Item 1.01       Entry into a Material Definitive Agreement

On September 28, 2007, Aspen Insurance Holdings Limited (the ‘‘Company’’) entered into a Master Confirmation agreement with Goldman, Sachs & Co. (‘‘Goldman Sachs’’) pursuant to which the Company has agreed to repurchase $50 million of its ordinary shares from Goldman Sachs in a private transaction pursuant to an accelerated stock repurchase (‘‘ASR’’) program. The Master Confirmation contains the principal terms and provisions governing the ASR between the Company and Goldman Sachs. The shares will be repurchased for an upfront payment of $50million, subject to collar provisions that establish the minimum and maximum numbers of shares to be repurchased by the Company. In connection with the ASR, Goldman Sachs is expected to purchase the amount of shares required to be delivered to the Company under the terms of the Master Confirmation in the open-market over time. The Company will receive a minimum number of shares from Goldman Sachs at the end of the hedge period completion date under the ASR, based on the Rule 10b-18 volume weighted average price of shares traded during that period. The program is expected to be completed within three months. At the end of the program, the Company may receive additional shares, if applicable, based on the Rule 10b-18 volume weighted average price of shares traded during the purchase period. The repurchased shares will be cancelled.

The repurchase was made under the terms of the Company’s share repurchase program authorized by the Board of Directors and announced on November 8, 2006, for a total repurchase program of up to $300 million of its ordinary shares within two years. Following this repurchase there will be approximately $50 million remaining of the Board authorized repurchase program. The purchase is funded with cash on hand.

Master Confirmation

The Master Confirmation contains the principal terms and provisions governing the ASR between the Company and Goldman Sachs including, but not limited to, the mechanism used to determine the final settlement amount of shares owed to the Company, including in case of a friendly acquisition transaction, if applicable, the permitted methods and required timing of settlement, the specific circumstances under which Goldman Sachs is permitted to make adjustments to valuation periods, dates and other transactions that impact the settlement amount, the specific circumstances under which the ASR may be terminated early, the right of the Company and Goldman Sachs to enter into similar transactions, including additional accelerated stock repurchase arrangements or open market purchase programs, definitions of terms used throughout the Master Confirmation, and various acknowledgements, representations and warranties made by the Company and Goldman Sachs to one another, including intended compliance with Rule 10b5-1.

Supplemental Confirmation

The Supplemental Confirmation dated September 28, 2007 sets forth the specific pricing terms and other provisions relating to the ASR including, but not limited to, the minimum and maximum number of shares repurchased from Goldman Sachs, the prepayment amount, the period during which Goldman Sachs will establish its hedge position relating to the transaction, the forward price adjustment amount, the acceleration date and the scheduled termination date of the transaction.

Section 2 — Financial Information

Item 2.03       Creation of a Direct Financial Obligation or an Obligation under an Off−Balance Sheet Arrangement of a Registrant

The information set forth above in ‘‘Item 1.01. Entry into a Material Definitive Agreement’’ is incorporated herein by reference.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			ASPEN INSURANCE HOLDINGS LIMITED
			(Registrant)
Dated: October 2, 2007			By:			/s/ Richard Houghton
			Name:    Richard Houghton
			Title:      Chief Financial Officer

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