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Ironshore Inc. and Fosun International Ltd. announced that Fosun has completed the acquisition of the remaining 80 percent equity interest in Ironshore.

Fosun has received approvals from all relevant regulatory authorities in the United States, the United Kingdom and other jurisdictions for its acquisition of the remaining 80 percent ownership interest in Ironshore.

Previously, Fosun completed the acquisition of 20 percent of Ironshore’s total ownership interest in February 2015. Ironshore is now an indirect wholly owned subsidiary of Fosun International Limited.

“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, chief executive officer of Ironshore.

“Fosun’s financial strength and established investment management approach provides long-term strategic capital to bolster Ironshore’s expansion strategy and further adds to Ironshore’s uniqueness. With our new owner, Ironshore is well positioned for the future as a global insurance industry leader,” Kelley said.

“Ironshore’s excellent team has outstanding managing and underwriting insurance capabilities which are widely recognized in the insurance industry. Ironshore has the capability to provide its clients with comprehensive and quality specialty insurance products,” said Guo Guangchang, chairman of Fosun.

“The successful completion of this transaction marks a historical milestone for Fosun’s investments in the specialty insurance industry as well as the American financial service sector, which significantly boosts our insurance-oriented comprehensive financial capabilities,” Guo continued.

“As a long-term shareholder of Ironshore, Fosun will always support the autonomous, stable and healthy development of Ironshore while fully leveraging our global insurance platform resources to enhance Ironshore’s competitiveness in the industry,” he said.

Fosun is a leading investment group with roots in China and a global foothold. Currently, Fosun’s insurance business includes investments in Yong’an P&C Å˽ðÁ«´«Ã½Ó³»­, Pramerica Fosun Life Å˽ðÁ«´«Ã½Ó³»­, Peak Reinsurance, Fidelidade Group, Ironshore and Meadowbrook Å˽ðÁ«´«Ã½Ó³»­ Group (MIG).

Fosun said it has established a comprehensive insurance platform covering property & casualty insurance, life insurance, reinsurance, general insurance, labor insurance and specialty insurance.

“Fosun is dedicated to bringing its strategy of ‘Å˽ðÁ«´«Ã½Ó³»­-oriented Comprehensive Financial Capability’ to a significantly higher level and its insurance segment has become the group’s critical growth driver,” the company said in a statement.

“Now and in the coming year, Fosun will strengthen its integration and collaboration efforts, seeking to establish a cross-region and cross-industry global insurance and financial group,” Guo added.

“We encourage our invested companies to collaborate wherever applicable, seeking to connect them to Fosun’s resources with our global insurance and finance platforms to enhance their competitiveness in their respective industries.”

Source: Ironshore and Fosun

Related:

• China’s Fosun to Raise $1.5 Billion to Fund Å˽ðÁ«´«Ã½Ó³»­ & Banking Acquisitions
• China’s Fosun Plans to Raise $1 Billion to Fund Å˽ðÁ«´«Ã½Ó³»­ Industry Acquisitions
• Updated: China’s Fosun to Buy Remaining Shares in Ironshore for $1.84B
• Meadowbrook Å˽ðÁ«´«Ã½Ó³»­ Shareholders Approve Acquisition by Fosun

Topics Mergers & Acquisitions China Market