Hong Kong, December 05, 2016 – Today, Fosun International Limited (HKEx stock code: 00656, together with its subsidiaries, "Fosun" or the "Group") announced it has signed a definitive agreement to sell its Ironshore Inc. subsidiary to Liberty Mutual Insurance.

The companies signed an agreement under which Liberty Mutual Insurance will acquire a 100% ownership interest in Ironshore. The purchase price will equate to 1.45x Ironshore's actual tangible book value as of year-end 2016, and is estimated to be approximately $3 billion. The purchase price is subject to closing price adjustments.

"This is an excellent outcome for all three companies. Fosun has always been confident in the development of Ironshore. In the past, we have successfully helped Ironshore better understand the Asian market, and further expand business into Mainland China and Hong Kong, as well as introduce more clients through our portfolio companies. As a global investment group, it is important for Fosun to have the capability and opportunity to accomplish exit of its investment and at the same time realize a reasonable return of investment in a relatively short period. With this transaction, the Group’s financial flexibility and capabilities will be further enhanced,” said Chairman Guo Guangchang. “It also demonstrates Fosun’s ongoing commitment and focus on maximizing values for our shareholders. In the future, with the adherence to ‘value-investing’ principle, we will continue to invest in companies consistent with our ‘insurance + investment’ strategies to optimize our asset allocations globally. As a long-term, responsible investor in the United States, Fosun will be focusing on positive long-term and trusted relationships with its U.S. partners, customers and regulators, and pursue value investment opportunities in this market.”

“We are pleased to have Ironshore and its proven management team led by CEO Kevin H. Kelley join Liberty Mutual,” said David H. Long, Liberty Mutual Insurance Chairman and CEO. “Ironshore has a track record of profitably underwriting global and diverse specialty risks insurance and is an ideal complement to Liberty Mutual, providing additional scale, expertise, innovation and market relationships to our $5 billion Global Specialty business.”

“Today’s announcement of the transaction is beneficial for all three parties involved and is the culmination of a careful and considered process. We have aimed for the best possible outcome for our employees, clients and business partners and are confident this transaction achieves these goals and more,” said Kevin H. Kelley, Ironshore CEO.

The sale is subject to regulatory approval and customary closing conditions, and is expected to close in the first half of 2017.

Citi is acting as lead financial advisor to Fosun with Aon Securities Inc. also acting as financial advisor to Fosun.