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 insurance and reinsurance segments.

• Focuses on niche specialty lines (credit, cyber, environmental, professional liability) and opportunistic reinsurance, supported by capital markets capabilities.

• Operates globally with platforms in the US, UK, Lloyd's, and Bermuda, leveraging a 'One Aspen' approach for integrated risk and capital allocation.

• Underwent transformation since 2019, exiting non-core lines, reducing volatility, and improving operational efficiency.

• ACM (Aspen Capital Markets) provides third-party capital solutions, generating fee income and enhancing underwriting flexibility.

Financial performance and metrics

• Gross written premiums grew 16.2% to $4.6B in 2024; net income available to ordinary shareholders was $431M (19.4% ROE).

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

• Shareholders' equity (ex-AOCI and preference shares) was $2.8B at year-end 2024.

• ACM fee income rose to $169M in 2024; investment income was $318M with a 4.0% pre-tax return on average cash and investments.

• Loss ratio held steady at 59.4% in 2024, with catastrophe losses accounting for 6.5 points.

Use of proceeds and capital allocation

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

• Capital allocation focuses on underwriting growth, maintaining strong solvency, and returning capital via dividends when appropriate.

• Recent capital actions include redemption of $275M in preference shares and issuance of new $225M preference shares.