# EDGAR Filing Document

**Accession Number:** 0001267395
**File Stem:** 0000000000-25-005928
**Filing Date:** 2025-6
**Character Count:** 5664
**Document Hash:** ca57d8a81ac069083682ca1e18e58ef6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-005928.hdr.sgml**: 20260219

**ACCESSION NUMBER**: 0000000000-25-005928

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250605

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ASPEN INSURANCE HOLDINGS LTD
- **CENTRAL INDEX KEY:** 0001267395
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 001-31909

**BUSINESS ADDRESS:**
- **STREET 1:** 141 FRONT STREET
- **CITY:** HAMILTON
- **STATE:** D0
- **ZIP:** HM 19
- **BUSINESS PHONE:** 1 441 297 9301

**MAIL ADDRESS:**
- **STREET 1:** 141 FRONT STREET
- **CITY:** HAMILTON
- **STATE:** D0
- **ZIP:** HM 19
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001267395-25-000019

## Text-Extract

```

                                                            June 5, 2025

Mark Pickering
Chief Financial Officer
Aspen Insurance Holdings Limited
141 Front Street
Hamilton, HM19
Bermuda

       Re: Aspen Insurance Holdings Limited
           Form 20-F for the Fiscal Year Ended December 31, 2024
           File No. 001-31909
Dear Mark Pickering:

       We have limited our review of your filing to the financial statements
and related
disclosures and have the following comments.

       Please respond to this letter within ten business days by providing the
requested
information or advise us as soon as possible when you will respond. If you do
not believe a
comment applies to your facts and circumstances, please tell us why in your
response.

       After reviewing your response to this letter, we may have additional
comments.

Form 20-F for the Fiscal Year Ended December 31, 2024
Item 5. Operating and Financial Review and Prospects
H. Reconciliation of Non-GAAP Financial Measures
Operating Income Reconciliation, page 116

1.     We note your non-GAAP measure entitled Operating Income, and your
related
       adjustments and reconciliation for Operating Income. Please address the
following
       items.
           Revise the title or description of this measure in your future
filings as it
           is confusingly similar to a measure calculated in accordance with
GAAP. Refer to
           Item 10(e)(1)(ii)(e) of Regulation S-K and Question 100.05 of our
Compliance
           and Disclosure Interpretations on Non-GAAP Financial Measures
("Non-GAAP
           C&DI").
           Please revise your disclosures in future filings to clarify and
explain how the non-
           operating expenses and non-operating income tax (benefit) adjustment
amounts
           are calculated and determined, including where the amounts are
reflected in your
 June 5, 2025
Page 2

           financial statements.
             Tell us why the adjustment amount relating to the impact of the
LPT differs in
           your definition of Operating Income compared to the adjustment
amount on page
           117 for your definition of Adjusted Underwriting Income. Revise your
disclosure
           in future filings to clarify accordingly.
Underwriting Income, Adjusted Underwriting Income, Adjusted Combined Ratio and
Adjusted Loss Ratio, page 117

2.     We note your non-GAAP measures for Adjusted losses and loss adjustment
expenses
       and Adjusted underwriting income, which appear to exclude the impact of
the LPT
       described in footnote 1 to the table. Please address the following
items.
           Provide us with a clearer description of the underlying transaction
and the related
          accounting in your historical financial statements regarding the
impact of the
          LPT.
           Please explain your basis for excluding this item in your non-GAAP
measures and
          why the exclusion provides useful information to investors regarding
the
          registrant's financial condition and results of operations.
           Tell us how you considered whether the adjustment (i.e., removing
the change in
          deferred gain in order to match the loss recoveries) has the impact
of changing the
          pattern of recognition, such that it represents individually tailored
accounting.
          Refer to Question 100.04 of the Non-GAAP C&DI.
           Please clarify if the adjustment amount relates to multiple
components that are
          netted together (e.g., deferred gain, loss development, other costs,
etc.). If so, tell
          us and revise to quantify each of the individual components in your
future filings.
           Revise your disclosures in future filings to provide a clearer
reconciliation for
          each non-GAAP measure to the nearest GAAP measure.
Schedule V - Valuation and Qualifying Accounts, page S-7

3.     Please revise your future filings to disclose the movements in the
Company   s
       valuation allowance on deferred tax assets within this table.
        In closing, we remind you that the company and its management are
responsible for
the accuracy and adequacy of their disclosures, notwithstanding any review,
comments,
action or absence of action by the staff.

       Please contact Lory Empie at 202-551-3714 or Robert Klein at
202-551-3847 with
any questions.

                                                             Sincerely,

                                                             Division of
Corporation Finance
                                                             Office of Finance

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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