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February 18, 2019

Apollo completes $2.6bn Aspen acquisition

Certain investment funds affiliated with private equity group Apollo Global Management has wrapped up the previously announced acquisition of Bermudian insurer Aspen for $2.6bn.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
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First announced in August last year, the Aspen deal concluded after securing the required regulatory approvals. The deal was approved Aspen’s shareholders in December last year.

The acquired firm provides reinsurance and insurance services through offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the UAE, the UK and the US.

It managed $12.9bn in assets for the year ended December 2017.

The Aspen deals means it is now wholly-owned by the Apollo Funds.

Effective immediately, Glyn Jones has stepped down as chairman of Aspen’s Board, while Chris O’Kane has stepped down as group CEO and as a director of Aspen.

Mark Cloutier has been named as executive chairman of Aspen’s board and group CEO with immediate effect.

Along with Glyn Jones and Chris O’Kane, other executives including Albert Beer, Matthew Botein, Gary Gregg, Heidi Hutter, Karl Mayr, Bret Pearlman, and Ron Pressman have also ceased to be directors on the Aspen Board with immediate effect.

Both John Cavoores and Gordon Ireland will remain on the Aspen Board and as directors. They will be joined on the Board by Mark Cloutier, Josh Black, Alex Humphreys, Gernot Lohr, Gary Parr and Michael Saffer.

Apollo partner Alex Humphreys said: “We are excited for our funds to be acquiring Aspen as it embarks on the next chapter of its development. We are delighted to be working with Mark again following our successful investment together in Brit Insurance.

“Mark has a long and successful track-record in the insurance sector and we believe he is ideally placed to lead Aspen through a period of transition to substantially improved profitability. We look forward to working with him and Aspen’s talented management team to drive value creation over the coming years.”

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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