China-based Fosun International has signed an agreement to acquire the remaining 80% stake in Ironshore, for around $1.8bn.
In February this year, Fosun completed the acquisition of 20% stake in Ironshore for around $463.83m.
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.
"Fosun is fully confident about the existing management team and believe that the long-term and stable cooperation with Ironshore is the key and essential foundation to achieve a win-win situation in further exploiting synergies for both parties."
Under the deal, Fosun will merge its indirect wholly-owned subsidiary into Ironshore, with the latter as the surviving company. It will become an indirect wholly-owned subsidiary of Fosun.
Ironshore offers broker-sourced specialty commercial property and casualty coverages for varying risks on a global basis through its multiple international platforms
The deal is subject to the receipt of regulatory approvals and other customary closing conditions, according to Fosun.
Ironshore CEO Kevin Kelley said: "Ironshore is grateful to its board of directors and its long-term investors Calera Capital, Corporate Partners, GCP Capital, GTCR, Irving Place Capital, Tara Partners and TowerBrook Capital for their backing and support which helped build Ironshore into its position of market leadership and strength. "
Fosune noted that it has invested more than one third of its total assets in insurance businesses, including investments in Ironshore, Yong’an P&C Insurance, Pramerica Fosun Life Insurance, Peak Reinsurance and Fidelidade Group, Portugal’s largest insurance company.
Image: Fosun to purchase 80% interest in Ironshore. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.