Aspen Insurance Holdings Ltd 8-k (events Or Changes Between Quarterly Reports) 2009-02-23

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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 (State or other jurisdiction of incorporation)

001-31909 (Commission File Number)

Not Applicable (I.R.S. Employer 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))

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TABLE OF CONTENTS Item 7.01 Regulation FD Disclosure Item 9.01- Financial Statements and Exhibits SIGNATURES EX-99.1

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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 forwardlooking 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

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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

3 Exhibit 99.1

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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 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 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 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 i s e capi t al m anagem ent i ni t i at i ves or t o ar r a r ul i ngs on f l ood dam age or ot her excl us i ons as nd m at er i al s af t er cat as t r ophes ; t he ef f ect i ve i t y, cover age t er m s or ot her f act or s and t he r i gence, i ni t i al t ent at i ve l os s r epor t s and ot he a r es ul t of new i nf or m at i on, f ut ur e event s or

pos pl e or or nge a nes el a r s ot

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em ent pos ver , t hes e eder al s ec er m at er i hanges i n ns ur er s ' cr os t or qua ; decr eas e es and t he e f o r wa r d -

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 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 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 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 our f i nanci al pos i t i on; our abi l i t y t o execut e our edi t qual i t y and t he am ount and t i m i ng of r ei ns ur l i t y of r ei ns ur ance or r et r oces s i onal cover age; t he d dem and f or our i ns ur ance or r ei ns ur ance pr oduct s 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 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

n d wi t t hos e t o t he pen be bus i ne ance r r el i a and c epar e es on

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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 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 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 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 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 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 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 . 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 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 "

s ul or t he we r y ast Be s xes se

t s, m a i n t he us e of oper at e l os s es , r ophi c t or M i n t he ct i on i

nagem ent has i ncl ude f i nanci al s uppl em ent wo r d s s u c h a s " e x p e c and of t he m eas ur es r es ul t i ng f r om pas t event s , t han our unde o o d y 's I n v e s t o r s S e r v i Un i t e d S t a t e s o r t h e n As p e n 's An n u a l Re p o r

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 , 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 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 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 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 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 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 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 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

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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 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 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 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 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 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 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 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 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

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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 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

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 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

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 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

$103m $116m bus i nes s pl an

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 * * 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

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 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

Hi g h 2 0 0 4 $ 1 6 1 m Co n d i t i o n s

$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

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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 i nves t m ent s i n s t r es s ed or di s t r es s ed

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 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

2006 3% ;

? Re d u c t i o n o f 1 % decr eas ed expos ur e

i n t o

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 cor por at es by 2% , decr eas ed expos ur e t o gover nm ent s by 1%

RM BS s e c t o r ; and i ncr eas ed

por t f ol i o 95% agency r at ed expos ur e t o agenci es by 1%

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 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

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 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

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 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

t o f i xed i ncom e s ect or s l i kel y t o f r om Fi xe d I nc om e I nve s t m e nt s

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

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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

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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 $ 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

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 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 )

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

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Co n c l u s i o n s Ro b u s t t h o s e s h a r e s wh i c h

per f or m ance i n ar e r epr i ci ng

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

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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

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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 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

W r i t t en I nves t or

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 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

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

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F i n a n c i a l Hi g h l i g h t s : Ye a r i ncom e t o net i ncom e and

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 aver age equi t y t o cl os i ng s har ehol der s ' equi t y

31 i n

2 0 0 8 2 0 0 7 Ch a n g e Gr o s s t h e I n v e s t o r Re l a t i o n 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 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

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

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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

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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