Aspen secures $397.5 million in expanded US IPO

Aspen Insurance shares sold for $30 each in its initial public offering (IPO) and the Bermuda re/insurer increased its offering from 11 million shares to 13.25 million shares.

The shares, which will float today on the New York Stock Exchange (NYSE) under the ticker AHL, were sold at the midpoint of the estimated range of $29 to $31.

The sale raised $397.5 million for owner Apollo Global, which is reducing its ownership stake in the business it took private in 2019. The offering values the company at about $2.76 billion.

The sale comes in the wake of market uncertainty and heightened recession fears from US President Donald Trump's erratic trade policy, but investors appeared to put those worries aside.

In connection with the offering, the selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 1,987,500 ordinary shares.

Aspen, headed by chief executive officer Mark Cloutier (pictured), writes specialty insurance and reinsurance from Bermuda. It is the first Bermuda re/insurer to go public since Hamilton and Fidelis floated in 2023.

Goldman Sachs & Co., Citigroup and Jefferies are acting as lead book-running managers for the offering. Apollo Global Securities, BMO Capital Markets, Deutsche Bank Securities, Morgan Stanley, RBC Capital Markets, Wells Fargo Securities, Citizens Capital Markets, Dowling & Partners Securities, LLC, Natixis, Piper Sandler & Co. and Raymond James are acting as book-running managers for the offering. Academy Securities and Siebert Williams Shank are acting as co-managers for the offering.

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