Aspen Insurance Which is owned by Apollo has officially filed for an Initial Public Offering (IPO) in the United States. This move marks a significant step for the company, which went private in 2019 following an all-cash acquisition by funds affiliated with Apollo Global Management, valued at $2.6 billion.
While the specific details regarding the size of the offering have not been disclosed, Aspen Insurance is reportedly targeting a valuation of around $4 billion. The IPO will be led by prominent financial institutions, Goldman Sachs and Citigroup, serving as the lead underwriters.
Financial Performance
Aspen Insurance’s decision to go public comes at a time when the company has shown a notable turnaround in its financial performance. For the nine months ending September 30, Aspen reported a net income of $305.2 million which shows significant improvement as compared to a loss of $112.8 million in the same period the previous year. However, the net written premiums for this period were $1.98 billion which is slightly lower than the $2.29 billion reported a year earlier.
Market Context
The IPO filing by Aspen Insurance arrives in a market where investor appetite for the insurance sector has been fluctuating. Recent market debuts in the sector have seen mixed responses, with shares of companies like Fidelis Insurance and Hamilton Insurance trading below their IPO prices.
Conclusion: Apollo-owned Aspen Insurance Files for US IPO
Aspen Insurance’s IPO filing is a significant development in the insurance sector, reflecting the company’s growth and the evolving dynamics of the market. With its strong financial turnaround and the backing of major financial institutions, Aspen Insurance is poised to make a notable entry into the public market.
