Aspen Re Plans IPO On NYSE
NU Online News Service, Oct. 14, 10 :46 a.m. EDT?Aspen Insurance Holdings Ltd., the Hamilton, Bermuda based holding company for London's Aspen Re, said the privately held firm is planning an initial public offering of shares that would be listed on the New York Stock Exchange.
A spokesperson for the firm said date for the filing of a registration statement with the U.S. Securities and Exchange Commission, as well as the terms of the offering, are dependent on market conditions.
He would not confirm a Reuters report stating that the value of the issue would be set at more than $1 billion and that Credit Suisse First Boston and Goldman Sachs would be the lead banks involved.
Both banks hold shares in the firm, as well as the Blackstone equity firm, Candover, Wellington Underwriting Plc and Montpelier Re.
Aspen said the number of shares and the aggregate value of ordinary shares to be sold will be determined in the future by Aspen and its underwriters. Aspen said it expects to use the net proceeds from the initial public offering for general corporate purposes.
Aspen Re, (Aspen Insurance U.K. Ltd.) which was formerly Wellington Re, specializes in property and casualty reinsurance in the United States, the United Kingdom and Bermuda.
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