Aspen Insurance has filed a Form F-1 registration statement with the US Securities and Exchange Commission (SEC) for a proposed IPO.
The company, which was acquired by private equity group Apollo in 2019, has not yet determined the timing of the offering.
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Aspen said that the number of ordinary shares to be offered or the price range for the proposed offering is yet to be finalised.
The ordinary shares to be offered and sold in the proposed IPO will be offered by Aspen and by some of the selling shareholders, the company added.
The IPO is now subject to market and other conditions.
Goldman Sachs & Co, Citigroup, Jefferies and Apollo Global Securities are serving as the joint book-running managers for Aspen on the proposed IPO.
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By GlobalDataIn a statement, Aspen said: “A registration statement relating to the ordinary shares has been filed with the SEC but has not yet become effective. The ordinary shares may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.”
Aspen, which has the majority of its operations in the UK, provides a wide range of insurance and reinsurance product offerings through the Lloyd’s of London market and across Bermuda and the US.
The company was founded in 2002 and was initially listed on the New York Stock Exchange before its acquisition by Apollo.
In the first week of December, Aspen decided to choose New York to launch its IPO rather than the London Stock Exchange.
The insurer reportedly chose to launch a US IPO partially due to its existing management concerns about “a diminishing valuation premium” compared with similar New York-listed insurers in recent years.
The company’s proposed IPO is expected to have an enterprise value at listing of up to $4bn.
