Aspen to Establish Excess Casualty Insurance Unit.HAMILTON, Bermuda -- Aspen Insurance Holdings Limited (NYSE NYSE See: New York Stock Exchange :AHL AHL American Hockey League AHL Action Half-Life (Half-Life modification) AHL Acyl Homoserine Lactone AHL Aramark Harrison Lodging AHL Acylated Homoserine Lactone AHL Association for the History of Language AHL Architects Hawaii Ltd ), announced today it is entering the Global Excess Casualty insurance market and is establishing a dedicated underwriting unit based in Dublin. The unit will focus on construction and global risk managed programmes. A notification has been made to the UK Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. under a European passport A European passport is a passport issued by a member country of the European Union to its citizens. European passports share common design features[1] such as the burgundy coloured cover, the use of the words "European Union" (before 1997: "European Community") in 12 of , to establish a branch in Dublin. Aspen anticipates commencing underwriting by late November, subject to meeting the necessary regulatory requirements. The team will be led by Bob Patten, who has more than 15 years of experience underwriting Excess Casualty. Bob joins Aspen on November 15, 2007. Aspen anticipates that within three years the Dublin branch will generate gross written premiums of around $70 million and employ up to 10 staff. Commenting on the announcement, Chris O'Kane, Chief Executive Officer of Aspen Insurance Holdings said: "The opening of the Dublin office reflects Aspen's strategy of continuing to selectively diversify our business portfolio and complements our existing operations in specialty casualty insurance within our Specialty Lines segment. I am delighted to welcome Bob and our new underwriting colleagues to Aspen." About Aspen Insurance UK Limited ("Aspen Re") Aspen Insurance UK Limited trades under the names of Aspen Insurance and Aspen Re, writing a range of specialty insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. lines. Aspen Re is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Aspen Insurance Holdings Limited. For more information about Aspen Re, please visit www.aspen-re.com. About Aspen Insurance Holdings Limited ("Aspen") Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Bermuda, France, the United States, the United Kingdom, and Switzerland. For the six months ended June 30, 2007, Aspen reported gross written premiums of $1.1 billion, net income of $236.6 million and total assets of $7.1 billion. For more information about Aspen, please visit www.aspen.bm. Application of the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This press release contains written, and Aspen's officers may make related oral, "forward-looking statements" within the meaning of the U.S. federal securities laws regarding its strategic growth. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as "expect," "intend," "plan," "believe," "project," "anticipate," "seek," "will," "estimate," "may," "continue," and similar expressions of a future or forward-looking nature. All forward-looking statements rely on a number of assumptions, estimates and data concerning future results and events and are subject to a number of uncertainties and other factors, many of which are outside Aspen's control that could cause actual results to differ materially from such statements. For a detailed description of uncertainties and other factors that could impact the forward-looking statements in this release, please see the "Risk Factors" section in Aspen's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2006, filed with the U.S. Securities and Exchange Commission on February 22, 2007. In the UK, ASPEN is a registered trade mark of Aspen (Actuaries & Pensions Consultants) plc of the UK and is used by Aspen Re under license. Aspen Re is a subsidiary of the Bermuda-based Aspen Insurance Holdings Limited ("AIHL AIHL Australian Ice Hockey League "). AIHL and its subsidiaries are not affiliated in any way with Aspen (Actuaries & Pensions Consultants) plc of the UK. |
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