Aspen Insurance, the Apollo Global Management-owned company, secured a valuation of $3.05 billion after its shares jumped 10.8 per cent today in its New York Stock Exchange debut, as the IPO market returns to action after tariff-driven volatility paused activity.

The Bermudian speciality insurer's shares opened at $33.25 apiece, above the $30 offer price. Parent Apollo Global raised $397.5 million by selling 13.25 million shares, 20.5 per cent more than initially offered.

Market volatility sparked by shifting US tariff policies has unsettled investors, but Aspen said it remains relatively insulated from the swings.

The company’s planned IPO is set to be the largest US insurance listing since Corebridge Financial raised $1.68 billion in 2022, according to data from Dealogic.

“We are not immediately impacted by tariffs. We're sort of a second-order-impact company,” Mark Cloutier, the chief executive of Aspen, told Reuters, as reported by MarketScreener.

“We felt that if there was an opportunity where the market showed a bit of stability, a company such as ours could represent an opportunity for equity investors to re-engage with the IPO market.”