Company: AHL
Filing Date: 2025-06-09
Form Type: 424B5
Source: 0001628280-25-030114
Chunk: 30

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-06-09
Form: 424B5
Chunk 30
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urally subordinated to all existing and future indebtedness and other liabilities of our subsidiaries. As of March 31, 2025, the liabilities of our subsidiaries that were structurally senior to the notes were $9,648.9 million.

There are legal restrictions on payments of dividends and other distributions to shareholders that may affect our subsidiaries’ ability to transfer funds to us. Therefore, we may not have sufficient assets or funds to repay principal and interest on the notes. In addition, insurance companies, including some of our direct and indirect subsidiaries, are subject to insurance laws and regulations that, among other things, require those companies to maintain certain levels of capital and surplus, and further restrict the amount of dividends and other distributions that may be paid to us. These restrictions can include obtaining prior approval of insurance regulators having jurisdiction over our insurance subsidiaries before an insurance subsidiary can pay dividends or distributions to us. The rights of our creditors (including the holders of the notes) to participate in distributions on equity interests owned by us in certain of our subsidiaries, including our insurance subsidiaries, may be materially adversely affected if we are unable to receive sufficient dividends or distributions from our direct and indirect subsidiaries.

In accordance with the Group Supervision Rules, the notes will be unencumbered and do not give rise to a right of set-off against the claims and obligations of Aspen Holdings or any insurance subsidiary thereof to an investor or creditor. By purchasing the notes, each holder of the notes is deemed to agree and acknowledge that (i) no security or encumbrance of any kind is, or will at any time be, provided by Aspen Holdings or any of its affiliates to secure the rights of holders of the notes and (ii) the notes will not in any way give rise to any rights of set-off, recoupments or counterclaims against any claims and obligations of Aspen Holdings or its regulated operating subsidiaries to any person in whose names the notes are registered or any creditor of Aspen Holdings or its regulated operating subsidiaries.

#### Optional Redemption
Subject to the provisions set forth under “— Conditions to Redemption and Repayment ” and “ Redemption for Tax Purposes ” and, for the avoidance of doubt, the BMA Redemption Requirements described below, prior to ( months prior to the Scheduled Maturity Date) (the “Par Call Date”), we may redeem the notes at our option, in whole at any time, or in part from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: