Fosun seeks OK to spin off Ironshore in IPOReprints
Shanghai-based Fosun International Ltd. said Thursday that it is seeking approval for an initial public offering of Hamilton, Bermuda-based Ironshore Inc.
The international conglomerate and investment company, which acquired insurer Ironshore last year, said it had submitted an application to the Hong Kong stock exchange seeking approval for a spin off and separate listing on the New York Stock Exchange or the Nasdaq.
Fosun announced in March that is was considering an IPO of Ironshore, shortly after wrapping up the purchase of the remaining stake of the company.
A Fosun spokesperson did not respond to an email message regarding the size of the IPO.
Earlier this month, Fosun said it and Ironshore had voluntarily notified the Committee on Foreign Investment in the United States about the acquisition of Ironshore.
“The parties have been working closely with CFIUS and providing CFIUS with all the information it needs for its considerations,” Fosun said at the time.
A U.S. Treasury spokesperson declined to comment about the CFIUS case.
Ironshore, which was founded as an excess and surplus lines insurer in 2006, is headed by industry veteran Kevin Kelley, who spent years heading American International Group Inc.'s surplus lines operations before joining Ironshore in 2008.