Aspen Specialty Insurance Co.'s (ASIC) (Bismarck, North Dakota) financial strength rating (FSR) of A- (excellent) and issuer credit rating (ICR) of "a-" of Aspen Specialty Insurance Company have been put under review with developing implications by AM Best Co.

These rating actions reflect the recent decision by ASIC's ultimate parent, Aspen Insurance Holdings Ltd. (AHL), to revise ASIC's immediate business plans and the uncertainty regarding ASIC's ultimate role in the US.

ASIC voluntarily stopped writing new and renewal business as of January 1, 2008. Substantially all new and renewal excess and surplus lines business previously written by ASIC is written by its foreign affiliate, Aspen Insurance UK Ltd.

Subsequently, Best was informed that a new business plan detailing revised near and long-term strategies for ASIC was being developed. Among the options being considered include substantial reinsurance support of ASIC's business by AHL's other non-US operating companies, which currently maintain FSRs of A (excellent) and ICRs of "a".

The ratings will remain under review pending receipt and analysis of ASIC's forthcoming revised business plan and further discussions with management. Best expects these events to occur within the next 60 to 90 days.