DARAG has acquired a Guernsey-based reinsurance captive, marking the group’s second transaction in Guernsey and reinforcing its position in the market and across Europe.
Having been in run-off since 2019, the captive’s transaction with legacy acquirer DARAG is part of its cedant owner’s strategic alignment to streamline its business focus.
The key business lines of the captive are property damage, business interruption, and public and employers’ liability in the UK.
Commenting on the acquisition, Tom Booth, CEO of DARAG Group, explains: “It is important for our clients to know that we can ensure their strategic goals are reached through working with us, and the completion of this deal certainly demonstrates that.
“Their confidence in us shows that DARAG is trusted worldwide to provide high quality, reliable legacy solutions for a wide spectrum of clients.”
The transaction is subject to regulatory approval from the Guernsey Financial Services Commission.
Earlier this week, DARAG appointed Andrew Pryde to the new role of group chief risk officer.
