Legacy acquirer DARAG Group has concluded two undisclosed captive legacy transactions.
The first transaction was a Bermuda-based captive for insured risks through 2016 and was completed at the end of 2023. The second was a Cayman-based captive for insured risks through 2015, concluding in early 2024.
Both portfolios insured workers compensation, general liability and auto liability exposure, and both transactions were executed by way of novation with the captives and their respective fronting carrier.
Commenting on the completion of the transactions, Tom Booth, CEO of DARAG, says: “They demonstrate the busy year DARAG North America has had, showing that there is increased interest for bespoke legacy solutions that enable insurers to achieve finality for their books of business.”
Joel Neal, executive vice president of M&A at DARAG North America, adds: “The conclusion of these deals also shows the continuation of a successful partnership with Guy Carpenter’s captive segment, who advised both sellers.”
