Strong competitive position supported by growing franchise; Strong prospective earnings expected to drive extremely strong interest coverage; and Very strong capitalization supported by extremely strong group risk-adjusted capital adequacy and capital quality (reflected in low levels of group debt). Risks associated with group growth strategy; Potential operating performance volatility due to nature of business lines underwritten; and Regulatory restrictions on capital flows from group operating subsidiaries to holding company. The 'BBB' long-term counterparty credit rating on Bermuda-based Aspen Insurance Holdings Ltd. (Aspen Insurance Holdings) reflects its position as the holding company of the Aspen group (Aspen), the principal operating subsidiaries of which are U.K.-based Aspen Insurance U.K. Ltd. (A/Stable/--) and Bermuda-based Aspen Insurance Ltd. (A/Stable/--). The rating primarily reflects key
