Hamilton, Bermuda, May 3, 2015 – Ironshore Inc. (“Ironshore”) and Fosun International Limited (HKEx stock code: 00656, together with its subsidiaries, “Fosun” or the “Group”) announced today that they have entered into a definitive agreement for Fosun to acquire the remaining interest in Ironshore that Fosun does not already own.  On February 12, 2015, Fosun closed its purchase of ordinary shares of Ironshore representing 20 percent of Ironshore’s total outstanding ordinary shares on a fully diluted basis.  The acquisition of the remaining interest in Ironshore will be effected by the merger of an indirect wholly-owned subsidiary of Fosun International Limited with and into Ironshore, with Ironshore as the surviving company.  After giving effect to the merger, Ironshore will be an indirect wholly-owned subsidiary of Fosun International Limited.

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

Guo Guangchang, Chairman of Fosun, said, “Ironshore’s excellent team has outstanding managing and underwriting insurance capabilities which are widely recognized in the insurance industry. Fosun is fully confident about the existing management team and believe that the long-term and stable cooperation with Ironshore is the key and essential foundation to achieve a win-win situation in further exploiting synergies for both parties. The acquisition of the remaining interest in Ironshore will further expand Fosun’s insurance business and strengthen the Group’s capability to access long-term high-quality capital. Fosun will persistently integrate its industrial resources to further enhance the Group’s insurance business capabilities on both the liability-end and investment-end. In addition, through efforts of both parties and synergies derived from shared resources in various aspects, Fosun hopes to develop higher quality products and services and is committed to supporting the stable and long-term development of Ironshore.”

Kevin H. Kelley, Chief Executive Officer of Ironshore, said, “The transition of ownership from private equity to a strategic permanent capital provider with Fosun is a positive milestone for Ironshore.  Ironshore is grateful to its board of directors and its long-term investors Calera Capital, Corporate Partners, GCP Capital, GTCR, Irving Place Capital, Tara Partners and TowerBrook Capital for their backing and support which helped build Ironshore into its position of market leadership and strength.  Management is very supportive of the Fosun ownership model as it provides a long term strategic partner who will continue to invest in and develop the unique Ironshore brand.  Fosun provides Ironshore with further access to global markets and positions Ironshore to take advantage of continued profitable growth opportunities.  We look forward to working together with Chairman Guo and his dynamic management team.”

Fosun is a leading investment group taking roots in China with a global foothold.  Fosun has been continuously endeavoring determined efforts in establishing insurance as its core business and developing insurance as one of the key growth engines of the Group. 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 businesses, including investments in Ironshore, Yong’an P&C Insurance, Pramerica Fosun Life Insurance, Peak Reinsurance and Fidelidade Group, Portugal’s largest insurance company, and, in December 2014, entered into a merger agreement to acquire Meadowbrook Insurance Group, Inc. The addition of a quality specialty underwriter with a stellar management team serves as a diversification play in Fosun’s portfolio and reaps benefit on multiple fronts. First the merger enables Fosun to effectively extend its insurance business from property & casualty insurance, life insurance, reinsurance to specialty insurance. Secondly, the merger allows for further diversification in Fosun’s currency reserves and enhances Fosun’s footprint in US and Europe. Lastly, there are untapped sources of potential synergy from a reinsurance perspective with Peak Reinsurance a current Fosun portfolio company.

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. Fosun has been persistently taking roots in China and investing in China’s growth fundamentals. It has been actively implementing its investment model of “Combining China’s Growth Momentum with Global Resources”. Fosun is dedicated to making a major stride towards becoming a world-class investment group underpinned by the twin drivers of “insurance-oriented comprehensive financial capability” and “global industrial integration capability taking roots in China”. Today, Fosun’s businesses include two major segments, integrated finance and industrial operations.  For more information, please visit www.fosun.com.

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