Aspen valued at $3 billion as shares jump in NYSE debut

(Reuters) — Aspen Insurance secured a valuation of $3.05 billion after its shares jumped 10.8% Thursday in their New York Stock Exchange debut.

The Bermuda-based specialty insurer’s shares opened at $33.25 apiece, above the $30 offer price. Parent Apollo Global raised $397.5 million by selling 13.25 million shares, 20.5% more than initially offered.

U.S. President Donald Trump’s tariff whiplash has roiled markets and cast a shadow on new listings, but companies perceived as less sensitive to economic headwinds are pushing ahead with their initial public offerings.

“While uncertainty is definitely in the air, insurance companies remain relatively insulated from broader macro swings,” said NMS Capital Group CEO Trevor Saliba. “Insurance is a long game. The returns can be meaningful, but they require patience.”

Aspen’s listing is the biggest U.S. insurance flotation since Corebridge Financial’s $1.68 billion IPO in 2022, according to Dealogic data.

Aspen shares trade under the ticker symbol AHL.

“We are not immediately impacted by tariffs. We’re sort of a second order impact company,” Aspen CEO Mark Cloutier told Reuters.

“We felt that if there was an opportunity where the market showed a bit of stability, a company such as ours could represent an opportunity for equity investors to reengage with the IPO market.”

Founded in 2002, Aspen underwrites specialty insurance and reinsurance globally.

The company first went public on the New York Stock Exchange in 2003, followed by a secondary listing on the Bermuda Stock Exchange in 2004.

Its ordinary shares traded on the NYSE and the BSX until 2019, when Apollo acquired it for $2.6 billion.

Apollo will remain Aspen’s controlling shareholder post-IPO.

Goldman Sachs, Citigroup and Jefferies are the lead underwriters.