Tom Booth
19 July 2023news

DARAG concludes two North American captive transactions

DARAG Group has announced the conclusion of two transactions with undisclosed North American captive insurance companies.

The first transaction was completed in May, with the second concluded in June 2023. The transactions have been written into DARAG Bermuda and offer full legal finality for the US worker’s compensation book of the latter and the US worker’s compensation and automotive liability books of the former.

“Our team has seen increased interest in North America for bespoke legacy solutions that enable insurers to achieve finality for their non-core books of business,” said Tom Booth, chief executive of DARAG. “We are pleased to be able to meet that demand and further develop our relationship with the US self-insured market. These latest transactions demonstrate DARAG’s ongoing commitment to our North American platform.”

Joel Neal, executive vice president, M&A, at DARAG North America, added: “It has been a busy year for DARAG’s North American platform, and we continue to have a very active pipeline. These transactions, alongside the many others we have had in North America, demonstrate the growing demand for the solutions DARAG offers in the region.”


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More on this story

news
4 October 2023   The company announced an agreement with multiple parties over the deal.
Analysis
9 May 2023   The company claims that this is the first such use of AI.
Analysis
3 April 2023   The deal is a renewal of a deal with an unnamed captive.