On Oct. 3, 2005, Standard & Poor's Ratings Services placed its 'BBB+' long-term counterparty credit rating on Bermuda-based holding company Aspen Insurance Holdings Ltd. on CreditWatch with negative implications. At the same time, Standard & Poor's placed its 'A' long-term counterparty credit and insurer financial strength ratings on U.K.-based Aspen Insurance U.K. Ltd. and Bermuda-based Aspen Insurance Ltd.--the core operating subsidiaries of the Aspen group (Aspen)--on CreditWatch with negative implications. The CreditWatch placement follows Aspen's update today on its assessment of losses sustained from Hurricane Katrina and the resultant New Orleans flood. The group's estimated gross loss has been substantially increased to a range of approximately $840 million-$925 million, from a previous estimate of $590 million (a midpoint increase of
