Company: AHL
Filing Date: 2025-04-29
Form Type: F-1/A
Source: 0001628280-25-020463
Chunk: 176

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-04-29
Form: F-1/A
Chunk 176
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:|:----|:-----|-----:|:----|:-----|-----:|
| Interest on LPT Funds Withheld      |     | $                                | 41.0 |      |     | $    | 39.6 |     | $    | 29.4 |
| Interest on 2023 Senior Notes       |     |                                  |    — |      |     |      | 12.6 |     |      | 14.3 |
| Interest and fees on 2026 Term Loan |     |                                  |      | 21.1 |     |      |  3.0 |     |      |    — |
| Interest expense                    |     | $                                | 62.1 |      |     | $    | 55.2 |     | $    | 43.7 |

2024 compared to 2023

The increase in the interest expense for 2024 was primarily driven by an increase in the interest incurred on the Company’s debt. During the fourth quarter of 2023, the Company drew down on its term loan facility to repay the then outstanding 4.65% Senior Notes due 2023 (the “2023 Senior Notes”). This change in financing facility resulted in a change in the underlying interest rate, from a fixed rate to a variable rate, leading to the increased expense recognized in the twelve months ended December 31, 2024.

2023 compared to 2022

The increase in interest expense for 2023 was primarily driven by the increase in the interest expense on the funds withheld account related to the LPT contract with Enstar. This increase was due to a higher variable crediting rate due to higher total investment returns in 2023 compared to 2022, partially offset by a lower average funds withheld account balance as the underlying losses were paid down.

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Income tax benefit

The following table sets forth the income tax benefit/(expense) by jurisdiction for the twelve months ended December 31, 2024, 2023 and 2022:

|                    |     | Twelve Months Ended December 31, 
 2024                             
 ($ in millions)                  |       |     | 2023 |       |     | 2022 |      |
|:-------------------|:----|:---------------------------------|------:|:----|:-----|------:|:----|:-----|-----:|
| Bermuda tax        |     | $