Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 232

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 5
Chunk 232
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 in millions)                   % change                     ($ in millions)
Financial and professional lines insurance                            $567.4                             7.4    %                      $528.5                           0.3    %                      $526.9        
Casualty and liability insurance                                       374.9                             6.5    %                       352.0                           3.0    %                       341.6        
Specialty insurance (1)                                                333.3                            17.4    %                       284.0                          11.0    %                       255.9        
First party insurance (1)                                              236.8                          (13.5)    %                       273.8                         (9.0)    %                       301.0        
Other insurance                                                         71.6                           230.0    %                        21.7                          88.7    %                        11.5        
Total                                                               $1,584.0                             8.5    %                    $1,460.0                           1.6    %                    $1,436.9        
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(1)    Effective January 1, 2023, the Insurance segment restructured its first party and specialty insurance lines of business into two separate lines: first party insurance and specialty insurance due to changes in management structures. The 2022 period has been re-presented to ensure consistency of information.
Net earned premiums increased by $124.0 million, or 8.5%, in 2024 as compared to 2023. The increase was due to a $120.9 million increase in gross earned premiums, partially offset by a $3.1 million decrease in ceded earned premiums.
Losses and loss adjustment expenses
The loss ratio in 2024 was 61.6%, a decrease of 2.9 percentage points compared to 64.5% in 2023. The main drivers of the change in loss ratio were the following:
•Current accident year loss ratio, excluding catastrophe losses, for 2024 increased by 1.2 percentage points as compared to 2023, primarily due to an increase in the frequency and severity of losses in financial and professional lines.
•Catastrophe losses increased from $33.1 million in 2023 to $40.5 million in 2024, increasing the loss ratio by 0.3 percentage points. In 2024, the catastrophe losses included $10.6 million from Hurricane Milton, $7.