Endurance Specialty Insurance Agrees to Acquire Aspen Insurance Holdings for $37.5 per Share

Endurance Specialty Insurance Ltd. agreed to acquire Aspen Insurance Holdings Limited for $37.5 per share. The transaction is subject to regulatory approval and shareholder approval, and is expected to close in the first half of 2026. Morgan Stanley & Co. LLC and Skadden, Arps, Slate, Meagher & Flom LLP acted as advisors for Endurance, while Goldman Sachs & Co. LLC and Insurance Advisory Partners LLC acted as advisors for Aspen.

Aspen Insurance Holdings Limited (NYSE:AHL) has agreed to be acquired by Endurance Specialty Insurance Ltd. for $37.5 per share. The transaction is subject to regulatory approval and shareholder approval, with an expected closing date in the first half of 2026. Morgan Stanley & Co. LLC and Skadden, Arps, Slate, Meagher & Flom LLP acted as advisors for Endurance, while Goldman Sachs & Co. LLC and Insurance Advisory Partners LLC acted as advisors for Aspen.

The acquisition will strengthen Endurance's global presence in specialty insurance and reinsurance markets, providing access to Aspen's capital markets platform, which manages over $2 billion in assets. Aspen reported a combined ratio of 87.9% and operating return on average equity of 19.4% for the twelve months ended December 31, 2024.

Endurance's CEO, Mikio Okumura, commented, "This acquisition is an excellent example of our initiatives to enhance resilience and promote 'Connect and Be Connected.' We are excited to welcome the Aspen team and integrate their expertise into our organization."

Mark Cloutier, Aspen Group Executive Chairman and Group CEO, added, "Endurance is a highly regarded brand that shares our values and ethos. This transaction represents an excellent outcome for Aspen and our shareholders, while Endurance's scale and capital strength will create significant opportunities for our customers, trading partners, and colleagues."

The acquisition is expected to be immediately accretive to Endurance's return on equity, supporting its strategic plan to achieve adjusted consolidated ROE of 13-15% by fiscal year 2026. Following the transaction, Aspen’s preference shares will remain outstanding with unchanged terms, though the companies may seek to redeem or delist these shares in the future. Aspen’s Class A ordinary shares will be delisted from the NYSE upon completion of the merger.

References:
[1] https://seekingalpha.com/news/4489562-aspen-stock-jumps-on-35b-acquisition-by-japan-based-sompo
[2] https://bernews.com/2025/08/sompo-acquire-aspen-3-5-billion/
[3] https://www.investing.com/news/stock-market-news/aspen-insurance-stock-soars-after-sompos-35-billion-acquisition-offer-93CH-4212633