Company: AHL
Filing Date: 2025-05-08
Form Type: 424B4
Source: 0001628280-25-023859
Chunk: 222

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-05-08
Form: 424B4
Chunk 222
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ed loss ratio shown for all lines (continuing and legacy); excludes impact of deferred gain and cost of LPT.

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#### Reduced Volatility
: We have taken extensive action to reduce volatility within both our existing in-force and go-forward businesses. We have dramatically decreased our property catastrophe exposure, with January 1, 2025 net 250-year probable maximum loss (“PML”) exposure of $330 million, which has declined by approximately 64.8% relative to the start of 2018. This allowed us to generate a 19.4% Op. ROE for the twelve months ended December 31, 2024, despite worldwide insured losses of $140 billion, according to Munich Re. We also entered into the LPT with Enstar in May 2022 to limit our exposure to adverse development on the carried reserves for the accident years prior to 2020. This provides substantial ongoing protection against both social and economic inflation, while freeing up capital for our underwriters to deploy into the current attractive pricing environment and allowing our management team to focus on delivering profitable growth from within our continuing lines of business. Our use of ACM is also highly strategic to our business as a tool to manage net line size and overall volatility, while generating more stable fee income. For the twelve months ended December 31, 2024, o ver 88% of our fee income was derived from continuous investor relationships of 4+ years or investment structures w ith multi-year commitments.

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(1) Represents Occurrence Exceedance Probability PML (1-in-250) for all perils worldwide as of January 1.

(2) Guy Carpenter U.S. Property CAT Rate-On-Line Index.

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#### Improved Operational Efficiency
: We have significantly rationalized our operating footprint, reducing our office locations from 43 to 18, while growing o ur gross written premiums per employee by 36.4% from 2018 to 2024, and driving a reduction in our expense ratio from 32.9% in 2018 to 28.5% for the twelve months ended December 31, 2024. We continue to invest in operational efficiencies, which we believe will bring meaningful cost be nefits in the medium term through traditional operational expense reductions, as well as improvements to our loss ratio achieved through enhanced underwriting systems and data analytics.

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#### Culture
: We have undertaken a transformation so that we can execute our go-forward strategy in adherence with our