Legacy
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Legacy acquirer Darag has agreed to buy SunPoint Holdings, the legacy business founded by Fosun in 2017.
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The PE house will inject growth equity capital into Premia after the all-paper deal.
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The deal comes shortly after the legacy specialist established a $265mn sidecar, Elevation Re.
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Competition has ramped up over the last two years and now represents a threat to returns.
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The new launch will be managed under an Apollo turnkey, and looks set to take on run-off liabilities from the Lloyd’s carrier.
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He has held a seat on the company’s board since 2017.
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The outgoing chief executive founded the company in 2005, building it into the second--largest legacy-focused business.
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The impending deal follows recent Lloyd’s legacy transactions with Neon and ArgoGlobal by RiverStone.
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UK chair Tim Cox will step down in March, as will NED David O’Connor.
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The Allianz-owned non-life carrier closed to new business in 2015.
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The new vehicle gives third-party investors access to Premia’s run-off investments.
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Syndicate 5678 went into run-off in December 2019, and carried net liabilities of £251.1mn as of 30 June.