Fosun 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.
"We believe that the management team of SunPoint will build and transform the global run-off business in significant ways. We appreciate the experience and entrepreneurial spirit that Karl and his team demonstrate. We look forward to having them as one of our partners," said Guo Guangchang, Executive Director and Chairman of Fosun International.
"I am very excited to partner with Fosun International in creating SunPoint. The combination of Fosun's extensive financial resources and international presence with SunPoint's run-off expertise and strategic initiatives creates a strong competitor in the worldwide run-off market," said Karl Wall.
About Fosun International
Fosun was founded in 1992. Fosun International (00656.HK) was listed on the main board of the Hong Kong Stock Exchange on July 16, 2007. Fosun is now a leading investment group with successful insurance acquisitions in Asia, Europe and the United States with total insurance assets in excess of $29Billion as at December 31, 2016. Fosun's insurance segment mainly includes Fidelidade in Europe, Yong’an P&C Insurance, Pramerica Fosun Life Insurance, Peak Reinsurance and Fosun United Health Insurance in Asia and Meadowbrook in the U.S.
About Karl Wall
Mr. Wall has been a successful executive focused on run-off insurance companies for over 30 years. Most recently he completed eight years as CEO, then Chairman, of Enstar U.S. during a period when Mr. Wall built Enstar U.S. from a startup to a market leader in U.S. insurance runoff.
Website: http://www.sunpointholdings.com/
Website: https://www.fosun.com/language/en/
Based on Fosun’s 2016 Annual Report, as of 12/31/2016, total insurance assets were RMB 203.3 bn.
