DARAG North America has closed the loss portfolio transfer transaction with Hallmark Financial Services within its newly established cornerstone North American insurer, DARAG Bermuda.
The legacy specialist also revealed it has acquired a Bermuda class 3A reinsurance company subject to the Bermuda Monetary Authority’s approval.
Since the launch of its Bermuda operations and its North American deals team last August, it has completed seven transactions, with assumed subject reserves in excess of $400 million.
The transactions include loss portfolio transfers, novations and acquisitions, with counterparties ranging from multinational and US insurers to corporations and captives.
Additionally, DARAG North America has appointed Stuart Brown as CFO and Helen Weinstein as general counsel, both based in the firm’s newly established US headquarters in Atlanta, Georgia.
Brown, who has over 26 years of financial experience, has held a number of CFO-level and other senior finance positions with ACE Group, QBE, COSVI and others, both in the US and internationally.
Joining from Hiscox USA, Weinstein most recently vice president and senior legal counsel.
Tom Booth, CEO of DARAG, commented: “The two senior appointments and our Atlanta office launch, together with the recent loss portfolio transfer agreement with Hallmark Financial Services, are all key milestones in the rapid growth and success of our North American business.”
Daniel Linden, CEO of DARAG North America, DARAG’s Bermuda and US arm, said: “Current market conditions present significant opportunities for legacy providers, not least in North America. Our local team has been consistently and systematically growing since its consolidation in August 2019.”
Linden added: “Stuart Brown and Helen Weinstein are both recognised leaders in their respective fields and their extensive experience will contribute significantly to the implementation of our long-term expansion in the region. Building on our achievements so far, we will work together closely to implement the next phase of our strategic growth plan in North America.”