Legacy acquirer, DARAG Group, has announced the completion of two transactions with undisclosed North American captive insurance companies.
The transactions have been written into DARAG Bermuda, the firm’s Bermudian insurance carrier. The first one was completed in May and the second was concluded in June 2023.
They offer full legal finality for the US worker’s compensation book of the latter and the US worker’s compensation and automotive liability books of the former.
According to the firm’s CEO, Tom Booth, DARAG’s 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.”
He added: “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 ongoing commitment to our North American platform.”
Joel Neal, executive vice president, M&A, at DARAG North America, commented: “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 has also recently concluded an agreement between an undisclosed Cayman-based captive company and DARAG Bermuda.
The transaction structure, DARAG noted, was a renewal of a previous novation agreement, with DARAG Bermuda assuming additional policy years.
