Endurance Specialty Insurance Ltd. agreed to acquire Aspen Insurance Holdings Limited for approximately $3.5 billion from Apollo Global Management, Inc. and others.
Published on 08/27/2025
at 12:06 pm EDT - Modified on 08/26/2025
Endurance Specialty Insurance Ltd. agreed to acquire Aspen Insurance Holdings Limited (NYSE:AHL) for approximately $3.5 billion from Apollo Global Management, Inc. (NYSE:APO) and others on August 27, 2025. A cash consideration valued at $37.5 per share will be paid by Endurance Specialty Insurance Ltd. Following the Effective Time, the Company Shares will be delisted from The New York Stock Exchange and deregistered. The transaction will be funded with cash on hand.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by acquirer board, approval of offer by target shareholders and subject to antitrust regulations. The deal has been approved by shareholders of Aspen Insurance Holdings Limited. The transaction is expected to close in the first half of 2026. Aspen Insurance Holdings will pay $104.3 million to Endurance Specialty Insurance as termination fee. Antitrust and regulatory approvals have been provided for this transaction.
Morgan Stanley & Co. LLC acted as financial advisor for Endurance Specialty Insurance Ltd. Todd Freed, Patrick Lewis, Nicholas Colombo, Joseph Penko, Dwight Yoo, Danielle Li, Jared Binstock, Kenneth Schwartz, David Schwartz and M. Oren Epstein of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor for Endurance Specialty Insurance Ltd. Timothy Ingrassia, Philip Salem and Chris Cable of Goldman Sachs & Co. LLC acted as financial advisor for Aspen Insurance Holdings Limited. Antonio Ursano Jr. and Tyler Linders of Insurance Advisory Partners LLC acted as financial advisor for Aspen Insurance Holdings Limited. Sean M. Carney, Jonathan A. Blackburn, David Perkins and Jessica Day of Sidley Austin LLP acted as legal advisor for Aspen Insurance Holdings Limited. Goldman Sachs & Co. LLC acted as fairness opinion provider for Aspen Insurance Holdings Limited.
Apollo Global Management, Inc. specializes in alternative asset management. The activity is organized around two sectors:
- sale of retirement savings products: for institutions, companies and individuals;
- alternative asset management: fund management on behalf of pension funds, sovereign wealth funds, institutional and individual investors.
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Endurance Specialty Insurance Ltd. agreed to acquire Aspen Insurance Holdings Limited for approximately $3.5 billion from Apollo Global Management, Inc. and others.
