Sompo Holdings will acquire Aspen Insurance Holdings for $3.5 bn (approx. ¥519.5 bn, equivalent to PBR 1.3x) in an all-cash transaction, marking one of the largest recent cross-border insurance deals.
A subsidiary of Sompo International Holdings signed a definitive merger agreement to purchase all outstanding Class A ordinary shares of Aspen at $37.50 per share.
The price values Aspen at 1.32 times tangible book value per share of $28.59 as of June. It also reflects a 14.3% premium to the Aug 25 closing price and a 20.7% premium to the 30-day average.
Aspen generates more than $4.6 bn in annual gross written premiums, with strength in specialty insurance and reinsurance lines. Sompo said the acquisition expands its global P&C footprint while diversifying risk beyond Japan.
Strategic acquisitions remain central to building a diversified global P&C platform. Aspen represents an excellent opportunity at the right time in the market cycle.
James Shea, CEO of Sompo P&C
Aspen’s underwriting spans cyber, credit and political risk, inland marine, U.K. property and construction, and U.S. management liability. Its reinsurance book covers casualty, property/casualty, and specialty lines.
The company also operates a Lloyd’s syndicate that gives Sompo broader market access across the Americas, U.K., Europe, and Asia-Pacific.
The deal also folds in Aspen Capital Markets, which manages more than $2 bn in assets. Sompo highlighted that 80% of Aspen’s 2024 fee income came from non-catastrophe, long-tail lines.
It said the acquisition will expand revenue streams, enhance capital flexibility, and immediately lift return on equity.
Both companies’ boards and shareholders have approved the deal, which is expected to close in the first half of 2026, pending regulatory reviews and standard closing conditions.
