中国のFosunが損害保険大手の米Meadowbrookを買収

AsiaNet 59076（0012）

【香港、サウスフィールド（米ミシガン州）2014年12月31日PRN＝共同通信JBN】

＊中国のFosun International Limitedは今回の取引によって、米P&C（損害保険）市場で大きなプレゼンスを確立する。

Fosun International Limited（子会社を含めて香港証券取引所株式コード：00656、以下Fosun）と米Meadowbrook Insurance Group, Inc.（NYSE：MIG、以下Meadowbrook）は12月31日、Fosunが1株当たり8.65米ドルの現金による取引総額約4億3300万ドルでMeadowbrookを買収することで正式契約を結んだと発表した。

この取引はMeadowbrook取締役会による戦略的代替案を検討した後に行われ、2014年12月29日の同社株式の終値に対して24%のプレミアム、あるいは2014年12月29日の取引終了までの同社3カ月期間の平均終値の39%プレミアム付きに相当する。取引はまた、2014年9月30日時点の同社1株当たり有形純資産の約1.04倍に相当する。

Fosunは中国・上海に本社を置く大手投資グループであり資産総額500億ドルを上回り、世界中に事業拠点を配置している。Meadowbrookの買収によってFosunは米国のP&C市場に大きなプレゼンスを確立することができる。Fosunは現在、世界の保険会社に同社資産の3分の1余りを投資している。投資先の保険会社はYong'an P&C Insurance、Pramerica Fosun Life Insurance、Peak ReinsuranceとともにFidelidade Group、ポルトガル最大手保険会社が含まれる。保険部門におけるFosunの最新の投資は、2014年8月に行われたIronshore Incの20%の株式取得だった。

Fosunの郭廣昌会長は「今回の取引によってFosunは、重要な米P&C市場にプレゼンスを確立することができるが、これは当社中核ビジネスの保険事業を拡大する戦略に沿ったものである。Meadowbrookは秀でた従業員基盤を持ち、質の高いスペシャリティ保険商品、堅ろうな流通機構、保険契約者の進化するニーズに対応する強力なコミットメントをすべて合わせて提供する。取引はFosunにとって新たな一里塚であり、当社は保険指向の包括的な財政能力を一段と強化することができる」と語った。

Meadowbrookのロバート・S・カビン社長兼最高経営責任者（CEO）は「Fosunとの統合は、顧客、パートナー、保険契約者のニーズを支援し、引き受け業務のパフォーマンスを向上し、利益性を高めることに注力している当社の資本基盤をさらに強化することになる」と語った。

カビン氏はさらに続けて、「今回の取引は、株主の価値を最大化するため実行している徹底的な戦略的見直し手続きの頂点となる。われわれは、取引が大きな価値を受け取る当社の株主、より大きな世界企業の一員として拡大した機会から恩恵をこうむる雇員、またより強力な専門的リスク、保険、サービスプロバイダーから恩恵を受ける顧客、パートナー、保険契約者にとって前向きの結果を生むと信じている。」と語った。

取引はMeadowbrookの取締役全員が出席した会議で全会一致で承認され、Fosun取締役会でも全員の承認を得た。2015年下半期に予定される取引完了後、Meadowbrookは引き続き米ミシガン州サウスフィールドに本社を維持し、Meadowbrookのブランド名で事業を続ける。取引はMeadowbrookの株主とともに規制当局の承認とともにその他特定の取引完了条件を満たすことが必要となる。

KPMG、タワーズワトソン・デラウエア（Towers Watson Delaware）、プライスウォーターハウスクーパース（PricewaterhouseCoopers）の3社が、Fosunのそれぞれ財務、保険数理、税務のアドバイザーを努めている。DLA Piper LLPはFosunの法務アドバイザーを務める。取引に関連してWillis Capital Markets & Advisory は一手に財務アドバイザーとして働き、シドリーオースティン（Sidley Austin LLP）が法務顧問となる。

▽Fosun International Limitedについて

Fosunは1992年に上海で設立された。Fosun International Limited （00656.HK）は2007年7月16日、香港証券取引所のメーンボードに上場された。Fosunは保険、工業経営、投資、資産管理で構成する4つの事業機関を設立した。同社は「保険指向の包括的財政能力」および「産業に根ざす世界的投資能力」の2つのけん引力によって支えられた、世界クラスの投資グループとなるよう努めている。同社は「中国の成長モメンタムと世界の資源を結合する」との投資モデルに価値指向投資原則を適用することに注力している。詳細はウェブサイトwww.fosun.com を参照。

▽Meadowbrook Insurance Groupについて

Meadowbrook Insurance Group, Inc.はミシガン州・サウスフィールドを拠点とするスペシャリティ・プログラム管理市場のリーダーである。Meadowbrookはいくつかの代理店、損失・損害防止施設、自家保険管理組織、さらには6つの損害保険引受会社を保有している。Meadowbrookは米国内に28拠点を展開している。同社はリスク管理組織であり、エージェント、職能団体、事業者団体、中小被保険者に対するスペシャリティ・リスク管理を専門としている。Meadowbrook Insurance Group, Inc.の普通株式は、シンボルマーク「MIG」でニューヨーク証券取引所（NYSE）に上場されている。Meadowbrookの詳しい情報は企業ウェブwww.meadowbrook.comを参照。

▽Fosun問い合わせ先

Edith Lui / Kate Zhao

Corporate Communications & Marketing Department

(852) 2509 3228 / (1) 646 490 9835

edithlui@fosun.com / katezhao@fosun.com

▽Meadowbrook問い合わせ先

投資家向け

Karen M. Spaun

Meadowbrook

SVP & Chief Financial Officer

(248) 204-8178

メディア向け

Bryan Locke / Jenny Gore

Sard Verbinnen & Co.

312-895-4700     

▽重要な追加情報

この情報はMeadowbrook Insurance Group, Inc.およびFosun International Limitedが関係する合併提案取引について提供されている。合併提案はMeadowbrookの株主に考慮してもらうため提示されている。それらに関連して、Meadowbrookは仮委任勧誘状および正式委任勧誘状を含めて、米証券取引委員会（SEC）に関連資料を提出する意向である。正式委任勧誘状はMeadowbrook株主に郵送される。投資家および株主は投票もしくは投資決定をする前に、提案された取引とSECに提出されたか、これから提出されるほかのすべての関連文書に関連する正式委任勧誘状は、提案された取引に関する重要な情報が含まれることから、入手可能になる際に注意深くすべての関連文書をすべて読んでもらいたい。投資家と株主は、SECのwww.sec.govに掲載されているウェブサイトを通じて、そのような文書がSECに提出された際に、Meadowbrookに関する重要な情報を含む勧誘状、それに加えて修正部分あるいは補足文書、その他文書の無料コピーを入手できる。MeadowbrookからSECに提出された文書のコピーは、同社ウェブサイトwww.meadowbrook.comのIR（investor relations）セクションから無料で入手できる。Meadowbrookの株主はまた、同社のIR問い合わせ先のKaren Spaun（電話248-204-8178）に接触すれば、正式委任勧誘状の無料コピーを入手できる。

同社と取締役、管理職、その他経営メンバー、従業員は、提案された取引と関連する委任勧誘状の関係者であるとみなされる。Meadowbrookの取締役、管理職に関する情報は、2014年年次株主総会向けに提出された委任状に明記されており、2014年4月14日にSECに提出されている。2013年12月31日までの会計年に対するフォーム10-Kによる年次報告書とSECに提出された関連文書は、2014年3月5日にSECに提出されており、それぞれ上記のソースから無料で入手できる。Meadowbrook株主の委任勧誘状関係者に関するその他情報および株式保有もしくはその他の形による直接、間接的利害に関する記述は、仮委任勧誘状と正式委任勧誘状、入手可能になる時点でSECに提出されるその他関連資料に含まれる。

ソース：Fosun International Limited; Meadowbrook Insurance Group, Inc.

Fosun to Acquire Meadowbrook Insurance Group, Inc.

PR59076

HONG KONG and SOUTHFIELD, Mich., Dec. 31, 2014 /PRN=KYODO JBN/ --

-- Transaction Enables Fosun to Establish Significant Presence in the U.S. P&C

Market

Fosun International Limited (HKEx stock code: 00656, together with its

subsidiaries, "Fosun") and Meadowbrook Insurance Group, Inc. (NYSE: MIG)

("Meadowbrook"), today announced that they have entered into a definitive

agreement under which Fosun will acquire Meadowbrook for US$8.65 per share in

cash, representing an aggregate transaction value of approximately US$433

million.

The transaction follows a thorough review of strategic alternatives by the

Meadowbrook board of directors and represents a 24% premium over Meadowbrook's

closing price on December 29, 2014 and a premium of 39% to Meadowbrook's

three-month average closing price for the period ending December 29, 2014.  The

transaction also represents a multiple of approximately 1.04x Meadowbrook's

tangible book value per share as of September 30, 2014.

Fosun is a leading investment group headquartered in Shanghai, China with over

$50 billion in total assets and operations around the world.  The acquisition

of Meadowbrook will enable Fosun to establish a significant presence in the

U.S. P&C market.  Currently, Fosun has more than one third of its total assets

invested in insurance businesses around the world, including investments in

Yong'an P&C Insurance, Pramerica Fosun Life Insurance and Peak Reinsurance, as

well as Fidelidade Group, Portugal's largest insurance company.  Fosun's most

recent investment in the insurance sector was an acquisition of a 20% equity

interest in Ironshore Inc. in August 2014.

Guo Guangchang, Chairman of Fosun, said, "This transaction allows Fosun to

establish a presence in the important U.S. P&C market, consistent with our

strategy of expanding our core insurance business.  Meadowbrook has a talented

employee base, comprehensive offering of high-quality specialty insurance

products, robust distribution network and a strong commitment to meeting the

evolving needs of its policyholders.  The transaction represents another

milestone for Fosun and will enable Fosun to further strengthen its

insurance-oriented comprehensive financial capabilities."

Robert S. Cubbin, President and Chief Executive Officer of Meadowbrook, said,

"Combining with Fosun further strengthens our capital base as we continue to

focus on supporting the needs of our customers, partners and policyholders,

improving our underwriting performance and driving profitability."

Mr. Cubbin continued, "This transaction is the culmination of a thorough

strategic review process to maximize shareholder value.  We believe this is a

positive outcome for our shareholders, who will receive significant value; our

employees, who will benefit from enhanced opportunities as part of a larger,

global organization; and our customers, partners and policyholders, who will

benefit from an even stronger specialty risk, insurance and service provider."

The transaction has been unanimously approved by all of the directors of the

Meadowbrook board of directors present at the meeting and has been unanimously

approved by the Fosun board of directors.  Following the closing of the

transaction, which is expected in the second half of 2015, Meadowbrook will

continue to maintain its headquarters in Southfield, Michigan and will operate

under the Meadowbrook brand name.  The transaction is subject to the approval

of Meadowbrook's shareholders as well as regulatory approvals and the

satisfaction of other specified closing conditions.

KPMG, Towers Watson Delaware and PricewaterhouseCoopers are acting as advisors

of finance, actuary and tax, respectively, to Fosun.  DLA Piper LLP is acting

as legal advisor to Fosun.  Willis Capital Markets & Advisory is acting as

exclusive financial advisor and Sidley Austin LLP is acting as legal counsel to

Meadowbrook in connection with the transaction.

About Fosun International Limited

Fosun was founded in 1992 in Shanghai. Fosun International Limited (00656.HK)

was listed on the Main Board of The Stock Exchange of Hong Kong Limited on 16

July 2007. Today, Fosun has established four business engines comprising

"insurance, industrial operations, investment and asset management". It strives

to become a world-class investment group underpinned by the twin drivers of

"insurance-oriented comprehensive financial capability" and "industrial-rooted

global investment capability". It is dedicated to applying the value investing

principle to its investment model of "Combining China's Growth Momentum with

Global Resources". For more information, please visit www.fosun.com.

About Meadowbrook Insurance Group

Meadowbrook Insurance Group, Inc., based in Southfield, Michigan, is a leader

in the specialty program management market. Meadowbrook includes several

agencies, claims and loss prevention facilities, self-insured management

organizations and six property and casualty insurance underwriting companies.

Meadowbrook has twenty-eight locations in the United States. Meadowbrook is a

risk management organization, specializing in specialty risk management

solutions for agents, professional and trade associations, and small to

medium-sized insureds. Meadowbrook Insurance Group, Inc. common shares are

listed on the New York Stock Exchange under the symbol "MIG". For further

information, please visit Meadowbrook's corporate web site at

www.meadowbrook.com.

Fosun Contacts

Edith Lui / Kate Zhao

Corporate Communications & Marketing Department

(852) 2509 3228 / (1) 646 490 9835

edithlui@fosun.com / katezhao@fosun.com

Meadowbrook Contacts

For Investors:

Karen M. Spaun

Meadowbrook

SVP & Chief Financial Officer

(248) 204-8178

For Media:

Bryan Locke / Jenny Gore

Sard Verbinnen & Co.

312-895-4700     

Cautionary Note Regarding Forward-Looking Statements

This communication may include certain statements which constitute

forward-looking statements within the meaning of Section 27A of the Securities

Act of 1933, as amended, and Section 21E of the Securities Exchange Act of

1934, as amended. These include statements regarding the intent, belief, or

current expectations of management, including, but not limited to, those

statements that use the words "believes," "expects," "anticipates,"

"estimates," or similar expressions.  We intend these forward-looking

statements to be covered by the safe harbor provisions for forward-looking

statements in the Private Securities Litigation Reform Act of 1995.  These

forward-looking statements are subject to a number of risks and uncertainties,

many of which are beyond control of the Company, which could cause actual

results to differ materially from such statements.  Risks and uncertainties

relating to the proposed transaction with the Company include, but are not

limited to: the risk that the Company's shareholders do not approve the

transaction; uncertainties as to the timing of the transaction; the risk that

regulatory or other approvals required for the transaction are not obtained or

are obtained subject to conditions that are not anticipated; competitive

responses to the transaction; litigation relating to the transaction;

disruptions of current plans and operations caused by the announcement and

pendency of the proposed transaction; potential difficulties in employee

retention as a result of the announcement and pendency of the proposed

transaction; disruption from the proposed transaction making it more difficult

to maintain relationships with agents, wholesalers, suppliers, customers,

policyholders and regulators; and other factors described in the Company's

annual report on Form 10-K for the year ended December 31, 2013 filed with the

U.S. Securities and Exchange Commission.

Important Additional Information

This communication is being made in respect of the proposed merger transaction

involving Meadowbrook Insurance Group, Inc. ("Meadowbrook") and Fosun

International Limited. The proposed merger will be submitted to the

shareholders of Meadowbrook for their consideration. In connection therewith,

Meadowbrook intends to file relevant materials with the SEC, including a

preliminary proxy statement and a definitive proxy statement. The definitive

proxy statement will be mailed to the shareholders of Meadowbrook. BEFORE

MAKING ANY VOTING OR ANY INVESTMENT DECISION, INVESTORS AND SHAREHOLDERS ARE

URGED TO READ THE DEFINITIVE PROXY STATEMENT REGARDING THE PROPOSED TRANSACTION

AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY

AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN

IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and

shareholders may obtain free copies of the proxy statement, any amendments or

supplements thereto and other documents containing important information about

Meadowbrook, once such documents are filed with the SEC, through the website

maintained by the SEC at www.sec.gov. Copies of the documents filed with the

SEC by Meadowbrook will be available free of charge on Meadowbrook's website

via the investor relations section of our website at www.meadowbrook.com or

www.investorcalendar.com under the heading "Documents and Filings".

Shareholders of Meadowbrook may also obtain a free copy of the definitive proxy

statement by contacting Meadowbrook's Investor Relations Contact, Karen Spaun,

at (248) 204-8178.

The Company and certain of its directors, executive officers and other members

of management and employees may be deemed to be participants in the

solicitation of proxies in connection with the proposed transaction.

Information about the directors and executive officers of Meadowbrook is set

forth in its proxy statement for its 2014 annual meeting of shareholders, which

was filed with the SEC on April 14, 2014, its annual report on Form 10-K for

the fiscal year ended December 31, 2013, which was filed with the SEC on March

5, 2014, and in subsequent documents filed with the SEC, each of which can be

obtained free of charge from the sources indicated above. Other information

regarding the participants in the proxy solicitation of the shareholders of  

Meadowbrook and a description of their direct and indirect interests, by share

holdings or otherwise, will be contained in the preliminary and definitive

proxy statements and other relevant materials to be filed with the SEC when

they become available.

SOURCE: Fosun International Limited; Meadowbrook Insurance Group, Inc.