American Integrity and Apollo-backed Aspen raise a combined $497M

American Integrity's $100M raise on the NYSE is a vote of confidence in Florida homeowners as an investable category, six years after most public capital fled the state.

Aspen's $397M raise at a $2.76B valuation put a fresh mark on an Apollo-owned platform that had been quietly rebuilt over the last three years. It also set the reference price for the Sompo transaction that would follow.

Combined, the two deals cleared just under half a billion of primary insurance capital in a week. That is not a big number by public-market standards — but for insurance IPOs, it is a signal the window is open.