Chinese conglomerate Fosun International has completed the acquisition of Ironshore.

Fosun secured 20% of the insurer in February, and has now been given regulatory approval for the remaining 80%.

“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,” Ironshore CEO Kevin Kelley 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.”

Ironshore Australia MD Katherine Simmonds has welcomed the deal, saying it will enable organic growth and expansion through acquisition.