Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 358

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 18
Chunk 358
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 certain regulatory authorities to facilitate issue of letters of credit or maintain certain balances in trust funds for the benefit of policyholders.

F-54

Table of Contents

The following table details the forms and values of the Company’s material restricted assets as at December 31, 2024 and 2023:

                                                           As at December 31, 2024                                   As at December 31, 2023               
                                                           ($ in millions, except for percentages)                                                         
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Regulatory trusts and deposits:                                                                                                                          
  Affiliated transactions                                  $                                              433.4      $                              660.8  
  Third party                                                                                           2,713.5                                   2,714.4  
  Letters of credit / guarantees (1)                       153.2                                                     172.0                                 
  Total restricted assets (excluding illiquid assets)      $                                            3,300.1      $                            3,547.2  
  Other investments — illiquid assets                      267.2                                                     209.3                                 
  Total restricted assets and illiquid assets              $                                            3,567.3      $                            3,756.5  
  Total as percentage of cash and invested assets (2)      46.4                                                      50.2                                  

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(1) As at December 31, 2024, the Company had pledged funds of $ 153.2 172.0

(2) Investable assets comprise total investments, cash and cash equivalents, accrued interest, receivables for securities sold and payables for securities purchased.

Investment Funds. We invest in investment funds which, as is typical for this type of investment, have lock-up periods. A lock-up period is the initial amount of time an investor is contractually required to remain invested before having the ability to redeem. As at December 31, 2024, the lock-up periods across these funds range from one quarter to several years. Thereafter these funds could also be redeemed on a pro-rata basis depending on the liquidity position of the fund. There are no assurances as to when the Company may be able to withdraw, in whole or in part, its redemption request from the fund.

Letters of Credit. The Company’s current arrangements with our bankers for the issue of letters of credit require us to provide collateral in the form of cash and investments for the full amount of all secured and und