On December 5, 2016, Liberty Mutual announced that it has entered into a definitive agreement to acquire 100% of Ironshore Inc. stock from Fosun International Ltd. for approximately $3 billion. Pending regulatory approvals, the transaction is anticipated to close sometime in the 2nd quarter 2017. Once the acquisition is completed, the plan is to have Ironshore continue to operate with its current brand under the Liberty umbrella and have the Ironshore management team continue to run the unit. It is anticipated that it will be business as usual once the transaction is closed.
Hylant views this transaction as very positive for Ironshore and its clients. It will become part of a global Fortune 100 company with $120 billion of assets and an “A” rating from A.M. Best, S&P and Moody’s that will provide additional capacity for its products. In addition, Hylant is a large trade partner with Liberty Mutual and has an exceptional relationship with its management team. This transaction will further grow and strengthen our relationship.
We will continue to monitor any further developments with this pending transaction and will update our clients if any significant changes occur.