Aspen Announces U.S. IPO

Bermuda-based Aspen Insurance Holdings Limited announced that it intends to file a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of its ordinary shares.

The company is the parent of London-based Aspen Re, which writes P/C reinsurance coverage in the U.K., the U.S. and Bermuda. The group was formed by Lloyd’s insurer Wellington Underwriting Plc. In 2002.

Aspen’s announcement indicated that it intends to apply to list its ordinary shares on the New York Stock Exchange. “The timing and terms of the offering are dependent on market conditions and the submission of regulatory filings,” said the bulletin.

“The number of shares and the aggregate value of ordinary shares to be sold in the initial public offering will be determined in the future by Aspen and its underwriters. Aspen expects to use the net proceeds from the initial public offering for general corporate purposes,” it concluded.

Several reports have forecast that the company will try to raise around $1 billion.