Aspen Specialty Insurance CEO Out

December 13, 2004

Aspen Insurance Holdings Ltd. on Monday announced that it has accepted the resignation of Peter Coghlan, president and CEO of Boston-based Aspen Specialty Insurance Company, a wholly-owned subsidiary.

Coghlan resigned following his reported admission that he misstated his educational credentials in U.S. insurance regulatory submissions. Chris Maciejewski will be named president of Aspen Specialty and will assume Coghlan’s responsibilities effective immediately. Maciejewski has served as executive vice president and chief casualty underwriter of Aspen Specialty since 2003.

Aspen Insurance Holdings Chief Executive Chris O’ Kane said: “Peter made substantial contributions to Aspen. The circumstances surrounding his resignation are disappointing, but I am very pleased that Chris has accepted the role of president of Aspen Specialty and I am confident that he will lead this operation to a successful future.”

Aspen Specialty Insurance Company (Aspen Specialty) was founded in September 2003 as the third operating subsidiary of Aspen Insurance Holdings Limited. Aspen Specialty currently writes a focused book of property and casualty surplus lines business, through the U.S. wholesale surplus lines broker network.

For the year 2004, the company anticipates that Aspen Specialty will represent approximately 4% of gross written premium for the Aspen Group.

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