Aspen Reports $85 Million Q1 Net

Aspen Insurance Holdings Limited reported net income of $85 million, or $1.18 per diluted share, for the three months ended March 31, 2004.

Gross written premiums were $640.2 million for the period; net investment income was $12 million, while the company’s combined ratio was 66 percent for the first quarter. Shareholders’ equity increased from $1.299 billion at December 31, 2003 to $1.393 billion at March 31, 2004.

CEO Chris O’Kane commented: “We had an outstanding quarter. Our well-rated portfolio continues to deliver strong returns and cash flow, starting us off on an excellent footing for 2004. I am confident that through our diversified portfolio, strong infrastructure and excellent people we can continue to extract the best possible returns.”

The Company noted that it “reports separately on its reinsurance and insurance operations. Gross written premiums for the reinsurance segment were $558.9 million for the first quarter 2004. The reinsurance operations reported a combined ratio of 61 percent for the first quarter 2004. Gross written premiums for the insurance segment were $81.3 million for the first quarter 2004. The insurance operations reported a combined ratio of 81 percent for the first quarter 2004.”

Aspen will hold a conference call today, May 6 at 5:30 PM (EDT to discuss its first quarter 2004 financial. Investors may participate in the live conference call by dialing 800-473-6123 (toll-free domestic) or 1 973-582-2706 (international); passcode: 4677183. Please call to register at least 10 minutes before the conference call begins.

A replay of the call will be available for 30 days on Aspen’s website at www.aspen.bm and for two days via the telephone starting approximately two hours following the live call on May 6, 2004, and can be accessed at 877-519-4471 (toll-free domestic) or 1 973-341-3080 (international); passcode: 4677183.