Company: AHL
Filing Date: 2025-04-29
Form Type: F-1/A
Source: 0001628280-25-020463
Chunk: 290

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-04-29
Form: F-1/A
Chunk 290
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’s subsidiaries has entered into with Apollo and its affiliates are described below.

### Investment Management Relationships
AAME provides centralized asset management and risk services for the portfolio of the Company’s investments and investments of such subsidiaries pursuant to the IMAs that have been entered into with AAME.

In addition, pursuant to the IMAs, AAME may engage sub-advisors or delegates to provide certain of the investment management services to the Company’s subsidiaries. Such sub-advisors may include affiliates of AAME.

Under each of the IMAs, AAME will be paid an annual investment management fee (the “Management Fee”) which will be based on a cost-plus structure. The “cost” is comprised of the direct and indirect fees, costs, expenses and other liabilities arising in or otherwise connected with the services provided under the IMAs. The “plus” component will be a mark-up in an amount of up to 25% determined based on an applicable transfer pricing study. The Management Fee will be subject to certain maximum threshold levels, including an annual fee cap of 15 basis points of the total amount of investable assets. Affiliated sub-advisors, including Apollo Management International LLP, will also earn additional fees for sub-advisory services rendered.

During the twelve months ended December 31, 2024, the Company recognized IMA fees of $9.2 million (2023 — $9.4 million; 2022 — $4.9 million), of which $4.0 million (2023 — $2.1 million) remains payable to AAME as of December 31, 2024.

Investment management responsibilities under our IMAs with AAME have been novated to AAME LLP with effect from January 1, 2025. We expect to supersede and replace our IMAs with AAME LLP by entering into a new investment management agreement with Apollo Management International LLP. A form of our existing IMA, the form of deed of novation by and among us and AAME and AAME LLP and our Amended and Restated Investment Management Agreement that we expect to be in effect upon the receipt of regulatory approval and completion of internal governance procedures have been filed as exhibits to the registration statement of which this prospectus is a part.

### Management Consulting Agreement with Apollo Management
In March 2019, the Company entered into a Management Consulting Agreement, by and between the Company and Apollo Management. Pursuant to the Management Consulting Agreement, Apollo Management will provide the Aspen Group with management consulting and advisory services