Legacy acquirer DARAG Group has concluded 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.
Commenting on the transaction, 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 US market.”
He continued: “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,” he concluded.
In December 2020, DARAG completed an acquisition of Arisa Assurances, an automobile and travel insurance company previously owned by ADAC Versicherung.
DARAG declined to disclose the terms of the acquisition.
