Darag Group, the international legacy acquirer, has concluded a reinsurance agreement with a large US carrier.

The transaction, written into Darag Bermuda, had a value at the reference date of approximately $15 million.

Darag Bermuda will provide the carrier with reinsurance cover for its workers’ compensation book of business.

Tom Booth, CEO of Darag Group, said: “This transaction is just one part of the uptick in appetite for legacy solutions that our North American platform is seeing. We continue to build upon our core focus of working with self-insured entities and fronting carriers alike.

“The Darag team is one of the leading markets in this fast-growing niche of the legacy market. The team is working closely with current and potential clients and is delighted to report an increasing pipeline of repeat business.”

Joel Neal, the Bermuda-based executive vice-president, M&A at Darag North America, added: “We are pleased to act as a trusted partner for this significant US carrier and to offer them an effective solution for their legacy workers’ compensation liabilities.

“Workers’ compensation is a particular strength of Darag’s expanding North American business.

“We look forward to continue building relationships with our counterparties and offering a trusted and valued proposition for the discontinued books of small and large insurers alike.”