We are the holding company of a specialty property and casualty insurance and reinsurance company, based in Hamilton, Bermuda. (Incorporated in Bermuda) 

We are a leading specialty (re)insurer focused on total value creation for all of our stakeholders. With $4,339 million of gross written premiums in 2022, we are a scaled multinational business with a diverse product mix balanced across our primary specialty insurance and opportunistic reinsurance franchises, which are both supported by our fee generating capital markets capabilities. We go to market with a single view of risk through our ‘One Aspen’ approach, which is designed to cater to complex, bespoke solutions that bring together our expertise spanning different lines of business, segments and platforms, enabling us to develop enhanced and differentiated offerings for our distribution partners and customers. We are focused on underwriting excellence and profitable growth to consistently deliver top quartile results, targeting mid-teen annualized operating return on equity across market cycles. This is demonstrated by our combined ratio of 83.8%, annualized return on average equity adjusted for Preference Share dividends of 22.9% and annualized operating return on average equity (“Op. ROE”) of 22.2% for the six months ended June 30, 2023.

Our primary specialty insurance product set is centered around niche “specialty” lines, such as professional liability, credit and political risk, cyber and environmental, where we can apply our extensive underwriting and industry expertise. Our opportunistic reinsurance business is centered around both specialty and traditional reinsurance lines where we apply risk selection criteria to create unique risk profiles rather than an index of the market as other larger peers may do. Our size presents a distinct advantage, providing us with enough scale to be relevant while still maintaining the ability to be nimble and decisive, which enables us to enter, exit or change the nature of our underwriting positions faster and with greater precision.

Through our ‘One Aspen’ approach, we actively manage our insurance and reinsurance portfolios across market cycles and identify the most attractive risk versus return opportunities to allocate capital. We adopt a dynamic capital allocation approach, utilizing our strong balance sheet and our multiple platforms across the United States, the United Kingdom, Lloyd’s of London (“Lloyd’s”) and Bermuda to match risk with the most appropriate source of capital, and to drive efficiencies and optimal outcomes for our customers. Our ability to offer our broker and client partners holistic and customized solutions across our entire platform provides us the opportunity to execute larger, more complex deals which frequently result in more attractive terms and conditions.

For the six months ended June 30, 2023, we wrote $2,125 million in gross written premiums across our Insurance and Reinsurance segments, at a combined ratio of 83.8%. Our shareholders’ equity, excluding accumulated other comprehensive income/(loss) (“AOCI”) of $(492) million and Preference Shares, net of issuance costs, with a total value of $754 million, was $2,288 million as of June 30, 2023. For the six months ended June 30, 2023, we generated $219 million of net income, representing a 22.9% annualized return on average equity adjusted for Preference Share dividends and $191 million of operating income, representing a 22.2% Op. ROE.

For the twelve months ended December 31, 2022, we wrote $4,339 million in gross written premiums across our Insurance and Reinsurance segments, at a combined ratio of 93.0%. Our shareholders’ equity, excluding AOCI of $(506) million and Preference Shares, net of issuance costs, with a total value of $754 million, was $2,111 million as of December 31, 2022. For the twelve months ended December 31, 2022, we generated $51 million of net income, representing a 0.4% annualized return on average equity adjusted for Preference Share dividends and $202 million of operating income, representing (an) 11.9% Op. ROE.

Our Transformation

We have undertaken a comprehensive transformation of the business since our acquisition by Apollo in February 2019, centered around a clear strategic vision that has four core tenets: (1) focused underwriting; (2) reduced volatility; (3) improved operational efficiency; and (4) culture.

Note: Net income and revenues – in this instance, revenues are represented by gross written premiums –  are for the 12 months that ended June 30, 2023, according to financial statements in the prospectus.

(Note: Aspen Insurance Holdings Ltd. filed its F-1 on Dec. 20, 2023, without disclosing the terms for its IPO, its proposed symbol or its listing venue. Background: From 2003 until Apollo Global Management acquired Aspen Insurance in February 2019, Aspen’s stock traded on the NYSE. )