Aspen Insurance Holdings Ltd., Bermuda-based re/insurer, announced it is considering an initial public offering next year in New York, subject to satisfactory market conditions.

Recent news reports revealed Aspen would be targeting a $4 billion IPO, which was not confirmed by the Aspen statement.

Aspen warned there is no assurance that it will pursue an IPO or that any IPO will be successful. “To the extent Aspen pursues an IPO, neither the number of ordinary shares to be offered nor the price range for any such potential IPO has been determined at this time,” the company said.

Aspen is owned by private equity group Apollo.