Specialty re/insurer Aspen Insurance Holdings Limited has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed underwritten initial public offering (IPO) of its ordinary shares.
This news follows a report from early December in which Aspen confirmed it was mulling an initial IPO of its ordinary shares in 2024, subject to satisfactory market conditions.
Aspen explained that the timing of the offering, the number of ordinary shares to be offered, and the price range for the proposed offering have not yet been determined.
The firm added that the principal purposes of this offering of ordinary shares are to increase its financial flexibility, create a public market for its ordinary shares, enhance its capitalisation, and facilitate its future access to the capital markets.
“We currently intend to use the net proceeds we receive from this offering for general corporate purposes, which may include working capital, operating expenses and capital expenditures, as well as to support our Operating Subsidiaries to enable us to continue to take advantage of ongoing favorable market conditions, in line with our corporate strategy,” Aspen said.
Goldman Sachs, Citigroup, Jefferies and Apollo Global Securities, a subsidary of Aspen’s owner, Apollo Global Management, are acting as joint bookrunning managers for the proposed offering.
In Q3 of 2023, Aspen reported an improved underwriting result across the group as it posted underwriting income of $47.9 million, up significantly from a loss of $70 million in Q3 of 22, driven by its reinsurance business.
