2 May 2017Insurance

Liberty Mutual completes $2.9bn Ironshore deal

Liberty Mutual Insurance has completed the acquisition of 100 percent ownership interest in Bermuda-based specialty property/casualty insurer Ironshore from Chinese conglomerate Fosun International.

Liberty’s purchase price equates to $2.94 billion and is subject to post-closing adjustments, according to the statement.

Fosun agreed to sell Ironshore to the US-based insurer Liberty Mutual in December 2016, only around a year after it acquired the remaining 80 percent stake in Ironshore.

Kevin Kelley, the chief executive of Ironshore, earlier said that the deal represents a win-win for all three parties after what has been a period of uncertainty for the company.

Today’s top stories

Insurtech funding volume drops 64% YOY in Q1

AXA transfers £600M liability book to RiverStone

Willis Towers Watson appoints regional corporate risk and broking leader in US

CNA Q1 results jump on underwriting gains and investment returns

Aon closes $4.3bn business sale to Blackstone

Munich Re boosts North America leadership with new presidents and CEOs

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
21 November 2018   Property/casualty insurer Liberty Mutual is realigning its excess casualty operations and increasing its capacity to $100 million.
Insurance
14 September 2018   Boston-headquartered Liberty Mutual Insurance is rebranding its Liberty International Underwriters (LIU Canada) and Ironshore Canada units as Liberty Mutual Canada.
Insurance
10 July 2018   Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, is transferring European retail renewal rights from Ironshore Europe to Liberty Specialty Markets.