Company: AHL
Filing Date: 2025-05-08
Form Type: 424B4
Source: 0001628280-25-023859
Chunk: 18

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-05-08
Form: 424B4
Chunk 18
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 tailor-made risk transfer solutions for several specialty lines, including mortgage business. We believe our global expertise is well recognized and our team of underwriters across London, Singapore, Zurich and the United States give us valuable regional and global expertise to support our clients.

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The composition of our Reinsurance business mix based on gross written premiums for the twelve months ended December 31, 2024 is included in the following chart:

For the twelve months ended December 31, 2024, our Reinsurance segment had $1,886 million of gross written premiums, generated $196 million of underwriting income and had a combined ratio of 85.1% (adjusted combined ratio 83.1%). Fo r the twelve months ended December 31, 2023 , our Reinsurance segment had $1,521 million o f gross written premiums, generated $214 million of underwriting income and had a combined ratio of 81.4% (adjusted combined ratio 83.2%).

ACM: We participate in the alternative reinsurance market through ACM, which acts as a conduit between Aspen’s balance sheet and third-party investors and supports each of our Insurance and Reinsurance segments. ACM sources third-party capital and develops reinsurance structures that leverage the Company’s underwriting and analytical expertise and earns underwriting, management and performance fees from third-party investors primarily through the placement and management of collateralized quota share sidecar vehicles. Through such reinsurance sidecar investments, ACM provides investors direct access to our underwriting expertise and earns underwriting, management and performance fees for Aspen from other third-party investors primarily through the placement and management of sidecars, insurance linked securities (“ILS”) funds and other offerings. One recent example is the casualty-focused reinsurance vehicle, Pando Re Ltd. (“Pando Re”). Effective for the 2024 underwriting year, our Operating Subsidiaries entered into a quota share reinsurance agreement with Pando Re whereby Pando Re will participate in our Casualty Insurance, Global Professional Lines Insurance and Casualty Reinsurance business lines. The underwriting and performance fees earned under ACM transactions, such as those earned under the quota share reinsurance agreement with Pando Re, are part of the operations of ACM and contribute to the fee income earned by ACM, which is recorded through underwriting income or loss, as an adjustment to acquisition costs.

ACM is highly strategic to our business, providing a unique set of capabilities and tactical optionality to manage risk and improve our returns. Unlike other offerings