Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 51

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 3
Chunk 51
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ends, Distributions and Reduction of Capital,” “ Certain Regulatory Considerations - U. K. and E. U. Insurance Regulation - Restrictions on Dividend Payments by Insurers,” and “ Certain Regulatory Considerations - U. S. Regulation - State Dividend Limitations,” and “ Operating and Financial Review and Prospects - Liquidity and Capital Resources - Liquidity” for more information on our ability to pay dividends. These and other requirements may mean that our Operating Subsidiaries are unable to pay sufficient dividends to enable us to meet our ongoing cash requirements, which could materially adversely affect our liquidity or financial condition. As we are a holding company, our right, and hence the right of our creditors and shareholders, to participate in any distribution of assets by any of our subsidiaries, upon our liquidation or reorganization or otherwise, is subject to the prior claims of policyholders and creditors of these subsidiaries.

Additionally, we are subject to Bermuda regulatory constraints that affect our ability to pay dividends and make other distributions on our ordinary shares, Preference Shares or other securities. Under the Companies Act, we may declare or pay a dividend only if we have reasonable grounds to believe that we are, and would after the payment be, able to meet our liabilities as they become due and if the realizable value of our assets would thereby not be less than our liabilities. See “ Certain Regulatory Considerations - Bermuda Insurance Regulation - Restrictions on Dividends, Distributions and Reduction of Capital,” “ Operating and Financial Review and Prospects - Liquidity and Capital Resources - Liquidity” and “ Note 14 - Statutory Requirements and Dividends Restrictions” to our audited consolidated financial statements for more information on our ability to pay dividends. Additionally, agreements relating to our debt, including our revolving credit facility and 2026 Term Loan (as defined below), contain covenants that may limit our ability to pay cash dividends on our ordinary shares if a default or event of default has occurred and is continuing or would result therefrom.

U. S. persons who own our securities may have more difficulty in protecting their interests than U. S. persons who are shareholders of a U. S. corporation.

The Companies Act, which applies to us, differs in some material respects from laws generally applicable to U. S. corporations and their shareholders. These differences include, but are not limited to, the manner in which directors must disclose transactions in which they have an interest, the rights of shareholders to bring class action and derivative lawsuits, the scope of indemnification available to directors and