Company: AHL
Filing Date: 2025-03-20
Form Type: F-1/A
Source: 0001628280-25-014149
Chunk: 91

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-20
Form: F-1/A
Chunk 91
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 and Apollo or Apollo’s non-Aspen affiliates that may present a conflict of interest. See “Material Contracts and Related Party Transactions—Policies and Procedures for Approval of Related Person Transactions.” However, these conflicts guidelines will not, by themselves, prohibit transactions with Apollo or its affiliates.

Apollo’s indirect subsidiary, AAME, is currently the investment manager for the Company and certain of the Company’s subsidiaries, and Apollo’s indirect subsidiary, Apollo Management, provides the Company with management consulting and advisory services. Investment management responsibilities under our IMAs with AAME have been novated to AAME LLP with effect from January 1, 2025. We expect to supersede and replace our IMAs with AAME LLP by entering into a new investment management agreement with Apollo Management International LLP (the “Amended and Restated Investment Management Agreement”). A form of our existing IMA, the form of deed of novation by and among us and AAME and AAME LLP and our Amended and Restated Investment Management Agreement that we expect to be in effect upon the receipt of regulatory approval and completion of internal governance procedures have been filed as exhibits to the registration statement of which this prospectus is a part. Under our IMAs with AAME, approximately $1.6 billion, or 21%, of our total cash and investments are managed by AAME as of December 31, 2024. Our policies permit AAME to invest in securities of issuers affiliated with Apollo, including funds managed by Apollo, and to retain on our behalf and at our cost sub-

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advisors, including affiliates of Apollo. AAME may make such investments or retain such sub-advisors at its discretion, subject only to the approval of our Conflicts Committee in certain cases and/or certain regulatory approvals. Accordingly, AAME may have a conflict of interest in managing our investments, including by retaining an affiliate of Apollo to act as its sub-advisor, which would increase amounts payable by us for investment management services or could cause us to receive less return on our investments than if our investment portfolio was managed by another party. Under the Management Consulting Agreement with Apollo Management, Aspen will pay to Apollo Management in consideration for its services under the Management Consulting Agreement an annual management consulting fee equal to the greater of (1) 1% of the consolidated net income of the Aspen Group for the applicable fiscal year and (2) $5 million.

Affiliates of Apollo manage and expect to continue to