Lloyd's insurer Wellington said it would not sell its shares in Aspen, after the latter company announced plans to float on the New York stock exchange. Wellington helped establish the Bermuda-based insurance and reinsurance group.
Wellington said the initial public offering (IPO) would take the form of a primary offering of new shares. Wellington and other shareholders have agreed not to sell their shares in the IPO for a period of at least 180 days following the IPO.
As a result of the IPO, 378,122 options granted to Wellington during the formation of Aspen will become exercisable.
Wellington said it would make a further announcement in due course.
