Aspen confirms potential IPO in 2024

Published on December 11, 2023

Bermuda-based insurer and reinsurer, Aspen Insurance Holdings Limited, has confirmed that it is mulling an initial public offering (IPO) of its ordinary shares in 2024, subject to satisfactory market conditions.

Aspen logoThe announcement from Aspen confirms a previous report by the Financial Times that Aspen has been working with bankers for some time on an IPO and stock exchange listing.

Earlier this month, mainstream media reported that the company had chosen New York over London as a venue for an IPO, with the firm reportedly aiming for a valuation of between $3.5 billion and $4 billion.

While none of the finer details have been confirmed by the re/insurer, Aspen has confirmed that it is considering an IPO next year.

“There is no assurance that Aspen will pursue an IPO or that any IPO will be successful,” says the firm. “To the extent Aspen pursues an IPO, neither the number of ordinary shares to be offered nor the price range for any such potential IPO has been determined at this time.”

Aspen first went public in 2003 when it had a market capitalisation of approximately $1.6 billion. But in 2019, the re/insurer was taken private via a deal that saw Apollo become its main shareholder.

Following this transaction, the company’s ordinary shares stopped trading on both the New York (NYSE) and Bermuda Stock Exchange (BSX), effective February 15th, 2019.

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