Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 162

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 4
Chunk 162
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 calculations are presented above. Refer to “ Reconciliation of Non-GAAP Financial Measures” for further details.

(2) Adjusted underwriting income and the adjusted combined ratio are calculated by adjusting the underwriting income and the combined ratio to remove the impact of the LPT. Adjusted underwriting income and the adjusted combined ratio are non-GAAP financial measures as defined under SEC rules and regulations. The calculations are presented above. Refer to “ Reconciliation of Non-GAAP Financial Measures” for further details.

Table of Contents

Gross written premiums

The table below shows our gross written premiums for each line of business in our Reinsurance segment for the twelve months ended December 31, 2024, 2023 and 2022 and the percentage change in gross written premiums for each line of business:

                                        Twelve Months Ended December 31,                                                                                                  
  Lines of Business                     2024                                                             2023                                            2022             
                                        ($ in millions)                                    % change      ($ in millions)                   % change      ($ in millions)  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Casualty reinsurance                  $                                       763.3          36.6      $                      558.9         (6.3)      $                
  Property catastrophe reinsurance      430.2                                                  17.3      366.6                                  3.3      354.9            
  Other property reinsurance            408.8                                                   6.4      384.2                               (10.4)      428.8            
  Specialty reinsurance                 283.5                                                  34.2      211.3                               (50.5)      426.9            
  Total                                 $                                     1,885.8          24.0      $                    1,521.0        (15.8)      $                

Gross written premiums increased by 24.0% in 2024 compared to 2023. The increase in casualty reinsurance is driven by increases across all casualty reinsurance business lines, due to a combination of new business growth, growth with existing clients and favorable renewals pricing. The increase in property catastrophe reinsurance was primarily due to a stronger rate environment coupled with new business growth. The increase in other property reinsurance was primarily due to new business growth coupled with positive premium adjustments, partially offset by a reduction in reinstatement premiums. The increase in specialty re