Fosun weighs IPO for specialty property/casualty insurer IronshoreReprints
Shanghai-based Fosun International Ltd., which has wrapped up purchasing the remaining stake of Hamilton, Bermuda-based Ironshore Inc., now is considering an initial public offering of Ironshore, the insurers said Tuesday.
The companies said in statements that no final decision has been made on when or where to proceed with taking Ironshore, a specialty property/casualty insurer formed in the wake of devastating 2005 hurricanes, public through a stock offering.
Fosun last May agreed to buy the 80% of Ironshore that it already did not own for $1.8 billion.
In September, Fosun said it planned to raise up to 11.69 billion Hong Kong dollars ($1.5 billion) in a rights issue to fund mergers and acquisitions in the banking and insurance industry.
Among other recent actions, Fosun last July completed its $433 million acquisition of Southfield, Michigan-based Meadowbrook Group Inc. In February, however, Fosun dropped its plan to purchase a majority stake in Israeli insurer Phoenix Holdings Ltd.