Following a review of Aspen group under our revised insurance criteria, we are affirming our ratings on the holding company and its two core subsidiaries. The ratings predominantly reflect our view of the group's strong business risk profile and moderately strong financial risk profile, reflecting very strong capital adequacy but a high risk profile. The stable outlook reflects our expectation that the group will maintain a strong competitive position and at least strong capital adequacy, supported by continued strong operating performance. On May 23, 2013, Standard&Poor's Ratings Services affirmed its 'BBB+' counterparty credit rating on Aspen Insurance Holdings Ltd. (Aspen) and its 'A' counterparty credit and insurer financial strength ratings on Aspen's core subsidiaries--U.K.-based Aspen Insurance U.K. Ltd.
