Aspen confirms it is considering 2024 IPO

Bermuda-based Aspen Insurance has confirmed it is mulling a 2024 initial public offering and expects to file a registration statement with the Securities and Exchange Commission, the company said today. 

The re/insurer noted that the offering was subject to satisfactory market conditions and there is no assurance the company pursue the IPO. 

A US IPO would be the first listing of ordinary shares. Two series of preferred shares plus depository receipts for one of those preferred series are currently listed on the New York Stock Exchange.

Aspen, headed by chairman and CEO Mark Cloutier, has been owned by investment funds managed by affiliates of Apollo Global Management since 2019 when it bought the company in a $2.6 billion deal. 

Apollo also owns Bermuda-based life re/insurers Athene and Athora and legacy re/insurer Catalina. 

Aspen is being advised by Goldman Sachs, Citi and Jefferies on an IPO planned for the first half of next year, recent media reports said of the planned deal, citing people familiar with the matter.

Several Bermuda-based insurers have listed in New York this year, including Fidelis Holdings, which netted $90 million in an IPO in June, and Hamilton insurance Group which raised $80 million in an IPO in November.

Bermuda:Re+ILS reported earlier this month that Aspen was leaning towards a US listing rather than a listing in London. 

Aspen reported a third quarter profit of 86 million in the third quarter after losing $161 million in the same period a year ago. It recorded nine-month net income of $305 million compared to full year earnings of $51 million in 2022. 

In 2022, Aspen reported $15.2 billion in total assets, $7.7 billion in gross loss reserves, $2.4 billion in total shareholders’ equity and $4.3 billion in gross written premiums.

According to company documents, it had an operating return on equity of 11.9%. 

Aspen said it anticipated that market conditions will remain favourable in most of its classes in 2024.