Legacy specialist Darag Group has concluded a new agreement with an offshore captive insurance company.

The company said the structure of the approximately $10 million transaction is a novation, allowing the counterparty full legal finality.

The transaction has been written into the company’s Bermuda and US arm, Darag North America, which the company said will provide legal, economic and operational finality for the underlying US P&C business of the counterparty.

Tom Booth, CEO of Darag Group, said: “There is a clear need from clients in North America and globally for tailored capital relief solutions provided by a trusted partner.

“We are pleased to achieve this excellent result for our clients, enabling them now to focus on their core business, safeguarding their strategic and operational efficiency in the future.”