BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

China-based Fosun buying 20% stake in Ironshore


Shanghai-based investment group Fosun International Ltd. is buying a 20% stake in Ironshore Inc. and will become the Hamilton, Bermuda-based insurer's largest shareholder, Ironshore said in a statement Monday.

The deal comes after Ironshore announced plans for a $100 million initial public offering in June and updated its registration statement with the Securities and Exchange Commission as recently as Aug. 4. The company could not be reached for comment regarding how the Fosun investment affects the proposed IPO.

The purchase price will be $463.8 million plus (or minus) 1.246 times 20% of the operating income for the period commencing on the date after June 30, 2014 through the end of the fiscal quarter immediately preceding the closing, and shall not exceed $477.9 million or be less than $456.8 million, according to a Fosun filing with the Hong Kong Stock Exchange.

Ironshore plans to use the proceeds of the investment to re-purchase shares from existing shareholders, the company said in its statement.

“Fosun brings a global perspective with valuable Asian market connections combined with a very strong investment management track record,” Kevin Kelley, CEO of Ironshore, said in the statement

The transaction is subject to the receipt of regulatory approvals and other customary closing conditions, the statement said.

“Our strategic investment in Ironshore represents another milestone for Fosun and will enable Fosun to further expand its insurance business and strengthen its comprehensive financial capabilities,” Guo Guangchang, chairman of Fosun, said in the statement.

Fosun earlier this year paid $1.4 billion to take an 80% stake in Portugal-based insurer Caixa Seguros e Saude S.A.

Read Next