The Asian financial and industrial group has moved to make an insurance group a wholly-owned subsidiary in an acquisition deal.

Chinese financial and industrial group Fosun, which earlier this year moved to acquire European private banking businesses, has completed its purchase of a remaining 80 per cent equity interest in Ironshore, an international insurance brokerage business.

Financial terms of the transaction weren't disclosed.

Fosun said it has received approvals from all relevant regulatory authorities in the US, the UK and other jurisdictions to acquire the ownership interest in Ironshore. Previously, Fosun had completed its initial acquisition of a 20 per cent stake in the firm in February this year; the latest move makes Ironshore an indirect wholly-owned subsidiary of Fosun International Limited.

The acquisition adds Ironshore to Fosun’s investments in Yong'an P&C Insurance, Pramerica Fosun Life Insurance, Peak Reinsurance, Fidelidade Group and MIG. 

Ironshore was founded by John and Bob Clements in 2006. Headquartered in the US with international and Bermuda-based segments, service areas include financial institutions, fine art and specie, terrorism, property, political risk, marine cargo, kidnap and ransom, and professional lines.

In late October, Fosun Group, part of Hong Kong-listed Fosun, launched a financial platform for its investment and asset management business in Russia and neighbouring countries. In other developments earlier this year, Fosun International reported a robust set of results in September. It has also stated it intends to buy Belgium-domiciled BHF Kleinwort Benson Group, a bank with a strong German heritage and business footprint; that deal added to an agreement Fosun struck to buy Hauck & Aufhäuser, the venerable German private banking and financial firm.