Company: AHL
Filing Date: 2025-03-20
Form Type: F-1/A
Source: 0001628280-25-014149
Chunk: 447

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-20
Form: F-1/A
Chunk 447
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ingent Liabilities.”

<div align='center'>F-37</div>

(2) The loss portfolio transfer contract includes a funds withheld arrangement that provides variable interest expense based on Aspen’s investment performance. As a result, the funds withheld arrangement is considered an embedded derivative and accounted for as an option-based derivative.

Transfers of assets into or out of a particular level are recorded at their fair values as of the end of each reporting period consistent with the date of the determination of fair value. During the twelve months ended December 31, 2024, $ Nilwas transferred in or out of Level 3 (December 31, 2023 — $ 12.1million was transferred out of Level 3 and $ 5.3million transferred into Level 3).

<div align='center'>F-38</div>

The following table presents a reconciliation of the beginning and ending balances for all assets and liabilities measured at fair value on a recurring basis using Lev el 3 inputs for the twelve months ended December 31, 2024 and December 31, 2023:

| Twelve Months Ended December 31, 2024            
 Assets                                           
 Privately-held investments, available for sale   |     | Balance at beginning of year |       |     | Purchases and issuances |       |     | Transfers in |     |     | Transfers (out) |       |     | Reclassifications |       |     | Settlements and sales |        |     | (Decrease)/increase in fair value included in net income(1)/ OCI(2) |       |     | Balance at end of year |       |     | Change in unrealized gains (losses) relating to assets held at end of year(1) (2) |       |
|:-------------------------------------------------|:----|:-----------------------------|------:|:----|:------------------------|------:|:----|:-------------|----:|:----|:----------------|------:|:----|:------------------|------:|:----|:----------------------|-------:|:----|:--------------------------------------------------------------------|------:|:----|:-----------------------|------:|:----|:----------------------------------------------------------------------------------|------:|
| Asset-backed securities                          |     | $                            |  14.9 |     | $                       |  10.0 |     | $            |   — |     | $               |     — |     | $                 |     — |     | $