Reinsurance News
DARAG
DARAG to acquire Cayman Islands re/insurance captive
19th April 2024
Legacy acquirer DARAG Insurance Guernsey Limited (DIGL) has announced it is to acquire a Cayman Islands-based re/insurance captive. The firm has signed a sale and purchase agreement (SPA) for a re/insurance captive from a very large multinational corporate that possesses long tail UK employers’ liability (EL) exposure. According to the announcement, DIGL ... Read the full article
DARAG concludes two additional captive legacy transactions
14th February 2024
DARAG Group, a company specialising in acquiring legacy insurance portfolios, has announced the conclusion of two captive legacy transactions while keeping the details undisclosed. In these agreements, insurance liabilities were transferred from the captives to DARAG through novation, along with their respective fronting carriers. In the first transaction, DARAG assumed the insured ... Read the full article
DARAG Group completes Hawaii captive acquisition
1st February 2024
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 ... Read the full article
DARAG completes captive transaction in Benelux
4th October 2023
DARAG, an international re/insurance group and legacy acquirer, has completed an agreement between an undisclosed Benelux based captive, the captive’s policyholder and DARAG’s German insurance carrier DARAG Deutschland AG. According to the announcement, the parties have agreed that DARAG shall assume expired long term liability insurance policies. By way of the ... Read the full article
DARAG Bermuda concludes two North American captive transactions
19th July 2023
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 ... Read the full article
DARAG Bermuda concludes agreement with Cayman-based captive
3rd April 2023
Leading legacy acquirer, DARAG Group has announced the conclusion of an agreement between an undisclosed Cayman-based captive company and its Bermudian insurance carrier, DARAG Bermuda Ltd. (DBL). According to the announcement, the transaction structure is a renewal of a previous novation agreement, with DBL assuming additional policy years. This agreement will allow ... Read the full article
DARAG names Laura Pearson head of UK M&A
6th January 2023
Legacy acquirer, DARAG Group, has appointed Laura Pearson as head of M&A for the UK, effective February 1, 2023. Pearson joins DARAG from PwC UK, where she has held a number of roles, with her most recent one being as Senior manager in PwC’s Deals Advisory team based in London. Additionally, she ... Read the full article
DARAG announces $15m reinsurance agreement
30th December 2022
Legacy acquirer DARAG Group has announced the conclusion of a reinsurance agreement with an undisclosed large US carrier. The transaction value at the reference date was approximately $15 million, and the deal has been written into DARAG Bermuda. It will provide the carrier with reinsurance cover for its workers’ compensation book of ... Read the full article
DARAG names Till Mathis Wagner head of M&A Europe
23rd December 2022
Legacy acquirer, DARAG Group has appointed Till Mathis Wagner as head of Mergers and Acquisitions in Europe, effective in the first quarter of 2023. He joins from Guy Carpenter where he was most recently managing director of strategic advisory Europe, a Munich-based role he has held for seven years. In this ... Read the full article
DARAG receives approval for Part VII transfer with China Taiping
5th December 2022
DARAG Group has announced that its German insurance carrier - DARAG Deutschland AG, has received court approval to complete a Part VII transfer with China Taiping Insurance (UK) Co Ltd (CTI), a subsidiary of China Taiping Insurance Group. In December 2021, DARAG announced that it had signed an agreement for ... Read the full article
DARAG acquires North American captive insurance company for $30mn
30th August 2022
Legacy acquirer, DARAG Group concluded a new agreement with an undisclosed captive insurance company, with a transaction value of approximately $30 million. The transaction, written into DARAG Bermuda, allows the original insurer full legal finality, with DARAG facing the original fronting insurer. Its structure was a novation of its 03-06 and 15/16 ... Read the full article
DARAG promotes Roth to Global Head of M&A
8th June 2022
DARAG has appointed Alexander Roth to Global Head of Mergers & Acquisitions (M&A), in addition to his existing role as Chief Executive Officer (CEO) of DARAG Europe. Since joining the company in 2016, Roth has held a number of senior positions, including CEO of DARAG Europe, which he was named in ... Read the full article
DARAG appoints Rob Samuel as new group COO
7th June 2022
DARAG has appointed Rob Samuel to be its new group COO. Samuel is joining from Curotech Specialty, a start-up MGA focused on underwriting North American specialty E&S business. Tom Booth, group CEO of DARAG, said: “Rob’s broad industry experience and excellent understanding of the requirements for a 21st century COO will be ... Read the full article
DARAG enters new North American captive transaction
21st April 2022
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 ... Read the full article
DARAG acquires Guernsey based reinsurance captive
3rd March 2022
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 ... Read the full article