11 December 2015News

Trading in shares in Ironshore parent Fosun suspended

Trading in the shares of the parent of Bermuda insurer Ironshore have been suspended after its chairman Guo Guangchang was reported missing.

Trading in the shares of Fosun, the Chinese conglomerate which owns a number of insurance operations including Ironshore, were suspended today (Friday December 11) at the request of the company.

Guangchang, who is one of China’s richest men, has not been heard from since the afternoon of Thursday December 10. The Hong Kong Stock Exchange has issued a statement saying that at the request of Fosun, shares would be suspended with effect from 9:00 am on Friday, 11 December 2015 “pending the release of an announcement containing inside information".

There has been speculation that Guangchang has been detained by the police though the details of any investigation are not known.

Fosun acquired Ironshore for $1.8 billion in May this year, adding it to an already healthy portfolio of insurance operations in countries including Portugal, Asia and the US. It had also said it was looking to buy more insurance operations.

Fosun Group listed in Hong Kong in 2007. It has interests spanning media, insurance, real estate and retail.