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Fosun Group to buy control of US insurer Ironshore
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SHANGHAI-BASED conglomerate Fosun Group has agreed with US insurer Ironshore to wholly acquire the latter as Fosun continued to expand footprint in the insurance sector seeking long-term and high quality capital.
The agreement followed a February deal in which Fosun acquired 20 percent stake in Ironshore with US$464 million.
The upcoming acquisition of Ironshore’s remaining shares will make the insurer an indirect wholly-owned subsidiary of Fosun International, the two companies said in a joint statement today.
The acquisition is part of Fosun’s long-time strategy in developing the insurance business as a way of connecting its investment capability to long-term high-quality capital.
Currently, Fosun has more than one third of its total assets invested in insurance businesses, including investments in Ironshore, Yong’an P&C Insurance, Pramerica Fosun Life Insurance, Peak Reinsurance and Fidelidade Group, Portugal’s largest insurance company.
Fosun in December 2014 entered into a merger agreement to acquire Meadowbrook Insurance Group Inc.
Fosun’s insurance business has become a major contributor to the group’s revenue last year, replacing the asset-management business, according to Fosun’s annual report.
China’s largest non-state investment conglomerate said annual profit jumped 24.2 percent to 6.86 billion yuan (US$1.1 billion) from a year earlier, whereas profit from insurance sector jumped 57 percent to 2 billion yuan.
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