Legacy acquirer DARAG has announced the acquisition of SunPoint Holdings, a Bermuda-based company intended to act as a platform for further expansion.
SunPoint offered reinsurance and run-off solutions to US and Bermuda insurers from 2017 to 2019.
The portfolio consisted of General Liability, Construction Defect, New York Labor Law, and Workers’ Compensation across the United States.
The acquisition is seen as complementing DARAG North America’s business and strengthening its claims department.
As part of the acquisition, Amel Esposito will assume the role of DARAG North America’s Head of US. Claims and Service Operations.
Daniel Linden, CEO of DARAG North America, DARAG’s Bermuda and U.S. arm, said, “DARAG’s expansion across global markets and in Bermuda in particular has been gathering pace this year.
“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. With our extensive expertise and capital strength, we are well-prepared to provide market-leading legacy services for further clients in the region.”
Amel Esposito, Head of U.S. Claims and Service Operations added, “Our team is very excited to now be part of a world-wide 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.”
Tom Booth, DARAG Group CEO, commented, ‘Claims expertise for portfolio due diligence and pro-active claims management to ensure strong case reserving and prompt and mutually beneficial settlements must be a key attribute of any market leading legacy acquirer. DARAG has put substantial investment into making claims a centre of excellence and an enviable strength of the Group.
“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. We have already seen the benefit in the US 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 8 highly experienced and motivated staff, in our new West Coast office and across the U.S..
“DARAG North America now benefits from a US claims operation with wide scale licenses, inhouse management capability and expertise in specialist and complex claims.”
