Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 146

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 4
Chunk 146
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 things, allegations of underwriting errors or omissions, employment claims or regulatory activity.

While any legal or arbitration proceedings contain an element of uncertainty, we do not believe that the eventual outcome of any specific litigation, arbitration or alternative dispute resolution proceedings to which we are currently a party will have a material adverse effect on the financial condition of our business as a whole.

C. Organizational Structure

The Company’s ordinary shares are owned by Parent, which is an affiliate of certain investment funds managed by affiliates of Apollo Global Management, Inc., a leading global investment manager. The common stock of Apollo Global Management, Inc. and certain preferred shares of its subsidiary, Apollo Asset Management, Inc., are publicly traded on the NYSE.

The Company’s principal operating subsidiaries at December 31, 2024 are as follows:

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  Name of Subsidiary                     Jurisdiction of Incorporation      Ultimate Ownership Interest Held by AIHL  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Aspen American Insurance Company       Texas                                                                100.0%  
  Aspen Bermuda Limited                  Bermuda                                                              100.0%  
  Aspen Insurance UK Limited             United Kingdom                                                       100.0%  
  Aspen Specialty Insurance Company      North Dakota                                                         100.0%  
  Aspen Underwriting Limited*            United Kingdom                                                       100.0%  

* AUL (as the sole corporate member of Syndicate 4711 which is managed by AMAL; AUL also contributes capital as a corporate member of Carbon Syndicate 4747).

Refer to Exhibit 8.1 to this report for a listing of all the Company’s direct and indirect wholly-owned subsidiaries as at December 31, 2024.

D. Property, Plants and Equipment

We lease office space in Hamilton, Bermuda, where we are headquartered. In addition, the Company and its subsidiaries lease office space in the United States, the United Kingdom, Puerto Rico, Singapore and Switzerland. We renew and enter into leases in the ordinary course of business as required. For more information on our leasing arrangements, refer to Item 18, Note 19 of our consolidated financial statements, “ Operating Leases.”

Item 4A. Unresolved Staff Comments

Not applicable.

Table of Contents

Item 5. Operating and Financial Review and Prospects

The following is a discussion and analysis of our financial condition and results of operations for the twelve months ended December 31, 2024 and 2023. This discussion and analysis should be