Company: AHL
Filing Date: 2025-06-11
Form Type: 424B5
Source: 0001628280-25-030754
Chunk: 61

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-06-11
Form: 424B5
Chunk 61
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.S. Tax Treatment of the Notes

The determination of whether a security should be classified as indebtedness or equity for U.S. federal income tax purposes requires a judgment based on all relevant facts and circumstances, and there is no statutory, judicial or administrative authority that directly addresses the U.S. federal income tax treatment of securities substantially similar to the notes. We believe that the notes should be classified as indebtedness for U.S. federal income tax purposes and intend to so treat the notes. There can be no assurance, however, that the Internal Revenue Service (“IRS”) will not treat the notes as equity for U.S. federal income tax purposes, and such treatment, if successfully asserted by the IRS, may have adverse U.S. federal income tax consequences to a holder of the notes. If we are a passive foreign investment company (a “PFIC”) and the notes are treated as equity for U.S. federal income tax purposes, this may result in an increased tax liability at the time of sale at a gain of, or receipt of an “excess distribution” with respect to, the notes. Further, a distribution by us to U.S. Noteholders that is characterized as a dividend and is not characterized as an excess distribution will not be eligible for reduced rates of tax as qualified dividend income if we are a PFIC in the taxable year in which such dividend was paid or were a PFIC in the preceding taxable year. There may also be additional information reporting required for U.S. Noteholders of the notes if we are a PFIC during such U.S. Noteholder’s holding period. We believe that, based on the implementation of our current business plan, we should not be characterized as a PFIC for the current year or the foreseeable future. However, because of legal uncertainties with respect to the interpretation of the PFIC rules and factual uncertainties with respect to our planned operations, there is a risk that we will be characterized as a PFIC in one or more years.

By investing in the notes, holders of the notes agree to treat the notes as indebtedness for U.S. federal income tax purposes, unless otherwise required by applicable law. You are urged to consult your own tax advisors regarding the appropriate characterization of the notes and the tax consequences that would apply to you if the IRS were to successfully assert that the notes are not indebtedness for U.S. federal income tax purposes. The remainder of this discussion assumes that the notes will be treated as indebtedness for U.S. federal income tax purposes.

We may be obligated to pay amounts in