DARAG completes legacy deal with Lyft’s captive

DARAG Group has executed a reinsurance transaction (LPT) with Pacific Valley Insurance Company (PVIC), the captive insurance company for Lyft.

The LPT was written through DARAG Bermuda and covers PVIC’s commercial auto liabilities, predominantly from an excess layer for policies with a limit of up to $1 million per claim, occurring from October 1, 2018 through September 30, 2020.

The underlying reserves subject to the transaction are estimated to be approximately $250 million.

It is the fifth transaction DARAG Bermuda has completed in the last 12 months.

Daniel Linden, chief executive officer (CEO) of DARAG North America, said: “This transaction follows an exit solution we provided to a US retailer at the end of 2020 and solidifies DARAG North America’s commitment to providing legacy liability solutions to corporations across the globe.”

Tom Booth, CEO of DARAG Group, added: “This portfolio builds upon the two other US commercial auto books DARAG North America has assumed and is running off successfully with assistance from its expert claims team.”