Company: AHL
Filing Date: 2025-05-08
Form Type: 424B4
Source: 0001628280-25-023859
Chunk: 239

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-05-08
Form: 424B4
Chunk 239
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 are driven by uncorrelated and continuing macroeconomic and social dynamics. This will provide opportunities for us to deliver profitable growth as we target new business and clients at favorable risk-adjusted rates and with improved terms and conditions, while maintaining disciplined risk selection. Furthermore, our chosen lines of business within Insurance have high barriers to entry requiring the bespoke tailoring of products and the need for specialized and experienced underwriters with tenured distribution relationships.

The higher interest rate environment provides additional tailwinds for our business. Higher returns from our fixed income portfolio complement our underwriting income with attractive investment income and contribute to our ability to generate strong risk-adjusted returns for our shareholders. With a low-risk fixed income portfolio of relatively short duration of 2.9 years as of December 31, 2024, we are well placed to take advantage of attractive investment yields as we rotate and reinvest.

#### Global Insurance Market
Within Insurance, we operate within both the U.S. specialty and international insurance markets.

U.S. Specialty

Aspen operates within the broadly defined U.S. commercial lines market, which generated annual industry direct premiums of approximately $462 billion as for the twelve months ended December 31, 2023. The industry has experienced improved underwriting performance following the COVID-19 pandemic and wider economic

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uncertainty. Within commercial insurance, the excess and surplus (“E&S,” “non-admitted” or “surplus lines”) market has demonstrated strong growth, with highly attractive rate increases and improvement in terms and conditions. We wrote $821 million of gross premiums in the E&S market for the twelve months ended December 31, 2024 and $879 million for the twelve months ended December 31, 2023. A.M. Best estimates that this market segment generated $115 billion in annual premiums in 2023, nearly doubling since 2018. Driving this growth is the macroeconomic and social environment and challenges within the admitted space, which continues to drive demand for specialized insurance solutions due to both increasing and more complex risks from the commercial market.

E&S carriers are generally permitted to craft insurance terms to suit the particular risk they are assuming as the underlying risks tend to have unique qualities. Consequently, in this space we are able to provide tailored contracts and limit exposure to loss by either excluding coverage or providing a sub-limit on coverage. This customized approach provides the opportunity to achieve attractive long-term profitability.

We underwrite business in the United States through Aspen American Insurance Company and Aspen Specialty Insurance Company on