DARAG announces reinsurance agreement with large US carrier
DARAG Group (“DARAG” or “the Group”), a leading legacy acquirer, today announced the conclusion of a reinsurance agreement with a large US carrier. The transaction value at the reference date was approximately $15 million.The transaction has been written into DARAG Bermuda, which will provide the carrier with reinsurance cover for its workers’ compensation book of business.Tom Booth, CEO of DARAG Group, said: “This transaction is just one part of the uptick in appetite for legacy solutions that our North American platform is seeing. We continue to build upon our core focus of working with self-insured entities and fronting carriers alike. The DARAG team is one of the leading markets in this fast-growing niche of the legacy market. The team is working closely with current and potential clients and is delighted to report an increasing pipeline of repeat business.”Joel Neal, Executive Vice President, M&A at DARAG North America, added: “We are pleased to act as a trusted partner for this significant US carrier and to offer them an effective solution for their legacy workers’ compensation liabilities. Workers’ compensation is a particular strength of DARAG’s expanding North American business.We look forward to continue building relationships with our counterparties and offering a trusted and valued proposition for the discontinued books of small and large insurers alike.”
DARAG announced reinsurance agreement with US retailer
DARAG Group (“DARAG”), a leading legacy acquirer, announced the conclusion of 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, CEO of DARAG Group, said: “This transaction demonstrates DARAG’s ambitions in the US market and how our diversified legacy platform can provide a variety of solutions related to insurance liabilities held by Corporates in the U.S. market. We are very pleased to be able to assist one of the major US retailers and offer them a clean and efficient exit from their legacy workers compensation liabilities which allowed them to free up a significant amount of trapped capital.
It is more important than ever for companies to focus on their core business and improve operational efficiency. We believe there will be an increase in such transactions and our team will work closely with our clients to provide effective and advantageous solutions.”
DARAG announces reinsurance agreement with Multi-national Insurance Company
DARAG, a leading legacy acquirer, today announces the conclusion of a loss portfolio transfer between DARAG Insurance Guernsey Limited (“DIGL”) and a Multi-National Insurance Company 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 agreement.
Tom Booth, CEO of DARAG, said: “We continue to expand our geographical footprint, illustrated by the completion of this sizeable US transaction underwritten by DIGL. The portfolio will be managed through service agreements between DIGL and our SOBC DARAG operations in the US. I am delighted to be able to announce our continued growth and success in providing attractive legacy solutions to the market.”