Aspen Insurance (AHL) Registration Filing summary

Company overview and business model

• Leading specialty (re)insurer with $4.6B gross written premiums in 2024, diversified across specialty insurance and reinsurance, supported by capital markets capabilities.

• Operates through two segments: Insurance (niche specialty lines) and Reinsurance (specialty and traditional lines), with a dynamic capital allocation approach and global platforms in the US, UK, Lloyd's, and Bermuda.

• Underwent a strategic transformation since 2019, focusing on core lines, reducing volatility, improving operational efficiency, and fostering a collaborative culture.

• ACM platform enables third-party capital participation, enhancing flexibility and fee income.

Financial performance and metrics

• Gross written premiums grew 16.2% to $4.6B in 2024; net income was $486M, with a 19.4% return on average equity.

• Combined ratio improved to 87.9% (adjusted 86.8%) in 2024; operating income reached $433M.

• Shareholders' equity rose to $3.37B; total cash and investments at $7.66B as of December 31, 2024.

• ACM fee income increased to $169M in 2024, with third-party capital at $2.2B.

• Insurance segment: $2.7B GWP, $150M underwriting income, 90.5% combined ratio; Reinsurance: $1.9B GWP, $196M underwriting income, 85.1% combined ratio.

Use of proceeds and capital allocation

• All IPO proceeds will go to selling shareholders; company will not receive any proceeds.

• Capital allocation focuses on profitable growth, dynamic deployment across segments, and maintaining strong solvency and liquidity.

• Paid $195M in ordinary share dividends in 2024; preference share dividends also paid.