Reinsurance News
DARAG
Legacy market set to go “from strength to strength”: DARAG’s Tom Booth
18th October 2019
The legacy re/insurance market is gearing up for further growth and is ready to go “from strength to strength,” according to Tom Booth, Chief Executive Officer (CEO) at DARAG. Speaking in an interview with Reinsurance News, Booth said that legacy re/insurers continue to enjoy an “active, vibrant marketplace” with no shortage ... Read the full article
DARAG Guernsey purchases Thames Water captive
17th October 2019
DARAG Guernsey, part of run-off specialist DARAG, is set to acquire captive re/insurer Thames Water Insurance Company Limited (TWICL) from its parent Kemble Water Finance. The captive will be renamed DARAG Insurance (Guernsey) Limited and serve as a consolidator for certain future DARAG non EEA legacy deals, including captive acquisitions and ... Read the full article
DARAG adds Zurich’s Andrew Hill as COO
23rd September 2019
Legacy acquirer DARAG Group Limited has announced the appointment of Andrew Hill as Chief Operating Officer, effective October 15. Hill joins from Zurich Legacy Solutions where since 2017 he has served as Head of Restructuring for North America. Prior to that, he worked in KPMG’s Financial Sector Transaction Services team in London, ... Read the full article
DARAG to acquire Zurich’s German architects & engineers professional indemnity portfolio
8th September 2019
Legacy acquirer DARAG Group Limited has entered into an agreement with Zurich Insurance plc to acquire Zurich's German architects and engineers professional indemnity insurance portfolio. Upon effectiveness of the transfer, which remains subject to relevant regulatory and court approvals, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, the firm's German risk carrier, will assume ... Read the full article
DARAG names James Insley CFO, as Halley departs
21st August 2019
Legacy acquirer DARAG Group Limited has announced the appointment of James Insley as Group Chief Financial Officer (CFO), effective from September 2. He will succeed outgoing CFO James Halley, who is due to leave the business in mid-September. Insley joins DARAG from the Warranty Group, where he most recently served as European ... Read the full article
DARAG in legacy portfolio transfer with German re/insurer SOVAG
5th August 2019
Legacy acquirer DARAG Group Limited has announced a new Portfolio Transfer Agreement with German insurer and reinsurer, SOVAG. The legacy book, which comprises direct insurance and inwards reinsurance business, will be transferred to DARAG's German subsidiary, DARAG Versicherungs- und Ruckversicherungs-AG. The legacy portfolio transfer is part of SOVAG's ongoing restructuring, and DARAG ... Read the full article
SOBC DARAG expands with new Bermuda office
1st August 2019
SOBC DARAG, the joint venture between U.S run-off specialist SOBC and European legacy acquirer DARAG, has announced the significant expansion of its Bermuda and U.S operations with the launch of its new Bermuda office. The firm's new Bermuda subsidiary will be fully operational from the 1st of August, 2019 and will ... Read the full article
DARAG announces second UK acquisition in as many weeks
22nd July 2019
Legacy acquirer DARAG Group is set to acquire The Underwriter Insurance Company, a UK-based insurer in run-off. This move will see DARAG further its expansion into the UK following its purchase last week of London-based non-life reinsurer One Re. The transaction, subject to regulatory approval, will be completed through DARAG Deutsche ... Read the full article
DARAG to acquire its first UK firm, One Re
18th July 2019
Legacy acquirer DARAG Group has announced the acquisition of One Re, a London-based non-life reinsurance company. This deal will mark DARAG’s first UK acquisition and follows last year’s €230 million equity funding secured from Aleph Capital and Crestview Partners in an effort to support global growth. “With this transaction, DARAG cements ... Read the full article
DARAG announces retro quota share reinsurance deal with Protector
16th July 2019
Legacy acquirer DARAG Group Limited has entered into a retrospective quota share reinsurance agreement with Scandinavian insurer Protector Forsikring. As per the deal, DARAG will provide Protector with reinsurance on liabilities arising from the Change of Ownership business underwritten between 1 June 2004 and 31 March 2019. DARAG will also provide cover ... Read the full article
SOBC DARAG acquires Vermont-based risk retention group
3rd July 2019
SOBC DARAG, the joint venture between U.S run-off specialist SOBC and European legacy acquirer DARAG, has announced the acquisition of Innovative Physicians Solutions RRG (IPS). IPS, a Vermont-based risk retention group (RRG), was acquired in full effective from July 1, 2019. SOBC DARAG said that it had received approval for the transaction ... Read the full article
SOBC DARAG’s Peachtree completes first assumption of legacy business
26th June 2019
SOBC DARAG, the joint venture between U.S run-off specialist SOBC and European legacy acquirer DARAG, has announced that Peachtree Casualty Insurance Company has completed its first assumption of legacy business. Peachtree, which was acquired by SOBC DARAG in November 2018, will also look to complete more assumption of legacy ... Read the full article
DARAG completes acquisition of DONAU’s Italian portfolio
3rd May 2019
Legacy acquirer DARAG Group Limited has announced that its acquisition of the Italian portfolio of DONAU Versicherung AG has been approved by the Austrian financial authority, Finanzmarktaufsicht (FMA). The purchase agreement was initially signed in December 2018, and now, with the approval of the Italian Istituto per la vigilanza sulle assicurazioni, DARGA has ... Read the full article
DARAG acquires Italian non-life portfolio from DONAU
22nd January 2019
Legacy acquirer DARAG Group Limited has announced an agreement to acquire a portfolio of Italian non-life business from DONAU Versicherung AG, subject to regulatory approval. The portfolio consists primarily of motor third party liability business, and the transaction also comprises a going concern transfer from DONAU into DARAG Italia S.p.A., the firm's ... Read the full article
DARAG acquires SOBC Services, takes on four in run-off insurers
20th November 2018
DARAG Guernsey has announced that its wholly owned subsidiary, SOBC DARAG Holdings Ltd, has now acquired the entire share capital of SOBC Services in an agreement that will also see it take on four in run-off U.S carriers and a Bermuda-based cell. The announcement follows the formation of SOBC DARAG ... Read the full article