Aspen Insurance Holdings Limited

We are a Bermuda holding company which was incorporated on May 23, 2002. We were initially capitalized with $836.9 million from our founding shareholders which included affiliates of The Blackstone Group (Blackstone), Wellington Underwriting plc (Wellington), Candover Partners Limited (Candover), Credit Suisse First Boston Private Equity, Inc. (CSFB Private Equity), Montpelier Re Holdings Ltd (Montpelier Re), 3i Group plc (3i), Olympus Partners (Olympus) and Phoenix Equity Partners (Phoenix). At December 31, 2005, we had $2,039.8 million in shareholders' equity. We operate in three major jurisdictions: the United Kingdom, Bermuda and the United States. In 2005, we changed the way in which we presented the results of our business from two segments, insurance and reinsurance, to four segments, which better reflect the way we currently view and manage the business.