Fosun closes Ironshore deal
Chinese investment company Fosun International has completed its investment in Bermuda-based Ironshore.
This makes Fosun the largest shareholder of Ironshore, following the acquisition of a 20 percent stake.
Ironshore will use all of the proceeds from the share issuance to fund repurchases of outstanding equity from existing equity holders, including existing long-term, private equity shareholders.
“Ironshore is pleased to announce the completion of the equity transaction with Fosun, which has an established investment management approach grounded in the Asian market,” said Kevin Kelley, chief executive officer of Ironshore. “Our relationship with Fosun will further strengthen Ironshore’s ability to realise strategic growth opportunities throughout our global insurance platform.”
Guo Guangchang, chairman of Fosun, said: “Following the successful completion of our strategic investment in Ironshore, Fosun has established a comprehensive insurance platform covering property & casualty insurance, life insurance, reinsurance and specialty insurance, and fully integrating our industrial resources to enhance the group’s insurance business capabilities on both the liability side and the investment side.
“Ironshore’s excellent team has outstanding managing and underwriting insurance capabilities, which are widely recognized in the insurance industry. Ironshore has capability to provide its clients with comprehensive and quality specialty insurance products. As a long-term strategic investor, Fosun will support the stable and long-term development of Ironshore.”