(Bloomberg) -- Fosun International Ltd., the investment arm of Chinese billionaire Guo Guangchang’s conglomerate, agreed to acquire Meadowbrook Insurance Group Inc. for $433 million to expand in U.S property-casualty coverage.

Fosun will pay $8.65 a share in cash for Southfield, Michigan-based Meadowbrook, the companies said today in a statement. That’s 21 percent more than Meadowbrook’s closing price today in New York trading.

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