Liberty Mutual Insurance announced Monday morning it will acquire global specialty lines company Ironshore Inc. from Fosun International Ltd. for approximately $3 billion.
The purchase price — which is subject to closing price adjustments — will equate to 1.45x Ironshore's actual tangible book value as of year-end 2016. The transaction is expected to close in the first half of 2017 pending regulatory approvals and customary closing conditions.
After the acquisition is completed Ironshore will continue to operate with the same management team and brand, but as part of the larger Liberty Mutual organization, which seeks to grow its specialty lines operations.
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