Fosun to Shed Insurance Unit for $3 Billion

Fosun International will sell its insurance subsidiary Ironshore Inc. for $3 billion, as China's largest private conglomerate tries to recover from a $15 billion overseas acquisition binge.

Shanghai-based Fosun will sell all its Ironshore shares to U.S. insurance company Liberty Mutual Group for about $3 billion, Fosun and Liberty Mutual announced Monday. The purchase price will be equivalent to 1.45 times Ironshore's tangible book value.