Apollo-backed Aspen Insurance files IPO

Aspen Insurance Holdings, a specialty insurance and reinsurance company backed by Apollo Global Management Inc. (APO) filed for an initial public offering late Wednesday with underwriters Goldman Sachs & Co. LLC, Citigroup, Jefferies and Apollo Global Securities. The Bermuda-based company has yet to disclose its proposed trading symbol or stock exchange where it will list its common stock. For the six months ended June 30, Aspen Insurance reported net income of $196.7 million and $2.13 billion in gross written premiums, compared to $26.2 million in net income and $2.35 billion in gross written premiums in the year-ago period. The IPO comes nearly five years after the company was acquired by Apollo in February, 2019. Aspen's chief executive is Mark Cloutier, former executive chair of Brit Group, where he "led a major restructuring of Brit's global business and the listing of the company on the London Stock Exchange," according to his biography in the company's prospectus.

-Steve Gelsi

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12-21-23 0700ET

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