Aspen, the Bermuda-based reinsurer, part owned by Wellington, aims to raise an estimated $178.5m (£105m) by floating in New York.
Aspen will offer about 9.5 million shares at between $20 and $22.
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Aspen, the Bermuda-based reinsurer, part owned by Wellington, aims to raise an estimated $178.5m (£105m) by floating in New York.
Aspen will offer about 9.5 million shares at between $20 and $22.
It will use the money to write new lines of business and expand existing lines, which include UK employers' liability and public liability direct insurance.
Aspen writes about 80% reinsurance and 20% insurance.
Its insurance lines comprise commercial property, commercial liability and US surplus lines.
The company said it would increase its exposure in parts of the world where it was currently under represented.
Aspen was formerly known as Wellington Re and was spun out of the Lloyd's insurer last year.
Wellington said it would not be selling its stake in Aspen.
Wellington will own 19.5% of Aspen after the IPO.
A Wellington spokesman said the company would treat its stake in Aspen as a strategic investment and would not change either its investment or underwriting strategy as a result of the float.
Analysts welcomed the IPO as a good thing for Wellington.
Joanna Parsons at ABN Amro put a 'buy' recommendation on the company in a briefing note to investors.
She said that the float would "bring far greater clarity in respect of the value that can be attached to its holding."
She calculated that Aspen could be worth between £113m and £227m based on a price to book multiple of between one and two times net tangible assets.
Aspen's other existing major shareholders are Blackstone, Candover Partners and CSFB private equity.
