Japan’s Sompo to Buy Aspen Insurance in $3.5 Billion Deal (3)

Japan’s Sompo Holdings Inc. struck a deal to buy Aspen Insurance Holdings Ltd. for about $3.5 billion, building out its foothold in the property-casualty insurance market.

A subsidiary of Sompo will purchase the insurer for $37.50 a share in cash, according to a statement Wednesday. That represents a nearly 36% premium to Aspen’s share price on Aug. 19, before reports emerged about a possible deal.

Sompo shares rose as much as 6.6% in early morning trading on Thursday in Tokyo, the biggest gainer in the benchmark Nikkei 225 Stock Average. Aspen surged14% to a record $36.63 in New York ...