Fosun assesses Ironshore’s value at 1.25x net assets
Chinese corporation Fosun, which is set to take a 20 percent share in insurer Ironshore, has valued the company at 1.25x its net assets as of June 30.
Fosun said in a Hong Kong stock exchange filing that it was paying a total consideration of $463.8 million, plus 1.246 times 20 percent of the operating income.
Fosun said: “The group has been endeavouring determined efforts in establishing insurance as its core business and developing insurance as one of the key growth engines of the group. The group regards the development of the insurance business as a premium path in connecting the group’s investment capability to long-term high-quality capital. The acquisition will further expand the group’s insurance business and strengthen the group’s capability to access long-term high-quality capital.”
11 July 2018 Liberty Specialty Markets, a subsidiary of Liberty Mutual Insurance, which has a major presence on Bermuda, has entered into a renewal rights agreement with Ironshore Europe to take on its European non-M&A business and staff.