China-based Fosun International has completed the acquisition of 20% stake in Ironshore for around $463.83m.
According to Fosun, Ironshore will use the proceeds from the deal to fund repurchases of outstanding equity from existing equity holders, including existing long-term, private equity shareholders.
The deal was announced in August 2014.
Ironshore CEO Kevin Kelley said: "Ironshore is pleased to announce the completion of the equity transaction with Fosun, which has an established investment management approach grounded in the Asian market."
Fosun International chairman Guo Guangchang said: "Following the successful completion of our strategic investment in Ironshore, Fosun has established a comprehensive insurance platform covering property & casualty insurance, life insurance, reinsurance and specialty insurance, and fully integrating our industrial resources to enhance the Group’s insurance business capabilities on both the liability side and the investment side."
Ironshore offers broker-sourced specialty commercial property and casualty coverages for varying risks on a global basis through its multiple international platforms.
Fosun noted that it has invested more than one third of its total assets invested in insurance businesses, including investments in Yong’an P&C Insurance, Pramerica Fosun Life Insurance, Peak Reinsurance and Fidelidade Group, Portugal’s largest insurance company.
Image: Fosun has acquired 20% interest in Ironshore. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.