Aspen gears up for potential New York IPO

Bermuda-based Aspen Insurance is likely to hold its initial public offering next year in New York rather than London, according to media reports.

Citing a Financial Times report, Reuters said the decision reflects management concerns about valuations and more stringent listing requirements in Britain.

Aspen, owned by private equity group Apollo and led by CEO Mark Cloutier, is being advised by Goldman Sachs, Citi and Jefferies on an IPO planned for the first half of next year, the FT report said, citing people familiar with the matter.

Factors pushing the company against London included a diminishing valuation premium over similar New York-listed insurers in recent years and other technical requirements in London, such as that the company would have needed one year's worth of figures reaudited because of a change in auditor, the report said.

Greater liquidity in the United States was also an important factor, it added.

An Aspen spokesperson declined to comment on the report, Reuters said.

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.

Aspen recently reported a $86 million third quarter profit and net income for the nine months to September 30 of $305 million.

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