Fosun looking to sell Ironshore after just a few months of ownership

Fosun looking to sell Ironshore after just a few months of ownership

Fosun looking to sell Ironshore after just a few months of ownership Ironshore Canada could be on the block as the Chinese conglomerate that acquired the insurer’s parent company a matter of months ago weighs a possible initial public offering or possible sale.

Fosun’s musing seems to have been prompted by ratings firm A.M. Best’s December announcement of a review of Ironshore, citing “concern over the weak financial profile of Fosun, represented by its high financial leverage and constrained liquidity position.”

Fosun International Ltd, headed by billionaire Chairman Guo Guangchang, has experienced a rollercoaster in recent days, with Guo reported missing late last year, only to return later in December after reportedly aiding the Chinese authorities with an investigation. The past 12 months have seen Fosun’s share take a 17% dip in HongKong.

The Canadian branch of Bermuda-based Ironshore, began offering specialty insurance in 2010 including products such as Management Liability, Professional Liability, Financial Institutions, Mergers & Acquisitions, Casualty, Environmental, Trade Credit, Political Risk, Marine, War & Terrorism, Specie & Fine Art, Property, and Personal Accident.

Fosun has been tight-lipped beyond a filing announcing the possible IPO.

“No final decision has been made by the respective boards of directors of Ironshore and Fosun on whether, when or where to proceed with the possible offering,” Ironshore said in a statement Tuesday.