October 5, 2018
HAMILTON, Bermuda, Oct. 5, 2018 – SunPoint Holdings Limited (“SunPoint”) announces that through its wholly owned subsidiary, SunPoint Reinsurance Limited, it has assumed a run-off portfolio of workers’ compensation liabilities from CUNA Mutual Group (“CUNA”).
CUNA, a Wisconsin based insurance group, provides financial services to credit unions across the US. The referenced portfolio was underwritten from 1978 through 2008 and primarily covers clerical employees of CUNA’s credit union customers. SunPoint assumed the insurance risk and administration of the portfolio through collateralized reinsurance and a claims service agreement, giving CUNA finality on a discontinued line of business.
SunPoint is a Bermuda-domiciled subsidiary of Fosun International (“Fosun”) concentrated on the acquisition and administration of long-tailed non-life insurance liabilities.
SunPoint is led by CEO Karl Wall and a team of run-off industry veterans that bring experience and focus to claims management fundamentals and acquisition pricing. With a mandate to grow and backing from Fosun - 2017 balance sheet assets of $85 billion - SunPoint is in a position to participate in legacy market transactions of any size.
Contact: Devin O’Malley
Phone: +1 441 707 2154
We are pleased to welcome Richard J Harris to the board of SunPoint Holdings Limited effective April 1st 2018.
With close to 30 years of experience, Richard served as CFO of Enstar Group Limited from 2003 to 2015 and spent 10 years at Riverstone Holdings Limited where he was CEO until 2003.
Karl Wall, CEO of SunPoint Holdings Limited commented, “We are excited to have someone of Richard’s caliber on the board and look forward to working with him to grow the SunPoint platform.”
Richard commented that he is looking forward to working with Karl again as well as joining his team with their wealth of experience in the legacy business.
SunPoint is part of Fosun and specializes in providing legacy solutions to the insurance and reinsurance industry.
On October 1, 2017, SunPoint Re entered into a definitive agreement with a large international insurer to assume approximately $200M of legacy casualty reserves via a Loss Portfolio Agreement.###
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.
A Fosun Company.
SunPoint provides financial and operational solutions that allow our partners to address critical business threats.