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Aspen Insurance (AHL): Apollo funds disclose controlling 82.1% holding

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13G/A

Rhea-AI Filing Summary

Apollo-affiliated investment entities filed an amended Schedule 13G reporting large beneficial ownership stakes in Aspen Insurance Holdings Limited (AHL) Class A ordinary shares. Apollo Advisors IX (EH), L.P., Apollo Advisors IX (EH-GP), LLC, Apollo Management Holdings, L.P. and Apollo Management Holdings GP, LLC each report beneficial ownership of 75,418,220 shares, or 82.1% of the class, based on 91,838,366 shares outstanding as of June 30, 2025. AP Highlands Co-Invest, L.P. and related entities report smaller but still significant positions of 28,610,563 shares (31.2%) and 46,807,657 shares (51.0%). All reporting persons have shared, and no sole, voting and dispositive power, and several explicitly disclaim beneficial ownership beyond shares held of record.

Positive

  • None.

Negative

  • None.

Insights

Apollo entities report an 82.1% beneficial stake in Aspen, indicating highly concentrated ownership.

The filing shows multiple Apollo-affiliated funds and vehicles reporting beneficial ownership of Aspen Insurance Holdings Limited Class A ordinary shares. The largest positions are held through Apollo Advisors IX (EH), L.P. and related entities, each reporting 75,418,220 shares, representing 82.1% of the class, based on 91,838,366 shares outstanding as of June 30, 2025. Other Apollo vehicles, such as AP Highlands Co-Invest, L.P. and AP Highlands Holdings, L.P., report stakes of 28,610,563 and 46,807,657 shares, or 31.2% and 51.0%, respectively.

All reporting persons indicate shared and no sole power to vote or dispose of these shares, reflecting a coordinated ownership structure across related funds. The filing includes broad disclaimers of beneficial ownership beyond shares held of record, which is typical for complex sponsor structures. For investors, the disclosed 82.1% beneficial stake signals a controlling position by Apollo-affiliated entities, suggesting that key strategic and governance decisions at Aspen are likely to be heavily influenced by this shareholder group.






Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)






SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G



Apollo Management Holdings GP, LLC
Signature:/s/ James Elworth
Name/Title:James Elworth, Vice President
Date:11/14/2025
AP Highlands Co-Invest, L.P.
Signature:Apollo Co-Investment Management, LLC
Name/Title:Investment Manager
Date:11/14/2025
Signature:/s/ James Elworth
Name/Title:James Elworth, Vice President
Date:11/14/2025
Apollo Co-Investment Management, LLC
Signature:/s/ James Elworth
Name/Title:James Elworth, Vice President
Date:11/14/2025
Apollo Management, L.P.
Signature:Apollo Management GP, LLC
Name/Title:General Partner
Date:11/14/2025
Signature:/s/ James Elworth
Name/Title:James Elworth, Vice President
Date:11/14/2025
Apollo Management GP, LLC
Signature:/s/ James Elworth
Name/Title:James Elworth, Vice President
Date:11/14/2025
AP Highlands Holdings, L.P.
Signature:AP Highlands Holdings (GP), LLC
Name/Title:General Partner
Date:11/14/2025
Signature:/s/ James Elworth
Name/Title:James Elworth, Vice President
Date:11/14/2025
AP Highlands Holdings (GP), LLC
Signature:AIF IX International Holdings, L.P.
Name/Title:Managing Member
Date:11/14/2025
Signature:/s/ James Elworth
Name/Title:James Elworth, Vice President
Date:11/14/2025
AIF IX International Holdings, L.P.
Signature:Apollo Advisors IX (EH), L.P.
Name/Title:General Partner
Date:11/14/2025
Signature:/s/ James Elworth
Name/Title:James Elworth, Vice President
Date:11/14/2025
APH Holdings, L.P.
Signature:Apollo Principal Holdings A, L.P.
Name/Title:Limited Partner
Date:11/14/2025
Signature:/s/ James Elworth
Name/Title:James Elworth, Vice President
Date:11/14/2025
Apollo Principal Holdings A, L.P.
Signature:Apollo Principal Holdings A GP, Ltd.
Name/Title:General Partner
Date:11/14/2025
Signature:/s/ James Elworth
Name/Title:James Elworth, Vice President
Date:11/14/2025
Apollo Principal Holdings A GP, Ltd.
Signature:APO Corp.
Name/Title:Sole Shareholder
Date:11/14/2025
Signature:/s/ James Elworth
Name/Title:James Elworth, Vice President
Date:11/14/2025
Apollo Advisors IX (EH), L.P.
Signature:Apollo Advisors IX (EH-GP), LLC
Name/Title:General Partner
Date:11/14/2025
Signature:/s/ James Elworth
Name/Title:James Elworth, Vice President
Date:11/14/2025
Apollo Advisors IX (EH-GP), LLC
Signature:/s/ James Elworth
Name/Title:James Elworth, Vice President
Date:11/14/2025
Apollo Management Holdings, L.P.
Signature:Apollo Management Holdings GP, LLC
Name/Title:General Partner
Date:11/14/2025
Signature:/s/ James Elworth
Name/Title:James Elworth, Vice President
Date:11/14/2025
Exhibit Information

Joint Filing Agreement

FAQ

What did Apollo disclose in its Schedule 13G/A filing for Aspen Insurance Holdings (AHL)?

Apollo-affiliated entities filed an amended Schedule 13G stating that various Apollo funds and vehicles collectively have large beneficial ownership positions in Aspen Insurance Holdings Limited Class A ordinary shares, with the largest stake representing 82.1% of the class.

How many Aspen Insurance (AHL) shares do Apollo entities beneficially own?

Apollo Advisors IX (EH), L.P., Apollo Advisors IX (EH-GP), LLC, Apollo Management Holdings, L.P. and Apollo Management Holdings GP, LLC each report beneficial ownership of 75,418,220 Class A ordinary shares of Aspen Insurance Holdings Limited.

What percentage of Aspen Insurance Holdings Limited does Apollo report owning?

The filing states that certain Apollo-affiliated entities each beneficially own 82.1% of Aspen’s Class A ordinary shares, calculated using 91,838,366 shares outstanding as of June 30, 2025.

Which Apollo entities hold major stakes in Aspen Insurance (AHL)?

Major reporting entities include Apollo Advisors IX (EH), L.P., Apollo Advisors IX (EH-GP), LLC, Apollo Management Holdings, L.P., Apollo Management Holdings GP, LLC, as well as AP Highlands Co-Invest, L.P. and AP Highlands Holdings, L.P., among others.

Do Apollo entities have sole or shared voting power over Aspen Insurance shares?

The Schedule 13G/A states that all reporting persons have 0 shares with sole voting or dispositive power and only shared power over their reported Aspen Insurance Holdings Limited shares.

What share counts and percentages are reported for AP Highlands entities in Aspen (AHL)?

AP Highlands Co-Invest, L.P. reports beneficial ownership of 28,610,563 shares (31.2%), while AP Highlands Holdings, L.P. and certain related entities each report 46,807,657 shares (51.0%) of Aspen’s Class A ordinary shares.

Do Apollo and related entities acknowledge full beneficial ownership of all Aspen shares reported?

No. AP Highlands, AP Highlands LP and other reporting persons disclaim beneficial ownership of Aspen shares beyond those held of record, and the statement says the filing should not be construed as an admission of beneficial ownership for those additional securities.

Aspen Insurance Holdings Ltd.

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