Hints and tips:
...Late last year it sold a stake in US insurance group Ironshore for US$3bn to Liberty Mutual less than two years after buying the company....
...Liberty Mutual Insurance said on Monday that it plans to buy Ironshore, a specialty insurer, from Chinese conglomerate Fosun International for about $3bn....
...In some cases, Chinese companies have been forced to sell their newly-acquired businesses; Fosun International’s sale of Ironshore in the US is an example....
...Not only on its investment portfolio; the core insurance business has also grown through acquisitions. As well as Ironshore, last year Fosun bought Meadowbrook Insurance....
...In mid-December, Chinese conglomerate Fosun International announced the sale of its casualty insurance unit Ironshore to Liberty Mutual for nearly $3bn....
...Still, Fosun is planning to list its Ironshore insurance unit just a year after buying it....
...Since then, Fosun’s overseas activity has slowed and earlier this week it sold Ironshore Insurance in the US. Anbang Insurance has also fallen foul of China’s regulators....
...Over the past year, Fosun has bought Ironshore, a US property and casualty insurer, German private bank H&A, Indian pharmaceutical group Gland Pharma and Wolverhampton Wanderers, the UK football club....
...Shares in Fosun barely budged in morning trading on Monday after the Chinese conglomerate confirmed it has fired the starting gun on spinning off its Ironshore insurance unit in New York....
...It also plans to publicly list its US insurance company Ironshore, UK travel company Thomas Cook, Club Med and Cirque du Soleil....
...In the past many entrepreneurs believed that as long as they had extensive assets abroad, they had political insurance....
...The company said that Ironshore, a speciality commercial property and casualty insurer, would help Fosun expand its product range beyond the property & casualty insurance, life insurance and reinsurance...
...It later agreed to buy US insurer Meadowbrook for $433m and this year it acquired Bermuda-based insurer Ironshore for $1.8bn....
...It has bought insurance companies, such as Portugal’s Fidelidade and the US’ Ironshore and Meadowbrook, for access to their floats: the pools of premiums which it sees as a cheap source of investment capital...
...Last week, it agreed to purchase the 80 per cent it did not already own in Ironshore, a Bermuda-based speciality property and casualty insurer, for $1.8bn....
...In its latest transactions in the sector, Fosun struck a deal to buy the 80 per cent of Ironshore, another Bermuda-based insurer, that it did not already own for $1.84bn....
...He is already chairman of three unlisted companies – Northern Rock, the nationalised bank, and Paternoster and Ironshore in the insurance sector....
...CV Starr, an investment and insurance company run by Greenberg, and Ironshore Inc formed Iron-Starr Excess Agency, the companies said....
...So far this year, two Bermudan reinsurers – Validus and Ariel – have acquired Lloyd’s underwriters, while others, such as Ironshore and Montpelier, have built platforms in the US....
International Edition