20 August 2018Analysis

DARAG names group CFO

Legacy acquirer has appointed James Halley, who most recently served as finance director of AEGIS London, as its group chief financial officer.

Effective Sept 3, Halley's appointment is part of an ongoing strategic upscaling.

It follows the appointment of Tom Booth as CEO and the completion of a €260 million capital raise, with Aleph Capital Partners and Crestview Partners joining current owners Keyhaven Capital Partners as strategic backers of the business. Halley replaces Mike Trotman, whose role was to deliver the recent fundraise.

DARAG is also expanding in the US, and recently formed a joint venture with US-based run-off specialist SOBC called SOBC DARAG, in Delaware, to support DARAG’s expansion into the US and Bermuda/Caribbean run-off markets.

At the same time, SOBC DARAG made its first acquisition, namely of Peachtree Casualty Insurance Company (Peachtree), a Florida domiciled nonstandard auto insurer in run-off. The acquisition of Peachtree is subject to regulatory approval and is expected to close in the third quarter of 2018.

"DARAG has set on a path of global growth, building on our strong continental European roots and setting our sights on expanding in the US and beyond,” Booth said. “The recent capital raise has added significant scale to our business, and we are determined to deliver exceptional value to all our stakeholders and counterparties. I would like to thank Mike for his exceptional work helping secure the recent equity investment,” he added.