Aspen Insurance Reports Q2 Results

Bermuda-based Aspen Insurance Holdings Ltd. reported net income of
$80.9 million, or $1.13 per diluted share, for the three months ended
June 30, 2004 and $165.9 million, or $2.31 per diluted share for the six
months to June 30, 2004.

Gross written premiums were $380.4 million for the second quarter 2004 and $1,020.6 million for the six months to June 30, 2004. The combined ratio was 71% for the second quarter 2004, and 68% for the six months to June 30, 2004.

Chris O’Kane, CEO, said, “I am very pleased to report another strong quarter for Aspen. Our diversified reinsurance and insurance platform continues to generate excellent returns and positions us to manage
growth and profitability in a market where the number of attractive
underwriting opportunities is declining.”

Net investment income was $14.9 million for the second quarter 2004 and $26.9 for the six months to June 30, 2004.

Gross written premiums for the reinsurance segment were $292.5 million for the second quarter 2004 and $851.4 for the six months to
June 30, 2004. The reinsurance operations reported a combined ratio of 68% for the second quarter 2004 and 64% for the six months to June 30, 2004

Gross written premiums for the insurance segment were $87.9 million for the second quarter 2004 and $169.2 for the six months to June 30, 2004. The insurance operations reported a combined ratio of 79% for the second quarter 2004 and 80% for the six months to June 30, 2004.