Aspen Insurance Holdings Ltd.'s partial IPO signals a potential change in its debt and shareholder structure in the next two years. We anticipate a higher likelihood of the group's fixed-charge coverage and financial leverage being more aligned with that of 'A' rated peers. We also expect the group's results to be less volatile and more predictable than in the past. Aspen produced a strong operating result in 2024, with a combined ratio of 86.8%. We therefore revised our outlook on Aspen to positive from stable and affirmed our ratings on all the entities in the group (see Ratings List). On May 16, 2025, S&P Global Ratings revised its outlook on Aspen Insurance Holdings Ltd. and on its operating subsidiaries to
