Apollo-Owned Aspen Insurance Files for IPO in the U.S.
Apollo-Owned Aspen Insurance Files for IPO in the U.S.
Aspen Insurance, under the ownership of private equity firm Apollo, has officially submitted its paperwork for an initial public offering (IPO) in the United States, as per a regulatory filing on Wednesday.

According to a report by Reuters, while specific details about the offering’s size were not disclosed, reports indicate that the company is aiming for a valuation of approximately US$4 billion. The filing did not provide information on the exchange where Aspen plans to list its shares.Having transitioned to private ownership in 2019 through an all-cash deal valued at $2.6 billion led by funds affiliated with Apollo Global Management, Aspen’s decision to go public again will test investor interest in the sector. While the insurance market demonstrated strength in the first half of the year, recent market debuts, such as Fidelis Insurance and Hamilton Insurance, have seen their shares trade below their IPO prices.

For the nine months ending September 30, Aspen reported a net income of $305.2 million, a notable improvement compared to a loss of $112.8 million in the same period the previous year. During this timeframe, net written premiums amounted to $1.98 billion, down from $2.29 billion the previous year.

Established in 2002 and headquartered in Bermuda, Aspen specialises in underwriting global specialty insurance and reinsurance through its wholly owned subsidiaries.

Goldman Sachs and Citigroup have been appointed as the lead underwriters for the IPO.

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