Aspen Insurance Holdings Limited is making a return to the public markets with an initial public offering (IPO) of 11 million shares, with a price between $29.00 and $31.00 per share. At the midpoint of the range, the offering would fetch $330 million and would generate a market cap value of $2.8 billion. The offering will be underwritten by a number of institutions including Goldman Sachs, Citigroup, Morgan Stanley, Deutsche Bank, Jefferies, Apollo Global Securities among others and will be listed on the New York Stock Exchange (NYSE) under the ticker symbol “AHL.”
Originally founded in 2002, Aspen’s business spans a wide range of insurance lines, including property, casualty, marine, financial institutions, and cyber insurance. A key component of what Aspen believes is their competitive advantage is Aspen Echo, the company’s AI-driven underwriting platform. Echo supports more precise pricing, faster decision-making, and enhanced risk modeling—especially critical in complex and emerging risk classes like cyber and excess & surplus (E&S) lines.
Over the past three years, Aspen has grown its revenue from $2.88 billion in 2022 to over $3.2 billion in 2024 and significantly expanded its margins. Its net income jumped from just $51 million in 2022 to $486 million in 2024, reflecting stronger underwriting results, higher investment income, and tight cost control.
Going forward, Aspen Insurance Holdings plans to focus on expanding its presence in Asia-Pacific markets, investing further in its digital underwriting platform, Aspen Echo, and evaluating potential acquisitions, particularly within technology-enabled managing general agencies (MGAs).
At the current proposed price range, the IPO is priced at a valuation generally consistent with comparable companies in the specialty insurance sector, including Arch Capital and RenaissanceRe. Aspen’s return to the public markets follows a period of operational restructuring and investment in underwriting capabilities and technology.
The company is expected to go public during the week of May 5, 2025.