HONG KONG, Nov. 23, 2015 /PRNewswire/ -- Ironshore Inc. ("Ironshore") and Fosun International Limited (HKEx stock code: 00656, together with its subsidiaries, "Fosun") announced today that Fosun has completed the acquisition of the remaining 80% equity interest in Ironshore.
Fosun has received approvals from all relevant regulatory authorities in the United States, the United Kingdom and other jurisdictions for its acquisition of the remaining 80% ownership interest in Ironshore, by way of the merger. Previously, Fosun completed the acquisition of 20% of Ironshore's total ownership interest in February 2015. Ironshore is now an indirect wholly-owned subsidiary of Fosun International Limited.
"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 H. 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, said, "Ironshore's excellent team has outstanding managing and underwriting insurance capabilities which are widely recognized 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."
Fosun is a leading investment group taking roots in China with a global foothold. Currently, Fosun's insurance business includes investments in Yong'an P&C Insurance, Pramerica Fosun Life Insurance, Peak Reinsurance, Fidelidade Group, Ironshore and MIG. Fosun has established a comprehensive insurance platform covering property & casualty insurance, life insurance, reinsurance, general insurance, labor insurance and specialty insurance with presences in major markets around the world. Fosun is dedicated to bringing its strategy of "Insurance-oriented Comprehensive Financial Capability" to a significantly higher level and its insurance segment has become the Group's critical growth driver.
Mr. Guo added, "Now and in the coming year, Fosun will strengthen its integration and collaboration efforts, seeking 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."
About Ironshore
Ironshore provides broker-sourced specialty commercial property and casualty coverages for varying risks on a global basis through its multiple international platforms. The Ironshore group of insurance companies is rated A u (Excellent) by A.M. Best with a Financial Size Category of Class XIV. Ironshore's Pembroke Syndicate 4000 operates within Lloyd's where the market rating is A (Excellent) by A.M. Best and A+ (Strong) from both Standard & Poor's and Fitch. For more information, please visit www.ironshore.com.
About Fosun
Fosun was founded in 1992 in Shanghai. Fosun International Limited (00656.HK) was listed on the Main Board of The Stock Exchange of Hong Kong Limited on July 16, 2007. Fosun has been persistently taking roots in China and investing in China's growth fundamentals. It has been actively implementing its investment model of "Combining China's Growth Momentum with Global Resources". Fosun is dedicated to making a major stride towards becoming a world-class investment group underpinned by the twin drivers of "insurance-oriented comprehensive financial capability" and "global industrial integration capability taking roots in China". Today, Fosun's businesses include two major segments, integrated finance and industrial operations. For more information, please visit www.fosun.com.
