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ASPEN INSURANCE HOLDINGS LTD

aspen.co

What Do They Do?

Underwrites reinsurance for insurers and specialty insurance for commercial and public-sector customers.

How Do They Make Money?

revenue
SegmentShareRevenue
Reinsurance
57%
FY2022: 45%
Insurance
43%
FY2022: 55%

Who Are Their Customers?

Insurers buy reinsurance, while businesses and public-sector organizations buy insurance. Aspen produces business principally through brokers and reinsurance intermediaries.

Do Revenues Turn Into Profits?

Yes. It kept 11 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025
31% of revenue
▼ −1% vs FY2024 ($1B, 31%)
Net income, FY2025
11% of revenue
▼ −30% vs FY2024 ($486.1M, 15%)

How Are They Changing?

Growing. Revenue grew 22% in 4 years, from $2.6B in FY2021 to $3.2B in FY2025, about 5% a year.

ACM fee sources ACM's described fees now include underwriting fees alongside management and performance fees; the older report describes management and performance fees.

Revenue over time
Reinsurance Insurance
$500M$250M$0

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