Legacy acquirer DARAG Group has completed a novation transaction with an offshore captive insurance company, giving the counterparty full legal finality.
The international insurance and reinsurance group specialises in the acquisition of discontinued business through legacy and run-off transactions, as well as the provision of capital relief solutions.
The transaction value was approximately US$10 million.
It has been written into DARAG North America, which will provide legal economic and operational finality for the underlying US property and casualty business of the counterparty.
Commenting on the transaction, Tom Booth, CEO of DARAG Group, says: “There is a clear need from clients in North America and globally for tailored capital relief solutions provided by a trusted partner. We are pleased to achieve this excellent result for our clients, enabling them now to focus on their core business, safeguarding their strategic and operational efficiency in the future.”
Last month, DARAG acquired a Guernsey-based reinsurance captive, reinforcing the group’s position in the market and across Europe.
