Document:

Exhibit
10.5

ASSIGNMENT AGREEMENT (THIS
‘‘AGREEMENT’’)

October 11, 2006

Reference is made
to the following documents (collectively referred to as the
‘‘OriginalAgreements’’):

		
	(1) 	INSURANCE
LETTERS OF CREDIT MASTER AGREEMENT, dated December 15, 2003 and
attached hereto as Exhibit I (the ‘‘Master
Agreement’’) among Citibank Ireland Financial Services
plc (whose name has since been changed to Citibank Europe Plc)
(‘‘CEP’’) and Aspen Insurance Ltd
(‘‘Aspen’’), as Applicant;

		
	(2) 	PLEDGE AGREEMENT, dated
January 17, 2006, attached hereto as Exhibit II (the
‘‘Pledge Agreement’’) executed by
Aspen in favor of Citibank N.A.
(‘‘Citibank’’) whereby Aspen has
agreed that certain of its assets are pledged in favor of Citibank as
security for the payment of all obligations under the Master Agreement;
and

		
	(3) 	COLLATERAL ACCOUNT
CONTROL AGREEMENT, dated January 17, 2006, attached hereto as
Exhibit III (the ‘‘Control
Agreement’’) among Aspen, Citibank Ireland Financial
Services plc (whose name has since been changed to Citibank Europe Plc)
(‘‘CEP’’) and The Bank of New York
(‘‘BONY’’) as the Securities
Intermediary.

WHEREAS, the Pledge Agreement incorrectly
lists Citibank as the Pledgee and as the issuer of letters of credit
under the Master Agreement;

WHEREAS, the issuer of
letters of credit under the Master Agreement is actually CEP, and not
Citibank;

WHEREAS, the parties to this Agreement wish to
replace Citibank with CEP as the Pledgee under the Pledge Agreement,
but maintain the Control Agreement and the Master Agreement as
currently in effect;

NOW THEREFORE, in consideration of
the mutual promises set forth hereafter, Aspen, Citibank, CEP and BONY
hereby acknowledge, accept and confirm as
follows:

		
	(a) 	In accordance with Section
18 of the Pledge Agreement, Citibank hereby assigns, transfers and
conveys to CEP, and CEP hereby accepts and assumes from Citibank and
Aspen, that interest in and to all of Citibank's rights, duties,
liabilities and obligations as Pledgee under and in respect of the
Pledge Agreement (the ‘‘Assigned
Interest’’) as security for all Obligations of Aspen
to CIFS now or hereafter existing under the Master Agreement;

		
	(b) 	BONY, as Securities Intermediary under
the Control Agreement, and Aspen, as Pledgor under the Pledge Agreement
and Control Agreement and as account party and applicant under the
Master Agreement, each hereby consents to the foregoing
assignment;

		
	(c) 	CEP, Aspen and BONY
shall acquire the same rights and benefits and assume the same
obligations between themselves pursuant to the Original Agreements as
they would have acquired and assumed had the Pledge Agreement been
issued originally in favor of CEP, and not Citibank, as Pledgee and had
the Account been pledged originally by Aspen in favor of CEP, and not
Citibank, specifically as security for all obligations of Aspen under
the Master Agreement and the Pledge Agreement;

		
	(d) 	Aspen hereby represents and warrants
that each of the representations and warranties it originally made in
the Original Agreements are true and correct as made once again on this
date; and

		
	(e) 	Except as set forth
herein, nothing in this Agreement will be construed to affect any of
the other rights and obligations of the parties hereto pursuant to the
Original Agreements.

Capitalized terms not defined herein
shall have the meaning ascribed thereto in the Original Agreements, as
applicable.

This Agreement is being delivered in, and shall be governed by
and construed and interpreted in accordance with the laws of, the State
of New York. Each party submits to the non-exclusive jurisdiction of
the federal and state courts located in the Borough of Manhattan, New
York, New York for the purposes of resolving any disputes under this
Agreement.

This Agreement shall be binding
upon the parties and their respective successors and permitted assigns.
No failure or delay on the part of either party in exercising any right
hereunder shall operate as a waiver of such right; nor shall any single
or partial exercise of any such right preclude any other or further
exercise thereof or the exercise of any other rights. No waiver of any
such right shall be effective unless given in a signed writing or other
authenticated record. No waiver of any such right shall be deemed a
waiver of any other right hereunder.

This
Agreement may be executed by the parties to this Agreement on any
number of separate counterparts, and all of said counterparts taken
together shall be deemed to constitute one and the same
instrument.

EXECUTED as of the date set forth
above by

ASPEN INSURANCE LTD

		
	By: 	    /s/ David Skinner    

	
			
	

		
	Name: 	    David
Skinner    

	
			
	

		
	Title: 	    Chief
Financial Officer    

	
			
	

		
	Dated: 	    October
11, 2006    

	
			
	

CITIBANK
N.A.

		
	By: 	    /s/ Phil
Arch    

	
			
	

		
	Name: 	    Phil
Arch    

	
			
	

		
	Title: 	    Vice
President    

	
			
	

		
	Dated: 	    October
11, 2006    

	
			
	

CITIBANK EUROPE
PLC

1 North Wall Quay
 Dublin 1
 Ireland

		
	By: 	    /s/ Phil Arch    

	
			
	

		
	Name: 	    Phil
Arch    

	
			
	

		
	Title: 	    Vice
President    

	
			
	

		
	Dated: 	    October
11, 2006    

	
			
	

THE BANK OF NEW
YORK

		
	By: 	    /s/ Dimitra
Petroutsas    

	
			
	

		
	Name: 	    Dimitra
Petroutsas    

	
			
	

		
	Title: 	    Assistant
Vice President    

	
			
	

		
	Dated: 	    October
12, 2006Exhibit
10.6

11 October,
2006

Aspen Insurance Limited
 Attn Bryan
Astwood
 Maxwell Roberts Building
 1 Church Street

Hamilton
 HM 11
 Bermuda

Dear Sirs

(1) Reinsurance Deposit Agreement (Charge Form –
Citibank, N.A. as Custodian) (Form 12) registered against Aspen
Insurance Limited by and in favour of Citibank Ireland Financial
Services plc (whose name has since been changed to Citibank Europe plc)
dated 15 December 2003; and (2) Pledge Agreement dated 17 January 2006,
registered against Aspen Insurance Limited by and in favour of Citibank
Ireland Financial Services plc (now Citibank Europe plc) (by way of
Assignment Agreement dated October 11, 2006), (respectively the
‘‘Reinsurance Deposit Agreement’’ and the
‘‘Pledge Agreement’’) and each as may be from
time to time amended, varied, supplemented, novated or assigned as the
case may be.

With reference to the
Reinsurance Deposit Agreement, we write to record that you and
we have agreed that Schedule Two thereto shall be replaced by the form
set out in Annex One to this letter.

With
reference to the Pledge Agreement, without prejudice to the
provisions of Section 2, Section 6(k) shall be deleted in its entirety
and replaced by the following:-

‘‘The Pledgor shall cause Securities of
the type specified in Schedule I to be pledged as Collateral so that at
all times the fair market value of such Securities shall equal or
exceed (i) an amount equal to 111. 111111% of the aggregate
amount of the then outstanding Credits where the Collateral provided in
respect of such Credits comprises Tranche 1 Financial Assets (ii) an
amount equal to 117.647% of the aggregate amount of the then
outstanding Credits where the Collateral provided in respect of such
Credits comprises Tranche 2 Financial Assets and without limiting the
foregoing, if at any time the Pledgor is not in compliance with the
requirements of this subsection (k), the Pledgor shall forthwith cause
additional Securities of the type specified in Schedule I (whether
Tranche 1 and/or Tranche 2 Financial Assets as required) to be held as
Collateral pursuant to Section 2 to the extent required to cause the
Pledgor to be in compliance with this subsection (k).’’

With reference to the above Pledge Agreement,
without prejudice to the provisions of Sections 2 and 6(k) (the latter
as amended herein), Schedule 1 thereto shall be replaced by the form
set out in Annex Two to this letter.

Save as
expressly provided in this letter, the provisions of the Reinsurance
Deposit Agreement and the Pledge Agreement shall remain in
full force and effect.

Please counter-sign and
return the enclosed copy of this letter.

Yours
faithfully

    

/s/ Phil Arch
for
Citibank Europe plc

We hereby confirm our
agreement to the above.

Dated:    October 11,
2006

Signed:

    
/s/ David
Skinner

	
		
	

for and on behalf
of

ASPEN INSURANCE LIMITED

ANNEX ONE

REINSURANCE
DEPOSIT AGREEMENT (CHARGE FORM – CITIBANK, N.A. AS CUSTODIAN)
(FORM 12)

SCHEDULE TWO

For the purposes of
Clause 3(a)(i):

		
	1. 	The figure of
‘‘100%’’ specified in Clause 3(a)(i)(1)
shall be replaced by the figure of not less than 0% (zero
percent) such that there shall be no minimum percentage requirement;
provided that there shall be for the time being be in full force and
effect the Pledge Agreement of 17 January 2006 made by the Chargor in
favour of the Bank (by way of Assignment Agreement dated Ocotber 11,
2006).

		
	2. 	A Reinsurance Deposit may
be in any currency which is acceptable to the Bank and which is freely
transferable and convertible into U.S. dollars. Where, after a
Reinsurance Deposit has been established, the currency of all or a
portion thereof ceases to be acceptable to the Bank, the Bank may
require that such Reinsurance Deposit or such portion thereof be
converted into or re-established in another currency acceptable to the
Bank and may instruct the Custodian to so convert or re-establish such
deposit. The Bank is irrevocably authorised (without reference to us)
to so instruct the Custodian.

		
	3. 	Where a Reinsurance Deposit or a
portion thereof is denominated in the same currency as a Credit (the
‘‘Credit Currency’’), the Reinsurance
Deposit or such portion thereof shall have a value of 100% of
its value in the relative Credit Currency; and for this purpose the
Bank (and the Custodian) shall notionally match each Credit with a
Reinsurance Deposit or a portion thereof denominated in the relative
Credit Currency.

		
	4. 	Where a Reinsurance
Deposit or a portion thereof is denominated in a currency other than
the relative Credit Currency, both the proportion specified above of
the face value of the Credit (the ‘‘Required
Value’’) (or, where only a portion of the Reinsurance
Deposit is in the relative Credit currency, the balance of the Required
Value remaining unmatched) and the Reinsurance Deposit or such portion
thereof shall be notionally converted into a common base currency (as
the Bank may in its discretion determine); and following such notional
conversion the Reinsurance Deposit or such portion thereof shall suffer
a deduction of the Relevant Percentage, to cover exchange movements
that may from time to time affect the value of the underlying unmatched
Reinsurance Deposit or a portion thereof and the contingent obligations
to which it relates.

		
	5. 	The
‘‘Relevant Percentage’’ means:

			
		(a) 	where a Reinsurance Deposit or a
portion thereof is denominated in U.S. dollars, Canadian dollars or
Sterling, 10%;

			
		(b) 	where a
Reinsurance Deposit or a portion thereof is denominated in Euro, Swiss
francs or Japanese yen, 15%; and

			
		(c) 	where a Reinsurance Deposit or a
portion thereof is denominated in any other currency, 25%.

		
	6. 	For the purposes of each notional
conversion to be effected hereunder the provisions of Clause 14(a)
shall apply mutatis mutandis.

ANNEX TWO

PLEDGE AGREEMENT

SCHEDULE 1

Securities or Other Assets
Acceptable as Financial Assets can comprise Securities as set out in,
and subject to the limitations of, Tranche 1 and/or Tranche 2 below, it
being understood that different margins apply to each Tranche as set
out in Section 6(k) of this Agreement.

Tranche 1

Up to a maximum of USD 300,000,000 (Three Hundred Million
United States Dollars) can be secured by:-

Securities
issued by the US government or its agencies (whose debt obligations are
fully and explicitly guaranteed as to the timely payment of principal
and interest by the full faith and credit of the US government) or the
central government of an OECD (Organisation for Economic Co-operation
and Development) country, in each case rated AA or AA equivalent or
better.

Tranche 2

Up to a maximum of USD
150,000,000 (One Hundred and Fifty Million United States Dollars) can
be secured by:-

Securities issued by Corporations, each
rated A- or A- equivalent or better (and not more than 10% by
value of the Charged Portfolio shall be represented by Securities
issued by any one issuer and each bond within the Charged Portfolio
shall mature not more than 10 years after the date on which it comes
within the Charged Portfolio) provided that at all times the average
rating of such Securities held within the Charged Portfolio is rated at
least AA- or AA- equivalent or better.

The Required
Value is USD 58, 391,000 (Fifty Eight Million and Three Hundred and
Ninety One Thousand United States Dollars)

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