Last month,
Ironshore Inc. reported that it was considering an acquisition by China’s Fosun International – a mega holdings company that has made no secret of its desire to expand its presence in the US. Today,
Ironshore is strengthening its relationship with Fosun by helping the company achieve that very goal.
The carrier announced yesterday the formation of its Chinese Investment Practice Group, an initiative that will address market outlook projections that foresee Chinese investment in the US reach $200 billion per year by 2020. Specifically, those working on the initiative will help identiy Chinese investment opportunities in the US.
“China is and will continue to be a dynamic economic force, as well as a driving strategic investor in foreign assets outside of the region,” said Ironshore CEO Kevin H. Kelley. “Our Chinese Investment Practice Group has been created as a dedicated unit, whereby Ironshore can maximize internal resources throughout our global footprint in alignment with Fosun’s strategic investment objectives.”
Ironshore appointed Toby Smith – current head of the site pollution unit of Ironshore environmental – to lead the Chinese Investment Practice Group and oversee other appointed leadership professionals from various business line units within the carrier’s specialty global platform.
Smith is charged with developing relationships with other Chinese investment companies and identifying investment opportunities in which Ironshore has the ability and aptitude to support the underlying risk.
The insurer expects the newly founded practice will help position it favorably when Chinese investment begins to dominate the US marketplace.
“Chinese direct foreign investment is projected to exceed $2 trillion by the end of this decade,” said Kelley. “We believe that Ironshore is well-positioned to now take advantage of this emerging megatrend within the global insurance industry.”
