By Michael Loney

May 8 - (The Insurer) - Bermudian (re)insurer Aspen Insurance Holdings and Florida carrier American Integrity Insurance Group are both set to begin trading on the New York Stock Exchange on Thursday in initial public offerings that are raising $397.5 million and $110 million respectively.

Aspen priced its upsized IPOs of 13.25 million shares at $30 a piece, ahead of trading under the ticker symbol “AHL” on Thursday with the offering set to close on Friday.

The offering values Aspen at around $2.76 billion.

The ordinary shares are being offered by entities managed by affiliates of Apollo Global Management, which acquired Aspen in 2019 in a go-private deal that represented an equity value of $2.6 billion.

The IPO underwriters have a 30-day option to purchase up to an additional 1,987,500 ordinary shares.

Aspen had previously announced an IPO of 11 million shares with a price range of between $29 and $31.

Goldman Sachs, Citigroup and Jefferies are acting as lead book-running managers for the offering.

American Integrity has priced its IPO of 6.875 million shares at $16 per share. The shares will begin trading under the “AII” ticker on Thursday, with the offering expected to close on Friday.

The offering consists of 6.25 million shares of common stock to be sold by American Integrity and 625,000 shares to be sold by existing stockholders.

Certain of American Integrity’s existing stockholders have granted the underwriters a 30-day option to purchase up to an additional 1,031,250 shares of common stock at the offering price, less underwriting discounts and commissions.

Tampa-based American Integrity had announced a target price range of $15 to $17 a share on April 29.

American Integrity intends to use the net proceeds from the offering for general corporate purposes, which may include contributing capital to its insurance subsidiary to support growth, as well as for the satisfaction of tax withholding and remittance obligations.

Keefe Bruyette & Woods, Piper Sandler and William Blair are acting as the active bookrunners.

The IPOs come against a backdrop of market uncertainty and heightened recession fears resulting from U.S. President Donald’s Trump’s trade policy. This had stalled the momentum of offerings.

However, stock markets have recovered in recent weeks, making the conditions more conducive for IPOs.