The IPO Buzz: Aspen Insurance & American Integrity Launch IPOs for Early May

Call it a spring awakening. As a cold April began to wind down, the IPO market felt a warm breeze with the launch of two big IPOs for pricing next week.  Aspen Insurance Holdings Ltd. (AHL Proposed) of Bermuda disclosed the terms for its $330 million IPO early Tuesday, April 29, 2025 – and launched the deal for pricing next week.  American Integrity Insurance Group, Inc. (AII Proposed), a Florida company that serves the owners of single-family homes and condos, also unveiled the terms for its $110 million IPO early Tuesday. Both are New York Stock Exchange listings. Aspen’s IPO will mark its second time around as a public company – and its return to the NYSE. In February 2019, Apollo Global Management bought Aspen Insurance Holdings. The specialty property and casualty insurance and reinsurance company is based in Hamilton, Bermuda. Apollo partnerships are offering all of the stock in Aspen Insurance Holdings’ IPO: 11.0 million shares at a price range of $29.00 to $31.00 to raise $330 million, if priced at the $30.00 mid-point of its range. Aspen’s IPO is expected to price next Wednesday night, May 7, to trade Thursday, May 8, on the NYSE. Aspen Insurance would have a market cap of about $2.8 billion, if the IPO is priced at its $30.00 mid-point. Goldman Sachs, Citigroup and Jefferies are leading the joint book-runners’ team. Apollo is among 14 joint book-runners working with Goldman Sachs, Citigroup and Jefferies on the Aspen IPO. The prospectus disclosed Apollo’s conflict of interest. After the IPO, Apollo will still control Aspen Insurance with its ownership of about 86.7 percent of Aspen Insurance’s outstanding stock. The company will not receive any money from the IPO. Aspen Insurance Holdings described its business in the prospectus: “Our primary specialty insurance product set is centered around niche “specialty” lines, such as professional liability, credit and political risk, cyber and environmental, where we can apply our extensive underwriting and industry expertise. “Our opportunistic reinsurance business is centered around both specialty and traditional reinsurance lines where we apply risk selection criteria to create unique risk profiles rather than an index of the market as other larger peers may do.” Aspen Insurance is profitable, according to financial statements in the prospectus. For the year that ended Dec. 31, 2024, Aspen Insurance Holdings reported net income of $486.1 million on revenue of $3.26 billion. American Integrity Insurance Group, Inc. (All Proposed), of Tampa, Florida, is offering 6.875 million shares at a price range of $15.00 to  $17.00 to raise $110.0 million – if priced at the $16.00 mid-point off its range. The pricing date is next Wednesday night, May 7, to trade Thursday, May 8, on the NYSE. American Integrity Insurance Group would have a market cap of $313.31 million – if the IPO is priced at the $16.00 mid-point. Keefe Bruyette & Woods, Piper Sandler and William Blair are the joint book-runners. Of the 6.875 million shares in the IPO, American Integrity Insurance Group is offering 6.25 million shares and the selling stockholders are offering 625,000 shares. The company will not receive any proceeds from the sale of the selling stockholders’ shares. Through its subsidiary, American Integrity Insurance Company of Florida, Inc., the company provides “personal residential property insurance for single-family homeowners and condominium owners, mostly in Florida,” according to the prospectus. It also offers property insurance for vacant dwellings and investment properties – mostly in Florida. “Our management team founded our company in 2006 to capitalize on the dislocation in Florida’s residential property insurance market caused by the devastating 2004 and 2005 hurricane seasons,” American Integrity Insurance said in the prospectus. “At a time when national insurers were retreating, we stepped forward, building a strong foundation to support homeowners in their time of need.” American Integrity Insurance is the seventh largest writer of residential property insurance in Florida, as measured by direct premiums written as of Dec. 31, 2024, based on data from the FLOIR, according to the prospectus. The company also has expanded to Georgia and South Carolina. The company is profitable. American Integrity Insurance Group earned net income of $0.04 million  on revenue of $204.35 million for the year that ended Dec. 31, 2024.