Fosun to acquire US insurer
Fosun International, a Chinese investment company listed on the Hong Kong Stock Exchange, is set to acquire US insurer Meadowbrook Insurance Group for $433 million.
Fosun said that the acquisition will enable it to establish a significant presence in the US property and casualty (P&C) market.
The transaction is expected to close in the second half of 2015. Meadowbrook will continue to maintain its headquarters in Southfield, Michigan and will operate under the Meadowbrook brand name.
Guo Guangchang, chairman of Fosun, said: "This transaction allows Fosun to establish a presence in the important US P&C market, consistent with our strategy of expanding our core insurance business. Meadowbrook has a talented employee base, comprehensive offering of high-quality specialty insurance products, robust distribution network and a strong commitment to meeting the evolving needs of its policyholders. The transaction represents another milestone for Fosun and will enable Fosun to further strengthen its insurance-oriented comprehensive financial capabilities."
Robert Cubbin, president and chief executive officer of Meadowbrook, said: "Combining with Fosun further strengthens our capital base as we continue to focus on supporting the needs of our customers, partners and policyholders, improving our underwriting performance and driving profitability."
