After listening to today's 3Q09 investor conference call, it appears highly likely that Aspen will be engaging in share repurchases during this year's final period. The company's CEO stated that it is not managements' intention to carry excess capital on its balance sheet into 2010. Moreover, it appears unlikely that the (re)insurer will be able to deploy all its capital into the business on the important 1/1/2010 renewal date.

Share repurchase, in my opinion, would be highly beneficial for Aspen stockholders inasmuch as the common can be bought at a significant discount to diluted book value per share, which I believe is itself understated.