Company: AHL
Filing Date: 2025-05-08
Form Type: 424B4
Source: 0001628280-25-023859
Chunk: 231

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-05-08
Form: 424B4
Chunk 231
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 of individual policies that insure risks specifically in the United States and/or Canada, but not elsewhere.

(2) “Worldwide excluding the United States” consists of individual policies that insure global risks with the specific exclusion of the United States.

(3) “Worldwide including the United States” consists of individual policies that insure global risks with the specific inclusion of the United States.

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(4) “Other” comprises individual policies that insure risks in other countries including, but not limited to, countries in the Caribbean, South America and the Middle East.

For the twelve months ended December 31, 2024, our Reinsurance segment had $1,886 million of gross written premiums, generated $196 million of underwriting income and had a combined ratio of 85.1% (adjusted combined ratio 83.1%). For the twelve months ended December 31, 2023, our Reinsurance segment had $1,521 million of gross written premiums, generated $214 million of underwriting income and had a combined ratio of 81.4% (adjusted combined ratio 83.2%).

ACM: We participate in the alternative reinsurance market through ACM, which acts as a conduit between Aspen’s balance sheet and third-party investors and supports each of our Insurance and Reinsurance segments. ACM sources third-party capital and develops reinsurance structures that leverage the Company’s underwriting and analytical expertise and earns underwriting, management and performance fees from third-party investors primarily through the placement and management of collateralized quota share sidecar vehicles. Through such reinsurance sidecar investments, ACM provides investors direct access to our underwriting expertise and earns underwriting, management and performance fees for Aspen from other third-party investors primarily through the placement and management of sidecars, ILS funds and other offerings. One recent example is the casualty-focused reinsurance vehicle, Pando Re. Effective for the 2024 underwriting year, our Operating Subsidiaries entered into a quota share reinsurance agreement with Pando Re whereby Pando Re will participate in our Casualty Insurance, Global Professional Lines Insurance and Casualty Reinsurance business lines. The underwriting and performance fees earned under ACM transactions, such as those earned under the quota share reinsurance agreement with Pando Re, are part of the operations of ACM and contribute to the fee income earned by ACM, which is recorded through underwriting income or loss, as an adjustment to acquisition costs.

ACM is highly strategic to our business, providing a unique set of capabilities and