Aspen Insurance Holdings Ltd. is telling prospective investors it expects to price its initial public offering at $30 per share, the mi
dpoint of its price range, according to people familiar with the matter.
The Bermuda-based reinsurer’s IPO, consisting of 11 million shares offered by its backer Apollo Global Management, is bei
ng marketed for $29 to $31 apiece, according to its filings. The offering was well oversubscribed heading into the debut, Bloomberg News has reported.
Deliberations are ongoing and no final decisions have been made, the people said, asking not to be identified as the information i
sn’t public. A representative for Aspen declined to comment. A spokesperson for Apollo didn’t immediately respond to a request for comment.
At $30 per share, Aspen’s IPO would raise about $330 million based on th
e number of shares that have been marketed, according to Bloomberg calculations.
The offering, along with an IPO from Florida-based home insurer America
n Integrity Insurance Group Inc., represents a modest revival in first-time share sales after President Donald Trump’s tariff annou
ncement on April 2 left several US IPO hopefuls in limbo. China’s Chagee Holdings Ltd. was the only sizable US list
ing in the barren stretch since SmartStop Self Storage REIT Inc. raised $810 million early last month.
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Trump’s Liberation Day delivered a jolt of volatility to stocks, with the VIX Index soaring and bringing dealmaking to a crashing halt. But the tariff uncertainty that dissuaded num
erous IPO candidates from going ahead is less likely to impact insurers, not least because they don’t sell physical goods.
In insurance, there’s a shortage of capacity for underwriting amid the
increasing frequency and severity of natural disasters, causing rising policy premiums. Some insurers are facing mark-to-market losses on their bond-heavy investment portfolios, yet investors may be willing to look past short-term declines given these companies often hold bonds until they mature.