Company: AHL
Filing Date: 2025-05-08
Form Type: 424B4
Source: 0001628280-25-023859
Chunk: 166

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-05-08
Form: 424B4
Chunk 166
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 our expense base is in British Pounds Sterling and the U.S. dollar strengthened, coupled with various cost saving initiatives.

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Aspen Capital Markets

ACM sources third-party capital and develops reinsurance structures that leverage the Company’s underwriting and analytical expertise and earns underwriting, management and performance fees from third-party investors primarily through the placement and management of collateralized quota share sidecar vehicles.

The following table sets forth a summary of fee income and third-party capital with respect to our ACM activity, for the twelve months ended December 31, 2024, 2023 and 2022. The increase in fee income was due to the growth achieved in the third-party capital and greater ceded earned premium, including the expansion of our capital markets business into long-tail casualty lines.

|                     | ACM  (in $ millions) | Twelve Months Ended December 31, |    2024 |     |      |    2023 |     |      |    2022 |
|:--------------------|:---------------------|---------------------------------:|--------:|:----|-----:|--------:|:----|-----:|--------:|
| Fee income(1)       |                      |                                $ |   169.0 |     |    $ |   135.5 |     |    $ |   103.9 |
|                     |                      |               As at December 31, |         |     |      |         |     |      |         |
|                     |                      |                             2024 |         |     | 2023 |         |     | 2022 |         |
| Third-party capital |                      |                                $ | 2,207.4 |     |    $ | 1,662.6 |     |    $ | 1,252.7 |

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(1) Fee income earned through cessions to third-party capital vehicles is recorded through underwriting income/(loss) as a decrease to acquisition costs.

Corporate and other expenses

2024, 2023 and 2022

In 2024, we incurred corporate and other expenses of $97.3 million (2023 — $114.0 million). The decrease in corporate and other expenses in 2024 compared to 2023 was due to expense alignment in our functions which support corporate activities.

In 2023, we incurred corporate and other net expenses of $114.0 million (2022 — $83.6 million). In