Deals
Liberty Mutual to Buy Fosun’s Ironshore for About $3 Billion
- Price to be 1.45 times tangible book value at end of year
- Buyer advised by Barclays, sees deal closing in 2017
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Liberty Mutual Holding Co., the fourth-largest property-casualty insurer in the U.S., agreed to buy Ironshore Inc. from Fosun International Ltd. for about $3 billion to expand in the specialty commercial market.
Ironshore will retain its management and brand after the completion of the deal, the buyer said in a statement Monday. Fosun acquired Bermuda-based Ironshore in 2015 and then sought an exit after a ratings firm cited concerns about the parent company’s financial strength.