FOSUN TARGETS US PROPERTY/CASUALTY GROWTH VIA MEADOWBROOK DEAL

The festive period also saw Chinese conglomerate Fosun International acquire US insurer Meadowbrook in a deal valued at approximately $433m. The transaction represents a 24% premium over Meadowbrook’s closing price on December 29 and a premium of 39% to Meadowbrook’s three-month average closing price for the period ending December 29, the company said. Guo Guangchang, chairman of Fosun, said the transaction would allow the company to establish a significant presence in the US property/casualty market as part of Fosun’s strategy to expand its core insurance business. The acquisitive company made several buys in 2014, including the acquisition of a 20% stake in Ironshore in August. Fosun currently has more than one third of its total assets invested in insurance businesses around the world, including investments in Yong'an P&C Insurance, Pramerica Fosun Life Insurance and Peak Reinsurance, as well as Portuguese insurer Fidelidade Group, bought in January 2014.