Reinsurance News
DARAG
DARAG announces reinsurance agreement with US retailer
6th January 2021
Legacy acquirer DARAG has completed a transaction with a major US retailer to provide finality to its legacy workers compensation liabilities. The transaction was conducted through one of DARAG North America’s insurance entities. Tom Booth, Chief Executive Officer of DARAG, said the transaction demonstrates DARAG’s ambitions in the US market and how ... Read the full article
DARAG acquires motor insurer in Luxembourg
22nd December 2020
Legacy acquirer DARAG Group Limited has completed the acquisition of Arisa Assurances, an automobile and travel insurance company based in Luxembourg. Arisa, which represents DARAG’s first company acquisition in Luxembourg, was previously owned by ADAC Versicherung AG. Its insurance portfolio consists primarily of motor third party liability business, and will be transferred ... Read the full article
DARAG sells active Italian business to NOBIS
16th October 2020
Legacy acquirer DARAG Group has revealed plans to sell the Going Concern business from its Italian arm, DARAG Italia, to NOBIS Compagnia di Assicurazioni (NOBIS). DARAG is looking to streamline its operations, and says the sale of this non-legacy business will help it to focus exclusively on providing better legacy solutions. Following ... Read the full article
DARAG concludes reinsurance business transfer with Malta’s Axeria Re
15th September 2020
Legacy acquirer DARAG has concluded the transfer of reinsurance business with Axeria Re, part of the April Group, and the original insurer domiciled in France. The conclusion of this reinsurance transaction delivers economic, operational, and legal effect to Maltese reinsurance company, Axeria Re. The deal will be conducted via DARAG Malta Insurance ... Read the full article
DARAG Bermuda announces novation agreement
1st September 2020
Legacy acquirer, DARAG has announced the conclusion of a novation agreement with a leading Cayman reinsurer to provide finality for its US liability books, with the transaction value in excess of $40mn. The transaction has been written into DARAG Bermuda Ltd, where they will provide legal, economic and operational finality for ... Read the full article
DARAG appoints new CEO, CFO for German risk carrier
27th August 2020
Leading legacy acquirer DARAG has announced the appointment of Alex Roth as Chief Executive Officer and Peter Klingspor as Chief Financial Officer of its German risk carrier DARAG Deutsche Versicherungs- und Rückversicherungs-AG. While Roth's appointment was effective 1 July, Klingspor joins on 1 September, both will be based in Hamburg. Roth, who first ... Read the full article
DARAG wraps up Hallmark Financial deal, announces acquisition of Bermudian reinsurer
14th August 2020
Legacy acquirer DARAG, has announced that its North American division has closed a loss portfolio transfer transaction with Hallmark Financial Services within its newly established cornerstone North American insurer, DARAG Bermuda. DARAG Bermuda Ltd. and DARAG Insurance (Guernsey) Limited recently entered into the deal with American Hallmark Insurance Company of Texas, ... Read the full article
DARAG acquires auto & travel insurer Arisa
10th August 2020
Legacy acquirer, DARAG Group Limited has announced the acquisition of Arisa Assurances SA. Arisa is an automobile and travel insurance company based in Luxembourg and is a subsidiary of ADAC Versicherung AG. The transaction will be conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, and remains subject to regulatory ... Read the full article
DARAG hires Goss as new Head of Claims from TMK
30th July 2020
Legacy acquirer DARAG has announced the appointment of Elliot Goss as Group Head of Claims. With over 17 years of re/insurance experience, Goss has specialised in long tail classes such as International Casualty. He most recently served as Head of Casualty and Specialty Claims at Tokio Marine Kiln, where he led the ... Read the full article
DARAG in loss portfolio transfer deal with Hallmark Financial
20th July 2020
Legacy acquirer DARAG has entered into a loss portfolio transfer reinsurance deal with certain property and casualty (P&C) insurance subsidiaries of Hallmark Financial Services. DARAG Bermuda Ltd. and DARAG Insurance (Guernsey) Limited entered into the deal with American Hallmark Insurance Company of Texas, Hallmark Specialty Insurance Company, Hallmark Insurance Company, Hallmark ... Read the full article
DARAG completes transfer of Zurich’s German A&E PI portfolio
1st July 2020
Legacy acquirer DARAG Group Limited has completed the previously announced acquisition of Zurich Insurance's German architects and engineers (A&E) professional indemnity insurance (PI) portfolio. The legal transfer of the portfolio to DARAG's German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, structured initially as an LPT or retrospective reinsurance, has now received ... Read the full article
DARAG bolsters UK presence with two acquisitions
12th February 2020
Legacy specialist DARAG Group Limited has completed its acquisition of The Underwriter Insurance Company Limited, and also its Sale and Purchase Agreement with One Re Ltd. Both transactions were completed via DARAG Deutsche Versicherungs- und Ruckversicherungs-AG, the legacy specialist's German operation. The Underwriter, which is a UK domiciled company that is in ... Read the full article
DARAG announces conclusion of loss portfolio transfer
20th January 2020
Legacy acquirer DARAG has concluded a loss portfolio transfer between DARAG Insurance Guernsey Limited and a multi-national Insurer with subject reserves in excess of $100 million. DIGL is providing economic and operational finality for the counter-party’s US General Liability book of business. TigerRisk served as advisors to both parties in concluding the ... Read the full article
DARAG concludes reinsurance arrangement with Lloyd’s Syndicate
15th January 2020
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 ... Read the full article
DARAG completes legacy portfolio transfer with SOVAG
20th December 2019
Legacy acquirer DARAG Group Limited has announced the completion of its portfolio transfer deal with German insurer and reinsurer, SOVAG. The deal, which was first announced in August 2019, sees the portfolio transferred to DARAG’s German subsidiary, DARAG Versicherungs- und Ruckversicherungs-AG. The legacy book consisted of both direct insurance and inwards ... Read the full article