Date
28 May 2017
Fosun chairman Guo Guangchang has identified insurance as a major growth area for the group. Photo: Reuters
Fosun chairman Guo Guangchang has identified insurance as a major growth area for the group. Photo: Reuters

Fosun offers US$1.8 bln for remaining 80% stake in Ironshore

Fosun International (00656.HK) has offered US$1.8 billion for the 80 percent stake that it does not already own in US casualty and property insurer Ironshore Inc.

“This acquisition will bring synergies for both parties in the prevention of currency risks, expansion of assets allocation and cooperation in reinsurance business,” the Chinese firm said in a statement Sunday, according to Reuters.

In August 2014, Fosun — which is controlled by Chinese billionaire Guo Guangchang — announced that it was buying 20 percent stake in Ironshore for US$464 million in a bid to expand its global insurance network. 

The US insurer had total assets of US$6.7 billion as of end-December.

The deal came as Fosun has identified insurance has a major growth area for the group.

Last year the Chinese conglomerate bought the insurance arm of Portuguese state bank Caixa Geral de Depositos for US$1.1 billion.

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