Company: AHL
Filing Date: 2025-03-20
Form Type: F-1/A
Source: 0001628280-25-014149
Chunk: 246

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-20
Form: F-1/A
Chunk 246
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 ended December 31, 2023. We wrote $1,400 million of gross premiums in the Lloyd’s market for the twelve months ended December 31, 2024 and $1,054 million for the twelve months ended December 31, 2023.

The U.K. Company Market is an important market for global specialty insurance, with companies and individuals worldwide turning to this market to protect against niche and hard-to-place risks, ranging from liability and professional lines, to cyber and renewable energy exposures. Gross premium written in this market stood at £48 billion in 2023 up 47% from £33 billion in 2020. While there is no standard definition of this market, there is a general agreement that the core of its activity is internationally traded non-life, commercial and specialty insurance and reinsurance business written by insurers operating outside Lloyd’s. This is mostly P&C (re)insurance, with an increasing emphasis on high-exposure risks. The diversity and expertise of insurers and underwriting talent, as well as the ecosystem of service providers, make this a highly attractive market to write our U.K.-centric lines of business. We write business in this market through Aspen Insurance UK Limited. We wrote $367 million of gross written premiums in this market for the twelve months ended December 31, 2024 and $320 million for the twelve months ended December 31, 2023.

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Table of C ontents

#### Global Reinsurance Market
Global reinsurer capital rose to a new high of $715 billion at September 30, 2024, an increase of $45 billion relative to the end of 2023, driven mainly by retained earnings according to Aon data. Reinsurers are actively deploying this additional capital across many lines of business in pursuit of growth. This additional supply is outstripping ceding company demand leading to modest price weakening primarily in property and specialty lines. Given concerns around social inflation and pockets of adverse loss development in the industry, casualty lines are experiencing increases in price, but generally stable trading conditions. Overall, the reinsurance market is attractive and continues to be adequately priced across most lines of business. Our global underwriting platforms in reinsurance and differentiated, diverse ACM capabilities provide us with an opportunity to react quickly to market conditions and benefit from the current market cycle .

Our Reinsurance business segment is underwritten through four core platforms, which include AAIC, Aspen UK, Syndicate 4711, and Aspen Bermuda. This also encompasses