FINANCIAL STATEMENTS

TABLE OF CONTENTS


						Page
			Consolidated Balance Sheets			1
			Consolidated Statements of Operations and Other Comprehensive Income (Loss)			2
			Consolidated Statements of Changes in Shareholders’ Equity			3
			Consolidated Statements of Cash Flows			4
			Note 1. History and Organization			6
			Note 2. Basis of Presentation and Significant Accounting Policies			6
			Note 3. Segment Reporting			8
			Note 4. Investments			13
			Note 5. Fair Value Measurements			21
			Note 6. Reinsurance			29
			Note 7. Derivative Contracts			30
			Note 8. Reserve for Losses and Loss Adjustment Expenses			32
			Note 9. Capital Structure			33
			Note 10. Earnings Per Ordinary Share			34
			Note 11. Dividends			35
			Note 12. Share-Based Payments			35
			Note 1 3 . Related Party Transactions			36
			Note 1 4 . Commitments and Contingent Liabilities			38
			Note 1 5 . Reclassifications from Accumulated Other Comprehensive Income			41

			Management’s Discussion and Analysis of Financial Condition and Results of Operations			42

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ASPEN INSURANCE HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

As at June 30, 2025 and December 31, 2024

($ in millions)


	As at June 30, 2025		As at December 31, 2024
ASSETS	(Unaudited)

Fixed income securities, available for sale (amortized cost — 2025: $5,183.9 and 2024: $4,861.1 net of allowance for expected credit losses 2025: $0.8 and 2024: $1.0) (1)	$	5,146.3	$	4,692.2
Fixed income securities, trading at fair value (amortized cost — 2025: $1,166.3 and 2024: $1,207.7) (1)	1,168.0		1,199.9
Short-term investments, available for sale (amortized cost — 2025: $90.8 and 2024: $261.9)	90.8		261.9
Short-term investments, trading at fair value (amortized cost — 2025: $8.4 and 2024: $1.0)	8.4		1.0
Catastrophe bonds, trading at fair value (amortized cost — 2025: $Nil and 2024: $1.0)	—		1.0
Privately-held investments, available for sale (amortized cost — 2025: $25.8 and 2024: $24.0)	26.4		24.2
Privately-held investments, trading at fair value (amortized cost — 2025: $227.6 and 2024: $288.0) (2)	225.1		286.8
Investments, equity method	7.4		7.3
Other investments, at fair value (3)	312.2		267.2
Total investments	6,984.6		6,741.5
Cash and cash equivalents (4)	939.0		914.2

Unpaid losses recoverable from reinsurers (net of allowance for expected credit losses of 2025: $28.3 and 2024: $27.5)	4,273.9		4,172.0
Ceded unearned premiums	1,102.2		901.7

Underwriting premiums receivables (7) (net of allowance for expected credit losses of 2025: $21.3 and 2024: $24.6)	1,921.8		1,617.0


Deferred acquisition costs	364.7		322.1
Derivative assets	28.1		17.0


Right-of-use operating lease assets	48.5		53.5
Income taxes refundable	5.8		0.9
Deferred tax assets	369.5		397.9
Other assets	354.0		590.8
Intangible assets and goodwill	19.9		19.9
Total assets	$	16,412.0	$	15,748.5
LIABILITIES
Reserve for losses and loss adjustment expenses (7)	$	8,632.2	$	8,122.6
Unearned premiums (7)	2,933.0		2,645.8
Total insurance reserves	11,565.2		10,768.4

Reinsurance premiums	856.4		901.1
Income taxes payable	0.1		6.8
Deferred tax liabilities	1.1		1.1
Accrued expenses and other payables (5)	225.1		237.2
Payables for securities purchased	28.6		36.9
Operating lease liabilities	71.0		75.6
Derivative liabilities	22.4		49.5

Long-term debt	296.4		300.0
Total liabilities	$	13,066.3	$	12,376.6
Commitments and contingent liabilities (see Note 14)
SHAREHOLDERS’ EQUITY
Ordinary shares (6)	$	0.1	$	0.1
Preference shares	699.9		970.5




Additional paid-in capital (6)	794.3		761.7
Retained earnings	2,085.1		2,029.7
Accumulated other comprehensive (loss)	(233.7)		(390.1)
Total shareholders’ equity	3,345.7		3,371.9
Total liabilities and shareholders’ equity	$	16,412.0	$	15,748.5

_________________

(1)Fixed income securities, available for sale includes related party investments totaling $20.8 million (December 31, 2024 — $14.0 million). Fixed income securities, trading at fair value includes related party investments totaling $90.1 million (December 31, 2024 — $74.9 million).

(2)Privately-held investments, trading at fair value include related party investments totaling $58.3 million (December 31, 2024 — $73.6 million).

(3)Other investments includes related party investments in Funds Managed by Apollo of $75.1 million (December 31, 2024 — $78.6 million).

(4)Cash and cash equivalents includes restricted cash of $217.2 million (December 31, 2024 — $181.9 million) which are held in trusts.

(5)Includes amounts due to related parties of $3.6 million for investment management fees (December 31, 2024 — $4.0 million), and $0.5 million for management consulting fees (December 31, 2024 — $1.3 million).

(6)Ordinary shares and additional paid-in capital have been retroactively adjusted to reflect the Ordinary Share Exchange, for all periods presented. Refer to Note 9, “Capital Structure” for further details.

(7)Included within underwriting premiums receivables, reserve for losses and loss adjustment expenses and unearned premiums are related party balances of $2.1 million, $0.7 million and $1.2 million, respectively. Refer to Note 13, “Related Party Transactions” for further details.

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ASPEN INSURANCE HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

For the Three and Six Months Ended June 30, 2025 and 2024

($ in millions, except per share amounts)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenues
Net earned premiums (4)	$	674.9	$	705.4	$	1,377.6	$	1,371.1
Net investment income (1)	80.5		82.5		156.4		159.3
Realized and unrealized investment gains (2)	20.6		13.1		31.1		26.8

Total revenues	776.0		801.0		1,565.1		1,557.2
Expenses
Losses and loss adjustment expenses (4)	(379.1)		(420.2)		(834.4)		(804.7)
Acquisition costs	(90.0)		(105.6)		(185.7)		(198.5)
General, administrative and corporate expenses (3)	(178.1)		(143.8)		(336.3)		(274.5)
Interest expense	(8.9)		(14.0)		(18.0)		(30.1)
Change in fair value of derivatives	20.0		(2.0)		45.9		(15.6)
Realized and unrealized investment losses (2)	(29.9)		(39.2)		(40.7)		(53.9)
Net realized and unrealized foreign exchange (losses)/gains	(51.9)		3.9		(90.7)		26.6

Total expenses	(717.9)		(720.9)		(1,459.9)		(1,350.7)
Income from operations before income taxes	58.1		80.1		105.2		206.5
Income tax expense	(11.6)		(11.1)		(21.9)		(25.7)
Net income	$	46.5	$	69.0	$	83.3	$	180.8

Other Comprehensive Income/(Loss):
Reclassification adjustment for net realized losses on investments included in net income	$	30.0	$	22.1	$	33.4	$	26.0
Change in net unrealized gains/(losses) on available for sale securities held	31.8		(12.5)		98.2		(43.1)
Net change from current period hedged transactions	5.3		0.3		10.5		(0.2)
Change in foreign currency translation adjustment	42.5		7.5		54.7		(1.6)
Other comprehensive income/(loss), before income taxes	109.6		17.4		196.8		(18.9)
Income tax (expense)/benefit thereon:
Reclassification adjustment for net realized losses on investments included in net income	(6.2)		(2.6)		(6.9)		(3.0)
Change in net unrealized (gains)/losses on available for sale securities held	(6.4)		2.0		(20.1)		5.0
Net change from current period hedged transactions	(1.2)		—		(2.2)		—
Change in foreign currency translation adjustment	(8.7)		—		(11.2)		—
Total income tax (expense)/benefit allocated to other comprehensive income/(loss)	(22.5)		(0.6)		(40.4)		2.0
Other comprehensive income/(loss), net of income taxes	87.1		16.8		156.4		(16.9)
Total comprehensive income attributable to Aspen Insurance Holdings Limited	$	133.6	$	85.8	$	239.7	$	163.9

Net income as reported	$	46.5	$	69.0	$	83.3	$	180.8
Preference share dividends	(11.0)		(13.7)		(23.5)		(27.3)
Preference share redemption costs	—		—		(4.4)		—
Net income available to Aspen Insurance Holdings Limited’s ordinary shareholders	$	35.5	$	55.3	$	55.4	$	153.5

Basic earnings per ordinary share	$	0.39	$	0.61	$	0.61	$	1.69
Diluted earnings per ordinary share	$	0.39	$	0.61	$	0.61	$	1.69

_________________

(1) Net investment income includes related party net investment income for the three and six months ended June 30, 2025 of $1.9 million and $3.7 million, respectively (June 30, 2024 — $5.8 million and $10.4 million) and related party investment management fees of $1.8 million and $4.1 million, respectively (June 30, 2024 — $0.6 million and $3.2 million).

(2) Realized and unrealized investments gains and losses include gains on related party investments for the three months ended June 30, 2025 of $1.0 million and losses on related party investments for the six months ended June 30, 2025 of $0.3 million (June 30, 2024 — gains of $0.4 million and $3.1 million).

(3) General, administrative and corporate expenses includes related party management consulting fees for the three and six months ended June 30, 2025 of $0.5 million and $1.8 million, respectively (June 30, 2024 — $1.2 million and $2.5 million).

(4) Included within net earned premiums are related party balances for the three and six months ended June 30, 2025 of $1.5 million and $2.4 million, respectively. Included within losses and loss adjustment expenses are related party balances for the three and six months ended June 30, 2025 of $0.3 million and $0.7 million, respectively. Refer to Note 13, “Related Party Transactions” for further details.

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ASPEN INSURANCE HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)

For the Three and Six Months Ended June 30, 2025 and 2024

($ in millions)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Ordinary shares (1)
Beginning of the period	$	0.1	$	0.1	$	0.1	$	0.1


End of the period	0.1		0.1		0.1		0.1
Preference shares (2)
Beginning of the period	699.9		753.5		970.5		753.5


Preference shares redeemed (3)	—		—		(270.6)		—
End of the period	699.9		753.5		699.9		753.5
Additional paid-in capital (1)
Beginning of the period	761.7		761.7		761.7		761.7




Share-based compensation	32.6		—		32.6		—
End of the period	794.3		761.7		794.3		761.7
Retained earnings
Beginning of the period	2,049.6		1,866.7		2,029.7		1,793.5
Net income for the period	46.5		69.0		83.3		180.8
Dividends on ordinary shares	—		(150.0)		—		(175.0)
Dividends on preference shares	(11.0)		(13.7)		(23.5)		(27.3)
Preference share redemption costs (3)	—		—		(4.4)		—

End of the period	2,085.1		1,772.0		2,085.1		1,772.0
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustments:
Beginning of the period	(176.9)		(181.6)		(186.6)		(172.5)
Change for the period, net of income taxes	33.8		7.5		43.5		(1.6)
End of the period	(143.1)		(174.1)		(143.1)		(174.1)
(Loss)/gain on derivatives:
Beginning of the period	(1.1)		(0.7)		(5.3)		(0.2)
Net change from current period hedged transactions, net of income taxes	4.1		0.3		8.3		(0.2)
End of the period	3.0		(0.4)		3.0		(0.4)
Unrealized (depreciation)/appreciation on available for sale investments:
Beginning of the period	(142.8)		(251.7)		(198.2)		(227.6)
Change for the period, net of income taxes	49.2		9.0		104.6		(15.1)
End of the period	(93.6)		(242.7)		(93.6)		(242.7)
Total accumulated other comprehensive (loss)	(233.7)		(417.2)		(233.7)		(417.2)

Total shareholders’ equity	$	3,345.7	$	2,870.1	$	3,345.7	$	2,870.1

_________________

(1) Ordinary shares and additional paid-in capital have been retroactively adjusted to reflect the Ordinary Share Exchange, for all periods presented. Refer to Note 9, “Capital Structure” for further details.

(2) Preference shares of $725.0 million, less issuance costs of $25.1 million (June 30, 2024 — $775.0 million and $21.5 million).

(3) On January 1, 2025, the Company redeemed its 5.950% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, representing an aggregate amount of $275.0 million, plus a reclassification adjustment of $4.4 million between retained earnings and preference shares which represents the difference between the capital raised upon issuance, net of issuance costs, and the final redemption cost.

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ASPEN INSURANCE HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

For the Six Months Ended June 30, 2025 and 2024

($ in millions)


	Six Months Ended June 30,
	2025		2024
Cash flows from operating activities:
Net income	$	83.3	$	180.8
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	7.7		0.6
Share-based compensation	41.8		—
Amortization of right-of-use operating lease assets	5.1		4.9
Interest on operating lease liabilities	1.8		2.1
Realized and unrealized investment gains	(31.1)		(26.8)
Realized and unrealized investment losses	40.7		53.9
Deferred tax (benefit)/expense	(12.0)		4.6
Net realized and unrealized investment foreign exchange (gains)/losses	(10.0)		8.7
Net change from current period hedged transactions	10.5		(0.2)
Unrealized losses on investment funds in net investment income	5.2		2.1

Changes in:
Reserve for losses and loss adjustment expenses	509.6		22.4
Unearned premiums	287.2		408.3
Unpaid losses recoverable from reinsurers	(101.9)		302.5
Ceded unearned premiums	(200.5)		(228.6)
Deferred acquisition costs	(42.6)		(44.7)
Reinsurance premiums payable	(44.7)		(106.2)
Underwriting premiums receivable	(304.8)		(403.1)
Income tax payable and refundable	(11.6)		(25.4)
Accrued expenses and other payables	(21.5)		5.0
Derivative assets and derivative liabilities	(38.2)		11.8
Operating lease liabilities	(7.8)		(8.3)
Other	(38.2)		12.8
Net cash provided by operating activities	$	128.0	$	177.2

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ASPEN INSURANCE HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)

For the Six Months Ended June 30, 2025 and 2024

($ in millions)


	Six Months Ended June 30,
	2025		2024
Cash flows from investing activities:
(Purchases) of fixed income securities — Available for sale	$	(1,360.9)	$	(960.7)
(Purchases) of fixed income securities — Trading	(208.5)		(274.5)
Proceeds from sales and maturities of fixed income securities — Available for sale	1,059.4		656.4
Proceeds from sales and maturities of fixed income securities — Trading	261.5		499.8
Net proceeds from catastrophe bonds — Trading	1.0		0.5
(Purchases) of short-term investments — Available for sale	(133.7)		(80.1)
Proceeds from sale of short-term investments — Available for sale	310.1		92.7
(Purchases) of short-term investments — Trading	(20.5)		(5.1)
Proceeds from sale of short-term investments — Trading	13.3		4.5

(Purchases) of privately-held investments — Trading	(1.9)		(54.4)
Proceeds from sale of privately-held investments — Trading	62.6		52.4
Net change in (payable)/receivable for securities (purchased)/sold	(10.4)		0.9
(Purchases) of other investments	(56.8)		(3.0)
Net proceeds from sales of other investments	8.8		1.9
Net (purchases) of fixed assets	(16.3)		(8.4)

Net cash (used in) investing activities	$	(92.3)	$	(77.1)

Cash flows from financing activities:




Repayment of term loan facility	$	(300.0)	$	—
Proceeds from senior notes issued	296.4		—
Dividends paid on ordinary shares	—		(175.0)
Dividends paid on preference shares	(23.5)		(27.3)
Net cash (used in) financing activities	$	(27.1)	$	(202.3)

Effect of exchange rate movements on cash and cash equivalents	16.2		(4.7)

Increase/(decrease) in cash and cash equivalents	24.8		(106.9)
Cash and cash equivalents at beginning of period	914.2		1,028.1
Cash and cash equivalents at end of period (1)	$	939.0	$	921.2

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(1) Cash and cash equivalents includes restricted cash of $217.2 million (June 30, 2024 — $220.9 million) which are held in trusts.

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ASPEN INSURANCE HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

($ in millions, except share and per share amounts)

1. History and Organization

Aspen Insurance Holdings Limited (“Aspen Holdings”) was incorporated as a Bermuda exempted company on May 23, 2002 as a holding company headquartered in Bermuda. We underwrite specialty insurance and reinsurance on a global basis through our Operating Subsidiaries (as defined below) based in Bermuda, the United States and the United Kingdom: Aspen Bermuda Limited (“Aspen Bermuda”), Aspen Specialty Insurance Company (“Aspen Specialty”), Aspen American Insurance Company (“AAIC”), Aspen Insurance UK Limited (“Aspen UK”) and Aspen Underwriting Limited (“AUL”) (as the sole corporate member of our Lloyd’s operations, Syndicate 4711, which is managed by Aspen Managing Agency Limited (“AMAL”) (together, “Aspen Lloyd’s”)), each referred to herein as an “Operating Subsidiary” and collectively referred to as the “Operating Subsidiaries”, as well as through branch operations in Canada, Singapore and Switzerland. We established Aspen Capital Management, Ltd. (“ACML”) and other related entities (collectively, “ACM”) to leverage our existing underwriting franchise, increase our operational flexibility and provide third-party investors direct access to our capital markets and underwriting expertise. References to the “Company,” the “Group,” “we,” “us” or “our” refer to Aspen Holdings or Aspen Holdings and its consolidated subsidiaries.

From February 2019 until May 2025, the Company was a wholly-owned subsidiary of Highlands Bermuda Holdco, Ltd., which held all of the Company’s Class A ordinary shares (the “Ordinary Shares”) and was an affiliate of certain investment funds managed by affiliates of Apollo Global Management, Inc., a leading global investment manager (collectively with its subsidiaries, “Apollo”). Prior to the Company’s initial public offering in May 2025 (“IPO”), Highlands Bermuda Holdco, Ltd. distributed all of the Company’s Ordinary Shares to AP Highlands Holdings, L.P., a Cayman exempted limited partnership, AP Highlands Co-Invest, L.P., a Cayman exempted limited partnership (together, the “Apollo Shareholders”), and certain members of our management team. The Apollo Shareholders are each an affiliate of certain investment funds managed by affiliates of Apollo.

In May 2025, the Company completed its IPO of 13,250,000 of its Ordinary Shares. The Ordinary Shares began trading on the New York Stock Exchange (“NYSE”) on May 8, 2025. Subsequent to the closing of the IPO, the underwriters exercised in full the option to purchase an additional 1,987,500 of the Company’s Ordinary Shares. The shares sold in the IPO were sold by the Apollo Shareholders, and the Company did not receive any of the proceeds from the sale of the Ordinary Shares by the Apollo Shareholders. Following the completion of these matters, the Apollo Shareholders collectively beneficially own approximately 82.1% of the Company’s Ordinary Shares.

As at the date of this report, the Company’s Ordinary Shares, preference shares and depository shares are listed on the NYSE under the following ticker symbols: AHL, AHL PRD, AHL PRE and AHL PRF, respectively.

2. Basis of Presentation and Significant Accounting Policies

The accompanying unaudited consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ended December 31, 2025. The unaudited consolidated financial statements include the accounts of Aspen Holdings and its subsidiaries. Transactions between Aspen Holdings and its subsidiaries are eliminated within the unaudited consolidated financial statements.

The balance sheet as at December 31, 2024 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These unaudited consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2024 contained in the Company’s Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the “SEC”) on March 19, 2025 (File No. 001-31909).

Assumptions and estimates made by management have a significant impact on the amounts reported within the unaudited consolidated financial statements. The most significant of these assumptions and estimates relate to losses and loss adjustment expenses, reinsurance recoverables, gross written premiums and commissions which have not been reported to the Company such as those relating to proportional treaty reinsurance contracts, unrecognized tax benefits, the fair value of derivatives and the fair value of other and privately-held investments. All material assumptions and estimates are regularly reviewed and adjustments made as necessary, but actual results could differ significantly from those expected when the assumptions or estimates were made.

The consolidated financial statements have been prepared on a going concern basis.

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There have been no material changes to the Company’s significant accounting policies as described in its Form 20-F for the year ended December 31, 2024, except as described below.

Accounting for Share-Based Payments

The Company is authorized to issue incentive share options, non-qualified share options, share appreciation rights, restricted share awards, restricted share units, other share awards, and performance awards to certain eligible employees, directors and other service providers. The Company measures compensation expense for all share-based payment awards based on estimated fair values at the grant date. The fair value of stock options is estimated using the Black-Scholes option pricing model, which requires the input of subjective assumptions including expected volatility, expected term, risk-free interest rate, and dividend yield. Compensation expense is recognized over the period for which the employee, director or service provider is required to provide services in exchange for the award. The Company has elected to estimate expected forfeitures over the requisite service period.

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3. Segment Reporting

The Company manages its underwriting operations as two business segments: Insurance and Reinsurance. The Company has determined its reportable segments by taking into account the manner in which the Company’s chief operating decision maker (“CODM”) makes operating decisions and assesses operating performance. The Company’s CODM is the Group Executive Committee, which comprises global heads of key functions and other key business leads.

Income or loss for each of the Company’s business segments is measured by underwriting income or loss. Underwriting income is the excess of net earned premiums over the sum of losses and loss expenses, acquisition costs and general and administrative expenses. Underwriting income or loss provides a basis for the CODM to evaluate the segment’s underwriting performance.

Insurance Segment. The Insurance segment consists of first party insurance, specialty insurance, casualty and liability insurance, financial and professional lines insurance, and other insurance. The other insurance business line includes Aspen Underwriting Limited’s participation as a corporate member in Carbon Syndicate 4747, and the Company’s digital follow capacity offered through Ki’s Lloyd’s platform.

Reinsurance Segment. The Reinsurance segment consists of property catastrophe reinsurance, other property reinsurance, casualty reinsurance and specialty reinsurance.

Non-underwriting Disclosures. The Company provides additional disclosures for corporate and other (non-operating) income and expenses. Corporate and other income and expenses include: corporate expenses, non-operating expenses, net investment income, net realized and unrealized investment gains or losses, changes in fair value of derivatives, interest expenses, net realized and unrealized foreign exchange gains or losses, and income taxes. These income and expense items are not allocated to the Company’s business segments as they are not directly related to the Company’s business segment operations and is consistent with how the CODM measures the performance of the business segments. The Company does not allocate its assets by business segment as we evaluate underwriting results of each segment separately from the results of our investment portfolio.

The Company uses underwriting ratios as measures of performance. The loss ratio is the ratio of losses and loss adjustment expenses to net earned premiums. The acquisition cost ratio is the ratio of acquisition costs to net earned premiums. The general and administrative expense ratio is the ratio of general and administrative expenses to net earned premiums. The combined ratio is the sum of the loss ratio, the acquisition cost ratio and the general and administrative expense ratio.

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The following tables provide a summary of gross and net written and earned premiums, underwriting income or loss, ratios and reserves for each of the Company’s business segments for the three months ended June 30, 2025 and 2024:


	Three Months Ended June 30, 2025
	Insurance			Reinsurance			Total

	($ in millions)
Underwriting Revenues
Gross written premiums	$	693.5		$	545.4		$	1,238.9
Net written premiums	390.4			325.1			715.5
Gross earned premiums	672.7			443.5			1,116.2
Net earned premiums	395.8			279.1			674.9
Underwriting Expenses
Losses and loss adjustment expenses	(239.3)			(139.8)			(379.1)
Acquisition costs	(45.2)			(44.8)			(90.0)
General and administrative expenses	(67.1)			(38.3)			(105.4)
Underwriting income	44.2			56.2			100.4
Corporate and other expenses							(25.4)
Non-operating expenses							(47.3)
Net investment income							80.5
Realized and unrealized investment gains							20.6
Realized and unrealized investment losses							(29.9)
Change in fair value of derivatives							20.0
Interest expense							(8.9)
Net realized and unrealized foreign exchange losses							(51.9)
Income before income taxes							58.1
Income tax expense							(11.6)
Net income							$	46.5

Net reserve for losses and loss adjustment expenses	$	2,515.7		$	1,842.6		$	4,358.3
Ratios
Loss ratio	60.5		%	50.1		%	56.2		%
Acquisition cost ratio	11.4			16.1			13.3
General and administrative expense ratio	17.0			13.7			15.6
Expense ratio	28.4			29.8			28.9
Combined ratio	88.9		%	79.9		%	85.1		%

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	Three Months Ended June 30, 2024
	Insurance			Reinsurance			Total

	($ in millions)
Underwriting Revenues
Gross written premiums	$	684.2		$	566.2		$	1,250.4
Net written premiums	425.3			385.8			811.1
Gross earned premiums	620.9			434.3			1,055.2
Net earned premiums	378.3			327.1			705.4
Underwriting Expenses
Losses and loss adjustment expenses	(231.2)			(189.0)			(420.2)
Acquisition costs	(48.2)			(57.4)			(105.6)
General and administrative expenses	(63.4)			(35.9)			(99.3)
Underwriting income	35.5			44.8			80.3
Corporate and other expenses							(39.0)
Non-operating expenses							(5.5)
Net investment income							82.5
Realized and unrealized investment gains							13.1
Realized and unrealized investment losses							(39.2)
Change in fair value of derivatives							(2.0)
Interest expense							(14.0)
Net realized and unrealized foreign exchange gains							3.9
Income before income taxes							80.1
Income tax expense							(11.1)
Net income							$	69.0

Net reserve for losses and loss adjustment expenses	$	2,004.9		$	1,552.8		$	3,557.7
Ratios
Loss ratio	61.1		%	57.8		%	59.6		%
Acquisition cost ratio	12.7			17.5			15.0
General and administrative expense ratio	16.8			11.0			14.1
Expense ratio	29.5			28.5			29.1
Combined ratio	90.6		%	86.3		%	88.7		%

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	Six Months Ended June 30, 2025
	Insurance			Reinsurance			Total

	($ in millions)
Underwriting Revenues
Gross written premiums	$	1,380.0		$	1,146.1		$	2,526.1
Net written premiums	768.3			698.9			1,467.2
Gross earned premiums	1,348.3			888.4			2,236.7
Net earned premiums	799.5			578.1			1,377.6
Underwriting Expenses
Losses and loss adjustment expenses	(487.2)			(347.2)			(834.4)
Acquisition costs	(95.3)			(90.4)			(185.7)
General and administrative expenses	(141.6)			(88.3)			(229.9)
Underwriting income	75.4			52.2			127.6
Corporate and other expenses							(50.8)
Non-operating expenses							(55.6)
Net investment income							156.4
Realized and unrealized investment gains							31.1
Realized and unrealized investment losses							(40.7)
Change in fair value of derivatives							45.9
Interest expense							(18.0)
Net realized and unrealized foreign exchange losses							(90.7)
Income before income taxes							105.2
Income tax expense							(21.9)
Net income							$	83.3

Net reserve for losses and loss adjustment expenses	$	2,515.7		$	1,842.6		$	4,358.3
Ratios
Loss ratio	60.9		%	60.1		%	60.6		%
Acquisition cost ratio	11.9			15.6			13.5
General and administrative expense ratio	17.7			15.3			16.7
Expense ratio	29.6			30.9			30.2
Combined ratio	90.5		%	91.0		%	90.8		%

Table of Contents


	Six Months Ended June 30, 2024
	Insurance			Reinsurance			Total

	($ in millions)
Underwriting Revenues
Gross written premiums	$	1,301.2		$	1,180.6		$	2,481.8
Net written premiums	763.7			788.3			1,552.0
Gross earned premiums	1,223.7			848.5			2,072.2
Net earned premiums	739.3			631.8			1,371.1
Underwriting Expenses
Losses and loss adjustment expenses	(460.3)			(344.4)			(804.7)
Acquisition costs	(83.9)			(114.6)			(198.5)
General and administrative expenses	(125.6)			(72.5)			(198.1)
Underwriting income	69.5			100.3			169.8
Corporate and other expenses							(64.7)
Non-operating expenses							(11.7)
Net investment income							159.3
Realized and unrealized investment gains							26.8
Realized and unrealized investment losses							(53.9)
Change in fair value of derivatives							(15.6)
Interest expense							(30.1)
Net realized and unrealized foreign exchange gains							26.6
Income before income taxes							206.5
Income tax expense							(25.7)
Net income							$	180.8

Net reserve for losses and loss adjustment expenses	$	2,004.9		$	1,552.8		$	3,557.7
Ratios
Loss ratio	62.3		%	54.5		%	58.7		%
Acquisition cost ratio	11.3			18.1			14.5
General and administrative expense ratio	17.0			11.5			14.4
Expense ratio	28.3			29.6			28.9
Combined ratio	90.6		%	84.1		%	87.6		%

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Geographical Areas. The following summary presents the Company’s gross written premiums based on the location of the insured risk for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024

	($ in millions)				($ in millions)
Australia/Asia	$	54.4	$	59.9	$	89.4	$	96.2
Europe	34.7		36.0		133.4		132.9
United Kingdom & Ireland	164.4		183.4		299.8		343.6
United States & Canada (1)	845.3		814.9		1,668.8		1,517.4
Worldwide excluding the United States (2)	5.6		4.5		18.3		17.9
Worldwide including the United States (3)	93.7		104.1		229.8		276.2
Other (4)	40.8		47.6		86.6		97.6
Total	$	1,238.9	$	1,250.4	$	2,526.1	$	2,481.8

______________

(1) “United States & Canada” comprises individual policies that insure risks specifically in the United States and/or Canada, but not elsewhere.

(2) “Worldwide excluding the United States” consists of individual policies that insure global risks with the specific exclusion of the United States.

(3) “Worldwide including the United States” consists of individual policies that insure global risks with the specific inclusion of the United States.

(4) “Other” comprises individual policies that insure risks in other countries including, but not limited to, countries in the Caribbean, South America and the Middle East.

4. Investments

Income Statement

Net Investment Income. The following table summarizes net investment income for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024

	(in millions)				($ in millions)
Fixed income securities — Available for sale	$	53.5	$	40.8	$	104.0	$	76.3
Fixed income securities — Trading	16.6		23.2		34.5		47.8
Short-term investments — Available for sale	0.8		0.9		2.6		1.8
Short-term investments — Trading	0.1		—		0.2		0.1
Fixed term deposits (included in cash and cash equivalents)	8.7		9.6		17.2		21.1

Privately-held investments — Available for sale	0.4		0.2		0.7		0.4
Privately-held investments — Trading	4.1		9.7		9.4		21.0
Other investments, at fair value (1)	(0.1)		1.6		(5.2)		(2.1)
Total	84.1		86.0		163.4		166.4
Investment expenses	(3.6)		(3.5)		(7.0)		(7.1)
Net investment income	$	80.5	$	82.5	$	156.4	$	159.3

_____________

(1) Other investments primarily represent the Company’s investments in investment funds and exchange-traded funds. The amount reported represents the change in fair value of the investment funds in the period.

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The following table summarizes the net realized and unrealized investment gains and losses recorded in the consolidated statement of operations and the change in unrealized gains and losses on investments recorded in other comprehensive income for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024

	($ in millions)				($ in millions)
Available for sale:
Fixed income securities — gross realized gains	$	1.6	$	0.3	$	2.8	$	0.4
Fixed income securities — gross realized (losses)	(32.0)		(22.2)		(37.3)		(25.2)
Short-term investments — gross realized gains	1.1		0.2		2.0		0.2
Short-term investments — gross realized (losses)	(0.7)		(0.4)		(0.9)		(1.4)
Net change in expected credit gains	0.6		0.4		0.2		0.4
Trading:
Fixed income securities — gross realized gains	0.3		0.9		0.5		1.0
Fixed income securities — gross realized (losses)	(0.5)		(8.4)		(1.0)		(9.3)
Fixed income securities — net unrealized gains	15.4		11.3		23.4		24.1

Short-term investments — gross realized (losses)	—		—		—		(0.2)
Privately-held investments — gross realized gains	0.1		—		0.2		0.5
Privately-held investments — gross realized (losses)	—		—		(0.2)		(0.3)
Privately-held investments — net unrealized gains/(losses)	0.9		(8.2)		(1.3)		(17.5)

Investments, equity method:


Gross unrealized gains in MVI	—		—		0.1		—

Gross unrealized gains in Multi-Line Reinsurer	—		—		—		0.2
Other investments:
Other investments - net unrealized gains (1)	3.9		—		1.9		—

Total net realized and unrealized investment (losses) recorded in the consolidated statement of operations	$	(9.3)	$	(26.1)	$	(9.6)	$	(27.1)

Change in available for sale net unrealized gains/(losses):
Available for sale investments	$	61.8	$	9.6	$	131.6	$	(17.1)
Income tax (expense)/benefit	(12.6)		(0.6)		(27.0)		2.0
Total change in net unrealized gains/(losses), net of taxes recorded in other comprehensive income	$	49.2	$	9.0	$	104.6	$	(15.1)

_____________

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Balance Sheet

Fixed Income Securities, Short-term Investments and Privately-held Investments — Available for Sale. The following tables present the cost or amortized cost, gross unrealized gains and losses, and estimated fair value of available for sale investments in fixed income securities, short-term investments and privately-held investments as at June 30, 2025 and December 31, 2024:


	As at June 30, 2025
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value

	($ in millions)
Fixed income securities, available for sale
U.S. government	$	1,394.3	$	22.5	$	(8.4)	$	—	$	1,408.4
U.S. agency	7.5		—		(0.1)		—		7.4
Municipal	113.5		1.1		(0.7)		—		113.9
Corporate	2,217.3		26.5		(41.9)		(0.8)		2,201.1
Non-U.S. government-backed corporate	126.5		1.0		(1.4)		—		126.1
Non-U.S. government	340.6		2.7		(1.1)		—		342.2
Asset-backed	382.2		1.2		(0.8)		—		382.6
Agency commercial mortgage-backed	5.0		—		(0.5)		—		4.5
Agency residential mortgage-backed	597.0		2.4		(39.3)		—		560.1
Total fixed income securities, available for sale	5,183.9		57.4		(94.2)		(0.8)		5,146.3
Short-term investments, available for sale	90.8		—		—		—		90.8
Privately-held investments, available for sale
Asset-backed securities	25.8		0.6		—		—		26.4
Total investments, available for sale	$	5,300.5	$	58.0	$	(94.2)	$	(0.8)	$	5,263.5


	As at December 31, 2024
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value

	($ in millions)
Fixed income securities, available for sale
U.S. government	$	1,504.8	$	1.5	$	(25.7)	$	—	$	1,480.6
U.S. agency	7.5		—		(0.3)		—		7.2
Municipal	84.2		—		(1.9)		—		82.3
Corporate	2,045.3		8.5		(66.4)		(1.0)		1,986.4
Non-U.S. government-backed corporate	132.9		0.8		(2.4)		—		131.3
Non-U.S. government	248.2		1.0		(2.4)		—		246.8
Asset-backed	232.4		2.2		(0.1)		—		234.5
Agency commercial mortgage-backed	5.0		—		(0.6)		—		4.4
Agency residential mortgage-backed	600.8		—		(82.1)		—		518.7
Total fixed income securities, available for sale	4,861.1		14.0		(181.9)		(1.0)		4,692.2
Short-term investments, available for sale	261.9		—		—		—		261.9
Privately-held investments, available for sale
Asset-backed securities	24.0		0.2		—		—		24.2
Total investments, available for sale	$	5,147.0	$	14.2	$	(181.9)	$	(1.0)	$	4,978.3

Table of Contents

Fixed Income Securities, Short-term Investments, Catastrophe Bonds and Privately-held Investments — Trading. The following tables present the cost or amortized cost, gross unrealized gains and losses, and estimated fair value of trading investments in fixed income securities, short-term investments, catastrophe bonds and privately-held investments as at June 30, 2025 and December 31, 2024:


	As at June 30, 2025
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

	($ in millions)
Fixed income securities, trading
U.S. government	$	260.3	$	5.2	$	(0.7)	$	264.8

Municipal	3.2		0.1		—		3.3
Corporate	154.2		1.5		(2.6)		153.1
High yield loans	108.2		0.5		—		108.7

Non-U.S. government	26.5		0.3		—		26.8
Asset-backed	581.1		2.6		(3.2)		580.5

Agency mortgage-backed	32.8		0.2		(2.2)		30.8
Total fixed income securities, trading	1,166.3		10.4		(8.7)		1,168.0
Short-term investments, trading	8.4		—		—		8.4


Privately-held investments, trading
Commercial mortgage loans	45.9		0.1		—		46.0
Middle market loans and other private debt	53.7		0.1		(4.0)		49.8
Asset-backed securities	123.6		1.7		(0.3)		125.0
Global corporate securities	4.4		—		(0.1)		4.3


Total privately-held investments, trading	227.6		1.9		(4.4)		225.1
Total investments, trading	$	1,402.3	$	12.3	$	(13.1)	$	1,401.5

Table of Contents


	As at December 31, 2024
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

	($ in millions)
Fixed income securities, trading
U.S. government	$	262.9	$	0.6	$	(2.2)	$	261.3

Municipal	1.6		—		—		1.6
Corporate	155.5		0.5		(4.9)		151.1
High yield loans	101.7		0.9		(0.2)		102.4
Non-U.S. government-backed corporate	2.8		—		—		2.8
Non-U.S. government	24.4		0.1		(0.1)		24.4
Asset-backed	624.6		4.1		(3.5)		625.2
Agency mortgage-backed	34.2		—		(3.1)		31.1
Total fixed income securities, trading	1,207.7		6.2		(14.0)		1,199.9
Short-term investments, trading	1.0		—		—		1.0

Catastrophe bonds, trading	1.0		—		—		1.0
Privately-held investments, trading
Commercial mortgage loans	80.9		0.5		(1.7)		79.7
Middle market loans and other private debt	61.6		0.1		(0.7)		61.0
Asset-backed securities	126.7		0.9		—		127.6
Global corporate securities	18.8		—		(0.3)		18.5


Total privately-held investments, trading	288.0		1.5		(2.7)		286.8
Total investments, trading	$	1,497.7	$	7.7	$	(16.7)	$	1,488.7

Catastrophe Bonds. The Company has no catastrophe bonds as at June 30, 2025 (December 31, 2024 — $1.0 million). The bonds were either zero-coupon notes or received quarterly interest payments based on variable interest rates. The catastrophe bonds matured during the three months ended March 31, 2025.

Privately-held Investments. The Company has invested in privately-held investments, which primarily include asset-backed securities of $151.4 million, commercial mortgage loans of $46.0 million and middle market loans and other private debt of $49.8 million as at June 30, 2025 (December 31, 2024 — asset-backed securities of $151.8 million; commercial mortgage loans of $79.7 million; middle market loans and other private debt of $61.0 million). Privately-held investments also includes investments in global corporate securities.

Commercial Mortgage Loans. The commercial mortgage loans are related to investments in properties including apartments, hotels, office and retail buildings, other commercial properties and industrial properties. The commercial mortgage loan portfolio is diversified by property type, geographic region and issuer to reduce risks. As part of our investment process, we evaluate factors such as size, property type, and security to determine that properties are performing at a consistent and acceptable level to secure the related debt.

Middle Market Loans and Other Private Debt. The middle market loans are investments in senior secured loan positions with full covenants, focused on the middle market in the U.S., Europe and the Caribbean. The other private debt consists of debt securities issued to private investment funds. The middle market loan and other private debt portfolio is diversified by industry type, geographic region and issuer to reduce risks. As part of our investment process, we evaluate factors such as size, industry and security to determine that loans are performing at a consistent and acceptable level to secure the related debt.

Global Corporate Securities. The privately-held global corporate securities portfolio consists of debt securities issued by U.S. and foreign corporations.

Investments, Equity Method. In January 2015, the Company, along with seven other insurance companies, established a micro-insurance venture consortium and micro-insurance incubator (“MVI”) domiciled in Bermuda. The MVI is a social impact organization that provides micro-insurance products to assist global emerging consumers. The investment is accounted for under the equity method and adjustments to the carrying value of this investment are made based on the Company’s share of capital, including share of income and expenses.

Table of Contents

On January 1, 2017, the Company purchased through its wholly-owned subsidiary, Aspen U.S. Holdings, Inc., a 49% share of Digital Risk Resources, LLC (“Digital Re”), a U.S.-based enterprise engaged in the business of developing, marketing and servicing turnkey information security and privacy liability insurance products for a total consideration of $2.3 million. During the year ended December 31, 2024, the Company sold its investment in Digital Re for no consideration.

On December 23, 2019, the Company committed $5.0 million as an equity investment in the holding company of a multi-line reinsurer (the “Multi-Line Reinsurer”). The strategy for the multi-line reinsurer is to combine a diversified reinsurance business, focused primarily on long-tailed lines of property and casualty business and, potentially to a lesser extent, life business, with a diversified investment strategy. During the period ending June 30, 2025, no capital was invested in the Multi-Line Reinsurer (December 31, 2024 — $Nil) and the commitment has been fully funded.

The table below shows the Company’s investments in the MVI, the Multi-Line Reinsurer and Digital Re for the six months ended June 30, 2025 and the twelve months ended December 31, 2024:


	MVI		Multi-Line Reinsurer		Digital Re		Total

	($ in millions)
Opening undistributed value of investment as at January 1, 2025	$	0.8	$	6.5	$	—	$	7.3



Unrealized gain for the period	0.1		—		—		0.1


Closing value of investment as at June 30, 2025	$	0.9	$	6.5	$	—	$	7.4


Opening undistributed value of investment as at January 1, 2024	$	1.0	$	6.4	$	0.2	$	7.6



Unrealized (loss)/gain for the period	(0.2)		0.1		—		(0.1)
Realized (loss) for the period	—		—		(0.2)		(0.2)


Closing value of investments as at December 31, 2024	$	0.8	$	6.5	$	—	$	7.3

Other Investments. On December 20, 2017, the Company committed, and during 2018 invested, $100.0 million as a limited partner to a real estate fund. As at June 30, 2025, the fair value of the fund is $107.1 million (December 31, 2024 — $111.7 million).

During 2020, the Company committed $10.5 million as a limited partner to a related party managed lending fund. The partnership was established to provide direct lending to large corporate borrowers. On April 1, 2021, the Company committed an additional $2.8 million to the fund. As at June 30, 2025, the fair value of the fund is $20.3 million (December 31, 2024 — $19.3 million) and the unfunded commitment is $Nil (December 31, 2024 — $0.2 million).

On April 1, 2021, the Company established pledge accounts with its custodian bank for the ability to obtain liquidity and funding services provided by a U.S. co-operative bank, which provides liquidity and funding to its insurance member institutions. As at June 30, 2025, the fair value of the Company’s member shares in the bank is $2.2 million (December 31, 2024 — $2.0 million).

On September 30, 2021, the Company committed $20.0 million as a limited partner to a third-party managed real estate fund. The partnership was established to make equity and equity related investments in multifamily and other commercial real estate properties located in the United States and its territories, with the goal of generating superior risk-adjusted returns. The partnership seeks to acquire commercial real estate assets including real estate assets (or interests therein) that may have management or operational problems and require improvements or lack sufficient capital, including mortgage loans and development or redevelopment properties. On April 1, 2022, the Company committed an additional $10.0 million to the fund. As at June 30, 2025, the fair value of the fund is $33.3 million (December 31, 2024 — $36.2 million) and the unfunded commitment is $0.9 million (December 31, 2024 — $0.9 million).

On April 1, 2022, the Company committed $30.0 million as a limited partner to a related party managed real estate fund. The partnership was established to pursue investment opportunities to acquire, recapitalize, restructure and reposition real estate assets, portfolios and companies primarily in the United States. As at June 30, 2025, the fair value of the fund is $15.7 million (December 31, 2024 — $19.3 million) and the unfunded commitment is $3.7 million (December 31, 2024 — $3.7 million).

On May 5, 2022, the Company committed $15.0 million as a limited partner to a third-party managed infrastructure fund. The partnership was established to make value added infrastructure investments in environmental services, transportation, communications and digital, energy/energy transition and other infrastructure sectors primarily in North America. As at June 30, 2025, the fair value of the fund is $14.0 million (December 31, 2024 — $12.9 million) and the unfunded commitment is $2.5 million (December 31, 2024 — $2.3 million).

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On August 31, 2023, the Company committed £7.0 million as a limited partner to a third-party managed debt fund. The fund focuses on three core sectors: health and social care, affordable housing, and social infrastructure. The fund invests across the U.K., focusing on areas of poverty and deprivation. The fund provides fixed-rate loans typically backed by property assets. Borrowers are established, socially impactful organizations, with a history of profitable revenue generation. As at June 30, 2025, the fair value of the fund is $1.4 million (December 31, 2024 — $0.1 million) and the unfunded commitment is £6.0 million (December 31, 2024 — £6.8 million).

On September 30, 2023, the Company committed $55.0 million as a limited partner to a third-party managed energy fund. The fund invests in energy transition and climate solutions, accelerating growth and business transformation through flexible capital, enabling leading energy companies to build enterprises at scale that can deliver clean, reliable and affordable energy to help meet global needs. As at June 30, 2025 the fair value of the fund is $10.8 million (December 31, 2024 — $Nil) and the unfunded commitment is $46.0 million (December 31, 2024 — $55.0 million).

On August 1, 2024, the Company committed and invested $25.0 million as a limited partner to a third-party managed liquidity fund. The fund seeks to maximize total return, by investing in a portfolio of investment grade debt securities, both fixed and floating rate. As at June 30, 2025, the fair value of the fund is $26.3 million (December 31, 2024 — $25.7 million) and the unfunded commitment is $Nil (December 31, 2024 — $Nil).

On October 31, 2024, the Company converted one of its commercial mortgage loan investments to an equity interest in a joint venture. As at June 30, 2025, the carrying value of the investment is $39.1 million (December 31, 2024 — $40.0 million). This investment has no unfunded commitments.

As at June 30, 2025, the Company held investments in exchange-traded funds with a fair value of $42.0 million (December 31, 2024 — $Nil).

As at June 30, 2025, the aggregate current fair value of the other investments described above is $312.2 million (December 31, 2024 — $267.2 million).

For further information on the investment funds, refer to Note 14(a) in these consolidated financial statements, “Commitments and Contingent Liabilities.”

Fixed Income Securities, Short-term Investments and Privately-held Investments — Available for Sale. The scheduled maturity distribution of the Company’s available for sale securities as at June 30, 2025 and December 31, 2024 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.


	As at June 30, 2025
	Amortized Cost or Cost		Fair Value

	($ in millions)
Due one year or less	$	376.6	$	375.6
Due after one year through five years	2,485.9		2,478.4
Due after five years through ten years	1,389.2		1,396.5
Due after ten years	38.8		39.4
	4,290.5		4,289.9
Agency commercial mortgage-backed	5.0		4.5
Agency residential mortgage-backed	597.0		560.1
Asset-backed	408.0		409.0
Total investments, available for sale	$	5,300.5	$	5,263.5

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	As at December 31, 2024
	Amortized Cost or Cost		Fair Value

	($ in millions)
Due one year or less	$	834.1	$	831.2
Due after one year through five years	2,386.5		2,353.2
Due after five years through ten years	1,060.7		1,008.7
Due after ten years	3.5		3.4
	4,284.8		4,196.5
Agency commercial mortgage-backed	5.0		4.4
Agency residential mortgage-backed	600.8		518.7
Asset-backed	256.4		258.7
Total investments, available for sale	$	5,147.0	$	4,978.3

Guaranteed Investments. As at June 30, 2025 and December 31, 2024, the Company held no investments which are guaranteed by mono-line insurers, excluding those with explicit government guarantees. The Company’s exposure to other third-party guaranteed debt is primarily to investments backed by non-U.S. government guaranteed issuers.

Gross Unrealized Losses, Available for Sale. The following tables summarize, by type of security, the aggregate fair value and gross unrealized loss by length of time the security has been in an unrealized loss position for the Company’s available for sale portfolio as at June 30, 2025 and December 31, 2024:


	June 30, 2025
	0-12 months				Over 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Number of Securities

	($ in millions, except number of securities)
Fixed income securities, available for sale
U.S. government	$	138.3	$	(2.0)	$	140.5	$	(6.4)	$	278.8	$	(8.4)	62
U.S. agency	—		—		7.4		(0.1)		7.4		(0.1)		1
Municipal	15.2		(0.2)		25.0		(0.5)		40.2		(0.7)		28
Corporate	74.3		(0.4)		612.3		(41.5)		686.6		(41.9)		337
Non-U.S. government-backed corporate	1.6		—		81.8		(1.4)		83.4		(1.4)		9
Non-U.S. government	38.5		(0.3)		47.6		(0.8)		86.1		(1.1)		30
Asset-backed	129.9		(0.7)		3.2		(0.1)		133.1		(0.8)		49
Agency commercial mortgage-backed	—		—		4.6		(0.5)		4.6		(0.5)		1
Agency residential mortgage-backed	64.5		(0.4)		221.4		(38.9)		285.9		(39.3)		170


Total fixed income securities, available for sale	$	462.3	$	(4.0)	$	1,143.8	$	(90.2)	$	1,606.1	$	(94.2)	687

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	December 31, 2024
	0-12 months				Over 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Number of Securities

	($ in millions, except number of securities)
Fixed income securities, available for sale
U.S. government	$	718.1	$	(11.6)	$	397.8	$	(14.1)	$	1,115.9	$	(25.7)	137
U.S. agency	—		—		7.2		(0.3)		7.2		(0.3)		1
Municipal	33.6		(0.7)		45.4		(1.2)		79.0		(1.9)		47
Corporate	570.3		(6.8)		663.9		(59.6)		1,234.2		(66.4)		692
Non-U.S. government-backed corporate	5.8		—		91.1		(2.4)		96.9		(2.4)		12
Non-U.S. government	118.8		(0.9)		43.7		(1.5)		162.5		(2.4)		41
Asset-backed	17.2		(0.1)		—		—		17.2		(0.1)		14
Agency commercial mortgage-backed	—		—		4.5		(0.6)		4.5		(0.6)		1
Agency residential mortgage-backed	161.2		(2.2)		351.3		(79.9)		512.5		(82.1)		225


Total fixed income securities, available for sale	$	1,625.0	$	(22.3)	$	1,604.9	$	(159.6)	$	3,229.9	$	(181.9)	1,170

At June 30, 2025, 687 available for sale securities were in an unrealized loss position of $94.2 million, of which $0.6 million was related to securities below investment grade or not rated. At December 31, 2024, 1,170 available for sale securities were in an unrealized loss position of $181.9 million, of which $0.3 million was related to securities below investment grade or not rated.

The unrealized losses of $94.2 million at June 30, 2025 were due to non-credit factors and are expected to be recovered as the related securities approach maturity. The Company does not intend to sell the securities in an unrealized loss position and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

5. Fair Value Measurements

The Company’s estimates of fair value for financial assets and liabilities are based on the framework established in the fair value accounting guidance included in ASC Topic 820, “Fair Value Measurements and Disclosures.” The framework prioritizes the inputs, which refer broadly to assumptions market participants would use in pricing an asset or liability, into three levels.

The Company considers prices for actively traded securities to be derived based on quoted prices in an active market for identical assets, which are Level 1 inputs in the fair value hierarchy. The majority of these securities are valued using prices supplied by pricing services.

The Company considers prices for other securities that may not be as actively traded which are priced via pricing services, vendors and broker-dealers, or with reference to interest rates and yield curves, to be derived based on inputs that are observable for the asset, either directly or indirectly, which are Level 2 inputs in the fair value hierarchy. The majority of these securities are also valued using prices supplied by pricing services.

The Company considers securities, other financial instruments, privately-held investments and derivative insurance contracts subject to fair value measurement whose valuation is derived by internal valuation models to be based largely on unobservable inputs, which are Level 3 inputs in the fair value hierarchy.

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The following tables present the level within the fair value hierarchy at which the Company’s financial assets and liabilities are measured on a recurring basis as at June 30, 2025 and December 31, 2024:


	As at June 30, 2025
	Level 1		Level 2		Level 3		NAV as Practical Expedient		Total

	($ in millions)
Fixed income securities, available for sale
U.S. government	$	1,408.4	$	—	$	—	$	—	$	1,408.4
U.S. agency	—		7.4		—		—		7.4
Municipal	—		113.9		—		—		113.9
Corporate	—		2,201.1		—		—		2,201.1
Non-U.S. government-backed corporate	—		126.1		—		—		126.1
Non-U.S. government	268.9		73.3		—		—		342.2
Asset-backed	—		382.6		—		—		382.6
Agency commercial mortgage-backed	—		4.5		—		—		4.5
Agency residential mortgage-backed	—		560.1		—		—		560.1
Total fixed income securities, available for sale	1,677.3		3,469.0		—		—		5,146.3
Short-term investments, available for sale	90.8		—		—		—		90.8
Privately-held investments, available for sale	—		—		26.4		—		26.4
Fixed income securities, trading
U.S. government	264.8		—		—		—		264.8
Municipal	—		3.3		—		—		3.3
Corporate	—		153.1		—		—		153.1

High yield loans	—		108.7		—		—		108.7
Non-U.S. government	10.2		16.6		—		—		26.8
Asset-backed	—		580.5		—		—		580.5

Agency mortgage-backed	—		30.8		—		—		30.8
Total fixed income securities, trading	275.0		893.0		—		—		1,168.0
Short-term investments, trading	8.4		—		—		—		8.4


Privately-held investments, trading	—		—		225.1		—		225.1
Other investments	42.0		—		—		270.2		312.2
Other financial assets and liabilities
Derivative assets — foreign exchange contracts	—		28.1		—		—		28.1
Derivative liabilities — foreign exchange contracts	—		(21.7)		—		—		(21.7)
Derivative liabilities — loss portfolio transfer (1)	—		—		(0.7)		—		(0.7)
Total	$	2,093.5	$	4,368.4	$	250.8	270.2		$	6,982.9

______________

(1) The loss portfolio transfer contract includes a funds withheld arrangement that provides variable interest expense based on Aspen’s investment performance. As a result, the funds withheld arrangement is considered an embedded derivative and accounted for as an option-based derivative.

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	As at December 31, 2024
	Level 1		Level 2		Level 3		NAV as Practical Expedient		Total

	($ in millions)
Fixed income securities, available for sale
U.S. government	$	1,480.6	$	—	$	—	$	—	$	1,480.6
U.S. agency	—		7.2		—		—		7.2
Municipal	—		82.3		—		—		82.3
Corporate	—		1,986.4		—		—		1,986.4
Non-U.S. government-backed corporate	—		131.3		—		—		131.3
Non-U.S. government	195.1		51.7		—		—		246.8
Asset-backed	—		234.5		—		—		234.5
Agency commercial mortgage-backed	—		4.4		—		—		4.4
Agency residential mortgage-backed	—		518.7		—		—		518.7
Total fixed income securities, available for sale	1,675.7		3,016.5		—		—		4,692.2
Short-term investments, available for sale	260.2		1.7		—		—		261.9
Privately-held investments, available for sale	—		—		24.2		—		24.2
Fixed income securities, trading
U.S. government	261.3		—		—		—		261.3
Municipal	—		1.6		—		—		1.6
Corporate	—		151.1		—		—		151.1
Non-U.S. government-backed corporate	—		2.8		—		—		2.8
High yield loans	—		102.4		—		—		102.4
Non-U.S. government	9.6		14.8		—		—		24.4
Asset-backed	—		625.2		—		—		625.2
Agency mortgage-backed	—		31.1		—		—		31.1
Total fixed income securities, trading	270.9		929.0		—		—		1,199.9
Short-term investments, trading	1.0		—		—		—		1.0
Catastrophe bonds, trading	—		1.0		—		—		1.0
Privately-held investments, trading	—		—		286.8		—		286.8
Other investments	—		—		—		267.2		267.2
Other financial assets and liabilities
Derivative assets — foreign exchange contracts	—		17.0		—		—		17.0
Derivative liabilities — foreign exchange contracts	—		(45.9)		—		—		(45.9)
Derivative liabilities — loss portfolio transfer (1)	—		—		(3.6)		—		(3.6)
Total	$	2,207.8	$	3,919.3	$	307.4	$	267.2	$	6,701.7

______________

Transfers of assets into or out of a particular level are recorded at their fair values as of the end of each reporting period consistent with the date of the determination of fair value. During the three and six months ended June 30, 2025, $Nil was transferred in or out of Level 3 (June 30, 2024 — $Nil).

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The following tables present a reconciliation of the beginning and ending balances for all assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three and six months ended June 30, 2025 and 2024:


Three Months Ended June 30, 2025	Balance at beginning of period		Purchases and issuances		Transfers in		Transfers (out)		Settlements and sales		Increase/(decrease) in fair value included in net income (1) / OCI (2)		Balance at end of period		Change in unrealized (losses) gains relating to assets held at end of period (1) (2)
Assets
Privately-held investments, available for sale
Asset-backed securities	$	25.0	$	14.7	$	—	$	—	$	(14.7)	$	1.4	$	26.4	$	0.6
Privately-held investments, trading
Commercial mortgage loans	$	46.0	$	0.1	$	—	$	—	$	(0.2)	$	0.1	$	46.0	$	(0.2)
Middle market loans and other private debt	54.5		—		—		—		(4.3)		(0.4)		49.8		(3.2)
Asset-backed securities	125.9		—		—		—		(2.5)		1.6		125.0		1.6
Global corporate securities	4.4		—		—		—		—		(0.1)		4.3		(0.1)

Total Level 3 assets	$	255.8	$	14.8	$	—	$	—	$	(21.7)	$	2.6	$	251.5	$	(1.3)

Liabilities
Derivative liabilities — loss portfolio transfer	$	(1.2)	$	—	$	—	$	—	$	—	$	0.5	$	(0.7)	$	0.5
Total Level 3 liabilities	$	(1.2)	$	—	$	—	$	—	$	—	$	0.5	$	(0.7)	$	0.5


Six Months Ended June 30, 2025
Assets
Privately-held investments, available for sale
Asset-backed securities	$	24.2	$	14.7	$	—	$	—	$	(14.7)	$	2.2	$	26.4	$	0.6
Privately-held investments, trading
Commercial mortgage loans	$	79.7	$	0.2	$	—	$	—	$	(35.7)	$	1.8	$	46.0	$	1.4
Middle market loans and other private debt	61.0		0.4		—		—		(8.4)		(3.2)		49.8		(3.2)
Asset-backed securities	127.6		1.3		—		—		(4.3)		0.4		125.0		0.4
Global corporate securities	18.5		—		—		—		(14.3)		0.1		4.3		(0.1)

Total Level 3 assets	$	311.0	$	16.6	$	—	$	—	$	(77.4)	$	1.3	$	251.5	$	(0.9)

Liabilities
Derivative liabilities — loss portfolio transfer	$	(3.6)	$	—	$	—	$	—	$	—	$	2.9	$	(0.7)	$	2.9
Total Level 3 liabilities	$	(3.6)	$	—	$	—	$	—	$	—	$	2.9	$	(0.7)	$	2.9

______________

(1) Increases/(decreases) in the fair value of privately-held investments, trading are included in realized and unrealized investment losses in the consolidated statements of operations and other comprehensive income/(loss) (“OCI”). Increases/(decreases) in the fair value of derivative liabilities - loss portfolio transfer are included within change in fair value of derivatives in the consolidated statements of operations and other comprehensive income/(loss).

(2) Increases/(decreases) in the fair value of privately-held investments, available for sale are included in other comprehensive income/(loss).

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Three Months Ended June 30, 2024	Balance at beginning of period		Purchases and issuances		Transfers in		Transfers (out)		Settlements and sales		(Decrease)/increase in fair value included in net income (1) / OCI (2)		Balance at end of period		Change in unrealized (losses) gains relating to assets held at end of period (1) (2)
Assets
Privately-held investments, available for sale
Asset-backed securities	$	15.1	$	—	$	—	$	—	$	—	$	(0.3)	$	14.8	$	(0.2)
Privately-held investments, trading
Commercial mortgage loans	$	258.5	$	0.2	$	—	$	—	$	(10.5)	$	(7.8)	$	240.4	$	(8.3)
Middle market loans and other private debt	70.1		—		—		—		(12.9)		0.1		57.3		(0.1)
Asset-backed securities	84.1		50.0		—		—		(0.8)		0.2		133.5		0.1
Global corporate securities	14.3		—		—		—		(0.1)		(0.1)		14.1		(0.1)
Short-term investments	18.0		—		—		—		(3.9)		—		14.1		—
Total Level 3 assets	$	460.1	$	50.2	$	—	$	—	$	(28.2)	$	(7.9)	$	474.2	$	(8.6)

Liabilities
Derivative liabilities — loss portfolio transfer	$	(12.6)	$	—	$	—	$	—	$	—	$	2.9	$	(9.7)	$	2.9
Total Level 3 liabilities	$	(12.6)	$	—	$	—	$	—	$	—	$	2.9	$	(9.7)	$	2.9


Six Months Ended June 30, 2024
Assets
Privately-held investments, available for sale
Asset-backed securities	$	14.9	$	—	$	—	$	—	$	—	$	(0.1)	$	14.8	$	0.3
Privately-held investments, trading
Commercial mortgage loans	$	274.9	$	0.4	$	—	$	—	$	(17.2)	$	(17.7)	$	240.4	$	(17.6)
Middle market loans and other private debt	84.8		—		—		—		(27.8)		0.3		57.3		—
Asset-backed securities	82.9		54.0		—		—		(3.3)		(0.1)		133.5		(0.1)
Global corporate securities	14.4		—		—		—		(0.2)		(0.1)		14.1		(0.1)
Short-term investments	18.0		—		—		—		(3.9)		—		14.1		—
Total Level 3 assets	$	489.9	$	54.4	$	—	$	—	$	(52.4)	$	(17.7)	$	474.2	$	(17.5)

Liabilities
Derivative liabilities — loss portfolio transfer	$	(16.5)	$	—	$	—	$	—	$	—	$	6.8	$	(9.7)	$	6.8
Total Level 3 liabilities	$	(16.5)	$	—	$	—	$	—	$	—	$	6.8	$	(9.7)	$	6.8

______________

(1) (Decreases)/increases in the fair value of privately-held investments, trading are included in realized and unrealized investment losses in the consolidated statements of operations and other comprehensive income/(loss). Increases/(decreases) in the fair value of derivative liabilities - loss portfolio transfer are included within change in fair value of derivatives in the consolidated statements of operations and other comprehensive income/(loss).

(2) (Decreases)/increases in the fair value of privately-held investments, available for sale are included in other comprehensive income/(loss).

Valuation of Fixed Income Securities. The Company’s fixed income securities are classified as either available for sale or trading and are reported at fair value. As at June 30, 2025 and December 31, 2024, the Company’s fixed income securities were valued by pricing services or broker-dealers using standard market conventions. The market conventions utilize market quotations, market transactions in comparable instruments and various relationships between instruments including, but not limited to, yield to maturity, dollar prices and spread prices in determining fair value.

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Independent Pricing Services. The underlying methodology used to determine the fair value of securities in the Company’s available for sale and trading portfolios is by the pricing services. Pricing services will gather observable pricing inputs from multiple external sources, including buy and sell-side contacts and broker-dealers, in order to develop their internal prices.

Pricing services provide pricing for less complex, liquid securities based on market quotations in active markets. Pricing services supply prices for a broad range of securities including those for actively traded securities, such as Treasury and other Government securities, in addition to those that trade less frequently or where valuation includes reference to credit spreads, pay down and pre-pay features and other observable inputs. These securities include Government agency, municipals, corporate and asset-backed securities.

For securities that may trade less frequently or do not trade on a listed exchange, these pricing services may use matrix pricing consisting of observable market inputs to estimate the fair value of a security. These observable market inputs include reported trades, benchmark yields, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and industry and economic factors. Additionally, pricing services may use a valuation model such as an option adjusted spread model commonly used for estimating fair values of mortgage-backed and asset-backed securities. The Company does not derive dollar prices using an index as a pricing input for any individual security.

Broker-Dealers. The Company obtains quotes from broker-dealers who are active in the corresponding markets when prices are unavailable from independent pricing services or index providers. Generally, broker-dealers value securities through their trading desks based on observable market inputs. Their pricing methodologies include mapping securities based on trade data, bids or offers, observed spreads and performance of newly issued securities. They may also establish pricing through observing secondary trading of similar securities. Quotes from broker-dealers are non-binding.

The Company obtains prices for all of its fixed income investment securities via its third-party accounting service provider, and in the majority of cases receiving a number of quotes so as to obtain the most comprehensive information available to determine a security’s fair value. A single valuation is applied to each security based on the vendor hierarchy maintained by the Company’s third-party accounting service provider.

As at June 30, 2025, the Company obtained an average of 3.1 quotes per fixed income investment compared to 3.0 quotes at December 31, 2024.

The Company, in conjunction with its third-party accounting service provider, obtains an understanding of the methods, models and inputs used by the third-party pricing service and index providers to assess the ongoing appropriateness of vendors’ prices. The Company and its third-party accounting service provider also have controls in place to validate that amounts provided represent fair values. Processes to validate and review pricing include, but are not limited to:

•quantitative analysis (e.g., comparing the quarterly return for each managed portfolio to its target benchmark, with significant differences identified and investigated);

•comparison of market values obtained from pricing services and broker-dealers against alternative price sources for each security where further investigation is completed when significant differences exist for pricing of individual securities between pricing sources;

•initial and ongoing evaluation of methodologies used by outside parties to calculate fair value; and

•comparison of the fair value estimates to the Company’s knowledge of the current market.

Prices obtained from pricing services and broker-dealers are not adjusted by us; however, prices provided by a pricing service, or broker-dealer in certain instances may be challenged based on market or information available from internal sources, including those available to the Company’s third-party investment accounting service provider. Subsequent to any challenge, revisions made by the pricing service or broker-dealer to the quotes are supplied to the Company’s investment accounting service provider.

Management reviews the vendor hierarchy maintained by the Company’s third-party accounting service provider in order to determine which price source provides the most appropriate fair value (i.e., a price obtained from a pricing service with more seniority in the hierarchy will be used over a less senior one in all cases). The hierarchy level assigned to each security in the Company’s available for sale and trading portfolios is based upon its assessment of the transparency and reliability of the inputs used in the valuation as of the measurement date. The hierarchy of pricing services is determined using various qualitative and quantitative points arising from reviews of the vendors conducted by the Company’s third-party accounting service provider. Vendor reviews include annual due diligence meetings with index providers and pricing services vendors covering valuation methodology, operational walkthroughs and legal and compliance updates.

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Fixed Income Securities. Fixed income securities are traded on the over-the-counter (“OTC”) market based on prices provided by one or more market makers in each security. Securities such as U.S. Government, U.S. Agency, Non-U.S. Government and investment grade corporate bonds have multiple market makers in addition to readily observable market value indicators such as expected credit spread, except for Treasury securities, over the yield curve. The Company uses a variety of pricing sources to value fixed income securities including those securities that have pay down/prepay features such as mortgage-backed securities and asset-backed securities in order to ensure fair and accurate pricing. The fair value estimates for the investment grade securities in the Company’s portfolio do not use significant unobservable inputs or modeling techniques.

U.S. Government and Agency Securities. U.S. government and agency securities consist primarily of bonds issued by the U.S. Treasury and corporate debt issued by agencies such as the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”) and the Federal Home Loan Bank. As the fair values of U.S. Treasury securities are based on unadjusted market prices in active markets, they are classified within Level 1. The fair values of U.S. government agency securities are priced using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads for these securities are observable market inputs, the fair values of U.S. government agency securities are classified within Level 2.

Municipal Securities. The Company’s municipal portfolio consists of bonds issued by U.S. domiciled state and municipality entities. The fair value of these securities is determined using spreads obtained from broker-dealers, trade prices and the new issue market which are Level 2 inputs in the fair value hierarchy. Consequently, these securities are classified within Level 2.

Non-U.S. Government. The issuers for securities in this category are non-U.S. governments and their agents including, but not limited to, the U.K., Australia, Canada, France and Germany. The fair values of certain non-U.S. government bonds, primarily sourced from international indices, are based on unadjusted market prices in active markets and are therefore classified within Level 1. The remaining non-U.S. government bonds are classified within Level 2 as they are not actively traded. The fair values of the non-U.S. agency securities, again primarily sourced from international indices, are priced using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads for these securities are observable market inputs, the fair values of non-U.S. agency securities are classified within Level 2. In addition, foreign government securities include a portion of the Emerging Market Debt (“EMD”) portfolio which is also classified within Level 2.

Corporate. Corporate securities consist primarily of short-term, medium-term and long-term debt issued by U.S. and foreign corporations covering a variety of industries and are generally priced by index providers and pricing vendors. Some issuers may participate in government programs which guarantee timely payment of principal and interest in the event of a default. The fair values of these securities are generally determined using the spread above the risk-free yield curve. Inputs used in the evaluation of these securities include credit data, interest rate data, market observations and sector news, broker-dealer quotes and trade volumes. In addition, corporate securities include a portion of the EMD portfolio. The Company classifies these securities within Level 2.

Mortgage-backed Securities. Residential and commercial mortgage-backed securities consist of bonds issued by the Government National Mortgage Association, the FNMA and the FHLMC. The fair values of these securities are determined through the use of a pricing model (including Option Adjusted Spread) which uses prepayment speeds and spreads to determine the appropriate average life of the mortgage-backed security. These spreads are generally obtained from broker-dealers, trade prices and the new issue market. As the significant inputs used to price mortgage-backed securities are observable market inputs, these securities are classified within Level 2.

Asset-backed Securities. Asset-backed securities are securities backed by notes or receivables against assets other than real estate. The underlying collateral for the Company’s asset-backed securities consists mainly of student loans, automobile loans and credit card receivables. These securities are primarily priced by index providers and pricing vendors. Inputs to the valuation process include broker-dealer quotes and other available trade information, prepayment speeds, interest rate data and credit spreads. The Company classifies these securities within Level 2.

Short-term Investments. Short-term investments consist of highly liquid debt securities with a maturity greater than three months but less than one year from the date of purchase. Short-term investments are classified as either trading or available for sale according to the facts and circumstances of the investment held. Short-term investments are valued in a manner similar to the Company’s fixed maturity investments and are classified within Levels 1 and 2.

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Privately-held Investments. Privately-held investments are initially valued at cost or transaction value which approximates fair value. In subsequent measurement periods, the fair values of these securities are determined using discounted cash flow models. These models include inputs that are specific to each investment. The inputs used in the fair value measurements include dividend or interest rates and appropriate discount rates. The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of these securities. A significant increase (decrease) in this input in isolation could result in significantly lower (higher) fair value measurement for privately-held investments. In order to assess the reasonableness of the inputs the Company uses in the discounted cash flow models, the Company maintains an understanding of current market conditions, issuer specific information that may impact future cash flows as well as collaboration with independent vendors for most securities to assess the reasonableness of the discount rate being used.

Commercial Mortgage Loans. Commercial mortgage loans consist of investments in properties including apartments, hotels, office and retail buildings, other commercial properties and industrial properties. The commercial mortgage loan portfolio is diversified by property type, geographic region and issuer to reduce risks. Commercial Mortgage Loans are initially valued at cost or transaction value which approximates fair value. In subsequent measurement periods, the fair values of these securities are determined using discounted cash flow models and are classified within Level 3.

Middle Market Loans and Other Private Debt. The middle market loans consist of investments in senior secured loan positions with full covenants, focused on the middle market in the U.S., Europe and the Caribbean. The other private debt consists of debt securities issued to private investment funds. The middle market loan and other private debt portfolio is diversified by industry type, geographic region and issuer to reduce risks. Middle market loans and other private debt are initially valued at cost or transaction value which approximates fair value. In subsequent measurement periods, the fair values of these securities are determined using discounted cash flow models. In the event that the cash flows are negative or indeterminable, the fair values of these securities are determined using the recovery approach. Consequently, these securities are classified within Level 3.

Asset-backed Securities. Asset-backed securities represent interests in underlying pools of diversified referenced assets that are collateralized and backed by future cash flows and these securities are performing. Asset-backed securities are initially valued at cost or transaction value which approximates fair value. In subsequent measurement periods, the fair values of these securities are determined using discounted cash flow models and are classified within Level 3.

Global Corporate Securities. The global corporate securities portfolio consists of debt securities issued by U.S. and foreign corporations. The global corporate securities are initially valued at cost or transaction value which approximates fair value. In subsequent measurement periods, the fair values of these securities are determined using discounted cash flow models and are classified within Level 3.

Short-term Investments — Privately-held. Short-term investments which are classified as privately-held consist of debt securities with a maturity greater than three months but less than one year from the date of purchase. Short-term investments are initially valued at cost or transaction value which approximates fair value. In subsequent measurement periods, the fair values of these securities are determined using discounted cash flow models and are classified within Level 3.

The following table summarizes the quantitative inputs and assumptions used for financial assets categorized within Level 3 under the fair value hierarchy as at June 30, 2025:


As at June 30, 2025		Fair Value Level 3		Valuation Techniques	Unobservable Inputs	Ranges			Weighted Average
	($ in millions)
Privately-held investments, available for sale
Asset-backed securities		$	26.4	Discounted cash flow	Discount rate	5.1%	—	8.9%	6.5%
Privately-held investments, trading
Commercial mortgage loans		46.0		Discounted cash flow	Discount rate	3.4%	—	12.1%	4.2%
Middle market loans and other private debt		43.8		Discounted cash flow	Discount rate	7.2%	—	18.0%	9.5%
Middle market loans and other private debt		6.0		Recovery approach	n/a	n/a	—	n/a	n/a
Asset-backed securities		125.0		Discounted cash flow	Discount rate	5.2%	—	8.0%	6.5%
Corporate securities		4.3		Discounted cash flow	Discount rate	6.3%	—	6.3%	6.3%
Total		$	251.5

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Catastrophe Bonds. Catastrophe bonds are variable rate fixed income instruments with redemption values adjusted based on the occurrence of a covered event, usually windstorms and earthquakes. Catastrophe bonds are classified as trading and reported at fair value. Catastrophe bonds are priced using an average of multiple broker-dealer quotes and as such, are classified within Level 2.

Foreign Exchange Contracts. The foreign exchange contracts which the Company uses to mitigate currency risk are characterized as OTC due to their customized nature and the fact that they do not trade on a major exchange. These instruments trade in a very deep liquid market, providing substantial price transparency and accordingly are classified within Level 2.

Derivative Liabilities - Loss Portfolio Transfer. The LPT embedded derivative is valued using the Black-Scholes model. The two primary inputs of this model are expected claim settlement patterns and expected return of the investment portfolio above a fixed minimum rate over the specified time horizon. The expected claim settlement pattern is determined on an actuarial basis for the cohort of business within scope of the LPT and is consistent with the patterns used in the valuation of technical provisions. The expected return of the investment portfolio, above a fixed minimum rate, directly impacts the LPT derivative valuation and is subject to changes in the market conditions. In order to assess the reasonableness of the inputs, the Company updates the expected claim settlement patterns on a regular basis while maintaining an understanding of the current market conditions. The LPT embedded derivative is classified within Level 3.

Other Investments. The Company’s other investments represent primarily our investments in investment funds operating strategies across real estate, infrastructure and direct lending, as well as our investments in exchange-traded funds. As the fair values of the exchange-traded funds are based on unadjusted market prices in active markets, they are classified within Level 1. Adjustments to the fair values of the investment funds are made based on the net asset value of the investments. The net valuation criteria established by the manager of such investments are established in accordance with the governing documents and the asset manager’s valuation guidelines, which include: the discounted cash flows method and the performance multiple approach, which uses a multiple derived from market data of comparable companies or assets to produce operating performance metrics. Alternative valuation methodologies may be employed for investments with unusual characteristics. As the Company is measuring the fair value of these investment funds using the net asset value per share as a practical expedient, they have not been classified in the fair value hierarchy.

6. Reinsurance

The Company purchases retrocession and reinsurance to limit and diversify the Company’s risk exposure and to increase its own insurance and reinsurance underwriting capacity. These agreements provide for recovery of losses and loss adjustment expenses from reinsurers. The Company remains liable to the extent that reinsurers do not meet their obligations under these agreements. In line with its risk management objectives, the Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk.

Balances pertaining to reinsurance transactions are reported “gross” on the consolidated balance sheet, meaning that reinsurance recoverable on unpaid losses and ceded unearned premiums are not deducted from insurance reserves but are recorded as assets.

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The effect of assumed and ceded reinsurance on premiums written, premiums earned and losses and loss adjustment expenses for the three and six months ended June 30, 2025 and 2024 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

	($ in millions)				($ in millions)
Premiums written:
Insurance	$	693.5	$	684.2	$	1,380.0	$	1,301.2
Reinsurance	545.4		566.2		1,146.1		1,180.6
Ceded	(523.4)		(439.3)		(1,058.9)		(929.8)
Net written premiums	$	715.5	$	811.1	$	1,467.2	$	1,552.0

Premiums earned:
Insurance	$	672.7	$	620.9	$	1,348.3	$	1,223.7
Reinsurance	443.5		434.3		888.4		848.5
Ceded	(441.3)		(349.8)		(859.1)		(701.1)
Net earned premiums	$	674.9	$	705.4	$	1,377.6	$	1,371.1

Losses and loss adjustment expenses:
Insurance	$	(445.2)	$	(414.9)	$	(913.2)	$	(768.2)
Reinsurance	(183.6)		(211.3)		(519.1)		(401.1)
Ceded	249.7		206.0		597.9		364.6
Losses and loss adjustment expenses	$	(379.1)	$	(420.2)	$	(834.4)	$	(804.7)

7. Derivative Contracts

The following table summarizes information on the location and amounts of derivative fair values on the consolidated balance sheet as at June 30, 2025 and December 31, 2024:


		As at June 30, 2025				As at December 31, 2024
Derivatives Not Designated as Hedging Instruments Under ASC 815	Balance Sheet Location	Notional Amount		Fair Value		Notional Amount		Fair Value

		($ in millions)				($ in millions)
Foreign Exchange Contracts	Derivative assets	$	740.6	$	23.8	$	550.0	$	17.0
Foreign Exchange Contracts (1)	Derivative liabilities	$	981.1	$	(21.7)	$	1,036.9	$	(41.7)
Loss Portfolio Transfer Liability - Embedded Derivative (2)	Derivative liabilities	$	—	$	(0.7)	$	—	$	(3.6)

______________

(1) Fair value is net of $1.0 million of cash collateral (December 31, 2024 — $0.8 million).

(2) The LPT contains an embedded derivative within the contract in relation to the variable interest crediting rate.


		As at June 30, 2025				As at December 31, 2024
Derivatives Designated as Cash Flow Hedges Under ASC 815	Balance Sheet Location	Notional Amount		Fair Value		Notional Amount		Fair Value

		($ in millions)				($ in millions)
Foreign Exchange Contracts	Derivative assets	$	79.1	$	4.3	$	—	$	—
Foreign Exchange Contracts (1)	Derivative liabilities	$	—	$	—	$	158.0	$	(4.2)

______________

(1) Fair value is net of $Nil of cash collateral (December 31, 2024 — $2.0 million).

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The following table provides the unrealized and realized gains/(losses) recorded in the consolidated statements of operations and other comprehensive income for derivatives that are not designated or designated as hedging instruments under ASC 815 — “Derivatives and Hedging” for the three and six months ended June 30, 2025 and 2024:


		Amount of Gain/(Loss) Recognized on Derivatives
		For the Three Months Ended				For the Six Months Ended
	Location of Gain/(Loss) Recognized on Derivatives	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024

Derivatives not designated as hedges		($ in millions)				($ in millions)
Foreign Exchange Contracts	Change in Fair Value of Derivatives	$	19.5	$	(4.9)	$	43.0	$	(22.4)
Loss Portfolio Transfer Liability - Embedded Derivative	Change in Fair Value of Derivatives	$	0.5	$	2.9	$	2.9	$	6.8

Derivatives designated as cash flow hedges
Foreign Exchange Contracts	General, administrative and corporate expenses in consolidated statement of operations	$	0.4	$	—	$	(0.4)	$	—
Foreign Exchange Contracts	Net change gross of tax from current period hedged transactions in other comprehensive income	$	5.3	$	0.3	$	10.5	$	(0.2)

Foreign Exchange Contracts. The Company uses foreign exchange contracts to manage foreign currency risk associated with our operating expenses but also foreign exchange risk associated with net assets or liabilities in currencies other than the U.S. dollar. A foreign exchange contract involves an obligation to purchase or sell a specified currency at a future date at a price set at the time of the contract. Foreign exchange contracts will not eliminate fluctuations in the value of the Company’s assets and liabilities denominated in foreign currencies but rather allow it to establish a rate of exchange for a future point in time.

As at June 30, 2025, the Company held foreign exchange contracts that were not designated as hedges under ASC 815 with an aggregate notional amount of $1,721.7 million (December 31, 2024 — $1,586.9 million). The foreign exchange contracts are recorded as derivative assets or derivative liabilities in the consolidated balance sheet with changes recorded as a change in fair value of derivatives in the consolidated statement of operations. For the three and six months ended June 30, 2025, the impact of foreign exchange contracts on net income was a gain of $19.5 million and $43.0 million, respectively (June 30, 2024 — loss of $4.9 million and $22.4 million).

As at June 30, 2025, the Company held foreign exchange contracts that were designated as cash flow hedges under ASC 815 with an aggregate notional amount of $79.1 million (December 31, 2024 — $158.0 million). The foreign exchange contracts are recorded as derivative assets or derivative liabilities in the consolidated balance sheet with the changes in fair value recorded in other comprehensive income. For the three and six months ended June 30, 2025, the Company recognized gains of $5.3 million and $10.5 million, respectively (June 30, 2024 — gain of $0.3 million and loss of $0.2 million) in other comprehensive income.

As the foreign exchange contracts settle, the realized gain or loss is reclassified from other comprehensive income into general, administrative and corporate expenses in the consolidated statement of operations. For the three and six months ended June 30, 2025, the amount recognized within general, administrative and corporate expenses for settled foreign exchange contracts was a realized gain of $0.4 million and a realized loss of $0.4 million, respectively (June 30, 2024 — $Nil and $Nil). The Company estimates that $4.3 million of the existing gains as at June 30, 2025 is expected to be reclassified into earnings within the next 12 months.

Embedded derivative on loss portfolio contract. The loss portfolio transfer contract includes a funds withheld arrangement that provides returns to the reinsurer based on Aspen’s investment performance, guaranteeing a minimum of 1.75% return. Such funds withheld arrangements are examples of embedded derivatives and therefore this instrument is accounted for as an option-based derivative. For the three and six months ended June 30, 2025, the amount recognized as a change in fair value of derivatives in the consolidated statement of operations is a gain of $0.5 million and $2.9 million, respectively (June 30, 2024 — gain of $2.9 million and $6.8 million).

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8. Reserve for Losses and Loss Adjustment Expenses

The following table represents a reconciliation of beginning and ending consolidated reserve for losses and loss adjustment expenses for the six months ended June 30, 2025 and 2024:


	Six Months Ended June 30,
	2025		2024

	($ in millions)
Reserve for losses and loss adjustment expenses at the start of the period	$	8,122.6	$	7,810.6
Less unpaid losses recoverable from reinsurers at the start of the period	(4,172.0)		(4,577.8)
Net reserve for losses and loss adjustment expenses at the start of the period	3,950.6		3,232.8


Net incurred losses and loss adjustment expenses related to:
Current year	839.1		796.9
Prior years	(4.7)		7.8
Total incurred	834.4		804.7
Net paid losses and loss adjustment expenses related to:
Current year	(51.6)		(34.5)
Prior years	(470.7)		(418.6)
Total paid	(522.3)		(453.1)



Foreign exchange losses/(gains)	95.6		(26.7)

Net reserve for losses and loss adjustment expenses at the end of the period	4,358.3		3,557.7
Plus unpaid losses recoverable from reinsurers at the end of the period	4,273.9		4,275.3
Reserve for losses and loss adjustment expenses at the end of the period	$	8,632.2	$	7,833.0

For the six months ended June 30, 2025, there was a $4.7 million reduction in the Company’s estimate of the ultimate claims to be paid in respect of prior accident years compared to an increase of $7.8 million for the six months ended June 30, 2024.

The $4.7 million reduction in the Company’s estimate of the ultimate claims to be paid in respect of prior accident years for the six months ended June 30, 2025 is due to the favorable prior year development on post-LPT accident years of $19.2 million partially offset by the unfavorable impact of the LPT of $14.5 million.

The $7.8 million increase in the Company’s estimate of the ultimate claims to be paid in respect of prior accident years for the six months ended June 30, 2024 was due to the unfavorable impact of the LPT of $15.0 million, partially offset by favorable prior year development on post-LPT accident years of $7.2 million.

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9. Capital Structure

The following table provides a summary of the Company’s authorized and issued share capital as at June 30, 2025 and December 31, 2024:


	As at June 30, 2025			As at December 31, 2024
	Number	$ in Thousands		Number	$ in Thousands
Authorized share capital:
Class A ordinary shares $0.001 per share (2024 — $0.001 per share)	750,000,000	$	750	750,000,000	$	750
Preference Shares $0.0015144558 per share	150,000,000	227		150,000,000	227
Total authorized share capital		$	977		$	977

Issued share capital:
Issued Class A ordinary shares $0.001 par value per share (2024 — $0.001 par value per share)	91,838,366	$	92	90,833,333	$	91
Issued 5.950% preference shares of $0.0015144558 par value per share each with a liquidation preference of $25 per preference share	—	—		11,000,000	17
Issued 5.625% preference shares of $0.0015144558 par value per share each with a liquidation preference of $25 per preference share	10,000,000	15		10,000,000	15
Issued 5.625% preference shares of $0.0015144558 par value per share represented by depositary shares, each with a liquidation preference of $25,000 per preference share (1)	10,000	—		10,000	—
Issued 7.000% preference shares of $0.0015144558 par value per share represented by depositary shares, each with a liquidation preference of $25,000 per preference share (2)	9,000	—		9,000	—
Total issued share capital		$	107		$	123

______________

(1) Each depositary share represents a 1/1000th interest in a share of the 5.625% preference shares.

(2) Each depositary share represents a 1/1000th interest in a share of the 7.000% preference shares.

(a) Ordinary Shares

Issued Ordinary Shares. On March 30, 2025, the Company’s Board of Directors approved the exchange of all of the Company’s previously issued and outstanding shares, par value $0.01 per share (“Previous Ordinary Shares”), owned by the Company’s Parent, for 90,833,333 Class A ordinary shares, par value $0.001 (“Class A Ordinary Shares”). In connection with the Ordinary Share Exchange, the Previous Ordinary Shares were cancelled. The Class A Ordinary Shares have the same voting and economic rights as the Previous Ordinary Shares other than par value. Share and per share information included in the accompanying consolidated financial statements and notes to the consolidated financial statements have been retroactively adjusted to reflect the Ordinary Share Exchange for all periods presented.

Equity and Incentive plan. During 2023, selected senior employees were granted Management Equity Plan (“MEP”) stock options to acquire non-voting shares at a management equity vehicle affiliated with the Company at no cost to the employee. Upon completion of the Company’s IPO, the Company introduced the 2025 Equity and Incentive Plan which granted replacement awards in substitution for the MEP legacy share options. As a result, the Company granted 1,306,139 ordinary shares as replacement awards. To satisfy tax withholding and remittance obligations, 301,106 ordinary shares were withheld, resulting in a net issuance of 1,005,033 shares to employees. Refer to Note 12, “Share-Based Payments”, for further details.

(b) Preference Shares

Preference Shares Issuance. On May 2, 2013, the Company issued 11,000,000 5.950% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, with a liquidation preference of $25 per share (the “AHL PRC Shares”). Net proceeds were $270.6 million, consisting of $275.0 million of total liquidation preference less $4.4 million of issuance expenses. See further information below under “AHL PRC Shares Redemption.”

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On September 20, 2016, the Company issued 10,000,000 shares of 5.625% Perpetual Non-Cumulative Preference Shares (the “AHL PRD Shares”). The AHL PRD Shares have a liquidation preference of $25 per share. Net proceeds were $241.3 million, consisting of $250.0 million of total liquidation preference less $8.7 million of issuance expenses. The AHL PRD Shares are listed on the NYSE under the symbol “AHL PRD.”

On August 13, 2019, the Company issued 10,000,000 depositary shares, each of which represents 1/1000th interest in a share of the newly designated 5.625% Perpetual Non-Cumulative Preference Shares. The depositary shares have a liquidation preference of $25 per share. Net proceeds were $241.6 million, comprising $250.0 million of total liquidation preference less $8.4 million of issuance expenses. The depositary shares are listed on the NYSE under the symbol “AHL PRE.”

On November 26, 2024, the Company issued 9,000,000 depositary shares, each of which represents 1/1000th interest in a share of the newly designated 7.000% Perpetual Non-Cumulative Preference Shares. The depositary shares have a liquidation preference of $25 per share. Net proceeds were $217.0 million, comprising $225.0 million of total liquidation preference less $8.0 million of issuance expenses. The depositary shares are listed on the NYSE under the symbol “AHL PRF.”

AHL PRC Shares Redemption. On November 29, 2024, the Company issued a notice of redemption in connection with all of its issued and outstanding AHL PRC Shares. The redemption took place on January 1, 2025, to be paid on January 2, 2025, and was conducted pursuant to the terms of the certificate of designation, dated May 2, 2013, governing the AHL PRC Shares. Each holder of an AHL PRC Share received $25 per preference share, representing an aggregate amount of $275.0 million. Since the redemption date is also a dividend payment date, the redemption price does not include any declared and unpaid dividends.

10. Earnings Per Ordinary Share

Basic earnings per ordinary share are calculated by dividing net income available to holders of Aspen Insurance Holdings Limited’s ordinary shares by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per ordinary share are calculated based on the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the period of calculation using the treasury stock method. The following table presents the computation of basic and diluted earnings per ordinary share for the three and six months ended June 30, 2025, and 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

	($ in millions, except share and per share amounts)				($ in millions, except share and per share amounts)
Numerator:
Net income	$	46.5	$	69.0	$	83.3	$	180.8
Less: Preference share dividends	(11.0)		(13.7)		(23.5)		(27.3)
Less: Preference share redemption costs	—		—		(4.4)		—
Net income available to Aspen Insurance Holdings Limited’s ordinary shareholders	$	35.5	$	55.3	$	55.4	$	153.5

Denominator:
Basic weighted average ordinary shares outstanding	90,976,909		90,833,333		90,905,518		90,833,333
Weighted average effect of dilutive restricted share units	65,206		—		32,760		—
Diluted weighted average ordinary shares outstanding	91,042,115		90,833,333		90,938,278		90,833,333

Basic earnings per ordinary share	$	0.39	$	0.61	$	0.61	$	1.69
Diluted earnings per ordinary share	$	0.39	$	0.61	$	0.61	$	1.69

Anti-dilutive shares excluded from the dilutive computation (1)	626,727		—		626,727		—

______________

(1) The Company’s share options have been excluded from the calculation of diluted earnings per ordinary share for the three and six months ended June 30, 2025, because the effect of including those shares in the calculation would have been anti-dilutive. For further information on the Company’s share options, refer to Note 12, Share-Based Payments.

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11. Dividends

During the six months ended June 30, 2025, the Company’s Board of Directors declared and paid the following dividends:


	Dividend per Share		Total Dividend
Three months ended March 31, 2025

5.625% Preference Shares (AHL PRD)	$	0.35	$	3,516,000
5.625% Preference Shares, represented by depository shares (AHL PRE)	$	351.56	$	3,515,600
7.000% Preference Shares, represented by depository shares (AHL PRF)	$	612.50	$	5,512,500

Dividend per Share

Total Dividend

Three months ended June 30, 2025

5.625% Preference Shares (AHL PRD)

0.35

ASPEN INSURANCE HOLDINGS LTD 6-K