Company: AHL
Filing Date: 2025-04-29
Form Type: F-1/A
Source: 0001628280-25-020463
Chunk: 437

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-04-29
Form: F-1/A
Chunk 437
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 |             |    18.0 |
| Total privately-held investments, trading  |     |                         |   494.9 |     |            | 1.4 |     |            | -21.3 |     |             |   475.0 |
| Total investments, trading                 |     | $                       | 2,025.6 |     | $          | 6.1 |     | $          | -67.3 |     | $           | 1,964.4 |

Catastrophe Bonds. The Company has invested in catastrophe bonds with a total value of $ 1.0million as at December 31, 2024 (December 31, 2023 — $ 1.6million). The bonds are either zero-coupon notes or receive quarterly interest payments based on variable interest rates with scheduled maturities in 2025. The red emption value of the bonds will adjust based on the occurrence or aggregate occurrence of a covered event, such as windstorms and earthquakes in the United States, Canada, the North Atlantic, South America, Europe, Japan or Australia.

Privately-held Investments. The Company has invested in privately-held investments, which primarily include commercial mortgage loans of $ 79.7million and middle market loans and other private debt of $ 61.0million as at December 31, 2024 (December 31, 2023 — commercial mortgage loans of $ 274.9million; middle market loans and other private debt of $ 84.8million). Privately-held investments also includes investments in asset-backed securities, global corporate securities, and other short term investments.

Commercial Mortgage Loans . The commercial mortgage loans are related to investments in properties including apartments, hotels, office and retail buildings, other commercial properties and industrial properties. The commercial mortgage loan portfolio is diversified by property type, geographic region and issuer to reduce risks. As part of our investment process, we evaluate factors such as size, property type, and security to determine that properties are performing at a consistent and acceptable level to secure the related debt.

Middle Market Loans and Other Private Debt . The middle market loans are investments in senior secured loan positions with full covenants, focused on the middle market in the U.S., Europe and the Caribbean. The other private debt consists of debt securities issued to private investment funds. The middle market loan and other private debt portfolio is diversified by industry type, geographic region and issuer to reduce risks. As part of our investment process, we