DARAG Group has completed its acquisition of a Hawaii captive.
The portfolio of workers compensation business, which went into runoff in 2023, will now be transferred into an existing US-domiciled DARAG entity.
Lockton Alternative Risk Practice served as intermediary for the sellers.
Tom Booth, DARAG CEO, says: “There is continued interest in the North American captive market for bespoke legacy solutions that enable companies or groups of companies to achieve finality for their self-insured liabilities.
“DARAG’s onshore infrastructure enabled us to complete this acquisition effectively and we are pleased to be able to further consolidate our position within the US self-insured market.”
Joel Neal, executive vice president for M&A at DARAG, comments: “Our strong historical track record and relationships meant that we could complete the acquisition — including regulatory and fronting carrier approvals — in an efficient timeframe.”
