Fosun buys remaining 80% of US insurer
Print Edition
CHINA’S largest private conglomerate Fosun Group has completed the acquisition of US insurer Ironshore, which marks a milestone for the Shanghai-based company’s investments in specialty insurance.
Fosun has received approvals from regulators in the United States, Britain and other jurisdictions for its acquisition of the remaining 80 percent of Ironshore, the two companies said in a joint statement yesterday.
Ironshore is now a wholly owned subsidiary of Fosun after the acquisition.
“Ironshore is pleased to jointly announce the completion of the merger transaction with Fosun, which will enable us to continue to build upon our international specialty platform and enhance our global brand,” said Kevin H. Kelley, CEO of Ironshore.
“Fosun’s financial strength and established investment management approach provides long-term strategic capital to bolster Ironshore’s expansion strategy.”
In February, Fosun paid US$464 million for 20 percent of Ironshore, which provides broker-sourced specialty commercial property and casualty coverage.
Guo Guangchang, chairman of Fosun, said completion of the transaction marks a historical milestone for Fosun’s investments in specialty insurance as well as the US financial service sector.
Fosun now has more than one third of its total assets invested in insurance businesses, including in Yong’an P&C Insurance, Pramerica Fosun Life Insurance, Hong Kong-based Peak Reinsurance, Portugal’s Fidelidade Group and US-based Meadowbrook Insurance Group.
Fosun spends on overseas investments
July 2015: Fosun announces its 345-million-euro (US$367 million) purchase of Palazzo Broggi, a landmark office building, in central Milan, Italy, as it continues to grow its foreign real estate holdings.
April 2015: Fosun takes 20 percent of Canadian circus firm Cirque du Soleil.
February 2015: Fosun and its partners buy 92.8 percent of French holiday resorts group Club Med.
February 2014: Fosun acquires 85 percent in Fidelidade Group, Portugal’s largest insurance company.
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