Fosun Group Insurance Unit Files for IPO in U.S.
July 22 2016 - 06:30PM
Dow Jones News
Ironshore Inc., a property-casualty insurer owned by an arm of
Chinese conglomerate Fosun Group, has filed for an initial public
offering in the U.S.
Bermuda-based Ironshore, founded in December 2006, has grown in
part via international expansion and acquisitions. According its
filing, gross premiums increased from $383.1 million in 2008 to
$2.16 billion last year.
Revenue fell to $1.65 billion in 2015 from $1.68 billion in
2014, while net income fell to $57.8 from $84.5 million.
Ironshore said in March that an IPO was under consideration.
Last month, Fosun International Ltd. said it submitted an
application to the Hong Kong stock exchange seeking approval for a
spinoff and separate listing of Ironshore.
Fosun bought a 20% stake in Ironshore for about $463.8 million
in early 2015 and acquired the remaining 80% later in the year for
about $1.84 billion.
Fosun Group, which is run by chairman and co-founder Guo
Guangchang, has operations ranging from mining to real estate. Last
year, it bought Michigan-based Meadowbrook Insurance Group Inc. for
about $433 million.
Fosun said in June that it voluntarily notified the Committee on
Foreign Investment in the United States about the Ironshore deal.
Ironshore said in the filing that it expects final results of the
CFIUS review before its registration statement becomes
effective.
Ironshore filed to offer up to $100 million of stock in the IPO
but that is a placeholder amount likely to change. The joint
book-running managers are BofA Merrill Lynch, Citigroup, J.P.
Morgan and UBS.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
July 22, 2016 18:15 ET (22:15 GMT)
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