5 May 2015News

Fosun set to buy-out Ironshore

Chinese investment company Fosun International has unveiled plans to acquire the remaining 80 percent of Bermuda-based Ironshore.

Fosun acquired 20 percent of the specialty insurer in February this year. Now, it has unveiled plans to acquire the remaining interest in Ironshore by merging one of its subsidiaries with and into Ironshore, with Ironshore as the surviving company.

Fosun is a big investor in the insurance sector with around one third of its total assets invested in this industry.

Its other investments include Yong’an P&C Insurance, Pramerica Fosun Life Insurance, Peak Reinsurance and Fidelidade Group, Portugal’s largest insurance company.

Guo Guangchang, chairman of Fosun, said: “Ironshore’s excellent team has outstanding managing and underwriting insurance capabilities which are widely recognised in the insurance industry.

“Fosun is fully confident about the existing management team and believe that the long-term and stable cooperation with Ironshore is the key and essential foundation to achieve a win-win situation in further exploiting synergies for both parties.

Kevin Kelley, chief executive officer of Ironshore, said: “The transition of ownership from private equity to a strategic permanent capital provider with Fosun is a positive milestone for Ironshore.

“Ironshore is grateful to its board of directors and its long-term investors Calera Capital, Corporate Partners, GCP Capital, GTCR, Irving Place Capital, Tara Partners and TowerBrook Capital for their backing and support which helped build Ironshore into its position of market leadership and strength.

“Management is very supportive of the Fosun ownership model as it provides a long term strategic partner who will continue to invest in and develop the unique Ironshore brand.

“Fosun provides Ironshore with further access to global markets and positions Ironshore to take advantage of continued profitable growth opportunities. We look forward to working together with chairman Guo and his dynamic management team.”