DARAG has concluded a loss portfolio transfer between DARAG Insurance Guernsey Limited (DIGL) and a multinational insurance company with subject reserves is in the 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 sizable US transaction underwritten by DIGL.”
He added: “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.”
Last week, DARAG announced the conclusion a transaction with a Lloyd’s Syndicate to provide reinsurance for a US liability book.
The reinsurance will be provided through DARAG’s Maltese risk carrier, DARAG Malta Insurance and Reinsurance PCC.
