Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 228

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 5
Chunk 228
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 ($ in millions)                     % change                     ($ in millions)
Casualty reinsurance                                      $763.3                          36.6    %                      $558.9                           (6.3)    %                      $596.4        
Property catastrophe reinsurance                           430.2                          17.3    %                       366.6                             3.3    %                       354.9        
Other property reinsurance                                 408.8                           6.4    %                       384.2                          (10.4)    %                       428.8        
Specialty reinsurance                                      283.5                          34.2    %                       211.3                          (50.5)    %                       426.9        
Total                                                   $1,885.8                          24.0    %                    $1,521.0                          (15.8)    %                    $1,807.0        
Gross written premiums increased by 24.0% in 2024 compared to 2023. The increase in casualty reinsurance is driven by increases across all casualty reinsurance business lines, due to a combination of new business growth, growth with existing clients and favorable renewals pricing. The increase in property catastrophe reinsurance was primarily due to a stronger rate environment coupled with new business growth. The increase in other property reinsurance was primarily due to new business growth coupled with positive premium adjustments, partially offset by a reduction in reinstatement premiums. The increase in specialty reinsurance was primarily due to new business growth in the mortgage reinsurance, technical lines, and marine portfolios.
Ceded written premiums
Total ceded written premiums in 2024 were $610.1 million, an increase of $187.1 million compared to 2023. The retention ratio decreased from 72.2% in 2023, to 67.6% in 2024, due to an increase in the level of reinsurance purchased protecting our property catastrophe reinsurance and casualty reinsurance business lines, which included higher cessions to our capital markets partners. 
Net earned premiums
The table below shows our net earned premiums for each line of business in our Reinsurance segment for the twelve months ended December 31, 2024, 2023 and 2022 and the percentage change in net earned premiums for each line of business:

                                                                                                                                                                        Twelve Months Ended December 31,
Lines of Business                                                                              2024                                                             2023                                2022
                                                         ($ in millions)                   % change