Japan’s Sompo Holdings has agreed to acquire Aspen Insurance Holdings for approximately $3.5 billion in cash, marking a significant expansion of its global insurance footprint. The deal was announced Wednesday and represents a strategic move by Sompo to enhance its position in the international insurance and reinsurance markets.
Sompo will pay $37.50 per share for Aspen, a Bermuda-based provider of insurance and reinsurance services. This price represents a 14% premium over Aspen’s closing share price of $32.21 on Tuesday, and a nearly 36% premium from its $27.66 close on August 19 — just before media reports indicated Sompo’s interest in the company.
Aspen is majority-owned by Apollo Global Management, which currently holds more than 80% of the publicly traded insurer. Apollo originally acquired Aspen in 2019 and has since worked to streamline and reposition the business for growth. This transaction marks Apollo’s exit from Aspen after more than six years of ownership.
For Sompo, headquartered in Tokyo, this acquisition is part of a broader international expansion strategy aimed at increasing its presence in the global specialty insurance market. The company has been actively pursuing overseas deals in recent years, including its 2016 acquisition of U.S.-based Endurance Specialty Holdings.
The purchase of Aspen gives Sompo access to a broad portfolio of global insurance and reinsurance clients, as well as valuable underwriting expertise across property, casualty, and specialty lines. The transaction also supports Sompo’s goal of achieving a stronger competitive position against global peers in the evolving reinsurance landscape.
The deal is expected to close after receiving the necessary regulatory approvals and meeting customary closing conditions. Both companies expressed confidence that the acquisition would proceed smoothly and deliver long-term value for stakeholders.
This $3.5 billion acquisition is yet another signal of Japan’s major insurers aggressively seeking growth opportunities outside of their domestic market, where growth is limited due to demographic challenges and intense competition.
As consolidation continues across the global insurance sector, Sompo’s acquisition of Aspen underscores the increasing importance of scale, diversification, and global reach in navigating industry shifts and emerging risks.
