Strong competitive position supported by growing franchise; Proven management team; Strong although potentially volatile earnings; and Strong capitalization, supported by very strong group capital adequacy and strong capital quality. Possible negative impact on competitive position of changes to group underwriting strategy; Operational controls requiring strengthening; and Low industry barriers to entry. 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/Negative/--) and Bermuda-based Aspen Insurance Ltd. (Aspen Insurance; A/Negative/--). The rating primarily reflects key features of the Aspen group's operating profile, including its strong competitive position. Initially
