Darag Group, the international legacy acquirer, has concluded the acquisition of a Hawaii-based captive insurer.

The company said the portfolio of workers compensation business which went into run off in 2023 will be transferred into an existing US-domiciled Darag entity, thereby offering full legal finality.

Tom Booth, CEO of Darag, said: “There is continued interest in the North American captive market for bespoke legacy solutions that enable companies or groups of companies to achieve finality for their self-insured liabilities.

“Darag’s onshore infrastructure enabled us to complete this acquisition effectively and we are pleased to be able to consolidate further our leading position within the US self-insured market.”

Joel Neal, executive vice president, M&A, at Darag North America, added: “ Our strong historical track record and relationships meant that we could complete the acquisition – including regulatory and fronting carrier approvals – in a highly efficient time frame.

“We also thank the Lockton Alternative Risk Practice for its role as the seller’s intermediary, contributing to the successful conclusion of this transaction.”