Chinese investment firm Fosun International Ltd has completed the acquisition of the remaining 80 per cent equity interest in Bermuda-based insurer Ironshore.

The Shanghai-based firm, headed by billionaire Guo Guangchang, bought 20 per cent of Ironshore in February this year. In May the two companies announced that Fosun would acquire all remaining Ironshore shares.

In a statement released late on Sunday, Fosun said it had received approvals from all relevant regulatory authorities in the US, the UK and other jurisdictions for its acquisition of the remaining 80 per cent ownership interest in Ironshore, by way of the merger.

Fosun has made clear its support for the Ironshore management team and that it views its investment in the insurer as a long-term commitment. “Ironshore is pleased to jointly announce the completion of the merger transaction with Fosun, which will enable us to continue to build upon our international specialty platform and enhance our global brand,” Kevin Kelley, chief executive officer of Ironshore, said.

“Fosun’s financial strength and established investment management approach provides long-term strategic capital to bolster Ironshore’s expansion strategy and further adds to Ironshore’s uniqueness.

“With our new owner, Ironshore is well positioned for the future as a global insurance industry leader.”

Mr Guangchang, chairman of Fosun, said: “Ironshore’s excellent team has outstanding managing and underwriting insurance capabilities which are widely recognised in the insurance industry.

“Ironshore has the capability to provide its clients with comprehensive and quality specialty insurance products.

“The successful completion of this transaction marks a historic milestone for Fosun’s investments in the specialty insurance industry as well as the American financial-service sector, which significantly boosts our insurance-oriented comprehensive financial capabilities.”

Fosun has other investments in insurance companies including Yong’an P&C Insurance, Pramerica Fosun Life Insurance, Peak Reinsurance, Fidelidade Group and MIG.

The investment firm intends that these companies work together where it is advantageous.

“Now and in the coming year, Fosun will strengthen its integration and collaboration efforts, seeking to establish a cross-region and cross-industry global insurance and financial group,” Mr Guanchang said.

“We encourage our invested companies to collaborate wherever applicable, seeking to connect them to Fosun’s resources with our global insurance and finance platforms to enhance their competitiveness in their respective industries.”