Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 159

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 4
Chunk 159
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 foreign exchange contracts that had a loss of $34.0 million (2023 - gain of $10.9 million), partially offset by a gain within the LPT embedded derivative of $12.9 million (2023 - gain of $15.2 million).

Interest expense

The following table sets forth a summary of the interest expense for the twelve months ended December 31, 2024, 2023 and 2022:

                                           Twelve Months Ended December 31,                                                    
                                           2024                                            2023                2022            
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                           ($ in millions)                                                                     
  Interest on LPT Funds Withheld           $                                     41.0      $         39.6      $         29.4  
  Interest on 2023 Senior Notes            —                                               12.6                14.3            
  Interest and fees on 2026 Term Loan      21.1                                            3.0                 —               
  Interest expense                         $                                     62.1      $         55.2      $         43.7  

The increase in the interest expense for 2024 was primarily driven by an increase in the interest incurred on the Company’s debt. During the fourth quarter of 2023, the Company drew down on its term loan facility to repay the then outstanding 2023 Senior Notes. This change in financing facility resulted in a change in the underlying interest rate, from a fixed rate to a variable rate, leading to the increased expense recognized in the twelve months ended December 31, 2024.

Income tax benefit

The following table sets forth the income tax benefit/(expense) by jurisdiction for the twelve months ended December 31, 2024, 2023 and 2022:

                          Twelve Months Ended December 31,                                               
                          2024                                             2023                   2022   
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────
                          ($ in millions)                                                                
  Bermuda tax             $                                     (1.3)      $           201.1      $      
  U. S. tax               (58.3)                                           (55.4)                 88.1   
  U. K. tax               81.4                                             (5.4)                  (7.0)  
  Other                   0.2                                              (8.2)                  (3.0)  
  Income