Aspen Insurance Holdings has launched an initial public offering of 11 million class A ordinary shares, the Bermudian-based company has announced.

Apollo Global Management, the company that owns Aspen, looks to raise up to $341 million in the IPO, as Aspen seeks a valuation of up to $2.85 billion.

The shares, which will be sold by entities managed by affiliates of Apollo, are expected to be priced between $29 and $31 each. The selling shareholders have also granted underwriters a 30-day option to buy up to 1.65 million additional shares.

Aspen’s shares have been approved for listing on the New York Stock Exchange under the ticker symbol “AHL”, pending official notice of issuance.

Goldman Sachs, Citigroup and Jefferies are acting as lead book-running managers for the offering, with support from a syndicate of other major banks including Morgan Stanley, Deutsche Bank and Wells Fargo.

The offering will be made only by means of a prospectus filed with the US Securities and Exchange Commission.

A registration statement has been filed but has not yet become effective. No shares may be sold, nor offers accepted, until the registration is approved.

Founded in 2002, Aspen underwrites specialty insurance and reinsurance globally. Its founding shareholders included buyout giant Blackstone.

Reuters reported that Apollo would remain Aspen's controlling shareholder post-IPO with an 86.7 per cent stake.

The news agency outlined how Aspen initially went public on the New York Stock Exchange in 2003, followed by a secondary listing on the Bermuda Stock Exchange in 2004.

Its ordinary shares traded on the NYSE and the BSX until 2019, when Apollo acquired it for $2.60 billion.

Reuters said: “Prior to Apollo's acquisition, Aspen suffered multiple quarterly losses, hit by hurricanes, wildfires and earthquakes.

“Apollo's buyout deal included a termination right if Aspen's net losses exceeded $350 million from certain catastrophic events between July 2018 and January 2019.

“With Apollo came insurance veteran Mark Cloutier. Under his leadership, Aspen focused on disciplined underwriting and profitable growth. After losing money from 2017 to 2020, it returned to profitability in 2021.

“Under Apollo, Aspen shrunk catastrophe exposure and repositioned its underwriting portfolio — exiting a number of insurance and reinsurance offerings to focus on core business.

“Aspen's insurance offerings now focus on niche specialty lines such as environmental liability and credit and political risk.”