DARAG bolsters Guernsey business with captives acquisition
Legacy acquisition specialist DARAG Group has bought an un-named Guernsey-based reinsurance captive.
The captive has been in run-off since 2019, and its sale is part of a strategic realignment for its cedant owner. The captive’s key business lines are property damage, business interruption, and public and employers’ liability in the UK – areas of proven expertise for DARAG, the company states.
It is the second transaction for the group in Guernsey, reinforcing its position in the market, as well as across Europe and North America.
Tom Booth, CEO of DARAG Group, said: “It is important for our clients to know that we can ensure their strategic goals are reached through working with us, and the completion of this deal certainly demonstrates that. Their confidence in us shows that DARAG is trusted worldwide to provide high quality, reliable legacy solutions for a wide spectrum of clients.”
The transaction is subject to regulatory approval from the Guernsey Financial Services Commission (GFSC) approval.