Fosun Has Backed Karl Wall to Establish a New Non-Life Run-Off Platform
Fosun International has backed Karl Wall and his core team to establish SunPoint Reinsurance Limited (SunPoint), an international run-off reinsurance company. SunPoint will acquire long-tail property and casualty insurance risks throughout the world. SunPoint combines the financial strength and vision of Fosun, a publicly traded company on the Hong Kong Stock Exchange with worldwide insurance operations, with the leadership and success of industry veterans in Karl’s team who have successfully completed more than 50 insurance run-off and risk mitigation transactions over the last 3 decades.
March 2017SunPoint entered into an agreement with ProSight Specialty Insurance Holdings, Inc. to administer its legacy asbestos and environmental liabilities. The business was originally written by the NYMAGIC, Inc., which was acquired by ProSight in November 2010.