AM Best has placed under review with positive implications the Financial Strength Ratings of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Aspen Insurance UK Limited (AIUK) (United Kingdom), Aspen Bermuda Limited (ABL) (Bermuda), Aspen American Insurance Company (AAIC) (Austin, TX) and Aspen Specialty Insurance Company (ASIC) (Bismarck, ND). Concurrently, AM Best has placed under review with positive implications the Long-Term ICR of “bbb” (Good) of Aspen Insurance Holdings Limited (Aspen) (Bermuda), a non-operating holding company, along with the Long-Term Issue Credit Ratings (Long-Term IR) on the preference shares of Aspen and the indicative Long-Term IRs under the company’s universal shelf registration. (Please see below for a detailed listing of the Long-Term IRs.)

The ratings have been placed under review with positive implications following the announcement on 27 August 2025 that SOMPO Holdings, Inc., a wholly owned subsidiary, has entered into a definitive merger agreement pursuant to which it will acquire 100% of the issued Class A ordinary shares of Aspen for a consideration of approximately USD 3.5 billion. The transaction remains subject to regulatory approval.

The under review with positive implications status reflects the potential financial and operation benefits that Aspen may derive from being part of a significantly larger insurance organisation, which is of greater financial strength. The ratings will remain under review pending completion of the transaction and a detailed review by AM Best of Aspen's future business plans.

The following Long-Term IRs have been placed under review with positive implications:

Aspen Insurance Holdings Limited—

-- “bb+” (Fair) on USD 250 million 5.625% perpetual non-cumulative preference shares

-- “bb+” (Fair) on USD 250 million 5.625% perpetual non-cumulative preference shares

The following indicative Long-Term IRs under the universal shelf registration have been placed under review with positive implications:

Aspen Insurance Holdings Limited—

-- “bbb” (Good) on senior unsecured debt

-- “bbb-” (Good) on senior subordinated debt

-- “bb+” (Fair) on junior subordinated debt

-- “bb+” (Fair) on preferred stock

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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