Apollo Global Management has raised nearly $400m through the initial public offering of Aspen Insurance Holdings, as the private equity firm continues its monetisation of long-held assets.

The firm sold 13.25 million shares at $30 each, above the initially marketed 11 million, generating $397.5m in gross proceeds. The offering values Bermuda-based Aspen at approximately $2.8bn and reduces Apollo’s stake from 99.8% to 86.7%.

Apollo acquired Aspen in a $2.6bn take-private transaction in 2019. Since then, the insurer has undergone a strategic repositioning under CEO Mark Cloutier, focusing on underwriting discipline and reducing its exposure to reinsurance and property catastrophe risks.

Aspen reported $486.1m in net income for FY 2024 on $3.26bn in revenue, up from $534.7m in profit on $2.97bn in revenue the previous year.

The IPO is part of a broader resurgence in insurance sector listings, which have proven relatively resilient to market volatility. Insurers are seen as less exposed to geopolitical and trade-related uncertainty compared to other sectors due to their limited reliance on physical goods.

Goldman Sachs, Citigroup, and Jefferies acted as joint lead underwriters, supported by 13 other firms. Aspen shares will trade on the NYSE under the ticker symbol AHL.

Separately, American Integrity Insurance Group, based in Florida, completed its own $110m IPO. It sold 6.9 million shares at $16 each, implying a valuation of $313.3m. The offering included 6.25 million primary shares and 625,000 secondary shares from existing holders.

The firm, led by CEO Robert Ritchie and President Jon Ritchie, reported net income of $39.7m on $204.4m in revenue in 2024. Keefe, Bruyette & Woods, Piper Sandler, and William Blair led the underwriting syndicate.

Source: Reuters