Following a Change in Methodology, A.M. Best Downgrades Indicative Shelf Rating Of Aspen Insurance Holdings Limited

  Following a Change in Methodology, A.M. Best Downgrades Indicative Shelf
  Rating Of Aspen Insurance Holdings Limited

Business Wire

LONDON -- May 9, 2014

A.M. Best has downgraded to “bb+” from “bbb-” the indicative debt rating under
the universal shelf registration of Aspen Insurance Holdings Limited (Aspen)
(Bermuda) in respect of junior subordinated debt. The issuer credit rating
(ICR) of “bbb” of Aspen and all other debt ratings of Aspen remain unchanged.

The rating action follows changes to A.M. Best’s methodology as detailed in
the methodology paper “Insurance Holding Company and Debt Ratings”, which
became effective on 6 May 2014. Aspen’s obligations under any junior
subordinated debt to be issued under the shelf registration would rank junior
to other specific senior debt securities issued or to be issued by Aspen.
Therefore, the indicative debt rating of junior subordinated debt has been
downgraded by one notch, in line with the revised methodology’s guidance on
notching for junior subordinated debt.

Financial leverage and interest coverage ratios for Aspen remain within A.M.
Best’s tolerance levels. The indicative debt rating of the junior subordinated
debt is notched down from Aspen’s issuer credit rating (ICR). Downward or
upward rating actions will likely move in line with Aspen’s ICR.

The methodology used in determining these ratings is Best’s Credit Rating
Methodology, which provides a comprehensive explanation of A.M. Best’s rating
process and contains the different rating criteria employed in the rating
process. Best’s Credit Rating Methodology can be found at

In accordance with Regulation (EC) No. 1060/2009, the following is a link to
required disclosures: A.M. Best Europe - Rating Services Limited Supplementary

This rating announcement has been issued by A.M. Best Europe – Rating Services
Limited, which is a subsidiary of A.M. Best Company. A.M. Best Company is the
world's oldest and most authoritative insurance rating and information source.
For more information, visit

       Copyright © 2014 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.


David Drummond
Senior Financial Analyst
+(44) 20 7397 0327
Rachelle Morrow
Senior Manager, Public Relations
+1 908-439-2200, ext. 5378
Catherine Thomas
Director, Analytics
+(44) 20 7397 0281
Jim Peavy
Assistant Vice President, Public Relations
+1 908-439-2200, ext. 5644
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