Aspen Insurance Holdings, a Bermuda-based global provider of specialty P&C insurance and reinsurance, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $500 million.
Aspen Insurance Holdings is a specialty (re)insurer with a diverse product mix balanced across its primary specialty insurance and opportunistic reinsurance franchises. Its primary specialty insurance product set is centered around niche "specialty" lines, such as professional liability, credit and political risk, cyber, and environmental. Its opportunistic reinsurance business is centered around both specialty and traditional reinsurance lines where it applies risk selection criteria to create unique risk profiles.
Aspen was previously traded on the NYSE from 2003 until 2019, when it was acquired by Apollo Global Management.
The Hamilton, Bermuda-based company was founded in 2002 and booked $2.9 billion in revenue for the 12 months ended June 30, 2023. The company has not selected a listing exchange or a symbol yet (RC ticker: AHL.RC). Goldman Sachs, Citi, Jefferies, and Apollo Global Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
