Aspen Insurance Acquisition & Valuation

Aspen Insurance was acquired by Sompo International for $3.5B in August 2025, a 1.1x multiple on $3.3B of revenue.

Aspen Insurance acquisition price

$3.5B

Acquired by Sompo International · Aug 2025

Aspen Insurance revenue at acquisition

$3.3B

Last twelve months · Aug 2025

Aspen Insurance revenue multiple at acquisition

1.1x

EV/Revenue · Aug 2025

Aspen Insurance EBITDA multiple at acquisition

7.1x

EV/EBITDA · Aug 2025

Aspen Insurance Overview

About Aspen Insurance

Aspen Insurance Holdings Ltd is a Bermudian insurance and reinsurance company. Its principal business is marketing and underwriting specialty insurance and reinsurance regularly. It comprises underwriting operations, which include risk-bearing insurance and reinsurance operations; Investing activities, which support underwriting operations; and ACM operations, which earn underwriting, management, and performance fees. It has two segments: Aspen Insurance and Aspen Reinsurance. Aspen Insurance consists of property and casualty insurance, marine, aviation, and energy insurance, and financial and professional lines insurance. Aspen Reinsurance comprises property catastrophe reinsurance, other property reinsurance, casualty reinsurance, and specialty reinsurance.


Founded

2002

HQ

United StatesCincinnati, OH

Website

aspen.co

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$3.3B (Aug 2025)

Valuation

$3.5B (acquired Aug 2025)

Aspen Insurance Acquisition

Aspen Insurance was acquired by Sompo International for $3.5B on 27 August 2025.

The acquisition price implies a 1.1x revenue and 7.1x EBITDA multiple on $3.3B of revenue.

Sompo International Holdings Ltd. (SIH), a wholly owned subsidiary of Sompo Holdings, Inc., completed its $3.5 billion acquisition of Aspen Insurance Holdings Limited on February 24, 2026, following the initial announcement in August 2025. The deal involved purchasing 100% of Aspen's issued Class A ordinary shares at approximately $3.48 billion (¥519.5 billion), equivalent to 1.3 times price-to-book ratio, taking Aspen private as a wholly owned subsidiary of Endurance Specialty Insurance Ltd., another SIH unit. Aspen's Class A ordinary shares were delisted from the NYSE, while its preference shares (5.625% and 7.000% perpetual non-cumulative) retained unchanged rights and continued trading. The transaction received necessary antitrust and insurance regulatory approvals by February 18, 2026, with Mark Cloutier stepping down as Aspen's Group CEO and James A. Shea appointed to lead as CEO of Sompo P&C. Aspen provides specialty insurance and reinsurance, including a top-tier Lloyd’s syndicate, U.S. operations, and reinsurance portfolios generating ~$4.6 billion in gross written premiums, complemented by Aspen Capital Markets (ACM) for third-party capital leverage and fee-based income. Sompo, a Japan-based integrated (re)insurance group with over 137 years of history, strengthens its global property & casualty (P&C) platform through this acquisition, advancing to top 10 global reinsurer status, enhancing U.S. and UK presence (with Sarah Stanford named Sompo UK CEO), and accelerating geographic diversification. Strategic rationale includes profitable growth, capital deployment, diversified underwriting model, reduced earnings volatility, and access to complex risks via Lloyd’s, as affirmed by AM Best's positive outlook on Sompo's business profile post-deal.

Aspen Insurance acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
  • Sompo International
27 Aug 2025Strategic M&A$3.5B1.1x7.1x

Acquisitions by Aspen Insurance

Aspen Insurance has acquired 2 companies to date.

Last acquisition by Aspen Insurance was on November 1st 2016. Aspen Insurance acquired Blue Waters Insurers Corp for undisclosed valuation.


Latest Acquisitions by Aspen Insurance

Blue Waters Insurers Corp
AgriLogic
Description
Blue Waters Insurers Corp is a marine insurance agency specializing in hull, cargo, protection and indemnity coverage for commercial vessels and yachts. San Juan, Puerto Rico-headquartered, it underwrites policies through Lloyd's syndicates and Bermuda carriers, handling claims for Caribbean shipping routes. The agency manages risks for fishing fleets, ferries, and superyachts with limits up to $50 million.
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HQ CountryUnited StatesUnited States
HQ City
-
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Deal Date1 Nov 201620 Jan 2016
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Aspen Insurance Competitors

Aspen Insurance competitors include listed companies like Old Mutual, Qualitas, Hamilton Insurance Group and Star Health and Allied, and private ones like Root Insurance and Grab Financial Group.

Public and private companies comparable to Aspen Insurance
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Old MutualSouth AfricaSouth AfricaPublicly listed$17B$1.6B$3.5B1.0x
QualitasMexicoMexicoPublicly listed$4.7B$456M$3.5B0.7x
Hamilton Insurance GroupUnited StatesUnited StatesPublicly listed$3B$861M$3.5B0.9x
Star Health and AlliedIndiaIndiaPublicly listed$1.9B$93M$3.4B1.6x
Root InsuranceUnited StatesColumbus, OHPrivate$43M$132M$3.6B-
Grab Financial GroupSingaporeSingaporePrivate--$3B-

Aspen Insurance Public Comps

Aspen Insurance is no longer listed, but its public comps include Old Mutual, Qualitas, Hamilton Insurance Group, Star Health and Allied, Palomar Holdings, New India Assurance, Alm Brand, Lemonade, National MI and Genworth Financial.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Old Mutual$17B$1.6B0.2x1.0x1.8x4.6x
Qualitas$4.7B$456M0.7x0.7x7.5x14.3x
Hamilton Insurance Group$3B$861M1.0x0.9x3.5x4.2x
Star Health and Allied$1.9B$93M1.8x1.6x36.8x(265.0x)
Palomar Holdings$876M$263M4.4x1.6x14.8x-
New India Assurance$5.3B$144M0.5x0.5x17.4x-
Alm Brand$2.1B$303M1.8x2.0x12.5x-
Lemonade$738M($146M)5.1x3.5x(25.9x)(55.1x)

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Common questions about Aspen Insurance

When was Aspen Insurance founded?Aspen Insurance was founded in 2002.
Where is Aspen Insurance headquartered?Aspen Insurance is headquartered in Cincinnati, OH, United States.
Is Aspen Insurance publicly listed?No, Aspen Insurance was acquired by Sompo International in August 2025.
Who acquired Aspen Insurance?Aspen Insurance was acquired by Sompo International in August 2025.
How much was Aspen Insurance acquired for?Aspen Insurance was acquired for $3.5B in August 2025, a 1.1x revenue multiple.
Which companies are comparable to Aspen Insurance?Companies comparable to Aspen Insurance include Old Mutual, Qualitas, Hamilton Insurance Group, Star Health and Allied, Root Insurance and Grab Financial Group.
How many companies has Aspen Insurance acquired?Aspen Insurance has acquired 2 companies, including Blue Waters Insurers Corp and AgriLogic.

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