Strong competitive position Strong enterprise risk management Strong operating performance Strong capitalization Earnings volatility arising from risk profile and changes to outward retrocession program 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/Stable/--) and Bermuda-based Aspen Insurance Ltd. (Aspen Insurance; A/Stable/--). The rating primarily reflects key features of the Aspen group's operating profile, including its strong competitive position. Initially founded on its established market credentials originally derived from the former Lloyd's business Wellington Underwriting Agencies Ltd. (not rated), Aspen's competitive position
