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/Negative/--) and Bermuda-based Aspen Insurance Ltd. (A/Negative/--). The rating primarily reflects key features of the Aspen group's operating profile, including its strong competitive position. This is primarily founded on Aspen's perceived financial security and the recognized quality of the underwriting and claims service it provides within its chosen niches. Its market credentials are very well established, initially underpinned in 2002 by contributions from existing long-term business relationships and access to an established business portfolio. The group's competitive position has subsequently been
