Aspen Insurance Holdings Limited has launched its initial public offering of 11 million Class A ordinary shares, the company announced today. The shares, with a par value of $0.001 each, will be sold by entities managed by affiliates of Apollo Global Management, Inc., which currently controls the Bermuda-based insurer.
The move comes after Aspen announced in January its plan to list its shares on the New York Stock Exchange following a series of reforms introduced by the London Stock Exchange in 2024.
In connection with the offering, the selling shareholders have granted underwriters a 30-day option to purchase up to an additional 1.65 million shares. The offering price is expected to fall between $29.00 and $31.00 per share. Aspen’s shares have been approved for listing on the New York Stock Exchange under the ticker symbol “AHL,” subject to official notice of issuance.
Goldman Sachs & Co. LLC, Citigroup, and Jefferies are acting as lead book-running managers. Additional book-runners include Apollo Global Securities, BMO Capital Markets, Deutsche Bank Securities, Morgan Stanley, RBC Capital Markets, Wells Fargo Securities, Citizens Capital Markets, Dowling & Partners Securities, Natixis, Piper Sandler & Co., and Raymond James. Academy Securities and Siebert Williams Shank are serving as co-managers.
The IPO marks a return to public markets for Aspen, which was taken private in 2019 following its acquisition by Apollo for approximately $2.6 billion. The offering gives existing shareholders a partial exit and may provide additional liquidity for the company as it continues to expand its insurance and reinsurance operations.
Aspen’s listing comes amid a gradual recovery in the U.S. IPO market. After a period of reduced activity in 2022 and 2023, companies are beginning to pursue public offerings again as market volatility eases and investor demand shows signs of returning. Financial services, technology, and healthcare companies have led recent filings, with insurers and specialty finance firms also showing renewed interest in tapping equity markets.
Aspen provides insurance solutions in property, casualty, and specialty lines globally, including reinsurance products.
