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/Negative/--) and Bermuda-based Aspen Insurance Ltd. The rating primarily reflects key features of the Aspen group's operating profile, including its strong competitive position. Initially this was underpinned by contributions of existing long-term business relationships and access to an established business portfolio. It has subsequently been reinforced by recruitment, a broadened product offering, less reliance on the London insurance market, and Aspen's development as an independent and recognizable brand. Factors common to the reinsurance and insurance industries, such as
