Investment company Fosun International has announced it has completed the acquisition of the remaining 80 percent equity interest in insurer Ironshore.
Fosun received approvals from all relevant regulatory authorities in the US, the UK and other jurisdictions for its acquisition of the remaining 80 percent ownership interest in Ironshore, by way of the merger.
Previously, Fosun completed the acquisition of 20 percent of Ironshore’s total ownership interest in February 2015. Ironshore, which has operations in Bermuda, is now an indirect wholly-owned subsidiary of Fosun International.
“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,” stated Kevin 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.”
Guo Guangchang, chairman of Fosun, commented: “Ironshore’s excellent team has outstanding managing and underwriting insurance capabilities which are widely recognised in the insurance industry.
“Ironshore has the capability to provide its clients with comprehensive and quality specialty insurance products. 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.
“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.”
Guo also said that Fosun will look, now and in the future, strengthen its integration and collaboration efforts, hoping to establish a cross-region and cross-industry global insurance and financial group.
“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,” he said.
Fosun International, Ironshore, Kevin Kelley, Guo Guangchang, Asia-Pacific, Bermuda, North America