Sompo Holdings, a major Japanese insurance group, will acquire Aspen Insurance Holdings Limited, a leading global specialty insurer and reinsurer, in a $3.5bn transaction.
The transaction will be executed through a wholly owned subsidiary of Sompo International Holdings, according to InsurTech Insights.
The acquisition will diversify Sompo’s portfolio internationally, strengthen underwriting in specialty insurance and reinsurance, and provide access to Aspen’s capital markets platform.
Aspen Class A shares will be redeemed at $37.50 per share, with preference shares unchanged.
Aspen underwrites complex specialty lines including cyber, credit, inland marine, UK property and construction, and US management liability. Its reinsurance business covers casualty, property catastrophe, and specialty lines. Aspen’s Lloyd’s syndicate and Aspen Capital Markets platform manage over $2bn in assets and generate fees from collateralised sidecars and other structures.
Aspen’s Class A shares will be delisted from the NYSE, and the transaction is expected to be immediately accretive to Sompo’s return on equity. The deal has unanimous board approval and is scheduled to close in H1 2026, pending regulatory approvals.
Mikio Okumura, CEO of Sompo Group, said, “This deal represents an important milestone in advancing the company’s purpose of ‘Connect and Be Connected.’”
James Shea, CEO of Sompo P&C, said, “Aspen represents an excellent opportunity at the right stage in the market cycle and fits into Sompo’s strategy of building a robust and diversified global property and casualty platform.”
Mark Cloutier, Aspen Group Executive Chairman and Group CEO, said, “Sompo is a long-term owner that respects Aspen’s business and values. The transaction represents an excellent outcome for Aspen shareholders, with a 35.6 per cent premium to the company’s unaffected share price. Sompo’s financial strength will unlock opportunities for customers, partners and employees while Aspen remains focused on delivering products and services.”
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