News

Hamilton, Bermuda - Ironshore Inc. ("Ironshore") and Fosun International Limited (HKEx stock code: 00656, together with its subsidiaries, "Fosun") announced today that Fosun has completed its purchase of ordinary shares of Ironshore representing 20 percent of Ironshore's total outstanding ordinary shares on a fully diluted basis, pursuant to the previously announced definitive agreement. Ironshore will use all of the proceeds from the share issuance to fund repurchases of outstanding equity from existing equity holders, including existing long-term, private equity shareholders. After giving effect to Fosun's equity purchase and Ironshore's repurchase of outstanding equity from existing equity holders, Fosun will become the largest shareholder of Ironshore. "Ironshore is pleased to announce the completion of the equity transaction with Fosun, which has an established investment management approach grounded in the Asian market," stated Kevin H. Kelley, Chief Executive Officer of Ironshore. "Our relationship with Fosun will further strengthen Ironshore's ability to realize strategic growth opportunities throughout our global insurance platform." Guo Guangchang, Chairman of Fosun, said, "Following the successful completion of our strategic investment in Ironshore, Fosun has established a comprehensive insurance platform covering property & casualty insurance, life insurance, reinsurance and specialty insurance, and fully integrating our industrial resources to enhance the Group's insurance business capabilities on both the liability side and the investment side. Ironshore's excellent team has outstanding managing and underwriting insurance capabilities, which are widely recognized in the insurance industry. Ironshore has capability to provide its clients with comprehensive and quality specialty insurance products. As a long-term strategic investor, Fosun will support the stable and long-term development of Ironshore." Fosun in 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 businesses, including investments in Yong'an P&C Insurance, Pramerica Fosun Life Insurance, Peak Reinsurance and Fidelidade Group, Portugal's largest insurance company, and has recently entered into a definitive agreement to acquire Meadowbrook Insurance Group, Inc. 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 "insurance-oriented comprehensive financial capability" and "global industrial integration 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.