Legacy acquirer, DARAG Group Limited has today announced the completion of a transaction with a leading Lloyd’s of London syndicate, to provide reinsurance for a book of U.S. liability business.
Under the terms of the agreement, DARAG’S Malta-based risk carrier, DARAG Malta Insurance and Reinsurance PCC Ltd., will provided the reinsurance.
Tom Booth, Chief Executive Officer (CEO) of DARAG Group, commented: “This transaction is a testimony to DARAG’s continued geographical market expansion and transactional capability. We are delighted to have been able to assist one of the leading Lloyd’s businesses, with a clean exit from some of its discontinued US business.”
This innovative deal was concluded by a Lloyd’s Syndicate with a provider of legacy solutions outside of the Corporation, and is designed to provide both economic and operational finality. TigerRisk served as advisors to both parties in completing the arrangement.
“As the need to improve operational efficiency and underwriting profitability at Lloyd’s continues, we expect an increase in such transactions and hope that we and the rest of the legacy market can provide attractive solutions to benefit the market. I look forward to announcing more transactions in the near future,” added Booth.