Log In

Reset Password
BERMUDA | RSS PODCAST

Ironshore deal under US security scrutiny

The acquisition of Bermudian-based Ironshore by Chinese conglomerate Fosun International is to be scrutinised in the US on national security grounds.

The Shanghai-based company, headed by billionaire Guo Guangchang, is to appear before the US Federal Committee on Foreign Investment in the United States, which is reviewing the purchase.

In a statement posted on its website, the Chinese insurer said that both it and Ironshore “have voluntarily notified CFIUS regarding Fosun's acquisition of Ironshore, a US-based provider of casualty and speciality lines of insurance.

“The parties have been working closely with CFIUS and providing CFIUS with all the information it needs for its considerations.”

CFIUS is an inter-agency committee authorised to review transactions that could result in control of a US business by a foreign person in order to determine the effect of such transactions on the national security of the United States,” according to the CFIUS website.

A spokeswoman for the committee declined to comment on any review of Fosun's acquisition of Ironshore.

Fosun International bought Ironshore at the end of last year for $1.84 billion.

Ironshore was founded in Bermuda ten years ago with $1 billion in capital.

It has expanded globally since, with around 30 offices in the US, Canada, China, Britain, Ireland, Japan Singapore, Australia and Dubai and writes around $2.3 billion in premiums a year.

Fosun Group CEO Guo Guangchang

You must be Registered or to post comment or to vote.

Published June 10, 2016 at 9:00 am (Updated June 09, 2016 at 8:13 pm)

Ironshore deal under US security scrutiny

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon