• Like a global specialty insurer such as Chubb, but also a major provider of insurance to other insurance companies.
• A global commercial insurer like Travelers, that also provides substantial reinsurance services to other insurers.

• Property & Casualty Insurance: Provides direct insurance coverage to businesses for a range of commercial property, general liability, and professional liability risks.
• Specialty Insurance: Offers direct insurance solutions for complex and niche risks including marine, aviation, energy, cyber, and financial lines.
• Property Reinsurance: Provides risk transfer solutions to other insurance companies for their property exposures, including catastrophic events and proportional treaty arrangements.
• Casualty Reinsurance: Offers coverage to other insurers for various liability risks they underwrite, helping them manage their aggregate exposures.
• Specialty Reinsurance: Delivers tailored reinsurance protection for specialized classes of business such as marine, aviation, energy, and credit to other insurers.

Aspen Insurance (symbol: AHL) operates as a global specialty insurance and reinsurance company. Due to the nature of its business, Aspen primarily sells its products and services to other companies rather than directly to individuals.

Major Customer Categories (Other Companies):

Aspen's business model involves providing sophisticated risk solutions, which means its "customers" are typically:

• Commercial Businesses and Corporations: Aspen provides specialty insurance coverages (such as property, casualty, professional liability, marine, aviation, energy, cyber, etc.) to a wide range of corporate clients across various industries. These coverages are typically accessed by these companies through independent insurance brokers and intermediaries.
• Other Insurance Companies (for Reinsurance): A significant part of Aspen's operations involves reinsurance, where it provides coverage to primary insurance companies. These insurance companies purchase reinsurance from Aspen to manage their own risk exposure, protect their balance sheets, and expand their underwriting capacity.

It is important to note that specific names of major customer companies are generally not publicly disclosed by Aspen or other re/insurers due to the proprietary and confidential nature of these business relationships and the diverse, broad base of clients they serve through brokers and as cedants (for reinsurance). Their customer base is highly fragmented rather than concentrated in a few large entities whose identities would be public.

Mark Cloutier, Executive Chairman and Group Chief Executive Officer

Mark Cloutier was appointed Executive Chairman and Group Chief Executive Officer of Aspen on February 15, 2019. He has over 35 years of experience in the international insurance and reinsurance sector across various jurisdictions. Prior to joining Aspen, Mr. Cloutier was Executive Chairman of the Brit Group, a Lloyd's of London insurer, and previously served as CEO of the Brit Group from October 2011 following its acquisition by Apollo and other private equity firms. During his time at Brit Group, he led a major restructuring, a successful listing on the London stock exchange in 2014, and the subsequent acquisition of the business by Fairfax Financial Holdings in 2015. He has also held CEO positions at Alea Group and Overseas Partners Re, and was President of E.W. Blanch Insurance Services Inc. Mr. Cloutier has worked with several private equity investors including Apollo Management International LLP, CVC Capital Partners, Kohlberg Kravis Roberts (KKR), and Fortress. He started his career by forming his own firm, Maxwell Cloutier Adjusters Ltd.

Mark Pickering, Group Chief Financial Officer & Treasurer

Mark Pickering was appointed Group Chief Financial Officer and Treasurer, effective August 1, 2024. He has over 20 years of experience in the re/insurance industry and has held several senior roles at Aspen since joining in September 2015. His previous responsibilities include Group Chief Capital Management Officer, Chief Executive Officer of Aspen Bermuda Limited, and Group Treasurer. Prior to joining Aspen, he served as Senior Vice President, Treasurer with Platinum Underwriters Holdings, Ltd. from 2006 to 2015. He is a Chartered Financial Analyst, Chartered Professional Accountant, and an Associate in Reinsurance.

Christian Dunleavy, Group President and CEO, Aspen Bermuda Limited

Christian Dunleavy was appointed Group President and CEO of Aspen Bermuda Limited, effective August 1, 2024. In this expanded role, he is responsible for the group's underwriting strategy, claims, and business development. With over 25 years of experience in re/insurance, he joined Aspen in 2015 as Global Head of Property Cat Reinsurance and was promoted to Group Chief Underwriting Officer in 2022.

John Welch, Group Chief Underwriting Officer

John Welch serves as the Group Chief Underwriting Officer. He also holds the title of Chief Underwriting Officer, Reinsurance. Mr. Welch has shared his views on the outlook for the 1/1 renewal season during industry meetings.

Rob Houghton, Group Chief Operating Officer

Rob Houghton is the Group Chief Operating Officer at Aspen Insurance. Under a revamped leadership model, Mr. Houghton has increased oversight over the operations functions, including bringing together Outwards Reinsurance Accounting and Outwards Reinsurance Operations.

Accelerated Impact of Climate Change: The increasing frequency and severity of natural catastrophe events, such as hurricanes, wildfires, and floods, directly threaten Aspen's property and catastrophe reinsurance businesses. This trend challenges traditional actuarial models, leads to higher claims payouts, increases the cost of capital, and makes it more difficult to accurately price risks and manage exposure across their portfolio. This fundamentally impacts underwriting profitability and long-term business sustainability in certain lines and geographies.

Disruption from Advanced Data Analytics and AI in Underwriting: The rapid adoption of artificial intelligence, machine learning, and advanced data analytics by new market entrants (Insurtechs) and agile competitors poses a significant threat. These technologies allow for more precise risk selection, dynamic pricing, and highly efficient claims processing. If Aspen cannot keep pace with the development and deployment of these capabilities, it risks falling behind in competitive advantage regarding underwriting profitability, operational efficiency, and speed of service, potentially leading to market share erosion and margin compression.

Aspen Insurance Holdings Limited (AHL) operates in two primary segments: specialty insurance and reinsurance. The addressable markets for these main products and services are substantial on a global scale.

Global Commercial Insurance Market

The global commercial insurance market was valued at approximately USD 922.5 billion in 2024 and is projected to reach USD 1,684.0 billion by 2033, exhibiting a Compound Annual Growth Rate (CAGR) of 6.2% from 2025 to 2033. Another estimate valued the market at USD 856.76 billion in 2024, with a projection to grow to USD 1,873.93 billion by 2035 at a CAGR of 8.82%. North America currently dominates this market, holding a 38.9% share in 2024. Europe's commercial insurance market exceeded EUR 1.2 trillion (approximately USD 1.28 trillion) in 2022. The Asia Pacific region is also a significant player, leading the global market with over a 23% share in 2023 and anticipated to experience the highest CAGR during the forecast period. China, as part of Asia Pacific, represented the world's second-largest insurance market in 2023, with total premiums of USD 724 billion.

Global Property and Casualty (P&C) Insurance Market

The global property and casualty insurance market was estimated at USD 3,674.46 billion in 2023 and is projected to reach USD 6,180.14 billion by 2030, growing at a CAGR of 7.9% from 2024 to 2030. Other reports indicate the market was valued at USD 3.97 trillion in 2024 and is projected to reach USD 8.81 trillion by 2034, with a CAGR of 8.30% from 2025 to 2034. The market has also been reported to have doubled in size over the past 20 years to USD 2.4 trillion. North America held the largest share of the property and casualty insurance market, with a 30.22% share in 2023, and its market size was approximately USD 1.27 trillion in 2024, expected to reach around USD 2.86 trillion by 2034. The U.S. specific P&C market was estimated at USD 890 billion in 2024, projected to reach about USD 2,020 billion by 2034. Asia Pacific is expected to exhibit the fastest CAGR in the global P&C market.

Global Reinsurance Market

The global reinsurance market was valued at USD 581.3 billion in 2024 and is expected to grow to USD 1,165.7 billion by 2033, at a CAGR of 8.04% from 2025 to 2033. Another assessment places the global reinsurance market at USD 711.75 billion in 2024, with a projection to reach USD 2,000.08 billion by 2034, expanding at a CAGR of 10.88% from 2025 to 2034. Europe held the largest regional share of the reinsurance market at 31.40% in 2024. North America contributed more than 44% of the revenue share in 2024, and the demand for reinsurance in the United States is forecasted to reach USD 187.5 billion by the end of 2033. The Asia-Pacific region is recognized as the fastest-growing market globally for reinsurance.

Here are 3-5 expected drivers of future revenue growth for Aspen Insurance (AHL) over the next 2-3 years:

1. Growth in Aspen Capital Markets (ACM) Fee Income: Aspen has demonstrated significant growth in fee income from its Aspen Capital Markets business. In the second quarter of 2025, ACM fee income increased by 53.5% year-over-year, reaching $53 million. This growth is a result of positioning the business to provide underwriting expertise to third-party capital investors, managing net exposures, controlling volatility within its portfolio, and generating stable fee income.
2. Disciplined Underwriting and Improved Combined Ratio: Aspen's focus on disciplined underwriting and improving its combined ratio is expected to drive profitable growth. The company reported a strong combined ratio of 85.1% in Q2 2025, an improvement of 3.6 percentage points compared to the prior year, leading to increased underwriting income. This strategic approach aims to preserve portfolio quality and manage volatility, contributing to overall revenue growth through enhanced profitability.
3. Expansion of the Insurance Business Segment: While the reinsurance segment experienced a slight decrease, Aspen's insurance business segment showed growth in Q2 2025. The company's multi-platform capabilities and strategic positioning allow it to offer a range of specialty insurance and reinsurance products, focusing on delivering solutions and maintaining a balanced, profitable portfolio across market cycles. Continued growth in targeted lines within the insurance business is a key revenue driver.
4. Strong Investment Performance: Aspen's fixed income portfolio continues to deliver strong returns, with a book yield of 4.4% in the second quarter of 2025. Prudent management of its investment portfolio contributes to overall profitability and, indirectly, to the capital available for underwriting, supporting future revenue generation.

Share Issuances

• In early 2025, Aspen Insurance Holdings Limited re-listed on the NYSE under the ticker symbol AHL through an initial public offering (IPO).
• As part of this IPO, Apollo Global Management sold 13.25 million shares at $30 per share, generating gross proceeds of $397.5 million.
• The offering priced between $29.00 and $31.00 per share.

Inbound Investments

• On August 27, 2025, Sompo Holdings, Inc. announced an agreement to acquire Aspen Insurance Holdings for approximately $3.48 billion.
• The acquisition is subject to regulatory approval and is anticipated to be completed, with consolidation commencing, in January-June 2026.