Fosun, the Chinese conglomerate that is set to take a 20 percent share in Ironshore, has valued the insurer at 1.25x its net assets at 30 June.
In a Hong Kong Stock Exchange filling, Fosun said it was paying a total consideration of $463.8 million, plus 1.246 times 20 percent of the operating income.
Fosun said: “The Group has been endeavouring determined efforts in establishing insurance as its core business and developing insurance as one of the key growth engines of the Group. The Group regards the development of the insurance business as a premium path in connecting the Group’s investment capability to long-term high-quality capital. The acquisition will further expand the Group’s insurance business and strengthen the Group’s capability to access long-term high-quality capital.”
Ironshore, Fosun, Asia-Pacific, North America