Company: AHL
Filing Date: 2025-03-20
Form Type: F-1/A
Source: 0001628280-25-014149
Chunk: 13

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-20
Form: F-1/A
Chunk 13
---
 2018 to 2021. There were additional exits of two Reinsurance lines of business in 2022, which were part of further refinements to our underwriting strategy, but not classified as part of Legacy underwriting results. We have delivered significant growth in our continuing lines of business, with gross written premiums of $2,760 million in 2019 increasing to $4,609 million for the twelve months ended December 31, 2024 . At the same time, we improved our underwriting performance, as illustrated by our adjusted loss ratio and combined ratio decreasing by 12.8 and 15.9 percentage points, respectively, from 2018 to 2024.

_______________

(1) Adjusted loss ratio shown for all lines (continuing and legacy); excludes impact of deferred gain and cost of LPT.

<div align='center'>7</div>

Table of C ontents

• Reduced Volatility : We have taken extensive action to reduce volatility within both our existing in-force and go-forward businesses. We have dramatically decreased our property catastrophe exposure, with January 1, 2025 net 250-year probable maximum loss (“PML”) exposure of $330 million, which has declined by approximately 64.8% relative to the start of 2018. This allowed us to generate a 19.4% Op. ROE for the twelve months ended December 31, 2024, despite worldwide insured losses of $140 billion, according to Munich Re. We also entered into the LPT with Enstar in May 2022 to limit our exposure to adverse development on the carried reserves for the accident years prior to 2020. This provides substantial ongoing protection against both social and economic inflation, while freeing up capital for our underwriters to deploy into the current attractive pricing environment and allowing our management team to focus on delivering profitable growth from within our continuing lines of business. Our use of ACM is also highly strategic to our business as a tool to manage net line size and overall volatility, while generating more stable fee income. For the twelve months ended December 31, 2024, o ver 88% of our fee income was derived from continuous investor relationships of 4+ years or investment structures w ith multi-year commitments.

________________

(1) Represents Occurrence Exceedance Probability PML (1-in-250) for all perils worldwide as of January 1.

(2) Guy Carpenter U.S. Property CAT Rate-On-Line Index.

• Improved Operational Efficiency : We