Shares of the Bermuda-based specialty insurer opened at $33.25 apiece, above the offer price of $30.
The imposition of tariffs by US President Donald Trump has shaken markets and cast a shadow over new listings, but companies considered less sensitive to economic difficulties are continuing to hold their initial public offerings.
“While uncertainty is in the air, insurance companies remain relatively insulated from broader macroeconomic fluctuations,” said Trevor Saliba, CEO of NMS Capital Group. “Insurance is a long game. The returns can be significant, but they require patience.”
According to Dealogic, Aspen's listing is the largest insurance company offering in the US since Corebridge Financial's $1.68 billion IPO in 2022.
Aspen previously traded on the NYSE from 2003 until 2019, when Apollo acquired it for $2.6 billion. The company had been counting on market returns for some time, filing in 2023.
Thanks to Apollo, Aspen returned to profitability by reducing catastrophe risks and divesting a number of insurance and reinsurance offerings.
Source: Reuters
