Reinsurance News
DARAG
DARAG names Andrew Pryde as CRO
1st March 2022
Legacy acquirer DARAG Group has appointed Andrew Pryde to the new role of Chief Risk Officer, where he will report to the group's Chief Executive Officer, Tom Booth. Pryde joins from Beazley, where he held the CRO role for more than ten years, and brings valuable experience of implementing leading edge ... Read the full article
DARAG completes motor PTA with SADA Assurances
18th January 2022
Leading legacy acquirer DARAG Group has completed the motor Portfolio Transfer Agreement (PTA) with French insurer SADA Assurances, a subsidiary wholly owned by the German group DEVK Versicherungen. DARAG now provides economic and operational finality for a portfolio of all of SADA’s motor business, which comprises French motor third party liability, ... Read the full article
DARAG Bermuda in second novation agreement with Cayman reinsurer
31st December 2021
Legacy acquirer DARAG has concluded the second novation agreement with a Cayman reinsurer to provide finality for its US liability books. The transaction has been written into DARAG Bermuda and is the second completed novation with this Cayman based reinsurer for newer years. The first agreement was announced in September last ... Read the full article
DARAG enters Stock Purchase Agreement with Nebraska insurer
30th December 2021
Legacy acquirer DARAG has entered into a Stock Purchase Agreement of a Nebraska based P&C company. The Nebraska entity was immediately merged into the previously acquired Texas entity, upon receiving the necessary regulatory approvals. The merger will provide an immediate increase in surplus to assist with the expansion of the Texas ... Read the full article
DARAG to acquire Texas-based insurer
29th December 2021
Legacy acquirer DARAG Group has entered into a new agreement to purchase a Texas-based insurer in run-off. DARAG will look to use this insurer as its key US-based carrier to assume previously self-insured risk and other third-party legacy portfolios requiring licensed paper. The transaction, which has received regulatory approval, will also relieve ... Read the full article
DARAG announces LPT agreement with China Taiping UK
10th December 2021
DARAG Group, a leading legacy acquirer, has announced that its German carrier DARAG Deutschland AG has signed an agreement for a loss portfolio transfer (LPT) with China Taiping Insurance (UK) ahead of an intended Part VII transfer. The deal includes CTI’s business underwritten in the Republic of Ireland, the Netherlands, Belgium ... Read the full article
DARAG Germany adds Dr. Christoph Wetzel to supervisory board
30th November 2021
Legacy acquirer DARAG Group has announced the addition of Dr. Christoph Wetzel to the supervisory board of its German insurance entity, DARAG Deutschland AG. Dr. Wetzel is currently the Chief Executive Officer (CEO) of fpb AG, a member of the ON Service Group. He has worked in the German insurance market for ... Read the full article
DARAG announces new senior hires
12th October 2021
DARAG Group has appointed Matthias Hahne as Head of Risk Management, Europe, and Martial Hille as Senior Risk Manager, quantitative risk management and regulation. Both appointments will be based in Hamburg, Germany and work closely with Alexander Roth, European CEO of DARAG on Governance, Risk and Compliance. Hahne brings over 10 years’ ... Read the full article
DARAG signs Loss Portfolio Agreement with Insr Norway
16th August 2021
Legacy acquirer DARAG's German insurance carrier, DARAG Deutschland AG, has signed a Loss Portfolio Transfer (LPT) followed by a Portfolio Transfer (PTA) with Insr Insurance Group ASA (Insr). Insr is an insurance group listed on the Oslo Stock Exchange and all of its remaining insurance business will form part of this proposed ... Read the full article
DARAG adds Ajay Chhabra to lead Capital Management
2nd August 2021
Legacy acquirer DARAG Group has appointed Ajay Chhabra to serve as Group Head of Capital Management. Chhabra joins after six years at Aspen, having most recently served as Head of Exposure and Performance Management. He previously held actuarial and capital modelling roles at Asta, Aspen, Tillinghast and Benfield. “Ajay has a fantastic track ... Read the full article
DARAG completes sale of active Italian business to NOBIS
2nd July 2021
Legacy acquirer DARAG Group has completed the sale of its non-legacy Italian business, DARAG Italia, to NOBIS Compagnia di Assicurazioni. The sale, first announced in October 2020, will help DARAG to focus exclusively on providing legacy solutions, as it looks to streamline its operations, the firm said. The relevant policies, distribution ... Read the full article
DARAG announces key senior hires
3rd June 2021
European Legacy acquirer DARAG has announced key senior appointments to further broaden out its capabilities. The company has appointed Alastair Lauder as Group Chief Actuary who will be based in London. He most recently served as Syndicate Actuary at Arch Managing Agency (formerly Barbican), where he led the reserving team and oversaw ... Read the full article
DARAG enters reinsurance transaction with Lyft Captive
5th May 2021
Legacy acquirer, DARAG Group has entered into a reinsurance transaction with Pacific Valley Insurance Company, Lyft Inc.’s captive insurance company. The transaction which has been written through DARAG Bermuda, covers Pacific Valley’s commercial auto liabilities occurring from October 1, 2018 through September 30, 2020. The underlying reserves subject to the transaction are ... Read the full article
DARAG signs retrospective quota share reinsurance agreement with Protector
10th March 2021
Legacy acquirer DARAG Group Limited has announced the signing of a retrospective quota share reinsurance agreement with Protector Forsikring ASA. DARAG Deutschland AG (DAG), DARAG's German risk carrier, will be the vehicle for the transaction and assume booked reserves in excess of €180 million. Once the deal completes, DARAG will provide Protector, ... Read the full article
DARAG acquires Bermuda-based SunPoint Holdings
8th March 2021
Legacy acquirer DARAG has announced the acquisition of SunPoint Holdings, a Bermuda-based company intended to act as a platform for further expansion. SunPoint offered reinsurance and run-off solutions to US and Bermuda insurers from 2017 to 2019. The portfolio consisted of General Liability, Construction Defect, New York Labor Law, and Workers’ Compensation ... Read the full article