Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 104

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 4
Chunk 104
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  Standard & Poor’s Financial Services LLC (“ S& P”)                          A- (Strong - Stable outlook)      Aspen UK, Aspen Bermuda, and AAIC*                     Strong capacity to meet financial commitments but somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than those in higher-rated categories      The ‘ A’ grouping is the third highest of ten major rating categories.     
  A. M. Best Company, Inc. (“ A. M. Best”)                                    A (Excellent) (Stable)            Aspen UK, Aspen Bermuda, Aspen Specialty and AAIC      An excellent ability to meet ongoing insurance obligations                                                                                                                                        The ‘ A’ grouping is the second highest of seven major rating categories.  
  *Note that Aspen Specialty does not maintain its own rating from S& P.                                                                                                                                                                                                                                                                                                                                                                            

These ratings reflect the respective opinions of S& P and A. M. Best regarding the ability of the relevant Operating Subsidiary to pay claims and are not evaluations directed to our investors or recommendations to buy, sell or hold our securities. These ratings are subject to periodic review by, and may be revised downward or revoked, at the sole discretion of, S& P and A. M. Best, respectively. Additionally, rating organizations may change their rating methodology, which could have a material impact on our financial strength ratings.

For a discussion of some potential risks relating to the ratings of our Operating Subsidiaries, refer to Item 3D, “ Risk Factors - Strategic Risks - Our Operating Subsidiaries are rated and our Lloyd’s business benefits from a rating by one or more of A. M. Best and S& P and a decline in any of these ratings could adversely affect our standing among brokers and customers and cause our premiums and earnings to decrease, or may otherwise result in an adverse effect on our business, financial condition and operating results.”

Table of Contents

Certain Regulatory Considerations

General

The business of insurance and reinsurance is regulated in most countries, although the degree and type of regulation varies significantly from one jurisdiction to another. Compliance obligations are increasing in most jurisdictions as the focus on insurance regulatory controls has escalated in recent years, with particular emphasis on regulation of solvency, risk management and internal controls. The discussion below summarizes the material laws and regulations applicable to our Operating Subsidiaries and, where relevant, Peregrine. Our companies have met or exceeded the solvency margins