Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 229

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 5
Chunk 229
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 ($ in millions)                     % change                     ($ in millions)
Casualty reinsurance                                      $456.7                           6.6    %                      $428.5                            13.9    %                      $376.2        
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)    %                    $1,251.8        
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 main drivers of the change in loss ratio were the following:
•Current accident year loss ratio, excluding catastrophe losses, decreased by 3.1 percentage points from 46.7% in 2023 to 43.6% in 2024, mainly due to a change in business mix, with increased net earned premium in specialty reinsurance, which attracts a lower loss ratio specifically within its mortgage portfolio. 
•Catastrophe losses increased from $87.0 million in 2023 to $146.8 million in 2024, increasing the loss ratio by 3.7 percentage points. In 2024, the catastrophe losses included $26.2 million from Hurricane Milton, $22.5 million from floods in Dubai, $14.7 million from the Francis Scott Key Bridge event, $11.1 million from Hurricane Helene, and $72.3 million of other weather-related events. In 2023, the catastrophe losses included $8.1 million from the earthquake in Morocco, $7.6 million from Hurricane Idalia, $7