Company: AHL
Filing Date: 2025-04-29
Form Type: F-1/A
Source: 0001628280-25-020463
Chunk: 164

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-04-29
Form: F-1/A
Chunk 164
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 declining rates in the D&O open market environment and a depressed M&A environment globally. This was partially offset by strong new business activity and a strong rate environment, driven by hard market conditions caused by increasing insured losses from major events, inflation and high interest rates, which resulted in an increase to gross written premiums of approximately $167 million.

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Ceded written premiums

The following table sets forth the ceded written premiums for our two business segments in the twelve months ended December 31, 2024, 2023 and 2022 and the percentage change in ceded written premiums:

| Business Segment |     | Ceded Written Premiums for the Twelve Months Ended December 31, 
 2024                                                            
 ($ in millions)                                                 |         |     | % change |      |   |     | 2023            
 ($ in millions) |         |     | % change |      |   |     | 2022            
 ($ in millions) |         |
|:-----------------|:----|:----------------------------------------------------------------|--------:|:----|:---------|-----:|:--|:----|:----------------|--------:|:----|:---------|-----:|:--|:----|:----------------|--------:|
| Reinsurance      |     | $                                                               |   610.1 |     |          | 44.2 | % |     | $               |   423.0 |     |          | 11.1 | % |     | $               |   380.6 |
| Insurance        |     |                                                                 | 1,056.6 |     |          |  9.8 | % |     |                 |   962.7 |     |          | -9.4 | % |     |                 | 1,062.1 |
| Total            |     | $                                                               | 1,666.7 |     |          | 20.3 | % |     | $               | 1,385.7 |     |          | -4.0 | % |     | $               | 1,442.7 |

2024 compared to 2023

Total ceded written premiums in 2024 increased by $281.0 million, or 20.3%, compared to 2023. Changes in our reinsurance program decreased our retention ratio, which is defined as net written premiums as a percentage of gross written premiums, from 65.1% in