Advising Aspen Insurance Holdings Limited on $397.5 million expanded US IPO

Aspen Insurance Holding's ("Aspen") Class A ordinary shares, par value $0.001 per share (the "Shares") which were offered by certain entities managed by affiliates of Apollo Global Management, Inc. ("Apollo") sold for $30.00 each in its initial public offering, with the offering upsized upon pricing from 11,000,000 Shares to 13,250,000 Shares. The Shares began trading on the New York Stock Exchange under the ticker 'AHL' on May 8, 2025.
 
Goldman Sachs & Co., Citigroup and Jefferies acted as lead book-running managers for the offering. Apollo Global Securities, BMO Capital Markets, Deutsche Bank Securities, Morgan Stanley, RBC Capital Markets, Wells Fargo Securities, Citizens Capital Markets, Dowling & Partners Securities, LLC, Natixis, Piper Sandler & Co. and Raymond James acted as book-running managers for the offering. 
 
Our Bermuda Corporate team acted as counsel to Aspen and advised on all aspects of the offering, including SEC registration from a Bermuda law perspective, corporate governance and multiple pre-IPO corporate actions and restructuring transactions.
 
The transaction was led by Corporate partner Rachel Nightingale, with support from Corporate partner Natalie Neto, Insurance partner Sarah Demerling, senior associate Marah Smith in the Corporate team, and associates Amelia Oatley in the Corporate team and Karina Skinner in the Corporate and Finance team.
 
Congratulations to Aspen and the Sidley Austin LLP (New York) team who acted as U.S. counsel to Aspen. It has been a pleasure assisting with this important milestone transaction and working with Aspen once again.