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