Company: AHL
Filing Date: 2025-03-20
Form Type: F-1/A
Source: 0001628280-25-014149
Chunk: 18

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-20
Form: F-1/A
Chunk 18
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 approach to market, where our Reinsurance and ACM capabilities facilitate support of and alignment with our Insurance offerings. An example of this is a binder agreement we have with a leading wholesaler, whereby we provide underwriting capacity to multiple specialty programs across both the United States and Europe, utilizing our multiple operating platforms.

This approach has been the foundation for establishing a long-term track record of underwriting profitability across numerous lines of business. Aspen’s Insurance segment includes a number of highly specialized lines of business that have returned favorable combined ratios across the cycle, highlighting the strength and niche nature of

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Table of C ontents

this business. We strive to maintain this caliber of underwriting performance in these lines, while building our track record within our other primary insurance lines of business.

For the twelve months ended December 31, 2024, our Insurance segment had $2,724 million of gross written premium, generated $150 million of underwriting income and had a combined ratio of 90.5% (adjusted combined ratio 89.9%). For the twelve months ended December 31, 2023, our Insurance segment had $2,447 million of gross written premiums, generated $113 million of underwriting income and had a combined ratio of 92.3% (adjusted combined ratio 89.0%).

Reinsurance: Within this segment, we offer expertise in a variety of global reinsurance lines including casualty reinsurance, property catastrophe reinsurance, other property reinsurance, and specialty reinsurance. We take a simple, yet effective, distribution model targeting long-term relationships and product spaces that have demonstrated strong underwriting returns through market cycles. Our focus goes beyond traditional reinsurance, as we seek to provide our clients with innovative solutions, through both traditional retrocession, and the utilization of third-party capital through ACM alongside our own Aspen balance sheet capital. We are opportunistic yet disciplined in our approach, positioned to benefit from market dislocations and underwriting modest lines to reduce volatility from loss events with the aim of generating highly attractive risk-adjusted returns, as opposed to returns that just track the market index.

Our Reinsurance segment is organized into four portfolios: (1) casualty reinsurance; (2) property catastrophe reinsurance; (3) other property reinsurance; and (4) specialty reinsurance.

• Casualty Reinsurance: Our casualty treaty team has a global product and risk reach, and our analysis of market-wide trends in key territories, supported by close coordination with our claims, legal and actuar