China-based Fosun International has completed the acquisition US-based Meadowbrook Insurance Group, for about $433m.
The deal was first announced at the end of December 2014.
The acquisition is said to help Fosun to expand its operations in the US property and casualty market (P&C).
Fosun International chairman Guo Guangchang said: "The successful completion of this transaction constitutes an important milestone for Fosun’s investments in the United States financial industry and an important step in Fosun’s strategy of expanding businesses with insurance as the core.
"Fosun looks forward to adding Meadowbrook’s high-caliber staff, comprehensive offerings of high-quality specialty insurance products and a robust distribution network to the Fosun family and has full confidence in the incumbent management team."
Based in Southfield of Michigan, Meadowbrook offers specialty risk management solutions for agents, professional and trade associations and small to medium-sized insureds.
Through a network of independent retail agents, wholesalers, program administrators and general agencies, the company provides specialty property and casualty insurance programs and products on both an admitted and non-admitted basis.
Meadowbrook Insurance Group president and CEO Robert Cubbin said: "As part of Fosun, Meadowbrook will benefit from a stronger capital base, enabling us to better meet the needs of our customers, partners and policyholders well into the future."
Image: Meadowbrook Insurance Group offers specialty property and casualty insurance programs and products. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.