Strong competitive position supported by growing franchise; Proven management team; Strong prospective earnings, although there is potential for operating performance volatility due to the nature of the business lines underwritten; and Very strong capitalization, supported by very strong group risk-adjusted capital adequacy and very strong capital quality. Risks associated with group growth strategy; Low industry barriers to entry; and Structural subordination of holding company creditors to policyholders of the group's regulated operating companies. 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. (Aspen Insurance U.K.; A/Stable/--) and Bermuda-based Aspen Insurance
