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. (Aspen Insurance). The rating primarily reflects key features of the Aspen group's operating profile, including its strong competitive position. Initially founded on its established market credentials originally derived from the former Lloyd's business Wellington Underwriting Agencies Ltd. (not rated), Aspen's competitive position has since been enhanced 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 industry, such as
