Aspen confirms IPO hopes, plots registration with US regulators
Bermuda-based Aspen Insurance confirmed it is mulling a 2024 IPO and now expects to file issue documentation to American regulators, the company has said.
Aspen is “considering an initial public offering of its ordinary shares in 2024, subject to satisfactory market conditions,” management announced.
A registration statement “is expected to be filed” with the Securities and Exchange Commission (SEC), management added.
No initial decisions on timing or offer size have been made, management insisted. No split of new versus existing shares was mentioned.
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's parent holding, held by certain investment funds managed by affiliates of Apollo Global Management, holds 100% of the ordinary shares.
Aspen, a hybrid reinsurance and primary carrier, 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.
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