Willis Capital Markets Acts as Co-Lead Manager of $100 Million Earthquake Risk Linked Securitization

Willis Capital Markets has acted as Co-Lead Manager of an offering
of $100 million of notes linked to the occurrence of earthquakes in
California. The notes, which have been issued by Ajax Re Limited as
part of a $1 billion shelf program, provide reinsurance protection to
Aspen Insurance Limited. Lehman Brothers acted as sole initial
purchaser and bookrunner for the transaction.

The proceeds of the notes collateralize a reinsurance agreement
between Ajax Re Limited and Aspen. Loss payments under the reinsurance
agreement are triggered by estimated insured property losses as
reported by Property Claims Services (PCS).

The notes, which were rated BB by Standard & Poor's and b+ by AM
Best, have a coupon of Libor +625 basis points. The notes mature on
May 9, 2009. The program allows Ajax Re to issue further series of
notes to provide Aspen with up to $1 billion of protection, in respect
of any perils, at any given time.

Mark Hvidsten, CEO of Willis Capital Markets, commented, "We are
delighted to have acted as Co-Lead Manager of the Ajax Re notes issue.
This transaction provides Aspen with catastrophe reinsurance at
attractive terms. The ability to execute capital markets transactions
is an essential part of the tool kit that enables us to provide our
clients with the full spectrum of risk transfer solutions."

Joe Plumeri, Chairman and CEO, Willis Group commented. "We are
constantly developing ideas and innovative approaches to risk
management in order to better serve our clients. Our sophisticated
analytics and our proven ability to deliver all forms of risk
transfer, including catastrophe risk securitizations, help us provide
better solutions to our clients."

Willis Capital Markets is the unit of Willis Group Holdings
Limited that specializes in the structuring and placement of financial
instruments that access risk capital from outside the traditional
insurance and reinsurance markets. This capability enhances Willis'
offering to its clients by enabling it to access and place risk with
all sources of risk-bearing capacity. Willis Capital Markets operates
in a global capacity and acts in the United States through Willis
Securities Inc. and in the United Kingdom and European Union countries
through Willis Structured Financial Solutions Ltd.

Willis Group Holdings Limited is a leading global insurance
broker, developing and delivering professional insurance, reinsurance,
risk management, financial and human resource consulting and actuarial
services to corporations, public entities and institutions around the
world. Willis has over 300 offices in some 100 countries, with a
global team of approximately 16,000 employees serving clients in some
190 countries. Additional information on Willis may be found on its
web site www.willis.com.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
Notes in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The Notes have not been, and
will not be, registered under the Securities Act of 1933, as amended
(the "Securities Act"), and may not be offered or sold in the United
States absent registration under the Securities Act or an applicable
exemption from the registration requirements there-under.