DARAG, the Malta-based legacy acquirer, announced the acquisition of SunPoint Holdings Ltd. in Bermuda. SunPoint will be integrated into DARAG Bermuda Ltd and will provide DARAG Bermuda with a platform for further expansion.
DARAG purchased SunPoint from Fosun International for an undisclosed amount.
SunPoint offered reinsurance and run-off solutions to U.S. and Bermuda insurers from 2017 to 2019. This is DARAG’s first company acquisition in Bermuda since the launch of its Bermuda operation in 2019 and provides Fosun with complete economic and legal finality in respect of the business.
SunPoint brings a claims operation headed by Amel Esposito, with extensive claims experience across various lines of business within the U.S., including construction, medical malpractice, New York labor law, general liability, commercial auto and workers’ compensation.
DARAG said the acquisition complements its North America’s business and strengthens its claims department with highly experienced claims professionals. As part of the acquisition, Amel Esposito will assume the role of DARAG North America’s head of U.S. Claims and Service Operations.
“DARAG’s expansion across global markets and in Bermuda in particular has been gathering pace this year,” commented Daniel Linden, CEO of DARAG North America, DARAG’s Bermuda and U.S. arm.
“This landmark transaction consolidates our presence in the North American legacy market and furnishes DARAG North America with a sophisticated platform for further growth, with a diversified portfolio and market-leading claims talent,” he added.
“Our team is very excited to now be part of a worldwide and sophisticated legacy provider. With DARAG, we foresee significant expansion plans in the U.S. runoff space and are fortunate to be the ones to help achieve these goals,” remarked Amel Esposito, head of U.S. Claims and Service Operations.
“DARAG has put substantial investment into making claims a center of excellence and an enviable strength of the group,” said Tom Booth, DARAG Group CEO.
“I am delighted to have welcomed Elliott Goss to lead our Worldwide operations and more recently, Esther Tun to act as our Technical Claims head in Europe,” Booth added.
“We have already seen the benefit in the U.S. of having dedicated and skilled oversight of our TPA managed portfolios led by Christine Karolyi, and I am delighted to welcome Amel, together with a team of eight highly experienced and motivated staff, in our new West Coast office and across the U.S.. DARAG North America now benefits from a U.S. claims operation with widescale licenses, inhouse management capability and expertise in specialist and complex claims,” he said.
DARAG is a leading international insurance and reinsurance group specialising in the assumption of discontinued business and the provision of capital relief solutions. The Group has completed 38 run-off transactions in 20 countries with a value in excess of €1.3 billion (US$1.5 billion).
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