Sompo expands global footprint with Aspen acquisition
Sompo Holdings has announced that a wholly owned subsidiary of Sompo International Holdings (SIH), has entered into a definitive merger agreement pursuant to which it will acquire 100% of the issued Class A ordinary shares of Aspen Insurance Holdings for $37.50 per share in cash. This represents aggregate consideration of approximately $3.5 billion. Aspen brings a leading specialty insurance and reinsurance franchise with more than $4.6 billion in annual gross written premiums centred around specialty product lines and bespoke solutions.
Mikio Okumura, chief executive of Sompo Group, said: “In pursuit of realising Sompo’s Purpose, we have been striving to enhance further resilience and to promote ‘Connect and Be Connected.’ To accelerate capital circulation management and collaboration across the Sompo Group, we established Sompo P&C and appointed James Shea as its chief executive. This transaction is an excellent example of those initiatives in action.
“I would like to express my sincere appreciation for the successful realisation of this transaction, made possible through the full utilisation of the diverse capabilities and market intelligence of the SIH executive team, Jim’s leadership, and the close collaboration with Sompo Holdings.”
Shea commented: “Strategic acquisitions have been a key part of our growth plan to build a robust and diversified global P&C platform, and Aspen represents an excellent opportunity at the right time in the market cycle. We look forward to welcoming the team from Aspen as we bring our organisations together, recognising that the property/casualty market continues to value platforms that can underwrite and manage capital and risk at scale – and with exceptional skill.”
Mark Cloutier, Aspen Group executive chairman and group chief executive, said, “Sompo is a highly regarded brand and through this process it has become clear that they represent a long-term owner for Aspen that respects our business and shares our values and ethos. This transaction represents an excellent outcome for Aspen and our shareholders, while Sompo’s scale and capital strength will create significant opportunities for our customers, trading partners and colleagues. The significant 35.6% premium to our unaffected share price reflects the quality Sompo sees in our team, the depth of the Group’s distribution relationships and the strength of the franchise that we have built across insurance, reinsurance and Aspen Capital Markets. We look forward to sharing more details as we work towards completion, while maintaining our focus on continuing to deliver great service and products for our customers.”
Enhancing portfolio diversification and global scale: Sompo has spent the past several years expanding its P&C business geographically outside the domestic Japanese market to better navigate a dynamic market landscape. Aspen brings deep underwriting expertise across complex specialty lines – such as cyber, credit and political risk, inland marine, UK property & construction and US management liability – with long-standing broker relationships.
Furthermore, Aspen has expertise in a variety of global reinsurance lines including casualty reinsurance, property catastrophe reinsurance, other property reinsurance, and specialty reinsurance, while its top-tier Lloyd’s syndicate provides access to complex risks and reinsurance licensing across untapped markets in the Americas, the UK, Europe, and Asia Pacific. Sompo intends to integrate Aspen’s business with its overseas insurance business to pursue further expansion opportunities together across developed markets.
The transaction has been unanimously approved by both companies’ Boards of Directors and is expected to close in the first half of 2026. The transaction is subject to certain customary closing conditions for a transaction of this type, including the receipt of antitrust and insurance regulatory approvals, consents and expiration of applicable waiting periods.
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