Apollo Global Management has generated approximately $397.5m through the upsized initial public offering of Aspen Insurance Holdings, marking a significant monetisation step for the private equity giant, according to a report by Bloomberg.
The firm sold 13.25 million shares at $30 each, according to a company statement confirming earlier reporting by Bloomberg. The pricing gives Bermuda-based Aspen a market capitalisation of around $2.8bn.
Apollo, which acquired Aspen in a $2.6bn take-private transaction in 2019, had initially marketed 11 million shares in the $29-$31 range.
Following the sale, Apollo’s ownership stake in Aspen is set to decrease from 99.8% to 86.7%.
The deal comes amid renewed IPO activity in the insurance sector, which has remained comparatively resilient to broader market volatility. Notably, insurers are viewed as more insulated from trade-related uncertainty due to their lack of exposure to physical goods.
Aspen has undergone a multi-year repositioning under CEO Mark Cloutier, former head of Brit Group, focusing on improving underwriting discipline and reducing exposure to reinsurance and property catastrophe risks.
The firm reported FY 2024 net income of $486.1m on revenue of $3.26bn, up from $534.7m in profit on $2.97bn in revenue the year prior.
Goldman Sachs, Citigroup, and Jefferies are acting as joint lead underwriters on the transaction, supported by a syndicate of 13 additional firms. Shares will begin trading on the NYSE under the ticker symbol AHL.
Separately, Florida-based American Integrity Insurance Group raised $110m in its own IPO, pricing 6.9 million shares at $16 each – the midpoint of its marketed range. The deal, comprising 6.25 million primary shares and 625,000 from existing shareholders, implies a post-offer valuation of $313.3m.
Led by CEO Robert Ritchie and Chairman David Clark, American Integrity reported 2024 net income of $39.7m on revenue of $204.4m. The company is also led operationally by President Jon Ritchie, the CEO’s son.
Keefe, Bruyette & Woods, Piper Sandler, and William Blair are joint bookrunners on the deal, which includes three additional underwriters. American Integrity shares will trade under the symbol AII on the NYSE.
