<div id="readability-page-1">* Insurance IPOs reach highest level since 2005, Dealogic data shows * American Integrity and Aspen Insurance ( AHL ) stocks surged post-IPO * PE-backed insurers poised for public listings, PwC's Bellin predicts By Arasu Kannagi Basil and Ateev Bhandari Nov 20 (Reuters) - Insurance companies' first-time share sales on Wall Street hit a 20-year high this year as investors flocked to firms that were insulated from U.S. President Donald Trump's trade war. Predictable cash flows and resilient business model gave private equity firms an opportunity to sell some portfolio companies and offered investors a safe haven as other industries got whipsawed by escalating tariffs, sticky inflation, labor market cracks and geopolitical turmoil. Apollo-backed Aspen Insurance ( AHL ) and American Integrity Insurance ( AII ) were among the first IPOs to trade after Trump initiated a trade war, which sent the markets sideways and derailed other debuts. Aspen and American Integrity raised nearly $457 million and $127 million, respectively, in their initial public offerings. STABLE EARNINGS &#34;The tariff impact and the resulting volatility pushed many investors towards companies with more stable earnings, cash flows. Insurance is one of those niche areas that fits that profile,&#34; said Mike Bellin, IPO services leader at PwC U.S. Insurtech Exzeo was the latest to tap public markets earlier this month, raising $168 million, in a pivot away from parent HCI Group's ( HCI ) previous plan to pursue a spin-off. &#34;The sector has benefited from being a bit more insulated from tariff pressure than others,&#34; said Andy Mertz, head of equity capital markets at Citizens, which has underwritten five insurance IPOs this year. TWO-DECADE HIGH The number of insurance-related IPOs on U.S. exchanges has hit its highest levels since 2005, according to Dealogic data. &#34;We're seeing an above-average number of insurance IPOs in a below-average year,&#34; said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. U.S.-listed insurance IPOs have raised $2.64 billion combined this year as of November 5, the most since the 2021 boom, Dealogic data showed, and they have performed well. American Integrity has soared nearly 30% since its debut, while Aspen is about 23% higher. Neptune Insurance ( NP ) and Ategrity Specialty have gained 16% and roughly 8%, respectively. Kennedy said insurers are generally doing well as a group as many have seen their investment portfolios returns and premiums increase. While there have been some concerns in the sector over falling insurance prices and tariff-driven higher claims, bankers expect the industry's strong growth will continue to attract investors. &#34;Despite pricing pressures in the sector, investors remain focused on company-specific growth strategies for management teams exploring a public listing,&#34; Mertz said. LOOKING AHEAD PwC's Bellin said there is a pipeline of insurers ready to go public, many of which are owned by PE firms and have spent the last two years building scale. Still, the lingering effects of the longest-ever U.S. government shutdown are causing short-term delays as the Securities and Exchange Commission works on clearing its IPO backlog after operating with skeletal staffing during the gridlock. &#34;It's definitely going to impact the number of IPOs that we see in 2025,&#34; Bellin said. &#34;That really pushes the momentum into the first half of 2026.&#34; (Reporting by Ateev Bhandari and Arasu Kannagi Basil in Bengaluru. Editing by Dawn Kopecki and Shilpi Majumdar)</div>

華爾街的保險首次公開募股（IPO）已達到 20 年來的最高水平，主要受到投資者對不受貿易戰影響的公司的關注。值得注意的 IPO 包括 Aspen Insurance 和 American Integrity Insurance，分別籌集了 4.57 億美元和 1.27 億美元。在關税壓力下，該行業的穩定性吸引了投資者，今年保險 IPO 共籌集了 26.4 億美元。儘管對定價和索賠存在一些擔憂，但預計該行業的增長將持續，許多獲得私募股權支持的保險公司正在準備上市

在關税引發的混亂之後，保險公司的 IPO 在華爾街達到了 20 年來的最高水平