China-based Fosun International has completed the acquisition of remaining 80% interest in Ironshore, for around $1.8bn.
The deal was first announced by both firms in May this year.
In February this year, Fosun completed the acquisition of 20% stake in Ironshore, for around $463.83m.
Fosun has obtained approvals from all relevant regulatory authorities in the US, the UK and other jurisdictions for its acquisition of the remaining stake in Ironshore through merger.
Fosun said that Ironshore is now an indirect wholly-owned subsidiary of the company.
Through its multiple international platforms, Ironshore offers broker-sourced specialty commercial property and casualty coverages for varying risks on a global basis.
Ironshore CEO Kevin Kelley said: "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."
Fosun International chairman Guo Guangchang 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."
Fosun provides property and casualty insurance, life insurance, reinsurance, general insurance, labor insurance and specialty insurance services.
Image: Ironshore provides broker-sourced specialty commercial property and casualty coverages. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.