The fast-growing insurer
Ironshore Inc. is now an indirect wholly-owned subsidiary of Chinese investment group Fosun International Limited.
The carrier announced Monday that Fosun had completed the acquisition of the remaining 80% equity interest in Ironshore having received approval from all relevant regulatory authorities in various jurisdictions for the transaction.
Previously, Fosun had completed the acquisition of 20% of Ironshore’s total ownership interest in February of this year.
Kevin H. Kelley, chief executive officer of Ironshore, celebrated the completed merger transaction, saying it will enable the carrier to “continue to build upon our international specialty platform and enhance our global brand.”
“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,” Kelley said. “With our new owner, Ironshore is well positioned for the future as a global insurance industry leader.”
The acquisition of Ironshore is just one of many in the US insurance industry for Fosun, which also took over Meadowbrook Insurance Group earlier this year. It also has interest in other property/casualty, life, labor and specialty insurance operations across the globe, including Yong’an P&C Insurance, Pramerica Fosun Life Insurance, Peak Reinsurance and Fidelidade Group.
Fosun Chairman Guo Guangchang said the company plans to use that platform to encourage collaboration between its subsidiaries, which now includes Ironshore.
“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,” Guangchang said in a statement.
“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.”
