Company: AHL
Filing Date: 2025-03-20
Form Type: F-1/A
Source: 0001628280-25-014149
Chunk: 237

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-20
Form: F-1/A
Chunk 237
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 transactions, such as those earned under the quota share reinsurance agreement with Pando Re, are part of the operations of ACM and contribute to the fee income earned by ACM, which is recorded through underwriting income or loss, as an adjustment to acquisition costs.

ACM is highly strategic to our business, providing a unique set of capabilities and tactical optionality to manage risk and improve our returns. Unlike other offerings in the market that are predominantly property catastrophe reinsurance focused, ACM offers investors a broader product suite that provides direct, fully aligned participation to risk underwritten by Aspen’s primary specialty insurance and reinsurance portfolios, including actively managed fund products and sidecars. Notably, ACM’s capabilities in longer-tail lines of business bring greater stability to our fee income, and thus our un derwriting results, as this fee income is associated with “stickier” third-party capital structured over multiple years. As of December 31, 2024, approximately 62% of third-party capital within ACM supported longer-tail products.

ACM is a core differentiator for Aspen, bringing our expertise in capital markets alongside that of our traditional outwards reinsurance capabilities, providing us with increased optionality across cycles in terms of access to capital, complementing our dynamic capital allocation approach. The ACM portfolio generally mirrors our own through collateralized quota share arrangements that provide third-party investors with aligned participation to our Insurance and Reinsurance underwriting. ACM is recognized as an innovator across both catastrophe and non-catastrophe risks and was one of the leaders in developing ILS 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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Table of C ontents

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