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. (A/Stable/--) and Bermuda-based Aspen Insurance Ltd. (A/Stable/--). The rating primarily reflects key features of the Aspen group's operating profile, including its strong competitive position. This was initially underpinned by the contribution from the Wellington Underwriting group (manager of Lloyd's syndicate 2020) of brand, portfolio renewal rights for certain classes of business, key staff, and broad-based and long-standing business relationships. It has subsequently been reinforced by the group's broadened product offering through the recruitment of new underwriting teams with strong track records
