Fosun International will invest into Ironshore Inc. representing 20% of the latter’s total outstanding ordinary shares on a fully diluted basis. Ironshore will use all of the proceeds from the share issuance to fund repurchases of outstanding ordinary shares from existing shareholders, including long-term private equity shareholders. 

 

Fosun will be the largest shareholder of Ironshore, which provides broker-sourced specialty commercial property and casualty coverages for varying risks on a global basis through its multiple international platforms.

 

The transaction is subject to the receipt of regulatory approvals and other customary closing conditions.

 

Fosun is a leading investment group in China with focus on the insurance business. Currently, it has more than one third of its total assets invested in insurance business including investments in Yong’an P&C Insurance, Pramerica Fosun Life Insurance and Peak Reinsurance and in Fidelidade Group, Portugal’s largest insurance company.

 

Guo Guangchang, chairman of Fosun, said, “Fosun has been making determined efforts in establishing insurance as its core business.  Our strategic investment in Ironshore represents another milestone for Fosun and will enable Fosun to further expand its insurance business and strengthen its comprehensive financial capabilities.”

 

Kevin H. Kelley, chief executive officer of Ironshore, said, “We are excited about our new partnership with Fosun as a core long-term strategic investor in Ironshore.  Fosun brings a global perspective with valuable Asian market connections combined with a very strong investment management track record.  This partnership further enhances Ironshore’s unique position to grow profitably in the global insurance market.”