SunPoint Assumes CUNA Mutual’s Direct Workers’ Compensation Run-off Portfolio
HAMILTON, Bermuda--(BUSINESS WIRE)--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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181005005454/en/
CONTACT: SunPoint Holdings Limited
Devin O’Malley, +1 441-707-2154
KEYWORD: BERMUDA CARIBBEAN
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE HUMAN RESOURCES INSURANCE
SOURCE: SunPoint Holdings Limited
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PUB: 10/05/2018 02:07 PM/DISC: 10/05/2018 02:07 PM