Fosun to complete merger with US outfit Ironshore

China's leading global investment group Fosun International Ltd announced its plans to acquire the remaining 80% stake of US insurer Ironshore Inc whichit did not already own, in an operation valued at $1.8bn.

This move follows the company's acquisition of 20% of Ironshore's stake in August 2014, and responds to the company's desire to expand its global insurance network.

This acquisition will bring synergies for both parties in the prevention of currency risks

"This acquisition will bring synergies for both parties in the prevention of currency risks, expansion of assets allocation and cooperation in reinsurance business," Fosun said in an announcement to the Hong Kong stock exchange on Sunday.

Chinese billionare Guo Guangchang, the conglomerate's boss, took a 5% stake in Thomas Cook and also bought Club Med in February. In addition, Fosun bought the insurance arm of Portuguese state bank Caixa Geral de Depositos SA for $1.1bn.

The investment group launched deals worth $6bn in 2014 and 2015.

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