Sompo Holdings is set to buy Aspen Insurance Holdings for US$3.5bn in an all-cash deal at US$37.50 per share. Aspen’s Class A shares will be redeemed and delisted from the NYSE, while preference shares remain outstanding.

The move supports Sompo’s strategy to expand internationally and strengthen its specialty insurance and reinsurance portfolio.

James Shea, CEO of Sompo P&C, said strategic acquisitions have been a key part of the insurer’s growth plan to build a robust and diversified global P/C platform. “We look forward to welcoming the team from Aspen as we bring our organisations together, recognising that the property/casualty market continues to value platforms that can underwrite and manage capital and risk at scale – and with exceptional skill.”

Mark Cloutier, Aspen group executive chairman and group CEO, added: “Sompo is a highly regarded brand and through this process it has become clear that they represent a long-term owner for Aspen that respects our business and shares our values and ethos. This transaction represents an excellent outcome for Aspen and our shareholders, while Sompo’s scale and capital strength will create significant opportunities for our customers, trading partners and colleagues.

"The significant 35.6% premium to our unaffected share price reflects the quality Sompo sees in our team, the depth of the group’s distribution relationships and the strength of the franchise that we have built across insurance, reinsurance and Aspen Capital Markets.”

Aspen posted a combined ratio of 87.9% and an operating ROE of 19.4% in 2024. The deal, approved by both boards, is expected to close in the first half of 2026, subject to regulatory approvals.

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