Company: AHL
Filing Date: 2025-04-29
Form Type: F-1/A
Source: 0001628280-25-020463
Chunk: 28

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-04-29
Form: F-1/A
Chunk 28
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462 billion as for the twelve months ended December 31, 2023. The industry has experienced improved underwriting performance following the COVID-19 pandemic and wider economic uncertainty. Within commercial insurance, the excess and surplus (“E&S,” “non-admitted” or “surplus lines”) market has demonstrated strong growth, with highly attractive rate increases and improvement in terms and conditions. We wrote $821 million of gross premiums in the E&S market for the twelve months ended December 31, 2024 and $879 million for the twelve months ended December 31, 2023. A.M. Best estimates that this market segment generated $115 billion in annual premiums in 2023, nearly doubling since 2018. Driving this growth is the

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macroeconomic and social environment and challenges within the admitted space, which continues to drive demand for specialized insurance solutions due to both increasing and more complex risks from the commercial market.

E&S carriers are generally permitted to craft insurance terms to suit the particular risk they are assuming as the underlying risks tend to have unique qualities. Consequently, in this space we are able to provide tailored contracts and limit exposure to loss by either excluding coverage or providing a sub-limit on coverage. This customized approach provides the opportunity to achieve attractive long-term profitability.

We underwrite business in the United States through Aspen American Insurance Company and Aspen Specialty Insurance Company on an admitted and E&S basis, respectively. For the twelve months ended December 31, 2024, we generated $821 million and $1,072 million of gross written premiums in the U.S. E&S and admitted markets, respectively. For the twelve months ended December 31, 2023, we generated $879 million and $863 million of gross written premiums in the U.S. E&S and admitted markets, respectively.

International Insurance

Our international insurance products are underwritten in the London Market, through both our Lloyd’s and U.K. Company Market platforms.

Lloyd’s is a competitive insurance market where individual underwriters accept risks on behalf of groups, called syndicates, of individual and corporate members whose resources provide the security behind the Lloyd’s policies that they underwrite. Lloyd’s is the world’s largest specialty insurance marketplace, underwriting £56 billion of premiums during the twelve months ended December 31, 2024, up 7% from the same period in the prior year. The Lloyd’s global distribution network is where many of the world’s most complex risks are placed, across more than 60