DARAG announces $10 million P&C captive deal

DARAG Group has concluded a new agreement with an un-named offshore captive insurance company. The transaction, a novation, gives the captive full legal finality for the underlying US property business. It was written into DARAG North America and is valued at approximately $10 million.

“There is a clear need from clients in North America and globally for tailored capital relief solutions provided by a trusted partner,” said Tom Booth, CEO of DARAG Group.

“We are pleased to achieve this excellent result for our clients, enabling them now to focus on their core business, safeguarding their strategic and operational efficiency in the future.”

Legacy acquisition specialist DARAG has completed 55 run-off transactions in 21 countries valued at over €1.7 billion.