UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the period ended June 30, 2004, or

	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission file number 001-31909

ASPEN INSURANCE HOLDINGS LIMITED
(Exact Name of Registrant as Specified in Its Charter)

Bermuda (State or Other Jurisdiction of Incorporation or Organization)				Not Applicable (I.R.S. Employer Identification No.)
Victoria Hall 11 Victoria Street Hamilton, Bermuda (Address of Principal Executive Offices)				HM 11 (Zip Code)

(441) 295-8201
Registrant's Telephone Number, Including Area Code

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes                No    

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).    Yes            No    

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

As of August 1, 2004, there were 69,174,303 ordinary shares, with a par value of 0.15144558¢ per ordinary share, outstanding.

INDEX

				Page
Part I.    FINANCIAL INFORMATION
Item 1.    Unaudited Condensed Consolidated Financial Statements					3
Condensed Consolidated Balance Sheets as at June 30, 2004 (Unaudited) and December 31, 2003					3
Unaudited Condensed Consolidated Statements of Operations, for the Three and Six Months Ended June 30, 2004 and 2003					4
Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity, for the Three and Six Months Ended June 30, 2004 and 2003					5
Unaudited Condensed Consolidated Statements of Comprehensive Income, for the Three and Six Months Ended June 30, 2004 and 2003					6
Unaudited Condensed Consolidated Statements of Cash Flows, for the Three and Six Months Ended June 30, 2004 and 2003					7
Notes to the Unaudited Condensed Consolidated Financial Statements					8
Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations					14
Item 3.    Quantitative and Qualitative Disclosures About Market Risk					26
Item 4.    Controls and Procedures					26
Part II.    OTHER INFORMATION
Item 1.    Legal Proceedings					27
Item 2.    Changes in Securities and Use of Proceeds					27
Item 3.    Defaults Upon Senior Securities					27
Item 4.    Submission of Matters to a Vote of Security Holders					27
Item 5.    Other Information					30
Item 6.    Exhibits and Reports on Form 8-K					31
SIGNATURES					33

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PART I    FINANCIAL INFORMATION

Item 1.    Financial Statements

ASPEN INSURANCE HOLDINGS LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
($ in millions, except per share amounts)

				Notes				As at June 30, 2004				As at December 31, 2003
								(Unaudited)
ASSETS
Investments
Fixed Maturities								$	1,515.0			$	1,048.1
Short term investments									535.5				568.2
Total Investments					8				2,050.5				1,616.3
Cash and cash equivalents									217.7				230.8
Reinsurance Recoverables
Unpaid losses					2				63.1				43.6
Ceded unearned premiums									93.7				48.9
Receivables
Underwriting premiums									754.8				496.5
Other									21.4				40.8
Deferred policy acquisition costs									146.6				94.6
Office properties and equipment									1.2				0.4
Intangible assets									6.6				6.6
Total Assets								$	3,355.6			$	2,578.5
LIABILITIES
Insurance Reserves
Losses and loss adjustment expenses					2			$	755.9			$	525.8
Unearned premiums									864.3				572.4
Total insurance reserves									1,620.2				1,098.2
Payables
Reinsurance premiums									99.3				59.9
Accrued expenses and other payables									142.6				81.7
Long term loan									40.0				40.0
Total Liabilities								$	1,902.1			$	1,279.8
SHAREHOLDERS' EQUITY
Ordinary Shares 69,174,303 ordinary shares of 0.15144558 cents each (2003 69,179,303)								$	1,092.7			$	1,090.8
Retained earnings									342.4				180.7
Accumulated other comprehensive income, net of taxes									18.4				27.2
Total shareholders' equity									1,453.5				1,298.7
Total Liabilities and Shareholders' Equity								$	3,355.6			$	2,578.5

See accompanying notes to unaudited condensed consolidated financial statements.

3

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ASPEN INSURANCE HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
($ in millions, except shares and per share amounts)

								Three Months Ended June 30,								Six Months Ended June 30,
				Notes				2004				2003				2004				2003
Revenues