Legacy acquirer DARAG Group has announced it has completed the acquisition of a Hawaii captive, the transaction value is undisclosed.
According to the Group, the portfolio of workers compensation business went into runoff in 2023. This 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 timeframe.
“We also thank the Lockton Alternative Risk Practice for its role as the seller’s intermediary, contributing to the successful conclusion of this transaction.”
DARAG’s Hawaii captive acquisition is one of the Group’s most recent transactions in North America. In July 2023, DARAG announced the completion of two acquisitions with undisclosed North American captive insurance companies.
The transactions were written into DARAG Bermuda, the firm’s Bermudian insurance carrier, with the first one completed in May and the second concluded in June 2023.
