Liberty Mutual Insurance said today that it has reached a definitive deal with Fosun International Limited to purchase Ironshore Inc., a leading worldwide speciality lines company.
In the first half of 2017, the transaction is expected to close pending regulatory approvals and normal closing conditions. After the transaction is completed, Liberty Mutual will own 100% of Ironshore. The purchase price is expected to be around $3 billion, equating to 1.45x Ironshore’s real tangible book value as of year-end 2016. Closing price modifications may affect the buying price.
Ironshore will continue to operate under the same management team and brand when the acquisition is completed, but as part of the broader Liberty Mutual organization, which is focused on building its speciality lines operations.
“We are delighted to welcome Ironshore and its experienced management team, led by CEO Kevin H. Kelley, to Liberty Mutual,” stated David H. Long, Chairman and CEO of Liberty Mutual Insurance.
“Ironshore has a track record of effectively underwriting global and varied speciality risks insurance, and it is an excellent complement to Liberty Mutual’s $5 billion Global Specialty business, offering further scale, knowledge, innovation, and market ties.”
Ironshore, which was created in 2006, has $2.2 billion in gross premiums written in 2015, making it one of the top ten Excess & Surplus lines insurers in the United States.
The organization is divided into three operating hubs in the United States, Bermuda, and London, with roughly 800 people spread across 15 nations.
“The merging of Ironshore and Liberty Mutual is a win-win proposition that creates benefit for both organizations,” stated Ironshore CEO Kevin H. Kelley.
“Ironshore will join another ‘A’ rated firm with a global footprint, a strong bank sheet, a diverse client base, and a far stronger ability to generate profitable growth.”
Liberty Mutual Insurance received financial advice from Barclays Capital Inc., and legal counsel from Skadden, Arps, Slate, Meagher & Flom LLP.
Liberty Mutual Insurance is dedicated to helping people protect and maintain what they have worked hard to achieve, build, own, and appreciate.
Keeping this promise means being there for our policyholders all across the world when they need us the most.
Liberty Mutual is a global insurance company with operations in 29 nations and economies.
Based on 2015 sales, we are ranked 73rd on the Fortune 100 list of the largest firms in the United States.
Liberty Mutual had $121.7 billion in consolidated assets, $102.5 billion in consolidated liabilities, and $37.6 billion in consolidated revenue as of December 31, 2015.
Liberty employs nearly 50,000 individuals in more than 800 locations throughout the world.
Personal automobile, homeowners, accident & health, commercial automotive, general liability, property, surety, workers compensation, group disability, group life, specialty lines, reinsurance, individual life and annuity products are among the insurance products and services we provide.
Is Ironshore insurance part of Liberty Mutual?
Your specialty risk solution Ironshore, a Liberty Mutual Company, serves U.S.-based businesses with complex or unique risks and high-severity loss potential with broker-sourced speciality property and casualty insurance solutions.
Who bought Ironshore?
Kevin Kelley, a Liberty Mutual executive and former CEO of Ironshore, plans to retire at the end of 2019, the business announced on Nov. 21.
Kelley, who is currently Liberty Mutual’s vice chairman for Global Risk Solutions, joined the company in 2017, following the $3 billion purchase of Ironshore Inc. by Liberty Mutual from China’s Fosun International. Kelley was instrumental in transforming Ironshore from a start-up to a global excess and surplus speciality lines insurer. Kelley also extended Ironshore’s international and U.S. footprint with a network of offices offering broad, speciality insurance coverages across its global platform, according to Liberty Mutual.
When did Liberty acquire Ironshore?
Following regulatory approvals and the completion of normal closing conditions, Liberty Mutual Insurance announced today that it has completed its acquisition of a 100 percent ownership interest in Ironshore Inc., a premier global speciality firm, from Fosun International Limited. The purchase price for Liberty is $2.935 billion, with post-closing changes possible. On December 5, 2016, Liberty Mutual announced the signing of a definitive deal to buy Ironshore.
We are a premier global insurer with operations in 30 nations and economies throughout the world. We have been in business since 1912 and are based in Boston, Massachusetts.
According to the National Association of Insurance Commissioners’ 2016 direct written premium data, we are the fourth largest property and casualty insurer in the United States.
Based on 2015 sales, we are also ranked 73rd on the Fortune 100 list of the largest firms in the United States.
We had $38.3 billion in yearly consolidated revenue as of December 31, 2016.
Is Ironshore admitted or non admitted?
Ironshore Inc. announced today that its US subsidiary, Ironshore Holdings (U.S.) Inc., has completed the acquisition of Stockbridge Insurance Business from Folksamerica Reinsurance Company, a US-based admitted insurance company. The company will be called Ironshore Indemnity Inc. (“III”), pending regulatory approval.
Ironshore Indemnity Inc., which has licenses in 46 states and the District of Columbia, will be the admitted US carrier for Ironshore’s US activities, which include the IronPro and IronBuilt divisions. “We’re excited to have bought a clean, admitted shell with licenses in so many states,” stated Greg Flood, III and IronPro’s President. “Ironshore Indemnity Inc. provides a fantastic platform for us to extend our admitted activities in the United States.”
Ironshore provides speciality commercial property and casualty coverages sourced from brokers for risks all around the world. Property catastrophe and property all-risk coverage for small to mid-sized commercial risks were included in Ironshore’s first market profile. Ironshore expanded its platform into the Professional Liability and Construction niche business sectors with the launch of IronPro in May 2007 and IronBuilt in October 2007. A.M. Best Company has given Ironshore Insurance Ltd. an A (Excellent) rating in the Financial Size Category of Class XI.
Who purchased Liberty Mutual?
The proposed acquisition of State Auto Financial by Liberty Mutual has received shareholder approval.
The $1 billion deal was approved by 99.5 percent of the shares voted, including abstentions, according to State Auto, based in Columbus.
The purchase was announced in July and is anticipated to finalize next year. It’s being marketed as a method for Liberty to grow its small business and consumer insurance products.
State Auto stock surged in response to the planned takeover and is now trading at $51, barely below the $52 purchase price.
State Auto has stated that the acquisition will not result in any job cuts among its 2,000 employees.
After the purchase closes, Liberty Mutual has committed to operate out of State Auto’s headquarters at 518 E. Broad St. for at least two years and will look into establishing Columbus as a Midwest regional hub. Following the acquisition, Liberty Mutual has pledged to continue the company’s humanitarian and charity endeavors for a length of time.
Is United Fire and casualty admitted?
UFG Specialty concentrates on a broad range of classes written only through wholesale brokers on both an admitted and non-admitted basis as a business insurance provider for E&S lines.
Is AIG an admitted carrier?
The process of obtaining homeowner’s insurance in California became more difficult by the end of 2021. Kathleen Zortman, President and CEO of AIG Private Client Group, announced her company’s decision to stop delivering approved insurance solutions in California to the personal insurance business.
Is Everest National insurance company an admitted carrier?
Everest National Insurance Company, a member of the Everest Insurance group of insurance firms, was founded in 1991 with an A+ rating.
Who owns Safeco?
Safeco was acquired by Liberty Mutual Insurance in September 2008. Safeco has been able to focus solely on personal insurance thanks to the financial soundness of our parent company and a national network of local independent agents.