Company: AHL
Filing Date: 2025-04-29
Form Type: F-1/A
Source: 0001628280-25-020463
Chunk: 234

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-04-29
Form: F-1/A
Chunk 234
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LS capabilities for cyber risk. Our strong relationships and reputation in the market have enabled ACM to achieve significant growth since 2018, including in recent years where many insurance capital markets players reduced capacity. The following charts reflect the fee income generated by ACM for each of the twelve months ended December 31, 2019 through the twelve months ended

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December 31, 2024 and the diversification of ACM’s fee income for the twelve months ended December 31, 2024 (dollars in millions unless otherwise noted).

ACM generated $169 million and $136 million in fee income for the twelve months ended December 31, 2024 and December 31, 2023, respectively. This fee income is primarily reflected as an offset to our acquisition costs and is therefore embedded in our underwriting results.

ACM has a diversified investor base across alternative asset managers, asset managers, credit hedge funds, dedicated ILS funds and family offices. The following chart reflects the estimated breakdown by investor count for the twelve months ended December 31, 2024 .

Investments: Our investment strategy is focused on delivering stable investment income and total return through all market cycles, while maintaining high credit quality and portfolio liquidity. We manage a conservative investment portfolio that is appropriately balanced between our liquidity needs and investment returns, with an average credit rating of AA- and duration of 2.9 years of fixed income securities within our portfolio, as of December 31, 2024. We have access to world-class investment managers and execute this strategy through thoughtful allocations of investment assets to our key investment management partners.

To enhance investment returns, we tactically calibrate asset allocation and the duration of our investment portfolio, taking into account the duration of our insurance and reinsurance liabilities, as well as our view of interest rates, the yield curve, credit spreads and other general market conditions. In recent years we have diversified the range of asset classes in which we invest to include collateralized loan obligations, broadly syndicated loans, private credit, real estate equity and debt, private equity related infrastructure investments, high yield bonds and leveraged loans. We hold these investments directly or through fund vehicles. As of December 31, 2024, we allocated $1.6 billion (20%) of our total cash and investments to these asset classes. As of December 31, 2024, Apollo Asset

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Management Europe PC LLP (“AAME”) managed $1.4 billion