Aspen Re Plans IPO On NYSE

NU Online News Service, Oct. 14, 10 :46 a.m.EDT?Aspen Insurance Holdings Ltd., the Hamilton, Bermuda basedholding company for London's Aspen Re, said the privately held firmis planning an initial public offering of shares that would belisted on the New York Stock Exchange.

A spokesperson for the firm said date for the filing of aregistration statement with the U.S. Securities and ExchangeCommission, as well as the terms of the offering, are dependent onmarket conditions.

He would not confirm a Reuters report stating that thevalue of the issue would be set at more than $1 billion and thatCredit Suisse First Boston and Goldman Sachs would be the leadbanks involved.

Both banks hold shares in the firm, as well as the Blackstoneequity firm, Candover, Wellington Underwriting Plc and MontpelierRe.

Aspen said the number of shares and the aggregate value ofordinary shares to be sold will be determined in the future byAspen and its underwriters. Aspen said it expects to use the netproceeds from the initial public offering for general corporatepurposes.

Aspen Re, (Aspen Insurance U.K. Ltd.) which was formerlyWellington Re, specializes in property and casualty reinsurance inthe United States, the United Kingdom and Bermuda.