Aspen Insurance Holdings Ltd. Files 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>Aspen Insurance Holdings Ltd. reported $4.33 billion in total assets and $1.53 billion in net income for the fiscal year ended December 31, 2023.</b>

AI Summary

ASPEN INSURANCE HOLDINGS LTD (AHL-PF) filed a Foreign Annual Report (20-F) with the SEC on April 1, 2024. Total assets reported at $4,330.0 million for FY 2023. Total debt stands at $537.7 million as of December 31, 2023. Net income for the period was $1,527.0 million. Earnings per share (EPS) reported at $7.7. Revenue for the fiscal year was $4,131.3 million.

Why It Matters

For investors and stakeholders tracking ASPEN INSURANCE HOLDINGS LTD, this filing contains several important signals. The filing provides a comprehensive overview of Aspen Insurance Holdings Ltd.'s financial performance and position for the fiscal year 2023, crucial for investors assessing the company's stability and profitability. Key financial metrics such as total assets, total debt, net income, and revenue are detailed, offering insights into the company's operational scale and financial health.

Risk Assessment

Risk Level: medium — ASPEN INSURANCE HOLDINGS LTD shows moderate risk based on this filing. The company operates in the insurance industry, which is subject to significant regulatory oversight and market volatility, as indicated by the standard industry classification and the nature of financial filings.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 20-F to understand the company's performance and potential risks.

Financial Highlights

debt To Equity

2.1

revenue

4131.3

operating Margin

93.6

total Assets

4330.0

total Debt

537.7

net Income

1527.0

eps

7.7

gross Margin

52.4

Key Numbers

• 4,330.0 — Total Assets (As of December 31, 2023)
• 4,131.3 — Revenue (For the fiscal year ended December 31, 2023)
• 1,527.0 — Net Income (For the fiscal year ended December 31, 2023)
• 7.7 — EPS (For the fiscal year ended December 31, 2023)
• 537.7 — Total Debt (As of December 31, 2023)
• 93.6 — Operating Margin (For the fiscal year ended December 31, 2023)
• 52.4 — Gross Margin (For the fiscal year ended December 31, 2023)
• 2.1 — Debt/Equity Ratio (As of December 31, 2023)

Key Players & Entities

• ASPEN INSURANCE HOLDINGS LTD (company) — Filer
• 20231231 (date) — Conformed Period of Report
• 20240401 (date) — Filed as of Date
• FIRE, MARINE & CASUALTY INSURANCE (industry) — Standard Industrial Classification
• HAMILTON (location) — Business Address City
• 441 297 9301 (phone) — Business Phone
• Apollo Originating Partnership (company) — Fair Value Measurements Recurring
• Apollo Real Estate Fund (company) — Fair Value Measurements Recurring

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the financial data presented.
• 2024-04-01: Filing Date — Date the 20-F report was officially submitted to the SEC.

Key Financial Figures

• $165.5 million — 50 year occurrence net PML exposures of $165.5 million and $199.8 million, respectively. Other
• $199.8 m — net PML exposures of $165.5 million and $199.8 million, respectively. Other top natural

Filing Documents

• ahl-20231231.htm (20-F) — 6417KB
• aspen-firstamendmenttothir.htm (EX-4.7) — 35KB
• aspen-secondamendmenttothi.htm (EX-4.8) — 31KB
• aspen20bpo-msaxbristowsmar.htm (EX-4.9) — 561KB
• amendmentnumber1totheamend.htm (EX-4.10) — 30KB
• cogaspen-msafinalagreedxsi.htm (EX-4.11) — 664KB
• aspentl-creditagreementexe.htm (EX-4.14) — 1171KB
• a2023-12x18xaspenxfirstame.htm (EX-4.15) — 53KB
• exhibit81subsidiariesofthe.htm (EX-8.1) — 18KB
• exhibit1212023.htm (EX-12.1) — 11KB
• exhibit1222023.htm (EX-12.2) — 11KB
• exhibit1312023.htm (EX-13.1) — 11KB
• kpmgconsent202320-fdraft.htm (EX-15.1) — 2KB
• eyconsentforincorporationb.htm (EX-15.2) — 2KB
• aihl-clawbackpolicynov2023.htm (EX-97.1) — 24KB
• ahl-20231231_g1.jpg (GRAPHIC) — 32KB
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• 0001267395-24-000012.txt (&nbsp;) — 32335KB
• ahl-20231231.xsd (EX-101.SCH) — 120KB
• ahl-20231231_cal.xml (EX-101.CAL) — 172KB
• ahl-20231231_def.xml (EX-101.DEF) — 898KB
• ahl-20231231_lab.xml (EX-101.LAB) — 1181KB
• ahl-20231231_pre.xml (EX-101.PRE) — 1105KB
• ahl-20231231_htm.xml (XML) — 6640KB

Identity of Directors, Senior Management and Advisors 3

Item 1. Identity of Directors, Senior Management and Advisors 3

Offer Statistics and Expected Timetable 3

Item 2. Offer Statistics and Expected Timetable 3

Key Information 3

Item 3. Key Information 3

Information on the Company 40

Item 4. Information on the Company 40

Unresolved Staff Comments 76

Item 4A. Unresolved Staff Comments 76

Operating and Financial Review and Prospects 77

Item 5. Operating and Financial Review and Prospects 77

Directors, Senior Management and Employees 115

Item 6. Directors, Senior Management and Employees 115

Major Shareholders and Related Party Transactions 121

Item 7. Major Shareholders and Related Party Transactions 121

Financial Information 121

Item 8. Financial Information 121

The Offer and Listing 122

Item 9. The Offer and Listing 122

Additional Information 122

Item 10. Additional Information 122

Quantitative and Qualitative Disclosures about Market Risk 133

Item 11. Quantitative and Qualitative Disclosures about Market Risk 133

Description of Securities Other than Equity Securities 134

Item 12. Description of Securities Other than Equity Securities 134 PART II

Defaults, Dividend Arrearages and Delinquencies 135

Item 13. Defaults, Dividend Arrearages and Delinquencies 135

Material Modifications to the Rights of Security Holders and Use of Proceeds 135

Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 135

Controls and Procedures 135

Item 15. Controls and Procedures 135

Audit Committee Financial Expert 137

Item 16A. Audit Committee Financial Expert 137

Code of Conduct 137

Item 16B. Code of Conduct 137

Principal Accountant Fees and Services 137

Item 16C. Principal Accountant Fees and Services 137

Exemptions from the Listing Standards for Audit Committees 137

Item 16D. Exemptions from the Listing Standards for Audit Committees 137

Purchases of Equity Securities by the Issuer and Affiliated Purchasers 137

Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 137

Change in Registrant's Certifying Account 137

Item 16F. Change in Registrant's Certifying Account 137

Corporate Governance 138

Item 16G. Corporate Governance 138

Mine Safety Disclosure 138

Item 16H. Mine Safety Disclosure 138

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 138

Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 138

Insider Trading Policies 138

Item 16J. Insider Trading Policies 138 Item 16K. Cybersecurity 138 PART III

Financial Statements 140

Item 17. Financial Statements 140

Financial Statements F- 1

Item 18. Financial Statements F- 1

Exhibits i

Item 19. Exhibits i 1 Table of Contents EXPLANATORY NOTE References in this Annual Report on Form 20-F (this "report") to the "Company," "Aspen," the "Aspen Group," "we," "us" or "our" refer to Aspen Insurance Holdings Limited ("Aspen Holdings") or Aspen Holdings and its consolidated subsidiaries, as the context requires. Our principal operating subsidiaries are: 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 corporate member of our Lloyd's operations, Lloyd's Syndicate 4711, which are 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". References to "Aspen Capital Markets" or "ACM" means our products offered to third-party investors that participate in alternative reinsurance markets, including through Peregrine Reinsurance Ltd ("Peregrine"), and related management entities, including Aspen Capital Management, Ltd. ("ACML"). ACM forms part of the Aspen Capital Partners ("ACP") offering, which also sources and services capital from the traditional reinsurance markets, to support our business segments. We manage our underwriting operations as two distinct business segments, insurance and reinsurance. References in this report to our "Insurance segment" or "Aspen Insurance" refer to our insurance segment and references to the "Reinsurance segment" or "Aspen Re" refer to our reinsurance segment. Under Bermuda law there is no concept of "outstanding" share capital, however, to align with U.S. share capital terminology and for the avoidance of doubt, references to "outstanding" with respect to our share capital refer to our "issued" share capital under Bermuda law. References in this report to "U.S. Dollars," "dollars," "

Identity of Directors, Senior Management and Advisors

Item 1. Identity of Directors, Senior Management and Advisors Not applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable Not applicable.

Key Information

Item 3. Key Information A. [Reserved] B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. 3 Table of Contents D. Risk Factors You should carefully consider the following risk factors and all other information set forth in this report, including our consolidated financial statements and the notes thereto. Any of the risks described below could materially and adversely affect our business, operating results or financial condition. The risk factors described below could also cause our actual results to differ materially from those in the forward-looking and other statements contained in this report and other documents that we file with the U.S. Securities and Exchange Commission ("SEC"). The risks and uncertainties described below are not the only ones we face. However, these are the risks we believe to be material as of the date of this report. Additional risks not presently known to us or that we currently deem immaterial may also impair our future business, financial condition or operating results. Introduction As with any company which may have certain or all of its securities listed and publicly traded, investing in our preference shares and other securities carries risks. Our risk management strategy is designed to identify, measure, monitor and manage material risks which could adversely affect our financial condition and operating results. We have invested significant resources to develop and maintain appropriate risk management policies and procedures to implement this strategy. Nonetheless, the future business environment is intrinsically uncertain and difficult to forecast and, as a result, our risk management methods may not be successful. For more information on our risk management strategy, refer to Item 4, " Business Overview - Risk Management - Risk Management Strategy ." Risks Related to Our Business (Re)insurance Risks We may be adversely affected by the occurrence of natur

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View this 20-F filing on SEC EDGAR