The IPO Buzz: Aspen Insurance Holdings Ltd. (AHL) Prices Upsized IPO at $30 – Mid-Point

By Jan Paschal   Posted May 7, 2025

Aspen Insurance Holdings Ltd.   (AHL) upsized its IPO at pricing to 13.25 million shares – up from 11.0 million shares originally – and priced the IPO at $30.00 – the mid-point of its $29.00-to-$31.00 range – as expected – to raise $397.5 million on Wednesday night, May 7, 2025. Shares of Aspen Insurance Holdings Ltd. are expected to start trading tomorrow – Thursday, May 8, 2025 – on the New York Stock Exchange.  At pricing, Aspen Insurance Holdings Ltd. had a market cap of $2.82 billion.

The IPO’s pricing marks Aspen Insurance Holdings Ltd.’s return to the NYSE as a publicly traded company.

Goldman Sachs, Citigroup and Jefferies were the lead joint book-runners.  Apollo Global Securities was part of the book-running team – and its conflict of interest was disclosed in the prospectus. The other book-runners were BMO Capital Markets, Deutsche Bank Securities, Morgan Stanley, RBC Capital Markets, Wells Fargo Securities, Citizens Capital Markets, Dowling & Partners Securities, Natixis, Piper Sandler and Raymond James.

Aspen Insurance Holdings Ltd.’s IPO is an all-secondary deal: Apollo Global Securities  offered all of the stock in Aspen’s IPO. Apollo bought Aspen in February 2019 in a transaction worth about $2.6 billion at the time. The perception on the Street is that Apollo helped Aspen Insurance streamline its business. After the IPO, Apollo will still control Aspen with its ownership of about 86.7 percent of the outstanding stock.

Aspen Insurance Holdings Ltd. (AHL) is a Hamilton, Bermuda-based P&C specialty insurance company and reinsurance company. Aspen specializes in niche lines such as professional liability, credit and political risk as well as cyber and environmental risk, according to the prospectus.

The Bermuda insurance company is profitable. For the 12 months that ended Dec. 31, 2024, Aspen Insurance Holdings Ltd. reported net income of $486.1 million on revenue of $3.26 billion.

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