Legacy acquirer DARAG Group, has acquired a Guernsey based reinsurance captive which has been in run-off since 2019.
The sale of the captive is part of a strategic realignment for its cedant owner, which is looking to tighten its business focus.
Its key business lines are property damage, business interruption, and public and employers’ liability in the UK, areas of proven expertise for DARAG.
This is the second transaction for DARAG in Guernsey, as the company expands its position in the market, as well as across Europe and North America.
Tom Booth, CEO of DARAG Group, said: “It is important for our clients to know that we can ensure their strategic goals are reached through working with us, and the completion of this deal certainly demonstrates that.
“Their confidence in us shows that DARAG is trusted worldwide to provide high quality, reliable legacy solutions for a wide spectrum of clients.”