Aspen launches IPO, targets $2.85bn valuation

Aspen Insurance Holdings has launched an initial public offering (IPO) of 11 million Class A ordinary shares, all being sold by entities managed by Apollo Global Management, with a price range of $29 to $31 per share. The IPO could raise between $319 million and $392 million, potentially valuing Aspen at up to $2.9 billion. An additional 1.65 million shares may be offered to underwriters through a 30-day option. Aspen's shares have been approved for listing on the New York Stock Exchange under the ticker symbol 'AHL.' The company disclosed a 36% year-over-year increase in fee income from its Aspen Capital Markets division in Q1 2025, reflecting growth in its third-party capital and insurance-linked securities business. The IPO is expected to enhance Aspen's financial flexibility, strengthen its capitalization, and support greater access to capital markets.