Company: AHL
Filing Date: 2025-03-20
Form Type: F-1/A
Source: 0001628280-25-014149
Chunk: 459

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-20
Form: F-1/A
Chunk 459
---
 31, 2023 — loss of $ 8.1million). The Company estimates that $ 6.2million of the existing losses as at December 31, 2024 is expected to be reclassified into earnings within the next 12 months.

Embedded derivative on loss portfolio contract. The loss portfolio transfer contract includes a funds withheld arrangement that provides returns to the reinsurer based on Aspen’s investment performance, guaranteeing a minimum of 1.75% return. Such funds withheld arrangements are examples of embedded derivatives and therefore this instrument is accounted for as an option-based derivative. For the twelve months ended December 31, 2024, the amount recognized as a change in fair value of derivatives in the consolidated statement of operations is a gain of $ 12.9million (December 31, 2023 — gain of $ 15.2million).

#### 9.

#### Deferred Acquisition Costs
The following table represents a reconciliation of beginning and ending deferred acquisition costs for the twelve months ended December 31, 2024 and 2023:

|                                            |     |                | Twelve Months Ended December 31, 2024 |     |   | Twelve Months Ended December 31, 2023 |
|:-------------------------------------------|:----|:---------------|--------------------------------------:|:----|:--|--------------------------------------:|
|                                            |     | -$ in millions |                                       |     |   |                                       |
| Balance at the beginning of the period     |     | $              |                                 296.2 |     | $ |                                 319.0 |
| Acquisition costs deferred                 |     |                |                                 446.1 |     |   |                                 357.4 |
| Amortization of deferred acquisition costs |     |                |                                -420.2 |     |   |                                -380.2 |
| Balance at the end of the period           |     | $              |                                 322.1 |     | $ |                                 296.2 |

<div align='center'>F-47</div>

10. Reserve for Losses and Loss Adjustment Expenses

The following table represents a reconciliation of beginning and ending consolidated reserve for losses and loss adjustment expenses for the twelve months ended December 31, 2024, 2023 and 2022:

|                                                                      |     | As at December 31, 
 2024               
 ($ in millions)    |          |     | 2023 |          |     | 2022 |          |
|:----------------------------------------------------------------