LONDON - Aspen Insurance Holdings Limited, a specialty insurer, is preparing for an initial public offering (IPO) in New York, targeting a valuation of up to $4 billion, the Financial Times reports.
The company, which was acquired by Apollo Global Management (NYSE:APO) in 2019, has chosen the New York Stock Exchange (NYSE) over the London Stock Exchange (LSE) due to a combination of factors including diminishing valuation premiums and more stringent auditing requirements in the UK.
Aspen, which was previously listed on the NYSE before Apollo's acquisition, operates primarily from the UK but is legally based in Bermuda. It provides a range of insurance products through Lloyd's of London and has a significant presence across both Bermuda and the US insurance markets.
The decision to list in New York rather than London comes amid concerns about potential reauditing due to recent changes in auditors and the need to adapt financial statements to US accounting standards. These challenges are seen as less favorable for companies considering a UK listing. Apollo's familiarity with the US market and its previous success with the Watches of Switzerland IPO have also influenced Aspen's preference for a US listing despite the rigorous listing norms.
Goldman Sachs (NYSE:GS), Citi, and Jefferies are advising on the anticipated H1 2024 listing. An Aspen spokeswoman did not provide specific details to FT regarding its post-IPO structure.
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