Ironshore launches Lloyd’s operation in Shanghai as Fosun chairman re-emerges

The latest insurance market expansion by Fosun came shortly after group chairman Guo Guangchang reappeared following a mysterious disappearance that led to suspension of the group’s shares on the Hong Kong Stock Exchange. The company said that Mr Guo is helping the Chinese authorities with certain investigations, that the events had not adversely impacted the company’s financial position and it is business as normal. Regardless of these extraordinary events, the Fosun group continues its expansion in the Chinese, Asian and international insurance market with the latest move in Shanghai.hideIronshore said Shanghai Pembroke Managing Agency will underwrite specialty lines of business, initially focused on the agriculture, marine and healthcare sectors. Tracy Ma has been appointed underwriting manager of the entity. She will report to Hui Yun Boo, managing director of Ironshore’s Asia Pacific region. “Ironshore’s parent Fosun, headquartered in Shanghai, positions us with clear distinction in the local market, allowing us to offer onshore specialist products to meet growing demand within this vibrant city,” said Mark Wheeler, chief executive officer of Ironshore International. “Tracy has a proven background in specialty lines insurance and we are fortunate to have her join Ironshore to optimise our relationships with Fosun’s network of portfolio companies throughout China,” he added. Bermuda-based Ironshore joined the Fosun International group when it was announced in late November that Fosun had completed the acquisition of the remaining 80% equity interest in Ironshore. Fosun initially bought a 20% stake in Ironshore in February last year. Fosun is a leading investment group with its roots in China that now has a global footprint after recent expansion, especially into the international insurance business. Fosun’s insurance business includes investments in China-based Yong’an P&C Insurance and Pramerica Fosun Life Insurance, Hong Kong-based global reinsurer Peak Reinsurance, leading Portuguese insurer Fidelidade Group, Ironshore and US-based Meadowbrook Insurance Group. Fosun chairman Mr Guo made it clear at the time that he was building an international group of insurance companies that would work closely together and the new Pembroke Shanghai operation is firmly part of that group. “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,” he said when the Ironshore deal was announced in November. Ms Ma has plenty of local and international experience to help deliver Fosun’s goals. She joins the group from Catlin Underwriting Division, Lloyd’s Insurance Company (China), where she managed the marine facultative reinsurance business, including cargo, hull and liability, and assisted with technical treaty renewal policy coverages. Ms Boo said the new Shanghai office complements Ironshore’s regional presence in Asia Pacific growth hubs, such as Singapore, Hong Kong, Tokyo, Sydney and Auckland. “Tracy’s leadership of the Shanghai office builds upon Ironshore’s international strategy of delivering specialty portfolio offerings with local jurisdiction expertise,” stated the company. Fosun’s shares ceased trading on the Hong Kong stock exchange from 11 December to 14 December as the mystery over Mr Guo’s disappearance was cleared up. It was reported by The Economist magazine that the billionaire Fosun chairman had disappeared as he was being questioned by government authorities in an inquiry as part of President Xi’s anti-corruption efforts. Mr Guo, however, reappeared on 14 December 2015 and the shares began trading again. The company issued a formal statement (signed by Mr Guo) that partially explained what had happened and reassured the market that the events would have no adverse impact on the company. “In relation to the recent media reports regarding Mr. Guo Guangchang (Mr Guo), the firm’s executive director, chairman and the ultimate controlling shareholder, after making enquiries, the company understands that Mr Guo is currently assisting in certain investigations carried out by mainland judiciary authorities,” read the statement. “Mr Guo may continue to take part in decision-makings of the company’s major matters via appropriate means. The directors of the company are of the view that this investigation has not posed any material adverse impact on the financial or operation of the group. The operations of the company remain normal,” it concluded.

Ironshore launches Lloyd’s operation in Shanghai as Fosun chairman re-emerges

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