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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934 for the period ended March 31, 2005, 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 Not Applicable
(State or Other Jurisdiction
of Incorporation or Organization)		 (I.R.S. Employer Identification No.)
Victoria Hall
11 Victoria Street
Hamilton, Bermuda		 HM 11
(Zip Code)
(Address of Principal Executive Offices)  

(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 [X]      No  [ ]

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

As of May 1, 2005, there were 69,329,931 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
Condensed Consolidated Balance Sheets as at March 31, 2005 (Unaudited) and December 31, 2004   1  
Unaudited Condensed Consolidated Statements of Operations, for the Three Months Ended March 31, 2005 and 2004   2  
Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity, for the Three Months Ended March 31, 2005 and 2004   3  
Unaudited Condensed Consolidated Statements of Comprehensive Income, for the Three Months Ended March 31, 2005 and 2004   4  
Unaudited Condensed Consolidated Statements of Cash Flows, for the Three Months Ended March 31, 2005 and 2004   5  
Notes to the Unaudited Condensed Consolidated Financial Statements   6  
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations   12  
Item 3. Quantitative and Qualitative Disclosures About Market Risk   21  
Item 4. Controls and Procedures   22  
Part II. OTHER INFORMATION
Item 1. Legal Proceedings   24  
Item 2. Changes in Securities and Use of Proceeds   24  
Item 3. Defaults Upon Senior Securities   24  
Item 4. Submission of Matters to a Vote of Security Holders   24  
Item 5. Other Information   24  
Item 6. Exhibits and Reports on Form 8-K   24  
SIGNATURES   27  


PART I
FINANCIAL INFORMATION

Item 1.    Financial Statements

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


  Notes March 31,
2005		 December 31,
2004
    (Unaudited)  
ASSETS                  
Investments                  
Fixed Maturities       $ 2,369.0   $ 2,207.2  
Short-term investments         450.4     528.7  
Total Investments   7     2,819.4     2,735.9  
Cash and cash equivalents         358.3     284.9  
Reinsurance Recoverables                  
Unpaid losses   2     227.8     197.7  
Ceded unearned premiums         157.3     40.4  
Receivables                  
Underwriting premiums         763.8     494.2  
Other         80.9     39.2  
Deferred policy acquisition costs         170.4     115.6  
Derivatives at fair value         22.4     23.6  
Office properties and equipment         5.5     5.0  
Intangible assets         6.6     6.6  
Total Assets       $ 4,612.4   $ 3,943.1  
LIABILITIES                  
Insurance Reserves                  
Losses and loss adjustment expenses   2   $ 1,391.5   $ 1,277.9  
Unearned premiums         1,079.4     714.0  
Total insurance reserves         2,470.9     1,991.9  
Payables                  
Reinsurance premiums         149.3     54.2  
Accrued expenses and other payables         192.0     142.0  
Liabilities under derivative contracts         21.8     24.2  
Total Payables         363.1     220.4  
Long term debt         249.3     249.3  
Total liabilities       $ 3,083.3   $ 2,461.6  
SHAREHOLDERS' EQUITY                  
Ordinary Shares 69,329,931 ordinary shares of 0.15144558¢ each (2004 - 69,315,099)         1,098.4     1,096.1  
Retained earnings         427.2     367.5  
Accumulated other comprehensive income, net of taxes         3.5     17.9  
Total ordinary shareholders' equity         1,529.1     1,481.5  
Total liabilities and shareholders' equity