Aspen - return to the stock exchange in the form of an IPO

IPO Facts:

• Number of shares: 11 million + options for an additional 1.65 million
• Price range: $29-31 per share
• Potential yield: Up to $341 million
• Expected market capitalization: Up to USD 2.85 billion
• Ticker: AHL on the NYSE

Analysis and Commentary:

• The IPO is not being conducted by the company itself, but by Apollo Global Management, which has owned Aspen since 2019.
• Aspen is a specialty insurer and reinsurer with a history since 2002; the IPO marks a return to the public market after 6 years in private ownership.
• Recent results show a slight increase in written premiums but a significant drop in profits - from 111.8 to 36.8 million. USD.
• The IPO comes at a time of increasing interest in insurance as a defensive sector with growth potential due to increasing global risk exposure (climate risk, geopolitics).

Conclusion:

Aspen's IPO presents an interesting opportunity for investors seeking exposure to a stable insurance business backed by a strong owner (Apollo). Weaker earnings may be a short-term factor, but in the long term, the company's ability to use the IPO to grow and strengthen its global market position may be key. The development of trading under the AHL ticker will be worth watching closely in the first few weeks.