Apollo Global Management to Buy Aspen for $2.6B
“We are tremendously excited for the Apollo Funds to acquire Aspen. We believe that Aspen benefits from strong underwriting talent, specialized expertise and longstanding client relationships which makes them well positioned in the market. We look forward to working with Aspen to build on the existing high quality specialty insurance and reinsurance business and we aim to leverage Apollo’s resources and deep expertise in financial services to support the Company as it embarks on its next chapter.” – Partner at Apollo, Alex Humphreys.
“We are delighted to have reached this agreement with the Apollo Funds. This transaction, which is the outcome of a thorough strategic review by Aspen’s Board of Directors, provides shareholders with immediate value and will allow Aspen to work with an investor that has substantial expertise and a successful track record in the (re)insurance industry.” – Chairman of Aspen’s Board of Directors, Glyn Jones.
“This transaction is a testament to the strength of Aspen’s franchise, the quality of our business and the talent and expertise of our people. Under the ownership of the Apollo Funds, Aspen will have additional scale and access to Apollo’s investment and strategic guidance, which will help us to accelerate our strategy and take Aspen to the next level. We are excited about the future as we embark on a new chapter in our history with a partner that understands our strengths, culture and customer-centric philosophy.” – Aspen’s Group CEO, Chris O’Kane.
Recall Aspen’s challenges here and insurance-related acquisitions here.
Bottom Line: Glassdoor saw it coming.
