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/Stable/--) and Bermuda-based Aspen Insurance Ltd. (Aspen Insurance; A/Stable/--). The rating reflects key features of the Aspen group's operating and financial profile, including its strong competitive position, strong enterprise risk management, strong operating performance, and strong capitalization. These factors are partially offset, however, by the ongoing expansion in new classes in a generally deteriorating operating environment and some transition in Aspen's management team and its strategic emphasis. Aspen is the eighth-largest (re)insurance group in Bermuda based on premium
