Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 163

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 4
Chunk 163
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insurance was primarily due to new business growth in the mortgage reinsurance, technical lines, and marine portfolios.

Ceded written premiums

Total ceded written premiums in 2024 were $610.1 million, an increase of$187.1 million compared to 2023. The retention ratio decreased from 72.2% in 2023, to 67.6% in 2024, due to an increase in the level of reinsurance purchased protecting our property catastrophe reinsurance and casualty reinsurance business lines, which included higher cessions to our capital markets partners.

Net earned premiums

The table below shows our net earned premiums for each line of business in our Reinsurance segment for the twelve months ended December 31, 2024, 2023 and 2022 and the percentage change in net earned premiums for each line of business:

                                        Twelve Months Ended December 31,                                                                                                  
  Lines of Business                     2024                                                             2023                                            2022             
                                        ($ in millions)                                    % change      ($ in millions)                   % change      ($ in millions)  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Casualty reinsurance                  $                                       456.7           6.6      $                      428.5          13.9      $                
  Property catastrophe reinsurance      144.0                                                  14.4      125.9                               (19.9)      157.2            
  Other property reinsurance            384.3                                                   8.3      354.7                               (15.4)      419.2            
  Specialty reinsurance                 320.7                                                  30.7      245.4                               (18.0)      299.2            
  Total                                 $                                     1,305.7          13.1      $                    1,154.5         (7.8)      $                

Net earned premiums increased by $151.2 million, or 13.1%, in 2024 compared to 2023. The increase was due to a $260.1 million increase in gross earned premiums, partially offset by a $108.9 million increase in ceded earned premiums.

Losses and loss adjustment expenses

The loss ratio was 56.8% in 2024, an increase of 3.9 percentage points compared to 52.9% in 2023. The