DARAG acquires SunPoint
Legacy specialist DARAG Group Ltd has acquired Bermudian-based SunPoint Holdings Ltd, the company announced today.
DARAG said SunPoint will be integrated into DARAG Bermuda Ltd and will provide the company with a platform for further expansion.
The company said the deal is DARAG’s first company acquisition in Bermuda since the launch of its operation here in 2019 and provides the seller with complete economic and legal finality in respect of the business.
DARAG said 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 labour law, and workers’ compensation across the United States.
The company said SunPoint brings a claims operation headed by Amel Esposito, with rich claims experience across various lines of business within the US including: construction, medical malpractice, New York labour law, general liability, commercial auto, and workers’ compensation.
DARAG said the acquisition complements DARAG North America’s business and strengthens its claims department with highly experienced claims professionals.
Ms Esposito will assume the role of DARAG North America’s head of US claims and service operations, the company said.
Daniel Linden, chief executive officer of DARAG North America, the company’s Bermuda and US 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.”
Ms Esposito said: “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 US runoff space and are fortunate to be the ones to help achieve these goals.”
Tom Booth, CEO of DARAG Group, added: “Claims expertise for portfolio due diligence and proactive 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 eight highly experienced and motivated staff, in our new west coast office and across the US.
“DARAG North America now benefits from a US claims operation with wide scale licenses, in-house management capability and expertise in specialist and complex claims.”