Company: AHL
Filing Date: 2025-03-20
Form Type: F-1/A
Source: 0001628280-25-014149
Chunk: 416

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-20
Form: F-1/A
Chunk 416
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 range of reserve estimates to the Company’s recorded losses and loss adjustment expense reserves, both gross and net of reinsurance. |
|                                          |     | Valuation of privately–held investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Description of the Matter                |     | At December 31, 2023, the fair value of the Company’s privately-held investments totaled $475 million. The fair values are based on internally developed discounted cash flow models as discussed in Note 6 to the consolidated financial statements. The discount and dividend or interest rates used by management in the cash flow models are significant unobservable inputs, which create greater subjectivity when determining the fair value of these investments.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
 Auditing the fair value of the privately-held investments was challenging, due to the judgmental nature of the inputs and assumptions used, including discount, dividend, interest rates and timing of cash flows, as these were not directly observable in the market.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| How We Addressed the Matter in Our Audit |     | To test the fair value estimates, among other procedures, we involved our valuation specialists to independently determine a range of fair values for a sample of securities, which we compared to management’s estimates of fair value for the selected securities. In developing our independent estimates, we, together with our valuation specialists, compared management’s assumptions such as discount, dividend and interest rates, as well as timing of cashflows, to comparable publicly available market information, comparable instruments and other valuation techniques, if available. We also compared the fair value of the privately-held investments to independent third-party vendor pricing, where available.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

<div align='center'>F-6</div>

/s/ Ernst & Young LLP

We served as the Company's auditor from 2022 to 2024.

London, United Kingdom

April 1, 2024

<div align='center'>F-7</div>

### ASPEN INSURANCE HOLDINGS LIMITED

### CONSOLIDATED BALANCE SHEETS

#### As at December 31, 2024 and December 31, 2023
<div align='center'>($ in millions)</div>

|                                                                                                                                                                     |     |   | As at December 31, 2024 |     |   | As at December 31, 2023 |
|:--------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:--|------------------------:|:----|:--|------------------------:|
| ASSETS