Aspen Insurance Holdings Limited, the Bermuda-based insurer and reinsurer, has confirmed that it is mulling an initial public offering (IPO) of its ordinary shares in 2024, subject to satisfactory market conditions.
A news report from Reinsurance News, an industry-focused online medium, on Monday indicated the announcement from the risk underwriting firm confirmed a previous report by the Financial Times that it had been working with bankers for some time on an IPO and stock exchange listing.
Earlier this month, mainstream media reported that the company had chosen New York over London as a venue for an IPO, with the firm reportedly aiming for a valuation of between $3.5 billion and $4 billion.
While none of the finer details have been confirmed by the re/insurer, the manageemnt has confirmed that it is considering an IPO next year.
It stated: “There is no assurance that Aspen will pursue an IPO or that any IPO will be successful. To the extent Aspen pursues an IPO, neither the number of ordinary shares to be offered nor the price range for any such potential IPO has been determined at this time.”
It would be recalled that Aspen first raised capital from the public in 2003 when it had a market capitalisation of approximately $1.6 billion. But in 2019, the re/insurer was taken private via a deal that led to Apollo becoming its main shareholder.
Following this transaction, the company’s ordinary shares stopped trading on both the New York Stock Exchange (NYSE) and Bermuda Stock Exchange (BSX), effective February 15th, 2019.
