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Liberty Mutual to acquire Ironshore from Fosun for $3 billion

Staff Writer | December 5, 2016
Liberty Mutual Insurance announced has signed a definitive agreement to acquire Ironshore, a specialty lines company, from Fosun International Limited.
Liberty Mutual
Acquisition   1.45x actual tangible book value of Ironshore
The transaction is expected to close in the first half of 2017 pending regulatory approvals and customary closing conditions.

Upon closing, Liberty Mutual will acquire a 100 percent ownership interest in Ironshore.

The purchase price will equate to 1.45x Ironshore's actual tangible book value as of year-end 2016, and is estimated to be approximately $3 billion. The purchase price is subject to closing price adjustments.

Once the transaction is closed, Ironshore will continue to operate with the same management team and brand, but as part of the larger Liberty Mutual organization, which has a focus on growing its specialty lines operations.

Ironshore, which was founded in 2006, had gross premiums written of $2.2 billion in 2015 and is one of the ten largest Excess & Surplus lines insurers in the U.S. The company, which has approximately 800 employees located in 15 countries worldwide, is organized into three operating hubs based in the United States, Bermuda and London.