Shareholders of Aspen Insurance Holdings Limited Price Secondary Offering of Ordinary Shares HAMILTON, Bermuda, March 22 /PRNewswire-FirstCall/ -- Aspen Insurance Holdings Limited ("Aspen") (NYSE:AHL)(BSX:AHLBSX:BH) today announced that the secondary public offering of 6,450,000 of its ordinary shares by certain of its shareholders has been priced at $25 per share. Certain selling shareholders have also granted the underwriters an option to purchase an additional 870,000 ordinary shares available for sale to cover over-allotments. All the ordinary shares being sold in this offering are being sold by the selling shareholders. Aspen will not receive any proceeds from this offering. Credit Suisse First Boston and Deutsche Bank Securities are acting as joint book-running managers for the offering. Morgan Stanley is acting as joint lead manager, and Goldman, Sachs & Co., Dowling & Partners Securities, Fox-Pitt, Kelton and Keefe, Bruyette & Woods are acting as co-managers for the offering. A registration statement relating to these securities has been filed with the Securities and Exchange Commission and became effective on March 3, 2005. 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 these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A written prospectus meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained by contacting Credit Suisse First Boston LLC, Prospectus Department, One Madison Avenue, Level 1B, New York, NY 10010 or by faxing a request to 212-325-8057 or Deutsche Bank Securities, 60 Wall Street, New York, NY 10005. About Aspen Insurance Holdings Limited Aspen Insurance Holdings Limited commenced operations 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 Re), Aspen Insurance Limited (Aspen), Aspen Specialty Insurance Company (Aspen Specialty) and Aspen Re America Inc (Aspen Re America). Aspen's reinsurance segment consists of property reinsurance, casualty reinsurance and specialty reinsurance lines of business. Aspen's insurance segment consists of commercial property, commercial liability, marine and aviation, and U.S. surplus insurance lines of business. Aspen's principal existing shareholders include The Blackstone Group, Candover Partners Limited, Wellington Underwriting plc and Credit Suisse First Boston Private Equity. Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995 This press release contains, and Aspen's earnings conference call may contain, written or oral "forward-looking statements" within the meaning of the U.S. federal securities laws. 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 concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the Company's control that could cause actual results to differ materially from such statements. For a more detailed description of these uncertainties and other factors, please see the "Risk Factors" section in Aspen's Annual Report on Form 10-K for the year ended December 31, 2004, filed with the U.S. Securities and Exchange Commission on March 14, 2005. DATASOURCE: Aspen Insurance Holdings Limited CONTACT: Noah Fields, Head of Investor Relations of Aspen Insurance Holdings Limited, +1-441-297-9382; or UK Contacts: Emma Burdett or Brian Hudspith, +44-20-7379-5151, both of The Maitland Consultancy, for Aspen Insurance Holdings Limited; or US Contacts: Carina Thate, or Jason Thompson of The Abernathy Macgregor Group, +1-212-371-5999, for Aspen Insurance Holdings Limited

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