Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 172

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 4
Chunk 172
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 purchased of $36.9 million (December 31, 2023 - $22.3 million) and a receivable for securities sold of $6.8 million (December 31, 2023 - 9.0 million). The receivable for securities sold is included within other assets on the consolidated balance sheet.

(2) Accrued interest receivable is included within other assets on the consolidated balance sheet.

As at December 31, 2024 and 2023, the Company had no investments in equity securities as part of the Company’s strategic asset allocation.

Table of Contents

Valuation of Investments

Fair Value Measurements. Our estimates of fair value for financial assets and liabilities are based on the framework established in the fair value accounting guidance included in ASC Topic 820, Fair Value Measurements and Disclosures. For a description of the framework, refer to Item 18, Note 6 of our consolidated financial statements, “ Fair Value Measurements.”

Valuation of Investments, Equity Method. The value of our investments in MVI, Digital Re and Multi-Line Reinsurer are based on our share of the capital position of the entities, which includes income and expenses reported in quarterly management accounts. Each of MVI, Digital Re and Multi-Line Reinsurer is subject to annual audit evaluating the financial statements of the entities. We periodically review the management accounts of MVI, Digital Re and Multi-Line Reinsurer and evaluate the reasonableness of the valuation of our investment.

Valuation of Other Investments. The Company’s other investments represent our investments in investment funds. Adjustments to the fair values are made based on the net asset value of the investments. The net valuation criteria established by the manager of such investments are established in accordance with the governing documents and the asset manager’s valuation guidelines, which include: the discounted cash flow method and the performance multiple approach, which uses a multiple derived from market data of comparable companies or assets to produce operating performance metrics. Alternative valuation methodologies may be employed for investments with unusual characteristics.

Valuation of Privately-held Investments. Privately-held investments are initially valued at cost or transaction value which approximates fair value. In subsequent measurement periods, the fair values of these securities are largely determined using discounted cash flow models. Investment valuations are performed by an independent valuation vendor which includes an assessment of the reasonableness of the discount rate being used. These models include inputs that are specific to each investment. The inputs used in the fair value measurements include dividend or interest rates and appropriate discount rates. The selection