December 3, 2015
Fosun Completes Acquisition of the Remaining Interest in Ironshore
Hamilton, Bermuda - Ironshore Inc. ("Ironshore") and Fosun International Limited (HKEx stock code: 00656, together with its subsidiaries, "Fosun") announced today that Fosun has completed the acquisition of the remaining 80% equity interest in Ironshore. Fosun has received approvals from all relevant regulatory authorities in the United States, the United Kingdom and other jurisdictions for its acquisition of the remaining 80% ownership interest in Ironshore, by way of the merger. Previously, Fosun completed the acquisition of 20% of Ironshore's total ownership interest in February 2015. Ironshore is now an indirect wholly-owned subsidiary of Fosun International Limited. "Ironshore is pleased to jointly announce the completion of the merger transaction with Fosun, which will enable us to continue to build upon our international specialty platform and enhance our global brand," stated Kevin H. Kelley, Chief Executive Officer of Ironshore. "Fosun's financial strength and established investment management approach provides long-term strategic capital to bolster Ironshore's expansion strategy and further adds to Ironshore's uniqueness. With our new owner, Ironshore is well positioned for the future as a global insurance industry leader." 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. Ironshore has the capability to provide its clients with comprehensive and quality specialty insurance products. The successful completion of this transaction marks a historical milestone for Fosun's investments in the specialty insurance industry as well as the American financial service sector, which significantly boosts our insurance-oriented comprehensive financial capabilities. As a long-term shareholder of Ironshore, Fosun will always support the autonomous, stable and healthy development of Ironshore while fully leveraging our global insurance platform resources to enhance Ironshore's competitiveness in the industry." The Beekman Group was a co-lead investor in Ironshore, when the company was formed in 2007 in response to the crisis conditions present in the U.S. property catastrophe insurance markets, as a result of significant hurricane activity and subsequent changes to capital adequacy models in the insurance industry. The Ironshore exit represents the fourth platform exit from Beekman's first fund, Beekman Investment Partners, LP. About The Beekman Group Founded in 2004, The Beekman Group is a leading private equity firm based in New York City, dedicated to bringing financial and operational resources to lower middle-market companies. Beekman's team consists of experienced private equity professionals, as well as a select group of operating executives who are leading executives in Beekman's targeted industry segments. This approach to investing is the cornerstone of Beekman's investment strategy -- creating value through accelerating growth in partnership with small and middle-market management teams. 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 u (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.