Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 63

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 3
Chunk 63
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. RPII Shareholder owns (directly or indirectly through certain entities) on the last day in the non-U. S. corporation’s taxable year, even if the RPII is not distributed. Further, a U. S. RPII Shareholder’s pro rata share of any RPII is determined as if all RPII for the taxable year were distributed proportionately only to U. S. RPII Shareholders on that date but generally may not exceed the U. S. RPII Shareholder’s pro rata share of the non-U. S. corporation’s earnings and profits for the taxable year. In addition, a U. S. RPII Shareholder is required to comply with certain reporting requirements, regardless of the number of shares owned by the U. S. RPII Shareholder.

For these purposes, a “ RPII CFC” is any non-U. S. corporation if, on any day of its taxable year, U. S. RPII Shareholders collectively own (directly, indirectly through non-U. S. entities or constructively) 25% or more of the total combined voting power of all classes of stock of such corporation entitled to vote or 25% or more of the total value of the stock of such corporation. However, the RPII rules generally do not apply with respect to a non-U. S. corporation if either (i) at all times during its taxable year less than 20% of the total combined voting power of all classes of stock of the corporation entitled to vote and less than 20% of the total value of the corporation is owned (directly or indirectly) by persons who are (directly or indirectly) insured under any policy of insurance or reinsurance issued by the corporation or who are related persons to any such person (the “ownership exception”), or (ii) the RPII (determined on a gross basis) of the corporation for the taxable year is less than 20% of its gross insurance income for the taxable year (the “de minimis exception”).

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We believe that each of our non-U. S. Operating Subsidiaries and Peregrine is a RPII CFC. Nonetheless, we expect that each such company will qualify for one or both of the ownership exception and the de minimis exception in the current taxable year and for the foreseeable future. However, the RPII provisions have never been interpreted by the courts