Reinsurance News
DARAG
SOBC DARAG acquires Florida insurer in U.S expansion move
5th November 2018
SOBC DARAG, the newly-formed joint venture between U.S run-off specialist SOBC and European legacy acquirer DARAG, has completed its acquisition of Florida-based Peachtree Casualty Insurance Company. The acquisition, which was first announced in August 2018, marks SOBC DARAG’s first U.S acquisition and represents part of the initial stage of the ... Read the full article
James Halley named Group CFO of DARAG
16th August 2018
Legacy acquirer DARAG has announced the appointment of James Halley as Group Chief Financial Officer (CFO), effective September 3rd, 2018. Halley replaces Mike Trotman, whose role was to deliver a recently completed €260 million capital raise with Aleph Capital Partners and Crestview Partners, and follows the appointment of Tom Booth as CEO. He ... Read the full article
DARAG forms joint venture with SOBC, announces first U.S acquisition
13th August 2018
European legacy acquirer DARAG has announced the formation a joint venture with run-off specialist SOBC Sandell, to facilitate an expansion into the U.S and Bermuda/Caribbean run-off markets. Concurrently, SOBC DARAG has confirmed the acquisition of Peachtree Casualty Insurance Company - a Florida-domiciled non-standard auto insurer in run-off - expected to close ... Read the full article
DARAG secures €260mn equity funding for growth plans
30th July 2018
European legacy acquirer DARAG has secured equity funding of up to €230 million (US $269 million) from Aleph Capital and Crestview Partners in support of its global growth plans. DARAG said the capital commitment follows a period of significant strategic development for the company, during which it grew substantially in the ... Read the full article
DARAG appoints new group CEO
2nd July 2018
European legacy acquirer DARAG has announced the appointment of Tom Booth as group Chief Executive Officer (CEO), effective July 23rd, 2018. Stuart Davis remains Executive Chairman until the transition is complete, after which he is to become Non-Executive Chairman and work with Booth on a “significant” planned expansion of DARAG. Booth joins ... Read the full article
DARAG and New Nordic conduct first transaction under new partnership
14th May 2018
DARAG, the European legacy acquirer, and New Nordic Advisors, a London-based investment management company, are to conduct their first transaction following the formation of a strategic partnership in March 2018. This first transaction will see the partners acquire two portfolios of Qudos Insurance A/S, which New Nordic gained control of ... Read the full article
DARAG partners with New Nordic on legacy management cell
26th March 2018
European legacy acquirer DARAG has announced the formation of a strategic partnership with New Nordic Advisors, a London-based investment management company, which will combine the parties’ legacy and asset management expertise in a new jointly owned cell. DARAG and New Nordic expect their joint initiatives to commence imminently, and plan to ... Read the full article
DARAG completes IKANO Försäkring deal
6th March 2018
DARAG Group Limited has announced the completion of its acquisition of the total shares of Swedish captive insurance company IKANO Försäkring AB, a subsidiary of IKANO Group. IKANO gains legal and economic finality from this deal in relation to its insurance business, and has already received approval from the Swedish Financial ... Read the full article
DARAG appoints Tullio Ferruci to DARAG Italia CEO
17th October 2017
European run-off insurer DARAG has named Tullio Ferrucci as Chief Executive Officer (CEO) of DARAG Italia, following the firm's acquisition of ERGO Assicurazioni in 2016. Following the acquisition of ERGO Assicurazioni, DARAG expects to expand its activity in Italy, which Stuart Davies, Chairman of DARAG, said is one of the firm's ... Read the full article
DARAG completes Israeli reinsurance transaction
12th September 2017
Legacy acquirer DARAG has completed an Israeli reinsurance transaction and has received regulatory approval for the acquisition of Ikano Försäkring AB. DARAG finalised the transaction in cooperation with brokers Guy Carpenter and Resolutions Reinsurance Broker DARAG, a leading European legacy acquirer, today announces completion of a pioneering Israeli reinsurance transaction and, both ... Read the full article
DARAG strengthens core team with three senior appointments
7th September 2017
European run-off insurer DARAG has announced three senior appointments, naming Mike Trotman as new Chief Financial Officer (CFO) Alex Roth as Head of M&A and Jim Wilson as new Group Chief Actuarial Officer. The firm said the three appointments are key to the future of the Group and its position as ... Read the full article
Former Sompo Canopius CEO named Chairman of run-off specialist, DARAG
29th June 2017
European specialist run-off insurer, DARAG, has announced that Stuart Davies has been appointed to succeed Claus Stenbaek as Chairman of the Group, effective immediately. Within the global insurance industry Davies most recently served as Group Chief Executive Officer (CEO) of Sompo Canopius, and was previously Managing Director of AEGIS London. He ... Read the full article
Former DARAG CEO, Arndt Gossmann joins SOVAG’s Management Board
12th May 2017
Insurer SOVAG has announced that its Supervisory Board has appointed Arndt Gossmann, who recently retired as Chief Executive Officer (CEO) of European run-off insurer DARAG, and Dr. Gerd Meyer as new Management Board members. The appointments are limited until 2018, and both Gossmann and Dr. Meyer, two insurance industry experts, will be tasked ... Read the full article
DARAG CEO Gossmann to leave run-off insurer
3rd March 2017
Specialist European run-off insurer DARAG is losing its CEO, after Arndt Gossmann stepped down from the role as of the 28th February 2017. Gossmann will remain with DARAG in an advisory capacity through a transition period. DARAG specialises in legacy and run-off transactions, helping other insurers to transfer portfolios of legacy business ... Read the full article
Run-off market to double in 2017: DARAG
3rd February 2017
Run-off specialist DARAG has predicted legacy transactions will reach ground-breaking heights in 2017 as current market trends and pressures drive the sector’s rapid growth. DARAG Group Chief Executive Officer (CEO), Arndt Gossmann, called 2016 an “unprecedented year for run-off, both in number of transactions and volume,” and said this year will bring ... Read the full article
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