Document:

EXHIBIT 4.6
                                                                     -----------

                        ASPEN INSURANCE HOLDINGS LIMITED

                                OFFER TO EXCHANGE

     $250,000,000 PRINCIPAL AMOUNT OF ITS 6.00% SENIOR NOTES DUE 2014 WHICH
     HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, FOR ANY AND ALL
             6.00% SENIOR NOTES DUE 2014 ISSUED ON AUGUST 16, 2004

                                                                          , 2005

To Brokers, Dealers, Commercial Banks,
Trust Companies and Other Nominees:

       We are enclosing herewith an offer by Aspen Insurance Holdings Limited, a
Bermuda exempted company (the "Company"), to exchange the Company's new 6.00%
Senior Notes Due 2014 (the "Exchange Notes") which have been registered under
the Securities Act of 1933, as amended (the "Securities Act"), for any and all
of the Company's outstanding 6.00% Senior Notes Due 2014, issued on August 16,
2004 (the "Original Notes"), upon the terms and subject to the conditions set
forth in the accompanying Prospectus, dated          , 2005 (as the same amended
and supplemented from time to time, the "Prospectus"), and related Letter of
Transmittal (which together with the Prospectus constitutes the "Exchange
Offer").

       The Exchange Offer provides a procedure for holders to tender the
Original Notes by means of guaranteed delivery.

       The Exchange Offer will expire at 5:00 p.m., New York City time,
on         , 2005, unless extended (the "Expiration Date"). Tendered Original
Notes may be withdrawn at any time prior to 5:00 pm., New York City time, on the
Expiration Date, if such Original Notes have not previously been accepted for
exchange pursuant to the Exchange Offer.

       Based on an interpretation by the staff of the Division of Corporation
Finance of the Securities and Exchange Commission (the "SEC") as set forth in
certain interpretive letters addressed to third parties in other transactions,
Exchange Notes issued pursuant to the Exchange Offer in exchange for Original
Notes may be offered for resale, resold and otherwise transferred by a holder
thereof (other than a holder that is an "affiliate" of the Company within the
meaning of Rule 405 under the Securities Act or a "broker" or "dealer"
registered under the Securities Exchange Act of 1934, as amended (the "Exchange
Act")), without compliance with the registration and prospectus delivery
provisions of the Securities Act, provided that such Exchange Notes are acquired
in the ordinary course of such holder's business and such holder is not
engaging, does not intend to engage, and has no arrangement or understanding
with any person to participate, in the distribution of such Exchange Notes. See
"Shearman & Sterling," SEC No-Action Letter (available July 2, 1993), "Morgan
Stanley & Co., Inc.," SEC No-Action Letter (available June 5, 1991), and "Exxon
Capital Holding Corporation," SEC No-Action Letter (available May 13, 1988).

       Accordingly, each broker-dealer that receives Exchange Notes for its own
account pursuant to the Exchange Offer must acknowledge that it will deliver a
Prospectus in connection with any resale of those Exchange Notes.

       The Exchange Offer is not conditioned on any minimum aggregate principal
amount of Original Notes being tendered. Original Notes may be tendered by each
holder in a minimum aggregate principal amount of $1,000 and integral multiples
of $1,000 in excess thereof.

       Notwithstanding any other provisions of the Exchange Offer, or any
extension of the Exchange Offer, the Company will not be required to accept for
exchange, or to exchange any Exchange Notes for any Original Notes and may
terminate the Exchange Offer (whether or not any Original Notes have been
accepted for exchange) or may waive any conditions to or amend the Exchange
Offer, if any of the conditions described in the Prospectus under "The Exchange
Offer--Conditions to the Exchange Offer" have occurred or exist or have not been
satisfied.

       For your information and for forwarding to your clients for whom you hold
Original Notes registered in your name or in the name of your nominee, we are
enclosing the following documents:

       1.  A Prospectus, dated          , 2005 relating to the Exchange Offer.

       2.  A Letter of Transmittal for your use and for the information of your
           clients.

       3.  A printed form of letter which may be sent to your clients for whose
           accounts you hold Original Notes registered in your name or in the
           name of your nominee, with space provided for obtaining such clients'
           instructions with regard to the Exchange Offer.

       4.  Guidelines for Certification of Taxpayer Identification Number on
           Substitute Form W-9 of the Internal Revenue Service (included in the
           Letter of Transmittal after the instructions thereto).

       WE URGE YOU TO CONTACT YOUR CLIENTS AS PROMPTLY AS POSSIBLE.

                                        2

Any inquiries you may have with respect to the Exchange Offer may be addressed
to, and additional copies of the enclosed materials may be obtained from, the
Exchange Agent at the following telephone number: 1-800-735-7777.

                                               Very truly yours,

                                               Aspen Insurance Holdings Limited

NOTHING CONTAINED HEREIN OR IN THE ENCLOSED DOCUMENTS SHALL CONSTITUTE YOU AS
THE AGENT OF THE COMPANY, THE EXCHANGE AGENT OR ANY OTHER PERSON, OR AUTHORIZE
YOU OR ANY OTHER PERSON TO USE ANY DOCUMENT OR MAKE ANY STATEMENT ON BEHALF OF
ANY OF THEM IN CONNECTION WITH THE EXCHANGE OFFER OTHER THAN THE DOCUMENTS
ENCLOSED HEREWITH AND THE STATEMENTS CONTAINED THEREIN.

                                        3EXHIBIT 4.7
                                                                     -----------

                        ASPEN INSURANCE HOLDINGS LIMITED

                                OFFER TO EXCHANGE

        $250,000,000 PRINCIPAL AMOUNT OF ITS 6.00% SENIOR NOTES DUE 2014
        WHICH HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, FOR
       ANY AND ALL 6.00% SENIOR NOTES DUE 2014, ISSUED ON AUGUST 16, 2004

                                                                          , 2005

To Our Clients:

       Enclosed for your consideration are the Prospectus, dated          , 2005
(as the same may be amended and supplemented from time to time, the
"Prospectus"), and the related Letter of Transmittal (which together with the
Prospectus constitute the "Exchange Offer"), in connection with the offer by
Aspen Insurance Holdings Limited, a Bermuda exempted company (the "Company"), to
exchange the Company's new 6.00% Senior Notes Due 2014 (the "Exchange Notes")
which have been registered under the Securities Act of 1933, as amended (the
"Securities Act"), for any and all of the Company's outstanding 6.00% Senior
Notes Due 2014, issued on August 16, 2004 (the "Outstanding Notes"), upon the
terms and subject to the conditions set forth in the Exchange Offer. The
Exchange Offer will expire at 5:00 p.m. New York City time, on           , 2005,
unless extended (the "Expiration Date").

       We are holding Outstanding Notes for your account. An exchange of the
Outstanding Notes can be made only by us and pursuant to your instructions. The
Letter of Transmittal is furnished to you for your information only and cannot
be used by you to exchange the Outstanding Notes held by us for your account.
The Exchange Offer provides a procedure for holders to tender by means of
guaranteed delivery.

       We request information as to whether you wish us to exchange any or all
of the Outstanding Notes held by us for your account upon the terms and subject
to the conditions of the Exchange Offer.

       Your attention is directed to the following;

       1.  The forms and terms of the Exchange Notes are the same in all
           material respects as the forms and terms of the Outstanding Notes
           (which they replace), except that the Exchange Notes have been
           registered under the Securities Act. The Exchange Notes will bear
           interest from the most recent interest payment date to which interest
           has been paid on the Outstanding Notes.

       2.  Based on an interpretation by the staff of the Division of
           Corporation Finance of the Securities and Exchange Commission (the
           "SEC"), as set forth in certain interpretive letters addressed to
           third parties in other transactions, Exchange Notes issued pursuant
           to the Exchange Offer in exchange for Outstanding Notes may be

           offered for resale, resold and otherwise transferred by a holder
           thereof (other than a holder which is an "affiliate" of the Company
           within the meaning of Rule 405 under the Securities Act or a "broker"
           or "dealer registered under the Securities Exchange Act of 1934, as
           amended (the "Exchange Act")) without compliance with the
           registration and prospectus delivery provisions of the Securities
           Act, provided that such Exchange Notes are acquired in the ordinary
           course of such holder's business and such holder is not engaging,
           does not intend to engage, and has no understanding with any person
           to participate, in the distribution of such Exchange Notes. See
           "Shearman & Sterling," SEC No-Action Letter (available July 2. 1993),
           "Morgan Stanley & Co., Inc.," SEC No-Action Letter (available June 5,
           1991) and "Exxon Capital Holdings Corporation," SEC No-Action Letter
           (available May 13. 1988). Accordingly, each broker-dealer that
           receives Exchange Notes for its own account pursuant to the Exchange
           Offer must acknowledge that it will deliver a Prospectus in
           connection with any resale of those Exchange Notes.

       3.  The Exchange Offer is not conditioned on any minimum aggregate
           principal amount of Outstanding Notes being tendered. Outstanding
           Notes may be tendered by each holder in a minimum aggregate principal
           amount of $1,000 and integral multiples of 1,000 in excess thereof.

       4.  Notwithstanding any other provisions of the Exchange Offer, or any
           extension of the Exchange Offer, the Company will not be required to
           accept for exchange, or to exchange any Exchange Notes for, any
           Outstanding Notes and may terminate the Exchange Offer (whether or
           not any Outstanding Notes have been accepted for exchange) or may
           waive any conditions to or amend the Exchange Offer, if any of the
           conditions described in the Prospectus under "The Exchange
           Offer--Conditions to the Exchange Offer" have occurred or exist or
           have not been satisfied.

       5.  Tendered Outstanding Notes may be withdrawn at any time prior to 5:00
           p.m., New York City time, on the Expiration Date, if such Outstanding
           Notes have not previously been accepted for exchange pursuant to the
           Exchange Offer.

       6.  Any transfer taxes applicable to the exchange of Outstanding Notes
           pursuant to the Exchange Offer will be paid by the Company, except as
           otherwise provided in the Letter of Transmittal.

       If you wish to have us tender any or all of your Outstanding Notes,
please so instruct us by completing and returning to us the instruction form
attached hereto. If you authorize a tender of your Outstanding Notes, the entire
principal amount of Outstanding Notes held for your account will be tendered
unless otherwise specified on the instruction form. Your instructions should be
forwarded to us in ample time to permit us to submit a tender on your behalf by
the Expiration Date.

       The Exchange Offer is not being made to, nor will tenders be accepted
from or on behalf of, holders of the Outstanding Notes in any jurisdiction in
which the making of the

                                        2

Exchange Offer or acceptance thereof would not he in compliance with the laws of
such jurisdiction or would otherwise not he in compliance with any provision of
any applicable securities law.

                                       3

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