Company: AHL
Filing Date: 2025-03-20
Form Type: F-1/A
Source: 0001628280-25-014149
Chunk: 228

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-20
Form: F-1/A
Chunk 228
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 the twelve months ended December 31, 2018 to $433 million for the twelve months ended December 31, 2024;

• Return on average equity adjusted for Preference Share dividends increased from (7.7)% for the twelve months ended December 31, 2018 to 19.4% for the twelve months ended December 31, 2024; and

• Operating return on average equity was flat for the twelve months ended December 31, 2018 and increased to 19.4% for the twelve months ended December 31, 2024.

### Our Business
We manage our underwriting operations as two distinct business segments: Insurance and Reinsurance. We have a diversified yet complementary portfolio across these segments, constructed through the lens of our ‘One Aspen’ approach, where we balance risk on an aggregate basis and tactically deploy capital to the lines of business and platforms that we believe will generate the best returns for the Aspen Group. Our Insurance and Reinsurance segments both leverage third-party capital through ACM, which utilizes our capabilities in the third-party capital space (namely, the Insurance Linked Securities markets) to provide our core Insurance and Reinsurance segments with enhanced capital flexibility and operating leverage. We operate our business across multiple jurisdictions. Our platforms include U.S. E&S, U.S. Admitted, Lloyd’s, Bermuda and U.K. Company Market, which accounted for $821 million, $1,072 million, $1,400 million, $936 million and $380 million of gross written premiums, respectively, for the twelve months ended December 31, 2024.

Our size provides an advantage relative to our larger peers, allowing us to be nimble and decisive; entering, exiting or changing the nature of our underwriting positions faster and with greater precision. For instance, as part of our active portfolio management process for the 2024 planning year, we actively managed our portfolio to capitalize on market spaces that represented the best opportunity. As examples of this, in our Reinsurance segment we targeted meaningful growth in our casualty and specialty portfolio through expansion with existing cedants, and, supported by improved pricing on renewals, we grew our mortgage reinsurance book in response to a more favorable outlook for the U.S. economy. Our Insurance segment also grew in specialty lines, while continuing to manage down exposure to certain professional lines of business where market conditions remain challenging. For the 2023 planning year, we made the decision to step back from the aviation, space and bloodstock reinsurance markets