Hamilton, Bermuda, August 15, 2014 – Ironshore Inc. (“Ironshore”) and Fosun International Limited (HKEx stock code: 00656, together with its subsidiaries, “Fosun”) announced today that they have entered into a definitive agreement for Fosun to purchase ordinary shares of  Ironshore that would represent 20% of  Ironshore’s total outstanding ordinary shares on a fully diluted basis. Ironshore will use all of the proceeds from the share issuance to fund repurchases of outstanding ordinary shares from existing shareholders, including existing long-term private equity shareholders.  After giving effect to Fosun’s equity purchase and Ironshore’s use of proceeds, Fosun will be the largest shareholder of Ironshore.

The transaction is subject to the receipt of regulatory approvals and other customary closing conditions. 

Fosun is a leading investment group taking roots in China with a global foothold. Fosun regards the development of the insurance business as a premium path in connecting its investment capability to long-term high-quality capital. Currently, Fosun has more than one third of its total assets invested in insurance business including investments in Yong’an P&C Insurance, Pramerica Fosun Life Insurance and Peak Reinsurance and in Fidelidade Group, Portugal’s largest insurance company.

Guo Guangchang, Chairman of Fosun, said, “Fosun has been making determined efforts in establishing insurance as its core business.  Our strategic investment in Ironshore represents another milestone for Fosun and will enable Fosun to further expand its insurance business and strengthen its comprehensive financial capabilities.”
Kevin H. Kelley, Chief Executive Officer of Ironshore, said, “We are excited about our new partnership with Fosun as a core long-term strategic investor in Ironshore.  Fosun brings a global perspective with valuable Asian market connections combined with a very strong investment management track record.  This partnership further enhances Ironshore’s unique position to grow profitably in the global insurance market.”

About Ironshore
Ironshore provides broker-sourced specialty commercial property and casualty coverages for varying risks on a global basis through its multiple international platforms. The Ironshore group of insurance companies is rated A (Excellent) by A.M. Best with a Financial Size Category of Class XIV. Ironshore’s Pembroke Syndicate 4000 operates within Lloyd’s where the market rating is A (Excellent) by A.M. Best and A+ (Strong) from both Standard & Poor’s and Fitch. For more information, please visit www.ironshore.com.

About Fosun
Fosun was founded in 1992 in Shanghai. Fosun International Limited (00656.HK) was listed on the Main Board of The Stock Exchange of Hong Kong Limited on 16 July 2007. Today, Fosun has established four business engines comprising “insurance, industrial operations, investment and asset management”. It strives to become a world-class investment group underpinned by the twin drivers of “insurance-oriented comprehensive financial capability” and “industrial-rooted global investment capability”. It is dedicated to applying the value investing principle to its investment model of “Combining China’s Growth Momentum with Global Resources”. For more information, please visit www.fosun.com.