Aspen Insurance priced its New York initial public offering within its marketed range on Wednesday, raising $397.5 million for the Bermuda-based specialty insurer.
The Apollo Global Management-owned insurer sold 13.25 million shares at $30 apiece, compared with its targeted range of $29 to $31 per share.
The IPO valued the insurer at about $2.76 billion ahead of its trading debut, which comes amid market uncertainty and heightened recession fears from U.S. President Donald Trump’s erratic trade policy.
However, investor sentiment improved as stock markets have regained some stability in recent days on signs of easing trade tensions, creating a more favorable environment for IPOs.
Founded in 2002, Aspen underwrites specialty insurance and reinsurance globally.
The company first went public on the New York Stock Exchange in 2003, followed by a secondary listing on the Bermuda Stock Exchange in 2004.
Its ordinary shares traded on the NYSE and the BSX until 2019, when Apollo acquired it for $2.60 billion.
Apollo will remain Aspen’s controlling shareholder post-IPO.
Aspen will start trading on the New York Stock Exchange on Thursday under the ticker symbol “AHL.”
Goldman Sachs, Citigroup and Jefferies are the lead underwriters.
Topics USA
Was this article valuable?
Here are more articles you may enjoy.
Three Top P/C Insurers Account for Most of Insurance AI Patents 
UPS Ripped Off Seasonal Workers With Unfair Pay Practices, Lawsuit Alleges 
CEO Sentenced in Miami to 15 Years in One of the Largest Health Care Fraud Cases 
Underwriter, Actuary Fears of AI Drop; Work Needed on Collaboration 
