Research Update: Ratings On Aspen Insurance Affirmed; Outlook Stable; Ratings On HoldCo Off CreditWatch

We removed the ratings on nonoperating holding company (NOHC) Aspen Insurance Holding Ltd. from CreditWatch negative after we determined the potential regulatory restrictions to payments between its operating companies to the NOHC are low. On Nov. 15, 2023, we published our revised criteria for analyzing insurers' risk-based capital (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions"). The implementation of the revised capital model criteria has no material impact on our view of the financial strength of Aspen Insurance Holding Ltd. and its operating entities (collectively, Aspen group). As a result, we affirmed all ratings. At the same time, we affirmed the 'BB+' ratings on Highlands Holdings Bond Issuer Ltd. and Highlands Holdings Bond Co-Issuer Inc. to reflect our view of regulatory

...- We removed the ratings on nonoperating holding company (NOHC) Aspen Insurance Holding Ltd. from CreditWatch negative after we determined the potential regulatory restrictions to payments between its operating companies to the NOHC are low. - On Nov. 15, 2023, we published our revised criteria for analyzing insurers' risk-based capital (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions"). - The implementation of the revised capital model criteria has no material impact on our view of the financial strength of Aspen Insurance Holding Ltd. and its operating entities (collectively, Aspen group). As a result, we affirmed all ratings. - At the same time, we affirmed the '##+' ratings on Highlands Holdings Bond Issuer Ltd. and Highlands Holdings Bond Co-Issuer Inc. to reflect our view of regulatory restrictions to payments between the regulated entities to these NOHCs as high. - The stable outlook reflects our expectation that Aspen group will maintain capital adequacy in...

Research Update