DARAG has acquired SunPoint Holdings, which offers reinsurance and run-off solutions to US and Bermuda insurers.
SunPoint will be integrated into DARAG Bermuda and will provide the company with a platform for further expansion.
This is DARAG’s first company acquisition in Bermuda since the launch of its operations in the domicile in 2019.
SunPoint will bring a claims operation headed by Amel Esposito, with claims experience across various lines of business within the US; including, construction, medical malpractice, New York labor law, general liability, commercial auto, and workers compensation.
As part of the acquisition, Esposito will assume the role of DARAG North America’s head of US claims and service operations.
Esposito comments: “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 US runoff space and are fortunate to be the ones to help achieve these goals.”
Tom Booth, DARAG group CEO, says: “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.”
“DARAG North America now benefits from the US claims operations with wide scale licenses, inhouse management capability and expertise in specialist and complex claims,” Booth adds.
