Fosun buys Ironshore to expand insurance stamp
Print Edition
FOSUN Group has agreed to acquire US insurer Ironshore wholly as the Shanghai-based conglomerate continued to grow its footprint in the insurance sector.
The agreement followed a February deal in which Fosun paid US$464 million for 20 percent of Ironshore.
The upcoming acquisition of Ironshore’s remaining shares will make the Bermuda-based insurer an indirect wholly owned subsidiary of Fosun International, a Hong-Kong listed investment arm of Fosun Group, the two companies said in a joint statement yesterday.
The deal is still subject to regulatory approval.
“The acquisition of the remaining interest in Ironshore will further expand Fosun’s insurance business and strengthen the Group’s capability to access long-term high-quality capital,” Guo Guangchang, chairman of Fosun, said in the statement.
“Fosun will persistently integrate its industrial resources to further enhance the Group’s insurance business capabilities on both the liability-end and investment-end.”
Guo also indicated that Fosun will retain Ironshore’s current management team while improving its products and services.
The acquisition is the latest move in Fosun’s long-time strategy of developing the insurance business, which contributed to one sixth of Fosun International’s profit last year.
Fosun now has more than a third of its total assets invested in the insurance business, including investments in Ironshore, Yong’an P&C Insurance, Pramerica Fosun Life Insurance, Peak Reinsurance and Fidelidade Group, Portugal’s largest insurance company.
Fosun International said in March that its annual profit jumped 24.2 percent to 6.86 billion yuan (US$1.1 billion) from a year earlier while profit from the insurance sector nearly doubled to 1.1 billion yuan.
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