Liberty Mutual completes $2.9bn Ironshore deal

Liberty Mutual Insurance has completed the acquisition of 100 percent ownership interest in Bermuda-based specialty property/casualty insurer Ironshore from Chinese conglomerate Fosun International.

Liberty’s purchase price equates to $2.94 billion and is subject to post-closing adjustments, according to the statement.

Fosun agreed to sell Ironshore to the US-based insurer Liberty Mutual in December 2016, only around a year after it acquired the remaining 80 percent stake in Ironshore.

Kevin Kelley, the chief executive of Ironshore, earlier said that the deal represents a win-win for all three parties after what has been a period of uncertainty for the company.

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