Company: AHL
Filing Date: 2025-03-20
Form Type: F-1/A
Source: 0001628280-25-014149
Chunk: 23

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-20
Form: F-1/A
Chunk 23
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Table of C ontents

outwards reinsurance, enabling us to write higher exposure policies while appropriately managing our net retained exposure.

Since being acquired by Apollo, we have exited a number of lines of business (legacy business) while also achieving strong growth in our continuing lines of business generating attractive profitability. The combined ratio of our continuing lines of business in our Insurance segment has improved from 99.1% in 2018, to 90.5% (adjusted combined ratio 89.9%) in the twelve months ended December 31, 2024.

#### Opportunistic Specialist Reinsurance Franchise
We have built a nimble reinsurance strategy focused on core lines of business within property, casualty and specialty. Our Reinsurance segment generated $1,886 million in gross written premiums for the twelve months ended December 31, 2024 and $1,521 million in gross written premiums for the twelve months ended December 31, 2023 and is positioned to capitalize on dislocation within a broad set of markets. Our strategy is to underwrite modest line sizes to limit exposure from large loss events, and our property catastrophe portfolio has been optimized to generate higher risk-adjusted returns and manage overall volatility. The combined ratio of our continuing lines of business in our Reinsurance segment has improved from 104.6% in 2018, to 85.1% (adjusted combined ratio 83.1%) in the twelve months ended December 31, 2024.

Our opportunistic approach has allowed us to take upside from attractive reinsurance underwriting conditions, where we have experienced strong rate increases in a hard market cycle. We have experienced cumulative rate increases of 78.9% from 2018 to 2024. Our strength in reinsurance is bolstered through the deployment of third-party capital through ACM, which provides us with differentiated access to capital and allows us to “flex” into attractive market opportunities.

### Growing and Highly Complementary Capital Markets Business
Since its inception in 2013, ACM uses our capabilities in the third-party capital markets, to increase the flexibility Aspen’s Insurance and Reinsurance underwriters have in allocating risk to the best source of capital. ACM leverages the full breadth of our expertise across distribution, underwriting, modeling, actuarial and claims, to create attractive opportunities for our investor partners. ACM has experienced significant growth, with third-party capital growing from $667 million in 2018 to $2,207 million as of