Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 171

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 4
Chunk 171
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6 years as at December 31, 2023. In addition, as at December 31, 2024, the average credit rating of these fixed income securities was “ AA-,” with 85.7% being rated “ A-” or higher. As at December 31, 2023, the average credit rating of our fixed income securities portfolio was “ AA-,” with 86.6% being rated “ A-” or higher. The average credit rating is calculated using the Bloomberg Barclays Index credit quality methodology.

As at December 31, 2024, the Company had a 3.5% allocation to investment funds and a 1.8% allocation to middle market loans and other private debt (“ MMLs”) and commercial mortgage loans (“ CMLs”), representing in total 5.3% of our portfolio. As at December 31, 2023, the Company had a 2.8% allocation to investment funds and a 4.8% allocation to MMLs and CMLs representing in total 7.6% of our portfolio.

Cumulative unrealized losses in the available for sale investment portfolio, net of taxes, were $198.2 million as at December 31, 2024, a decrease of $29.4 million from the net $227.6 million unrealized losses as at December 31, 2023. During 2024, the unrealized loss position was reduced largely as a result of the active rotations of the investment portfolios. As a result, previously unrealized net losses of $47.9 million were realized in the year. This reduction has been partially offset by increases in unrealized losses resulting from increases in U. S. Treasury yields.

As at December 31, 2024, the aggregate fair value of the investment funds was $267.2 million (December 31, 2023 - $209.3 million). For further information regarding these investments, refer to Item 18, Note 4 of our consolidated financial statements, “ Investments”.

Table of Contents

The composition of our cash and investments as at December 31, 2024 and 2023 is summarized below:

                                                                          As at December 31, 2024                                                                 As at December 31, 2023                                                             
                                                                             Estimated Fair Value                   Percentage of Total Cash and Investments         Estimated Fair Value                   Percentage of Total Cash and Investments  
                                                          ($ in millions, except for percentages)                                                                                                                                                     
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