Banks Named to Lead Aspen Re’s U.S. IPO

October 6, 2003

The planned U.S. initial public offering of London-based property/casualty reinsurer Aspen Re will be led by Credit Suisse First Boston (CSFB) and Goldman Sachs, according to a recent Reuters report. The IPO is expected to be valued at over $1 billion and will likely take place in early 2004.

Aspen Re was spun off from Lloyd’s insurer Wellington Underwriting Plc in May 2002. It operates in the U.S., U.K. and Bermuda, where its holding company is based.

CSFB reportedly owns 12 percent of Aspen through CSFB Private Capital.

According to Reuters, Aspen Re was valued at 575 million pounds at the end of June. At the expected 1.2 to 1.4 times book value for the IPO, the company would have a valuation of 700 million to 800 million pounds, or $1.2-$1.3 billion.

The Blackstone Group, which owns almost a third of the company, Wellington Underwriting Plc, Candover Partners Limited, Montpelier Reinsurance and 3I Group Plc were identified as additional investors.

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