Legacy acquirer DARAG Group has signed a mandate between a Benelux-based captive, the captive’s policyholder and DARAG’s German insurance carrier DARAG Deutschland AG.
As part of the mandate, the parties have agreed that DARAG shall assume expired long-term liability insurance policies.
By way of the novation, DARAG will provide full legal, operational, and economic finality for the captive.
Additionally, the conclusion of this transaction allows the company to cease operations of its captive insurance company.
Tom Booth, CEO of DARAG, says: “DARAG continues to expand its footprint in Benelux and has brought to bear its local claims know-how in the diligence and ongoing management of this specialist portfolio.”
Alexander Roth, global head of M&A and CEO of DARAG Europe, adds: “We were delighted to be able to offer our client a comprehensive final solution for its captive insurance company via this novation agreement.”
