Insurer Aspen is eyeing up a listing in New York even though the majority of its operations are in the UK, according to a report, due to concerns around UK valuations and stricter listing requirements.
Were it to go ahead with a US listing, the $4bn (£3.15bn) initial public offering (IPO), expected next year, would deal a fresh blow to UK markets, which are struggling to tempt companies that are UK-founded or that run majority of their business in the UK to list here.
Most of Aspen’s 1,100-strong workforce is employed in London, with the rest based in New York and Bermuda, where the company is domiciled.
Owned by private equity firm Apollo, Aspen sells insurance and reinsurance through the Lloyd’s of London market, as well as in Bermuda and the US.
Its biggest market is the US, where it also does its accounting, which perhaps explains the firm’s alleged preference for a New York listing.
The Financial Times reported Apollo is now taking advice from Goldman Sachs, Citi and Jeffries on a listing planned for the first half of 2024.
An Aspen spokeswoman told City A.M: “We are not commenting on speculation about our ownership.
“We are in a strong position and have an exciting future ahead as a leading global speciality reinsurer, whether we continue to be owned by Apollo or under a different structure.”
By Ali Lyon