Darag Bermuda writes two deals
Darag Group, the international legacy acquirer, has concluded two transactions with undisclosed North American captive insurance companies.
The company said the transactions, in May and June, have been written into Darag Bermuda and offer full legal finality for the US workers compensation book of the latter and the US workers compensation and automotive liability books of the former.
Tom Booth, the chief executive of Darag, said: “Our team has seen increased interest in North America for bespoke legacy solutions that enable insurers to achieve finality for their non-core books of business.
“We are pleased to be able to meet that demand and further develop our relationship with the US self-insured market. These latest transactions demonstrate Darag’s commitment to our North American platform.”
Joel Neal, the executive vice-president, M&A, at Darag North America, added: “It has been a busy year for Darag’s North American platform, and we continue to have a very active pipeline.
“These transactions, alongside the many others we have had in North America, demonstrate the growing demand for the solutions Darag offers in the region.”
Darag is an international insurance and reinsurance group specialising in the assumption of discontinued business and the provision of capital relief solutions.
The group has completed 61 run-off transactions in 21 countries with a value in excess of €1.7 billion.
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