Legacy acquirer, DARAG Group concluded a new agreement with an offshore captive insurance company, with the transaction value hitting the $10 million mark.
The transaction structure was a novation, allowing the counterparty full legal finality, and has been written into DARAG North America, which will provide legal, economic and operational finality for the underlying US P&C business of the counterparty.
Tom Booth, CEO of DARAG Group, said: “There is a clear need from clients in North America and globally for tailored capital relief solutions provided by a trusted partner.
“We are pleased to achieve this excellent result for our clients, enabling them now to focus on their core business, safeguarding their strategic and operational efficiency in the future.”
Last month the company announced the appointment of Andrew Pryde as Chief Risk Officer, where he will report to the group’s Chief Executive Officer, Tom Booth.