Reinsurance News
DARAG
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
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
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