DARAG says the transaction will simplify the firm's operations, allowing the company to focus on its core European business
DARAG, the international insurance and reinsurance group with a focus on the European market, and Unipol sign a service contract.
The company intends to merge with the acquired captive in due course, and reinsure the longer-tail portion of the portfolio with its core risk carrier in Germany, Darag Deutschland AG.
Both portfolios insured workers compensation, general liability and auto liability exposure
The portfolio of workers compensation business, which went into runoff in 2023, will now be transferred into an existing US-domiciled DARAG entity
DARAG will provide full legal, operational, and economic finality for the captive
Legacy acquirer DARAG Group has concluded two transactions with undisclosed North American captive insurance companies
The transaction structure is a renewal of a previous novation agreement, with DBL assuming additional policy years
With insurers and reinsurers looking to take advantage of the hardening market and the ongoing effects of COVID-19 play out, the run-off market is set to see increased interest in the next 12 months
DARAG group CEO Tom Booth discusses his new role, the company’s latest venture and what the future holds
After a successful 2016 and the licensing of its first securitisation cell company, Malta insurance industry professionals are looking ahead to 2017
