Strong underlying growth in Property and Casualty run-off market, underpinned by:

• The Solvency II regulatory capital rules; and
• The widening acceptance of run-off as a capital management tool

Limited number of credible competitors to DARAG to capture market growth

Attractive entry price driven by structured investment

Opportunity to scale investment over time and develop new markets, notably the US

Opportunity to unlock and accelerate growth through active governance