Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 181

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 4
Chunk 181
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 our currency risk and also make funds available to settle claims in local currencies as and when they become due. For local regulatory reasons, we hold assets in trusts which limits our liquidity to some degree. The process of matching assets with liabilities in currency means, however, that at any one time we will hold cash and short-term assets in all major currencies which are available to settle claims.

The liquidity of our Operating Subsidiaries is also affected by the terms of our contractual obligations to policyholders and by undertakings to certain regulatory authorities to facilitate the issue of letters of credit or maintain certain balances in trust funds for the benefit of policyholders, or restricted for other reasons. The following table shows the forms of collateral or other security provided in respect of these obligations and undertakings as at December 31, 2024 and December 31, 2023:

Table of Contents

                                                           As at December 31, 2024                                   As at December 31, 2023               
                                                           ($ in millions, except for percentages)                                                         
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  Regulatory trusts and deposits:                                                                                                                          
  Affiliated transactions                                  $                                              433.4      $                              660.8  
  Third party                                                                                           2,713.5                                   2,714.4  
  Letters of credit / guarantees                           153.2                                                     172.0                                 
  Total restricted assets (excluding illiquid assets)                                                   3,300.1                                   3,547.2  
  Other investments — illiquid assets                      267.2                                                     209.3                                 
  Total restricted assets and illiquid assets              $                                            3,567.3      $                            3,756.5  
  Total as percent of cash and invested assets             46.4                                                      50.2                                  

Refer to Item 18, Note 21(a), “ Commitments and Contingent Liabilities - Restricted Assets” of our consolidated financial statements for further detail on our trust fund balances which we are required to maintain in accordance with contractual obligations to policyholders and in compliance with regulatory requirements.

Consolidated cash flows for the twelve months ended December 31, 2024 and December 31, 2023:

                                                                      Twelve Months Ended December 31,                                         
                                                                      2024                                                  2023               
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