(Reuters) -Aspen Insurance ( AHL ) secured a valuation of $3.05 billion after its shares jumped 10.8% on Thursday in their return to the New York Stock Exchange, as the IPO market kicks back into action after tariff-driven volatility paused activity.

Shares of the Bermuda-based company opened at $33.25 apiece, compared with the offer price of $30. Parent Apollo Global raised $397.5 million by selling 13.25 million shares, 20.5% more than initially offered.

U.S. President Donald Trump's tariff whiplash has roiled markets and cast a shadow on new listings, but companies perceived as less sensitive to economic headwinds have been pushing ahead with their initial public offerings.

"While uncertainty is definitely in the air, insurance companies remain relatively insulated from broader macro swings," said NMS Capital Group CEO Trevor Saliba.

Aspen's listing is the biggest U.S. insurance flotation since Corebridge Financial's $1.68 billion IPO in 2022, according to Dealogic data.

"Insurance is a long game. The returns can be meaningful, but they require patience," Saliba said.

Aspen previously traded on the NYSE from 2003 until 2019, when Apollo acquired it for $2.60 billion. It had eyed a market return for some time, having filed its paperwork in December 2023.

Under Apollo, Aspen returned to profitability as it shrunk catastrophe exposure and exited a number of insurance and reinsurance offerings.

AWAITING STABILITY

Heightened uncertainty around U.S. trade policy and choppy markets have kept the IPO market recovery in check so far in 2025. That has also prompted bankers to advise clients to hold off on new listings until there is more clarity.

"We will need to see more macroeconomic and market stability before we see a real rebound in IPO activity. Stable inflation and lower interest rates would also be a big boost," said Edward Best, partner at Willkie Farr & Gallagher.

From Klarna to StubHub, big IPO candidates are on the sidelines as they wait for things to calm down.

"A lot of companies are preparing for the return of the IPO market so that when market conditions are positive, we will likely see a lot of activity," Best said.