i t h o u t S i g n i f i c a n t Ad d i t i o n a l E x p e n s e s 2 0 0 9 e GW P * Re f e r t o o u r S a f e Ha r b o r Di s c l o s u r e o n s l i de 2 f or f act or s t hat coul d adver s el y i m pact our execut i on of our 2009 bus i nes s pl an * * Ex c l u d e s r e i n s t a t e m e n t p r e m i u m s S e l e c t e d As p e n L i n e s M o s t I m p a c t e d b y Ch a n g e s i n M a r k e t Co n d i t i o n s
 Processed and formatted by SEC Watch - Visit SECWatch.com

Li q u i d i t y and Ca p i t a l Pos i t i on: Di v e r s i f i e d , Co n s e r v a t i v e I nves t m ent Por t f ol i o* 87% of Por t f ol i o 'AA' o r Be t t e r , Av e r a g e Fi xe d I ncom e 'AAA' As s e t Cl a s s Al l o c a t i o n Fi xe d I ncom e Por t f ol i o Cr e d i t Ra t i n g s ( As at De c e m b e r 31, 2008) Go v e r n m e n t Ag e n c y M BS Co r p ABS F OHF Ca s h / S T 1 2 / 1 / 2 0 0 7 0. 19 0. 06 0. 21 0. 25 0. 04 0. 09 0. 16 12/ 31/ 2008 0. 18 0. 068 0. 23 0. 23 0. 04 0. 05 0. 2 A AA AAA BBB E a s t 0. 11 0. 11 0. 76 0. 02 * Fur t he r det ai l r egar di ng t he com pos i t i on of our i nves t m ent por t f ol i o i s set out i n t he Ap p e n d i x ( see s l i des x- y)
 Processed and formatted by SEC Watch - Visit SECWatch.com

Pr o- a c t i ve M a na ge m e nt of I nve s t m e nt P o r t f o l i o De c i s i o n n o t t o i n c r e a s e e x p o s u r e t o ABS o r CM BS e n d 2006 ? Re d u c t i o n o f 1 % i n e a c h i n 2 0 0 8 De c i s i o n t o p u r c h a s e o n l y a g e n c y r a t e d p a p e r i n RM BS s e c t o r ; por t f ol i o 95% agency r at ed F i x e d i n c o m e p o r t f o l i o we l l p o s i t i o n e d i n 2 0 0 7 / 2 0 0 8 Co n t i n u e d s t r a t e g y o f i n v e s t i n g i n h i g h q u a l i t y s e c u r i t i e s a t a t t r a c t i v e y i e l d s ? Di d n o t i n c r e a s e e x p o s u r e t o f i xed i ncom e s ect or s l i kel y t o com e under s ever e pr i ce pr es s ur e due t o t he ongoi ng cr edi t cr i si s and gl obal r eces s i on ? No s ub- pr i m e, m ono l i ne, CDO, CL O o r bel ow i nves t m ent gr ade cr edi t expos ur es ? No n - a g e n c y RM BS e x p o s u r e account ed f or onl y 1% of t he por t f ol i o ? No
i nves t m ent s i n s t r es s ed or di s t r es s ed c r e d i t o p p o r t u n i t i e s I n c r e a s e d e x p o s u r e t o a g e n c y r a t e d M BS b y 3% ; decr eas ed expos ur e t o cor por at es by 2% , decr eas ed expos ur e t o gover nm ent s by 1% and i ncr eas ed expos ur e t o agenci es by 1% Re d e e m e d 4 0 % o f F OHF i n v e s t m e n t s e n d 2 0 0 8 ; b a l a n c e t o b e r e d e e m e d b y e n d J u n e 2 0 0 9 2 0 0 6 / 2 0 0 7 2 0 0 8 P r o - Ac t i v e M a n a g e m e n t Re s u l t i n g i n S t r o n g P e r f o r m a n c e f r om Fi xe d I nc om e I nve s t m e nt s
 Processed and formatted by SEC Watch - Visit SECWatch.com

St r ong Ba l a n c e She e t Ca p i t a l St r uc t ur e and Fi na nc i a l Le v e r a g e $617m r et ur ned t o s har ehol der s t hr ough di vi dends and s har e buy- backs , s i nce i ncept i on St r ong g r o wt h i n r et ai ned ear ni ngs St r ong bal ance s heet wi t h pot ent i al f or f ur t her l ever age $300m 2 year buy- back pr ogr am announced Fe br ua r y 2008; $100m com pl et ed M ay 2008 3. 0% 14. 4% 19. 6% 25. 7% 22. 1% 22. 4% Le v e r a g e W el l Ca p i t a l i s e d t o Ta k e Ad v a n t a g e of Ex p e c t e d Op p o r t u n i t i e s 878 1, 339 1, 730 2, 289 2, 639 3, 068 3, 029
 Processed and formatted by SEC Watch - Visit SECWatch.com

US A Be r m u d a I n t r a - g r o u p r e i n s u r a n c e L i c e n s e s Re g u l a t o r y Ca p i t a l Ba l a n c e S h e e t Di v e r s i f i c a t i o n a n d F l e x i b i l i t y Ca p i t a l , Ge o g r a p h i c a l Re a c h a n d P l a t f o r m s T o M a t c h M a r k e t Op p o r t u n i t i e s a n d Cl i e n t Ne e d s * Op e r a t i o n a l f r om Q2 2008 St a t ut or y Ca p i t a l & Sur pl us - 08 $1, 339m Pr e s e nc e i n l eadi ng r ei ns ur ance m ar ket Pr ovi de r of i nt r a- gr oup r ei ns ur ance Ta x ef f i ci enci es Ra t i n g s : AM Be s t S & P M o o d y 's UK $ 1 , 2 3 5 m A ( Ex c e l l e n t ) A ( St r ong) A2 ( Go o d ) A ( Ex c e l l e n t ) A ( St r ong) A2 ( Go o d ) L l o y d 's * $200m Pr e - e m i ne nt i ns ur ance m ar ket Ex t e n s i v e n e t wo r k of l i cences St r ong r at i ng / br and/ r eput at i on De v e l o p i n g i n new m ar ket s A ( Ex c e l l e n t ) A+ ( S t r o n g ) I nt r a- gr oup r ei ns ur ance Pr e m i um
$ 1 1 8 m P r e s e n c e i n E& S i n s u r a n c e P r e s e n c e i n r e i n s u r a n c e v i a As p e n Re Am e r i c a P r e s e n c e i n l e a d i n g i n s u r a n c e / r e i n s u r a n c e m a r k e t Br a n c h e s Z u r i c h Ca n a d a Du b l i n P a r i s S i n g a p o r e A- ( E x c e l l e n t )
 Processed and formatted by SEC Watch - Visit SECWatch.com

Co n c l u s i o n s Ro b u s t per f or m ance i n 2008 des pi t e ver y chal l engi ng m ar ket condi t i ons ? I ncr eas ed di l ut ed BVP S b y 3. 8% ? Ge n e r a t e d t ot al r et ur n on i nves t m ent s of 2% ; 4% excl udi ng F OHF S t r o n g bal ance s heet and pos i t i ve cash f l ow ? Pos i t i ve oper at i ng cash f l ow of % 531m i n 2008 ? De b t t o t ot al capi t al r at i o of 8. 2% Co n s e r v a t i v e i nves t m ent por t f ol i o ? Av e r a g e cr edi t qual i t y of AAA ? Ne t unr eal i s ed gai ns at year end of $67m ? To t a l i nves t ed asset s, i ncl udi ng accr ued i nt er es t , of $5. 2bn, pl us $0. 8bn of cash W el l pos i t i oned i n key l i nes of bus i nes s exper i enci ng f avour abl e pr i ci ng envi r onm ent ? Co n t i n u o u s 'p o r t f o l i o ' m a n a g e m e n t t o ens ur e m or e capi t al i s al l ocat ed t o
t h o s e s h a r e s wh i c h ar e r epr i ci ng
 Processed and formatted by SEC Watch - Visit SECWatch.com

Ap p e n d i x I nves t m ent Por t f ol i o ? Fi xe d I ncom e Por t f ol i o by As s e t Ty p e ? Por t f ol i o Ra t i n g s ? Gr o s s Un r e a l i s e d Ga i n s and Lo s s e s ? Co r p o r a t e Se c t or Al l o c a t i o n s Fi na nc i a l s ? Ke y Pe r f or m a nc e M et r i cs Q3 2008 ? Ke y Pe r f or m a nc e M et r i cs YT D 2 0 0 8 ? Re s u l t s by bus i nes s s egm ent Q3 2008 ? Re s u l t s by bus i nes s s egm ent YT D 2 0 0 8
 Processed and formatted by SEC Watch - Visit SECWatch.com

Fi xe d I ncom e Por t f ol i o by As s e t Ty p e ( US $ i n m i l l i ons ) Ap p e n d i x As at De c e m b e r 31, 2008

 Processed and formatted by SEC Watch - Visit SECWatch.com

Por t f ol i o Ra t i n g s Ap p e n d i x
 Processed and formatted by SEC Watch - Visit SECWatch.com

Gr o s s Un r e a l i s e d Ga i n s and Lo s s e s Ap p e n d i x
 Processed and formatted by SEC Watch - Visit SECWatch.com

Co r p o r a t e Se c t or Al l o c a t i o n s Ap p e n d i x
 Processed and formatted by SEC Watch - Visit SECWatch.com

F i n a n c i a l Hi g h l i g h t s : Q4 2 0 0 8 Qu a r t e r E n d e d De c e m b e r 3 1 2 0 0 8 2 0 0 7 Ch a n g e Gr o s s W r i t t en P r e m i u m s 4 3 5 . 4 3 0 5 . 0 4 2 . 8 % ) Ne t W r i t t e n P r e m i u m s 4 0 6 . 1 2 7 9 . 0 45. 6% ) Ne t Ea r n e d Pr e m i um s 478. 6 423. 7 13. 0% ) Un d e r wr i t i n g I ncom e 31. 9 87. 1 ( 63. 4) % Ne t I nves t m ent I ncom e 10. 3 80. 3 ( 87. 2) % Ne t I ncom e af t er t ax 21. 8 135. 2 ( 83. 9) % Fi na nc i a l Ra t i o s : Lo s s Ra t i o 64. 9% 47. 6% Ex p e n s e Ra t i o 28. 5% 31. 8% Co m b i n e d Ra t i o 93. 4% 79. 4% An n u a l i z e d Op e r a t i n g ROE * 2. 4% 23. 2% Op e r a t i n g EP S * $0. 17 $1. 47 Bo o k Va l u e Pe r Sha r e $28. 10 $27. 08 3. 8% ( US $ i n m i l l i ons , except per s har e dat a) ( *) No t e : Se e As p e n 's quar t er l y f i nanci al s uppl em ent f or a r econci l i at i on of oper at i ng
i ncom e t o net i ncom e and aver age equi t y t o cl os i ng s har ehol der s ' equi t y i n t he I nves t or Re l a t i o n s s e c t i o n o f As p e n 's we b s i t e a t www. a s p e n . b m Ap p e n d i x
 Processed and formatted by SEC Watch - Visit SECWatch.com

F i n a n c i a l Hi g h l i g h t s : Ye a r e n d e d De c e m b e r 3 1 , 2 0 0 8 Ye a r E n d e d De c e m b e r 31 2 0 0 8 2 0 0 7 Ch a n g e Gr o s s W r i t t e n P r e m i u m s 2 , 0 0 1 . 7 1 , 8 1 8 . 5 1 0 . 1 % ) Ne t W r i t t e n Pr e m i um s 1, 835. 5 1, 601. 4 14. 6% ) Ne t Ea r n e d Pr e m i um s 1, 701. 7 1, 733. 6 ( 1. 8) % Un d e r wr i t i n g I ncom e 74. 8 295. 1 ( 74. 7) % Ne t I nves t m ent I ncom e 139. 2 299. 0 ( 53. 4) % Ne t I ncom e af t er t ax 103. 8 489. 0 ( 78. 8) % Fi na nc i a l Ra t i o s : Lo s s Ra t i o 65. 8% 53. 1% Ex p e n s e Ra t i o 29. 8% 29. 9% Co m b i n e d Ra t i o 95. 6% 83. 0% An n u a l i z e d Op e r a t i n g ROE * 5. 4% 21. 1% Op e r a t i n g EP S * $1. 44 $4. 99 ( 71. 1) % ( US $ i n m i l l i ons , except per s har e dat a) ( *) No t e : Se e As p e n 's quar t er l y f i nanci al s uppl em ent f or a r econci l i at i on of oper at i ng
i ncom e t o net i ncom e and aver age equi t y t o cl os i ng s har ehol der s ' equi t y i n t h e I n v e s t o r Re l a t i o n s s e c t i o n o f As p e n s' we b s i t e a t www. a s p e n . b m Ap p e n d i x
 Processed and formatted by SEC Watch - Visit SECWatch.com

Fi na nc i a l Hi g h l i g h t s : Gr o u p Sum m a r y Q4 2008 Un d e r wr i t i n g Re v e n u e s GW P P r e m i u m s Ce d e d NW P NE P 2 0 0 7 Q4 305 26 279 423. 7 2008 Q4 435. 4 29. 1 406. 3 478. 8 No r t h 45. 9 46. 9 45 43. 9 Un d e r wr i t i n g Ex p e n s e s Lo s s e s & Lo s s Ex p e n s e s Ac q u i s i t i o n Ex p Ge n e r a l Ad m i n Ex p e n s e s To t a l Un d e r wr i t i n g Ex p e n s e s 2007 Q4 201. 7 78. 4 56. 5 336. 6 2008 Q4 310. 7 87. 5 48. 8 448 No r t h 45. 9 46. 9 45 43. 9 I ncom e Un d e r wr i t i n g I ncom e Ne t I nves t m ent I ncom e 2007 Q4 87. 1 80. 3 2008 Q4 31. 8 10. 3 No r t h 45. 9 46. 9 Co n t r i b u t i o n Op e r a t i n g I ncom e Be f o r e Ta x I ncom e Be f o r e Ta x I ncom e Af t e r Ta x Re t a i n e d I ncom e 2007 Q4 161. 3 158. 3 135. 2 115 2008 Q4 37. 8 41. 3 21. 7 2. 5 No r t h 45. 9 46. 9 45 43. 9 Ap p e n d i x
 Processed and formatted by SEC Watch - Visit SECWatch.com

Fi na nc i a l Hi g h l i g h t s : Gr o u p Sum m a r y - Ful l Ye a r 2008 GW P P r e m i u m s Ce d e d NW P NE P 2 0 0 7 1818. 5 217. 1 1601. 4 1733. 6 2008 2001. 7 166. 2 1835. 5 1701. 8 No r t h 45. 9 99 45 43. 9 Lo s s e s & Lo s s Ex p e n s e s Ac q u i s i t i o n Ex p Ge n e r a l Ad m i n Ex p e n s e s To t a l Un d e r wr i t i n g Ex p e n s e s 2007 919. 8 313. 9 204. 8 1438. 5 2008 1119. 5 299. 3 208 1626. 8 No r t h 45. 9 46. 9 45 43. 9 Un d e r wr i t i n g I ncom e Ne t I nves t m ent I ncom e 2007 295. 1 299 2008 75 139. 2 No r t h 45. 9 46. 9 Op e r a t i n g I ncom e Be f o r e Ta x I ncom e Be f o r e Ta x I ncom e Af t e r Ta x Re t a i n e d I ncom e 2007 567 574 489 408. 2 2008 196. 3 140. 4 104 26. 1 No r t h 45. 9 46. 9 45 43. 9 Un d e r wr i t i n g Re v e n u e s Un d e r wr i t i n g Ex p e n s e s I ncom e Co n t r i b u t i o n Ap p e n d i x