Ratings agency Standard and Poor?s has revised its outlook for Aspen Insurance Holdings Ltd. and its subsidiaries from ?negative? to ?stable?.

?The outlook revision reflects enhancements made over the past year to the group?s enterprise risk management processes in general and those relating to catastrophe risk in particular?The ratings continue to reflect Aspen?s proven management team, strong ERM, strong earnings, strong competitive position, and strong capitalisation,? a press release issued by S&P on Aspen said. Aspen?s operating subsidiaries have ?A? ratings, one grade above the level generally considered necessary to underwrite reinsurance risks.

Aspen chief executive Chris O?Kane said: ?This is a very positive vote of confidence in our strategy and our future, reflecting the strides we have taken to improve risk management and extend our underwriting franchise.?